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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Xylem, Inc.</name>
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        <name>CNH Industrial Capital LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Oregon</name>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>SoFi Professional Loan Program LLC</name>
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        <name>AES Corp. (The)</name>
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        <name>Clean Harbors, Inc.</name>
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        <name>Elevance Health, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>Tesla Auto Lease Trust</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Carrier Global Corp.</name>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>Charter Communications Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <name>AbbVie, Inc.</name>
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        <name>GNMA</name>
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          <maturityDt>2041-09-15</maturityDt>
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        <name>Equinix, Inc.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Vivint Solar Financing V LLC</name>
        <lei>N/A</lei>
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        <name>FNMA</name>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
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        <name>California State University</name>
        <lei>N/A</lei>
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        <name>SCE Recovery Funding LLC</name>
        <lei>N/A</lei>
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        <name>Tesla Auto Lease Trust</name>
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        <name>Albertsons Cos., Inc.</name>
        <lei>N/A</lei>
        <title>Albertsons Cos., Inc.</title>
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        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
        <title>Inter-American Development Bank</title>
        <cusip>4581X0EB0</cusip>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-13</maturityDt>
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        <name>Nature Conservancy (The)</name>
        <lei>549300GJ1IZME7V1JJ28</lei>
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        <name>Inter-American Development Bank</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rockwell Automation, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>Sunnova Helios II Issuer LLC</name>
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        <name>PNC Financial Services Group, Inc. (The)</name>
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        <name>United States International Development Finance Corp.</name>
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        <issuerCat>UST</issuerCat>
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        <name>SoFi Professional Loan Program LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <issuerCat>USGSE</issuerCat>
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          <maturityDt>2029-06-25</maturityDt>
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          <annualizedRt>2.93700000</annualizedRt>
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        <name>American University (The)</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Envest Microfinance Cooperative</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>FHLMC</name>
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        <name>CubeSmart LP</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>Starbucks Corp.</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>Starbucks Corp.</title>
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        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
        <title>Inter-American Development Bank</title>
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        <name>FHLMC</name>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
        <cusip>89115A2E1</cusip>
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        <balance>800000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45600000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
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      <invstOrSec>
        <name>Mello Mortgage Capital Acceptance</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Kingdom of Norway</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Merck &amp; Co., Inc.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>FHLMC</name>
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        <name>Laboratory Corp. of America Holdings</name>
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        <name>Microchip Technology, Inc.</name>
        <lei>5493007PTFULNYZJ1R12</lei>
        <title>Microchip Technology, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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          <isin value="US3140L56H48"/>
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        <issuerCat>USGSE</issuerCat>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XCGX0</cusip>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XHVN4</cusip>
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        <name>Assured Guaranty US Holdings, Inc.</name>
        <lei>5493007YCE0652G9TZ64</lei>
        <title>Assured Guaranty US Holdings, Inc.</title>
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        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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        <name>Niagara Mohawk Power Corp.</name>
        <lei>3T97Y9RR5EN5Y18QHB56</lei>
        <title>Niagara Mohawk Power Corp.</title>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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      <invstOrSec>
        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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        <invCountry>US</invCountry>
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          <annualizedRt>3.20000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810PU6</cusip>
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        <balance>2000000.00000000</balance>
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        <name>American Museum of Natural History (The)</name>
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        <name>Loanpal Solar Loan Ltd.</name>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>Sunnova Helios II Issuer LLC</name>
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      <invstOrSec>
        <name>Chubb INA Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>Ecolab, Inc.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>AT&amp;T, Inc.</name>
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        <title>AT&amp;T, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <title>U.S. Treasury Inflation Linked Bonds</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>500769GQ1</cusip>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2899984.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>Nasdaq, Inc.</name>
        <lei>549300L8X1Q78ERXFD06</lei>
        <title>Nasdaq, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Sequoia Mortgage Trust</name>
        <lei>549300ZUG1L9OO3W6B29</lei>
        <title>Sequoia Mortgage Trust, Series 2018-CH1, Class A19</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XGAC3</cusip>
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        <balance>3293733.38000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <name>nVent Finance Sarl</name>
        <lei>549300KO1OQ4MVFB6X02</lei>
        <title>nVent Finance Sarl</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family, Series KG04, Class A2</title>
        <cusip>3137F84S9</cusip>
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        <issuerCat>USGSE</issuerCat>
