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        <name>Vontier Corp.</name>
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        <name>Morgan Stanley</name>
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        <name>CNH Industrial Capital LLC</name>
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        <name>State of Oregon</name>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>Conagra Brands, Inc.</name>
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        <name>European Investment Bank</name>
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        <name>Service Experts Issuer LLC</name>
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        <name>Verizon Communications, Inc.</name>
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        <name>SCE Recovery Funding LLC</name>
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        <name>AES Corp. (The)</name>
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        <title>AES Corp. (The)</title>
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        <name>Clean Harbors, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>Carrier Global Corp.</name>
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        <name>Insight Enterprises, Inc.</name>
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        <name>Capital Impact Partners</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
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        <name>Tesla Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>Tesla Auto Lease Trust, Series 2024-A, Class B</title>
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        <name>Charter Communications Operating LLC / Charter Communications Operating Capital Corp.</name>
        <lei>N/A</lei>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3133KRKE3</cusip>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I</title>
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        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
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        <name>Vivint Solar Financing V LLC</name>
        <lei>N/A</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140MTE41</cusip>
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        <balance>2648528.46000000</balance>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
        <lei>549300ZLA8SW2SVJMN33</lei>
        <title>Mosaic Solar Loan Trust, Series 2017-1A, Class A</title>
        <cusip>61946EAA6</cusip>
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        <balance>303805.42000000</balance>
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        <valUSD>297749.48000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-06-20</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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        <name>FHLB</name>
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        <name>Phillips Edison Grocery Center Operating Partnership I LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alexandria Real Estate Equities, Inc.</name>
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        <name>SCE Recovery Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tesla Auto Lease Trust</name>
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        <name>NatWest Group plc</name>
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        <name>Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC</name>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3132DSB68</cusip>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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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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          <isin value="US4581X0EB05"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Pentair Finance SARL</name>
        <lei>549300H2U8U8TZPV3T89</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Nature Conservancy (The)</name>
        <lei>549300GJ1IZME7V1JJ28</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Council of Europe Development Bank</name>
        <lei>549300UYNXMI821WYG82</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley Bank NA</name>
        <lei>G1MLHIS0N32I3QPILB75</lei>
        <title>Morgan Stanley Bank NA</title>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc.</title>
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      <invstOrSec>
        <name>American Tower Corp.</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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        <name>Walden Mutual Bank</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Becton Dickinson &amp; Co.</name>
        <lei>ICE2EP6D98PQUILVRZ91</lei>
        <title>Becton Dickinson &amp; Co.</title>
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        <balance>1000000.00000000</balance>
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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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        <name>United States International Development Finance Corp.</name>
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        <name>SoFi Professional Loan Program LLC</name>
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        <name>FNMA</name>
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        <name>American University (The)</name>
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        <name>Norfolk Southern Corp.</name>
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        <name>Envest Microfinance Cooperative</name>
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        <name>Block, Inc.</name>
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        <name>FHLMC</name>
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        <name>Haleon US Capital LLC</name>
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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>
        <lei>N/A</lei>
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        <name>Toronto-Dominion Bank (The)</name>
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        <invCountry>CA</invCountry>
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        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>Mello Mortgage Capital Acceptance</name>
        <lei>N/A</lei>
        <title>Mello Mortgage Capital Acceptance, Series 2021-INV1, Class A4</title>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2051-06-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Sealed Air Corp.</name>
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        <name>Union Pacific Corp.</name>
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        <name>International Finance Corp.</name>
        <lei>QKL54NQY28TCDAI75F60</lei>
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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>John Deere Capital Corp.</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>OneMain Financial Issuance Trust</name>
        <lei>N/A</lei>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3136B1XJ8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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          <isin value="US3133A7T255"/>
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        <balance>3448726.44000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3009088.21000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140X8QV2</cusip>
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          <isin value="US3140X8QV21"/>
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        <balance>1895221.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1667800.95000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>AGCO Corp.</name>
        <lei>LYOM0B2GCF1JWXK5ZG04</lei>
        <title>AGCO Corp.</title>