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        <name>American Water Capital Corp.</name>
        <lei>5IDHQUFVC8Q2KIBBFF06</lei>
        <title>American Water Capital Corp.</title>
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        <name>Sunnova Sol Issuer LLC</name>
        <lei>N/A</lei>
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        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development</title>
        <cusip>459058JB0</cusip>
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        <balance>5000000.00000000</balance>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>Global Payments, Inc.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments, Inc.</title>
        <cusip>37940XAQ5</cusip>
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        <balance>2500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <name>Kaiser Foundation Hospitals</name>
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        <name>Bank of America Corp.</name>
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        <name>Mastercard, Inc.</name>
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        <name>FNMA</name>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <name>CEI Investments LLC</name>
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        <name>Capital Impact Partners</name>
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        <name>Agilent Technologies, Inc.</name>
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        <name>Morgan Stanley</name>
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        <name>SBA Small Business Investment Cos.</name>
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        <name>MDC Holdings, Inc.</name>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>MidAmerican Energy Co.</name>
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        <name>College Ave Student Loans LLC</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Becton Dickinson &amp; Co.</name>
        <lei>ICE2EP6D98PQUILVRZ91</lei>
        <title>Becton Dickinson &amp; Co.</title>
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        <name>Mill City Solar Loan Ltd.</name>
        <lei>N/A</lei>
        <title>Mill City Solar Loan Ltd., Series 2019-2GS, Class A</title>
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        <name>Astrazeneca Finance LLC</name>
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        <name>Inter-American Development Bank</name>
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        <name>FNMA</name>
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        <name>FHLMC Pool</name>
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        <name>Commonwealth of Massachusetts</name>
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        <name>Flagstar Mortgage Trust</name>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <name>HCA, Inc.</name>
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        <name>European Investment Bank</name>
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        <title>European Investment Bank</title>
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      <invstOrSec>
        <name>Century Housing Corp.</name>
        <lei>549300VS3H1EH9Z2PW94</lei>
        <title>Century Housing Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US03464HAA32"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-15</maturityDt>
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          <annualizedRt>2.37500000</annualizedRt>
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      <invstOrSec>
        <name>USAA Capital Corp.</name>
        <lei>5493007XLF4LU3U2W757</lei>
        <title>USAA Capital Corp.</title>
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          <isin value="US90327QD552"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
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          <annualizedRt>2.12500000</annualizedRt>
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      <invstOrSec>
        <name>SBA Tower Trust</name>
        <lei>N/A</lei>
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          <isin value="US78403DAT72"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>European Investment Bank</title>
        <cusip>298785JH0</cusip>
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          <isin value="US298785JH03"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>812413.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2018-M13, Class A2</title>
        <cusip>3136B3DE7</cusip>
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          <isin value="US3136B3DE75"/>
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        <balance>727695.77000000</balance>
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        <curCd>USD</curCd>
        <valUSD>701138.29000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.73982040</annualizedRt>
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      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development</title>
        <cusip>459058JU8</cusip>
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          <isin value="US459058JU87"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-11</maturityDt>
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      <invstOrSec>
        <name>Starbucks Corp.</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>Starbucks Corp.</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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        <name>United States International Development Finance Corp.</name>
        <lei>254900QI8QTIK0FY6E92</lei>
        <title>United States International Development Finance Corp.</title>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>SoFi Professional Loan Program LLC</name>
        <lei>549300RC6OGKQI1MHM67</lei>
        <title>SoFi Professional Loan Program LLC, Series 2017-D, Class BFX</title>
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          <isin value="US78471CAC38"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-25</maturityDt>
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        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
        <title>Inter-American Development Bank</title>
        <cusip>4581X0DV7</cusip>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-20</maturityDt>
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      <invstOrSec>
        <name>BlueHub Loan Fund, Inc.</name>
        <lei>N/A</lei>
        <title>BlueHub Loan Fund, Inc., Series 2020</title>
        <cusip>095623AA2</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.89000000</annualizedRt>
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        <name>Kimco Realty OP LLC</name>
        <lei>549300EA7I6T15IBYS12</lei>
        <title>Kimco Realty OP LLC</title>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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        <name>Metropolitan Life Global Funding I</name>
        <lei>635400MMSOCXNNNZDZ82</lei>
        <title>Metropolitan Life Global Funding I</title>
        <cusip>59217GEJ4</cusip>
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        <balance>3000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-02</maturityDt>
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          <annualizedRt>0.95000000</annualizedRt>
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      <invstOrSec>
        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
        <title>Inter-American Development Bank</title>
        <cusip>4581X0EJ3</cusip>
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          <isin value="US4581X0EJ31"/>
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        <balance>2000000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SBA Tower Trust</name>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US91282CHM64"/>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Mill City Solar Loan Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US59982WAA53"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-03-20</maturityDt>
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      <invstOrSec>
        <name>Avantor Funding, Inc.</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>Avantor Funding, Inc.</title>
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          <isin value="US05352TAA79"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-07-15</maturityDt>
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        <name>American Tower Trust #1</name>
        <lei>5493004YGM0MQZJOEJ36</lei>
        <title>American Tower Trust #1</title>
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          <isin value="US03027WAM47"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.49000000</annualizedRt>
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      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development</title>
        <cusip>459058KR3</cusip>
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          <isin value="US459058KR30"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4232925.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 20 Year</title>
        <cusip>3140QGGN1</cusip>
        <identifiers>
          <isin value="US3140QGGN12"/>
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        <balance>1484085.62000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1278240.61000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>DTE Electric Co.</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.90000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3133BMQ32</cusip>
        <identifiers>
          <isin value="US3133BMQ323"/>
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        <balance>3732776.12000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3792511.29000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development</title>
        <cusip>459058KJ1</cusip>
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          <isin value="US459058KJ14"/>
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        <balance>2000000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <cusip>38378XZH7</cusip>
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        <balance>574401.06000000</balance>
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        <curCd>USD</curCd>
        <valUSD>512727.96000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.10023000</annualizedRt>
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        <name>Ecolab, Inc.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
        <title>Ecolab, Inc.</title>
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        <name>United States International Development Finance Corp.</name>
        <lei>254900QI8QTIK0FY6E92</lei>
        <title>United States International Development Finance Corp.</title>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140LY2H5</cusip>
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        <balance>2737568.43000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2051-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Foundation Finance Trust</name>
        <lei>5493002KPTN6JUQ40J20</lei>
        <title>Foundation Finance Trust, Series 2019-1A, Class A</title>
        <cusip>35041JAA3</cusip>
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        <balance>349044.41000000</balance>
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        <curCd>USD</curCd>
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        <name>Albertsons Cos., Inc.</name>
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        <name>CVS Health Corp.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>CVS Health Corp.</name>
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        <name>European Investment Bank</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>Commonbond Student Loan Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Service Experts Issuer LLC</name>
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      <invstOrSec>
        <name>PG&amp;E Recovery Funding LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States International Development Finance Corp.</name>
        <lei>254900QI8QTIK0FY6E92</lei>
        <title>United States International Development Finance Corp., Series 2</title>
        <cusip>90376PDF5</cusip>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XFXD8</cusip>
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          <isin value="US3140XFXD80"/>
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        <balance>2680299.54000000</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>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family, Series KG01, Class A10</title>
        <cusip>3137FMCZ3</cusip>
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          <isin value="US3137FMCZ38"/>
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        <balance>3000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-25</maturityDt>
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      <invstOrSec>
        <name>European Bank for Reconstruction &amp; Development</name>
        <lei>549300HTGDOVDU6OGK19</lei>
        <title>European Bank for Reconstruction &amp; Development</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
        <cusip>110122CR7</cusip>
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          <isin value="US110122CR72"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-25</maturityDt>
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      <invstOrSec>
        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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          <maturityDt>2028-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QPZG5</cusip>
        <identifiers>
          <isin value="US3140QPZG58"/>
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        <balance>2901400.08000000</balance>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>United States International Development Finance Corp.</name>
        <lei>254900QI8QTIK0FY6E92</lei>
        <title>United States International Development Finance Corp., Series 4</title>
        <cusip>90376PEX5</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2019-M1, Class A2</title>
        <cusip>3136B3XY1</cusip>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2028-09-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Georgia Power Co.</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>Georgia Power Co., Series A</title>
        <cusip>373334KP5</cusip>
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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>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Astrazeneca Finance LLC</name>
        <lei>549300C3HATU4Q460S18</lei>
        <title>Astrazeneca Finance LLC</title>
        <cusip>04636NAF0</cusip>
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          <isin value="US04636NAF06"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1530021.72000000</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>2028-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sunnova Helios VII Issuer LLC</name>
        <lei>N/A</lei>
        <title>Sunnova Helios VII Issuer LLC, Series 2021-C, Class B</title>
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        <name>UnitedHealth Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US3140NPUJ79"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Endowment (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Union Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>National Bank of Canada</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US3140XFVF56"/>
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        <name>Warnermedia Holdings, Inc.</name>
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        <name>FNMA</name>