        <cusip>001084AR3</cusip>
        <identifiers>
          <isin value="US001084AR30"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-21</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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          <isin value="US00206RMT67"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <name>Fiserv, Inc.</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
        <title>Fiserv, Inc.</title>
        <cusip>337738BN7</cusip>
        <identifiers>
          <isin value="US337738BN72"/>
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        <balance>2850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2923958.41000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SB5</cusip>
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          <isin value="US912810SB52"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1049222.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>500769GQ1</cusip>
        <identifiers>
          <isin value="US500769GQ12"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>986560.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PEH5</cusip>
        <identifiers>
          <isin value="US46647PEH55"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1078016.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.76600000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Nasdaq, Inc.</name>
        <lei>549300L8X1Q78ERXFD06</lei>
        <title>Nasdaq, Inc.</title>
        <cusip>63111XAH4</cusip>
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          <isin value="US63111XAH44"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>519608.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>549300ZUG1L9OO3W6B29</lei>
        <title>Sequoia Mortgage Trust, Series 2018-CH1, Class A19</title>
        <cusip>81747DAU3</cusip>
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          <isin value="US81747DAU37"/>
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        <balance>54185.88000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51740.12000000</valUSD>
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        <invCountry>US</invCountry>
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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>
        <identifiers>
          <isin value="US3140XGAC38"/>
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        <balance>3066903.57000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2932132.20000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3133AJT94</cusip>
        <identifiers>
          <isin value="US3133AJT945"/>
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        <balance>2418937.59000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2090400.03000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>FHF Issuer Trust</name>
        <lei>N/A</lei>
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        <cusip>31568AAB2</cusip>
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          <isin value="US31568AAB26"/>
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        <balance>817463.72000000</balance>
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        <curCd>USD</curCd>
        <valUSD>828640.82000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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          <maturityDt>2030-02-15</maturityDt>
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          <annualizedRt>5.69000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family Structured Pass-Through Certificates, Series KG04, Class A2</title>
        <cusip>3137F84S9</cusip>
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          <isin value="US3137F84S93"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1730368.00000000</valUSD>
        <pctVal>0.192500971056</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.48700000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Water Capital Corp.</name>
        <lei>5IDHQUFVC8Q2KIBBFF06</lei>
        <title>American Water Capital Corp.</title>
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        <name>SBA Small Business Investment Cos.</name>
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        <name>MidAmerican Energy Co.</name>
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        <name>FFCB</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>Sunnova Helios II Issuer LLC</name>
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        <name>Mill City Solar Loan Ltd.</name>
        <lei>N/A</lei>
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        <name>Burlington Northern Santa Fe LLC</name>
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      <invstOrSec>
        <name>Inter-American Development Bank</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
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          <isin value="US35564NCX93"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US64830MAG87"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US31418EMR89"/>
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        <balance>2762640.54000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US3140X4TF30"/>
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        <balance>3907512.13000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3132DPSN9</cusip>
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          <isin value="US3132DPSN95"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Commonwealth of Massachusetts</name>
        <lei>5493001N1YCXNI1O7K10</lei>
        <title>Commonwealth of Massachusetts, Series 2022 A</title>
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          <isin value="US576004HF50"/>
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        <balance>2000000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 15 Year</title>
        <cusip>3140QHPS8</cusip>
        <identifiers>
          <isin value="US3140QHPS80"/>
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        <balance>1899424.56000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>31346YS46</cusip>
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          <isin value="US31346YS465"/>
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        <balance>1511691.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PAL0</cusip>
        <identifiers>
          <isin value="US46647PAL04"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.96400000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Flagstar Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Flagstar Mortgage Trust, Series 2021-6INV, Class A6</title>
        <cusip>33851GAF2</cusip>
        <identifiers>
          <isin value="US33851GAF28"/>
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        <balance>1352999.04000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1215289.17000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.49999840</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3132DNDH3</cusip>
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          <isin value="US3132DNDH35"/>
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        <balance>2949903.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2852781.57000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA Connecticut Avenue Securities, Series 2021-R02, Class 2M2</title>
        <cusip>20754KAB7</cusip>
        <identifiers>
          <isin value="US20754KAB70"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1507112.10000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.28012160</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Century Housing Corp.</name>
        <lei>549300VS3H1EH9Z2PW94</lei>
        <title>Century Housing Corp.</title>
        <cusip>15654VBH0</cusip>
        <identifiers>