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        <name>GoodLeap Sustainable Home Solutions Trust</name>
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        <name>FNMA</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Aptiv plc</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140X8EN3</cusip>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States International Development Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lowe's Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Warnermedia Holdings, Inc.</name>
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        <name>Commonwealth of Massachusetts</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ball Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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        <name>Amazon.com, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Frontier Issuer LLC</name>
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        <name>Elevance Health, Inc.</name>
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        <name>International Finance Corp.</name>
        <lei>QKL54NQY28TCDAI75F60</lei>
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        <name>Citigroup, Inc.</name>
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        <name>Century Housing Corp.</name>
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        <name>OneMain Finance Corp.</name>
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        <name>Republic Services, Inc.</name>
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        <name>Sunnova Helios IV Issuer LLC</name>
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        <name>Tesla Auto Lease Trust</name>
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        <name>Southern Power Co.</name>
        <lei>5LADC78JBG2BMZD5XF57</lei>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
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      <invstOrSec>
        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Helios Issuer LLC</name>
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      <invstOrSec>
        <name>European Bank for Reconstruction &amp; Development</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IHO Verwaltungs GmbH</name>
        <lei>529900JL0HDVGZMUJF32</lei>
        <title>IHO Verwaltungs GmbH</title>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US3140XF3C35"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>J M Smucker Co. (The)</name>
        <lei>5493000WDH6A0LHDJD55</lei>
        <title>J M Smucker Co. (The)</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Loanpal Solar Loan Ltd.</name>
        <lei>N/A</lei>
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        <name>SBA Small Business Investment Cos.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Assured Guaranty US Holdings, Inc.</name>
        <lei>5493007YCE0652G9TZ64</lei>
        <title>Assured Guaranty US Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Caisse d'Amortissement de la Dette Sociale</name>
        <lei>969500P04DQJS4BPM574</lei>
        <title>Caisse d'Amortissement de la Dette Sociale</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QQTM7</cusip>
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          <isin value="US3140QQTM73"/>
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        <issuerCat>USGSE</issuerCat>
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          <maturityDt>2052-11-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <name>Travelers Cos., Inc. (The)</name>
        <lei>549300Y650407RU8B149</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QM6W9</cusip>
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          <isin value="US3140QM6W95"/>
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        <balance>2397097.44000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group, Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group, Inc.</title>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>International Finance Corp.</name>
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        <name>FNMA</name>
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        <name>Flagstar Mortgage Trust</name>
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        <name>Nestle Holdings, Inc.</name>
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        <name>International Development Association</name>
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        <name>Sunrun Athena Issuer LLC</name>
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        <name>Expedia Group, Inc.</name>
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        <name>HealthEquity, Inc.</name>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <name>Travelers Cos., Inc. (The)</name>
        <lei>549300Y650407RU8B149</lei>
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        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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        <name>Pattern Energy Operations LP</name>
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        <name>FNMA</name>
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        <name>AT&amp;T, Inc.</name>
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        <name>Fiserv, Inc.</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-21</maturityDt>
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        <name>Macy's Retail Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3132DPB49</cusip>
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        <balance>3682551.12000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Church &amp; Dwight Co., Inc.</name>
        <lei>POOXSI30AWAQGYJZC921</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>500769JQ8</cusip>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1380532.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NEF4</cusip>
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        <curCd>USD</curCd>
        <valUSD>828236.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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        <name>Norfolk Southern Corp.</name>
        <lei>54930036C8MWP850MI84</lei>
        <title>Norfolk Southern Corp.</title>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2158454.60000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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        <title>Avis Budget Rental Car Funding AESOP LLC, Series 2023-8A, Class A</title>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>Crown Castle, Inc.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle, Inc.</title>
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        <name>Calvert Impact Capital, Inc.</name>
        <lei>549300B32FCKBWZSDR33</lei>
        <title>Calvert Impact Capital, Inc.</title>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
        <title>Inter-American Development Bank</title>
        <cusip>4581X0DF2</cusip>
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        <balance>3000000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</annualizedRt>
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        <name>GNMA</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Triumph Rail Holdings LLC</name>
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        <name>International Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Novant Health, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage Trust</name>
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        <name>Chubb INA Holdings, Inc.</name>
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        <name>Clearway Energy Operating LLC</name>
        <lei>549300Z3NFMM54NWBB87</lei>
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        <name>Equinix, Inc.</name>
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        <title>Equinix, Inc.</title>
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        <name>Niagara Mohawk Power Corp.</name>
        <lei>3T97Y9RR5EN5Y18QHB56</lei>
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        <name>WK Kellogg Foundation Trust</name>
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        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
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        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>European Investment Bank</name>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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      <invstOrSec>
        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
        <cusip>345370DA5</cusip>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Southwestern Public Service Co.</name>
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        <name>FNMA</name>
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        <name>Intel Corp.</name>
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        <name>FNMA</name>
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        <name>State of California</name>
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        <name>Republic Services, Inc.</name>
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        <name>Principal Financial Group, Inc.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140X7CB3</cusip>
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        <name>Kingdom of Norway</name>
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        <name>FNMA</name>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <name>OneMain Financial Issuance Trust</name>
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        <name>Inter-American Development Bank</name>
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        <name>Charter Communications Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Foundation Finance Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNG Bank NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pentair Finance Sarl</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prudential Financial, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Graphic Packaging International LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sysco Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OneMain Financial Issuance Trust</name>
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        <name>Healthpeak OP LLC</name>
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        <name>Southern Power Co.</name>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>MidAmerican Energy Co.</name>
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        <name>Tricon American Homes Trust</name>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>500769KB9</cusip>
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        <invCountry>DE</invCountry>
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        <name>Owens Corning</name>
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        <title>Owens Corning</title>
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        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Toronto-Dominion Bank (The)</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-10</maturityDt>
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      <invstOrSec>
        <name>NSTAR Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
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        <name>Ecolab, Inc.</name>
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        <name>Ontario Teachers' Pension Plan Board</name>
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        <name>DTE Electric Co.</name>
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        <name>Sunrun Atlas Issuer LLC</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Elevance Health, Inc.</name>
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        <name>Nature Conservancy (The)</name>
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        <name>Local Initiatives Support Corp.</name>
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        <name>Hertz Vehicle Financing III LLC</name>
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        <name>Bank of Montreal</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3137FPHR9</cusip>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Doris Duke Charitable Foundation (The)</name>
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        <name>AT&amp;T, Inc.</name>
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        <title>AT&amp;T, Inc.</title>
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        <name>Cogent Communications Group, Inc.</name>
        <lei>549300KFWFYF8Q1U0Y26</lei>
        <title>Cogent Communications Group, Inc.</title>
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        <name>NXP BV</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 20 Year</title>
        <cusip>3140QFQC6</cusip>
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        <balance>1598140.50000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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          <annualizedRt>2.00000000</annualizedRt>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family, Series KSG4, Class A2</title>
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        <issuerCat>USGSE</issuerCat>
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        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <name>Nordic Investment Bank</name>
        <lei>213800HYL1S7VAXG6Z48</lei>
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        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
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        <invCountry>DE</invCountry>
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          <maturityDt>2033-07-15</maturityDt>
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        <name>SLG Office Trust</name>
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        <name>Progressive Corp. (The)</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>Progressive Corp. (The)</title>
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        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <name>SoFi Professional Loan Program LLC</name>
        <lei>N/A</lei>
        <title>SoFi Professional Loan Program LLC, Series 2017-F, Class BFX</title>
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        <name>University of Massachusetts Building Authority</name>
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        <name>FNMA</name>
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        <name>AES Corp. (The)</name>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <name>Kaiser Foundation Hospitals</name>
        <lei>DW4Z57L3G4IRMHYZYK62</lei>
        <title>Kaiser Foundation Hospitals, Series 2021</title>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.81000000</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>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3133KQWV4</cusip>
        <identifiers>
          <isin value="US3133KQWV49"/>
        </identifiers>
        <balance>2811606.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2846478.84000000</valUSD>
        <pctVal>0.318440298272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-03-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
        <cusip>89115A2K7</cusip>
        <identifiers>
          <isin value="US89115A2K70"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1007395.64000000</valUSD>
        <pctVal>0.112699017316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10300000</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>2024-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>IMPAX FUNDS SERIES TRUST I</ncom:nameOfApplicant>
      <ncom:signature>Alicia DuBois</ncom:signature>
      <ncom:signerName>Alicia DuBois</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