          <isin value="US15654VBH06"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500128.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3138ERYZ7</cusip>
        <identifiers>
          <isin value="US3138ERYZ78"/>
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        <balance>1144055.32000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1131656.61000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Angel Oak Mortgage Trust, Series 2022-5, Class A1</title>
        <cusip>03464HAA3</cusip>
        <identifiers>
          <isin value="US03464HAA32"/>
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        <balance>1583542.02000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1570474.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>USAA Capital Corp.</name>
        <lei>5493007XLF4LU3U2W757</lei>
        <title>USAA Capital Corp.</title>
        <cusip>90327QD55</cusip>
        <identifiers>
          <isin value="US90327QD552"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>895092.80000000</valUSD>
        <pctVal>0.099577796853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <name>United States International Development Finance Corp.</name>
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        <name>Inter-American Development Bank</name>
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        <name>FNMA</name>
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        <name>BlueHub Loan Fund, Inc.</name>
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        <name>Kimco Realty OP LLC</name>
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        <name>Metropolitan Life Global Funding I</name>
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        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</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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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Kyndryl Holdings, Inc.</name>
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        <name>Mill City Solar Loan Ltd.</name>
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        <name>Avantor Funding, Inc.</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>Avantor Funding, Inc.</title>
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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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        <name>DTE Electric Co.</name>
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        <name>FHLMC Pool</name>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <name>GNMA</name>
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        <name>United States International Development Finance Corp.</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Inter-American Development Bank</name>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>CVS Health Corp.</name>
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        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
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        <name>Steel Dynamics, Inc.</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
        <title>Steel Dynamics, Inc.</title>
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      <invstOrSec>
        <name>Darling Ingredients, Inc.</name>
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      <invstOrSec>
        <name>1011778 BC ULC / New Red Finance, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CVS Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AbbVie, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>SBA Small Business Investment Cos.</name>
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        <name>Laboratory Corp. of America Holdings</name>
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        <name>FNMA</name>
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        <name>Service Experts Issuer LLC</name>
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        <name>PG&amp;E Recovery Funding LLC</name>
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        <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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        <issuerCat>UST</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XFXD8</cusip>
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          <couponKind>Fixed</couponKind>
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        <name>FHLMC</name>
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        <name>European Bank for Reconstruction &amp; Development</name>
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        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FHLMC</name>
        <lei>N/A</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QPZG5</cusip>
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        <balance>2811779.91000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <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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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.13000000</annualizedRt>
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        <name>Georgia Power Co.</name>
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        <name>Bank of America Corp.</name>
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        <name>Avangrid, Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>JPMorgan Prime Money Market Fund</name>
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        <name>FHLMC</name>
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        <name>HAT Holdings I LLC / HAT Holdings II LLC</name>
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        <name>Aflac, Inc.</name>
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        <name>Massachusetts Institute of Technology</name>
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        <name>FHLMC</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPMorgan Chase &amp; Co.</title>
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        <name>Florida Power &amp; Light Co.</name>
        <lei>A89MY1K3YLIGJMYWVX50</lei>
        <title>Florida Power &amp; Light Co.</title>
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      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>California Endowment (The)</name>
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          <isin value="US1301ETAA03"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.49800000</annualizedRt>
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      <invstOrSec>
        <name>Union Electric Co.</name>
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          <isin value="US906548CT77"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
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      <invstOrSec>
        <name>National Bank of Canada</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XFVF5</cusip>
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          <isin value="US3140XFVF56"/>
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        <balance>3234875.48000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QFNE5</cusip>
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          <isin value="US3140QFNE56"/>
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        <balance>2142230.82000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1703922.75000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140KFQV0</cusip>
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          <isin value="US3140KFQV09"/>
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        <balance>1409726.42000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1240204.20000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.85500000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140X8EN3</cusip>
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          <isin value="US3140X8EN33"/>
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        <balance>1616859.69000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-01</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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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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        <balance>500000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <balance>1448628.76000000</balance>
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        <issuerCat>USGSE</issuerCat>
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          <maturityDt>2051-01-01</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
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        <name>United States International Development Finance Corp.</name>
        <lei>254900QI8QTIK0FY6E92</lei>
        <title>United States International Development Finance Corp., Series 1</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-15</maturityDt>
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        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
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      <invstOrSec>
        <name>Ball Corp.</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
        <title>Ball Corp.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>NXP BV / NXP Funding LLC / NXP USA, Inc.</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-05-11</maturityDt>
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        <name>Cisco Systems, Inc.</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Sprint Capital Corp.</name>
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        <name>Frontier Issuer LLC</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Elevance Health, Inc.</name>
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        <name>International Finance Corp.</name>
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        <name>HA Sustainable Infrastructure Capital, Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>Century Housing Corp.</name>
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        <name>Sunnova Helios IV Issuer LLC</name>
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        <name>Southern Power Co.</name>
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        <name>FNMA</name>
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        <name>FHLMC Pool</name>
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        <name>United States of America</name>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <name>Loanpal Solar Loan Ltd.</name>
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        <name>Assured Guaranty US Holdings, Inc.</name>
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        <name>Caisse d'Amortissement de la Dette Sociale</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Bank of Montreal</name>
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        <name>FNMA</name>
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        <name>AT&amp;T, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>Church &amp; Dwight Co., Inc.</name>
        <lei>POOXSI30AWAQGYJZC921</lei>
        <title>Church &amp; Dwight Co., Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>500769JQ8</cusip>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Norfolk Southern Corp.</name>
        <lei>54930036C8MWP850MI84</lei>
        <title>Norfolk Southern Corp.</title>
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          <isin value="US655844CK21"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Calvert Impact Capital, Inc.</name>
        <lei>549300B32FCKBWZSDR33</lei>
        <title>Calvert Impact Capital, Inc.</title>
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          <isin value="US13161GWR90"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-03-14</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
        <lei>N/A</lei>
        <title>Mosaic Solar Loan Trust, Series 2020-2A, Class A</title>
        <cusip>61946PAA1</cusip>
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          <isin value="US61946PAA12"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-20</maturityDt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2013-101, Class AF</title>
        <cusip>38378KZF9</cusip>
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          <isin value="US38378KZF91"/>
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        <balance>468146.93000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-09-16</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single-family, 30 Year</title>
        <cusip>36179X5C6</cusip>
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          <isin value="US36179X5C61"/>
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        <balance>4796999.27000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-06-20</maturityDt>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>International Finance Corp.</name>
        <lei>QKL54NQY28TCDAI75F60</lei>
        <title>International Finance Corp.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Novant Health, Inc.</name>
        <lei>549300ZUXEGFGE8EP917</lei>
        <title>Novant Health, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-01</maturityDt>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Angel Oak Mortgage Trust, Series 2022-2, Class A1</title>
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          <isin value="US03464PAA57"/>
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        <name>Chubb INA Holdings LLC</name>
        <lei>CZCBJZWDMLTHWJDXU843</lei>
        <title>Chubb INA Holdings LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Esab Corp.</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
        <title>Esab Corp.</title>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single-family, 30 Year</title>
        <cusip>36179XBP0</cusip>
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          <isin value="US36179XBP06"/>
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        <balance>3132090.68000000</balance>
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      <invstOrSec>
        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
        <cusip>404119AJ8</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Clearway Energy Operating LLC</name>
        <lei>549300Z3NFMM54NWBB87</lei>
        <title>Clearway Energy Operating LLC</title>
        <cusip>18539UAD7</cusip>
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        <balance>2000000.00000000</balance>
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        <valUSD>1833200.00000000</valUSD>
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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>2031-02-15</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PEG7</cusip>
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          <isin value="US46647PEG72"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1049813.68000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WK Kellogg Foundation Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MetLife, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
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      <invstOrSec>
        <name>European Investment Bank</name>
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      <invstOrSec>
        <name>HCA, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>GNMA</name>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <invCountry>DE</invCountry>
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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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Foundation Finance Trust</name>
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        <name>State of California</name>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
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        <name>Equinix, Inc.</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
        <cusip>91324PFL1</cusip>
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        <balance>1500000.00000000</balance>
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        <valUSD>1610392.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-15</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
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        <name>European Bank for Reconstruction &amp; Development</name>
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      <invstOrSec>
        <name>Principal Financial Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>Kommunalbanken A/S</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>Inter-American Development Bank</name>
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      <invstOrSec>
        <name>Charter Communications Operating LLC / Charter Communications Operating Capital Corp.</name>
        <lei>N/A</lei>
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        <name>Foundation Finance Trust</name>
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        <name>BNG Bank NV</name>
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        <name>Prudential Financial, Inc.</name>
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        <name>Graphic Packaging International LLC</name>
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        <name>Frontier Issuer LLC</name>
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        <name>Southern Power Co.</name>
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        <title>Southern Power Co.</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>MidAmerican Energy Co.</name>
        <lei>NINLOILYRTLIMK26MZ18</lei>
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        <name>Tricon American Homes Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XNHU1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-12-01</maturityDt>
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        <name>Cisco Systems, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-02-15</maturityDt>
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        <name>NSTAR Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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          <maturityDt>2050-10-01</maturityDt>
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        <name>Ontario Teachers' Finance Trust</name>
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        <name>DTE Electric Co.</name>
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          <maturityDt>2049-03-01</maturityDt>
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          <annualizedRt>3.95000000</annualizedRt>
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        <name>Sunrun Atlas Issuer LLC</name>
        <lei>N/A</lei>
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        <name>Netflix, Inc.</name>
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          <maturityDt>2029-11-15</maturityDt>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Cummins, Inc.</name>
        <lei>ZUNI8PYC725B6H8JU438</lei>
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          <maturityDt>2028-03-01</maturityDt>
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        <name>Nature Conservancy (The)</name>
        <lei>549300GJ1IZME7V1JJ28</lei>
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          <annualizedRt>1.86100000</annualizedRt>
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        <name>Local Initiatives Support Corp.</name>
        <lei>549300V1ATNB9BHB6146</lei>
        <title>Local Initiatives Support Corp.</title>
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        <name>Prologis LP</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QTHN2</cusip>
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        <balance>2863616.52000000</balance>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
        <lei>VZFZPMWDHTQCFKYOBP05</lei>
        <title>Consolidated Edison Co. of New York, Inc., Series 20A</title>
        <cusip>209111FX6</cusip>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>Ford Foundation (The)</name>
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        <name>Envest Microfinance Cooperative</name>
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        <name>PACEWell 5 Trust</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>Sunnova Helios V Issuer LLC</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>GNMA</name>
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        <name>Frontier Issuer LLC</name>
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        <name>Toyota Motor Corp.</name>
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        <title>Toyota Motor Corp.</title>
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        <name>FHLMC Pool</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Block, Inc.</name>
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      <invstOrSec>
        <name>FHLMC</name>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family Structured Pass-Through Certificates, Series KG02, Class A2</title>
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        <name>Doris Duke Charitable Foundation (The)</name>
        <lei>HFI2KJN5A6RHAGMWK984</lei>
        <title>Doris Duke Charitable Foundation (The), Series 2020</title>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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        <name>Cogent Communications Group LLC</name>
        <lei>549300KFWFYF8Q1U0Y26</lei>
        <title>Cogent Communications Group LLC</title>
        <cusip>19240CAE3</cusip>
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        <balance>370000.00000000</balance>
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        <name>United States of America</name>
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        <name>NXP BV / NXP Funding LLC / NXP USA, Inc.</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>FHLMC Pool</name>
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        <name>Amgen, Inc.</name>
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        <title>Amgen, Inc.</title>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <name>SLG Office Trust</name>
        <lei>N/A</lei>
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        <name>Progressive Corp. (The)</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>SoFi Professional Loan Program LLC</name>
        <lei>N/A</lei>
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        <name>WLB Asset VI Pte. Ltd.</name>
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        <name>Seattle Children's Hospital</name>
        <lei>549300WXE9O4DQMMXS47</lei>
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      <invstOrSec>
        <name>PG&amp;E Recovery Funding LLC</name>
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        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140NCTX7</cusip>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 20 Year</title>
        <cusip>3140QGDM6</cusip>
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        <debtSec>
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        <name>Mosaic Solar Loan Trust</name>
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      <ncom:nameOfApplicant>IMPAX FUNDS SERIES TRUST I</ncom:nameOfApplicant>
      <ncom:signature>Daniel Saltus</ncom:signature>
      <ncom:signerName>Daniel Saltus</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
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</edgarSubmission>
