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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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      <invstOrSec>
        <name>Vontier Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>nVent Finance SARL</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <fairValLevel>2</fairValLevel>
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        <name>High Street Funding Trust III</name>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>SCE Recovery Funding LLC</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>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <name>SCE Recovery Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-12-15</maturityDt>
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        <name>Clean Harbors, Inc.</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>Clean Harbors, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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      <invstOrSec>
        <name>FNMA</name>
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        <name>Connecticut Avenue Securities Trust</name>
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      <invstOrSec>
        <name>Carrier Global Corp.</name>
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        <title>Carrier Global Corp.</title>
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        <name>Insight Enterprises, Inc.</name>
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        <name>Connecticut Avenue Securities Trust</name>
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      <invstOrSec>
        <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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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
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          <isin value="US3133KRKE35"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA I</title>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <name>Vivint Solar Financing V LLC</name>
        <lei>N/A</lei>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140MTE41</cusip>
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          <isin value="US3140MTE417"/>
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          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <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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        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
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        <name>FARM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FARM Mortgage Trust, Series 2024-2, Class A</title>
        <cusip>307910AC3</cusip>
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          <isin value="US307910AC38"/>
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        <balance>1461781.20000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.19312960</annualizedRt>
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      <invstOrSec>
        <name>SCE Recovery Funding LLC</name>
        <lei>N/A</lei>
        <title>SCE Recovery Funding LLC, Series A-1</title>
        <cusip>78433LAG1</cusip>
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        <balance>2075725.18000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2015827.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.69700000</annualizedRt>
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        <name>Tesla Auto Lease Trust</name>
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        <name>FHLMC Pool</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>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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      <invstOrSec>
        <name>Nature Conservancy (The)</name>
        <lei>549300GJ1IZME7V1JJ28</lei>
        <title>Nature Conservancy (The), Series A</title>
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        <name>Council of Europe Development Bank</name>
        <lei>549300UYNXMI821WYG82</lei>
        <title>Council of Europe Development Bank</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Morgan Stanley Bank NA</name>
        <lei>G1MLHIS0N32I3QPILB75</lei>
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        <name>MetLife, Inc.</name>
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        <name>American Tower Corp.</name>
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        <name>FHLMC Pool</name>
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        <name>American Water Capital Corp.</name>
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        <name>Amgen, Inc.</name>
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        <name>Zoetis, Inc.</name>
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        <name>Elevance Health, Inc.</name>
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        <name>College Ave Student Loans LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Walt Disney Co. (The)</name>
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        <name>Post Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kraft Heinz Foods Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rockwell Automation, Inc.</name>
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        <name>FHF Issuer Trust</name>
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        <name>FNMA</name>
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        <name>Sunnova Helios II Issuer LLC</name>
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        <name>FNMA</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>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>Block, Inc.</title>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family Structured Pass-Through Certificates, Series KG07, Class A2</title>
        <cusip>3137H8TZ4</cusip>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <name>Haleon US Capital LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CEI Investments LLC</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-20</maturityDt>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, 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>Mosaic Solar Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.10000000</annualizedRt>
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        <name>Chubb INA Holdings LLC</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Mello Mortgage Capital Acceptance</name>
        <lei>N/A</lei>
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        <name>Merck &amp; Co., Inc.</name>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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          <couponKind>Fixed</couponKind>
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        <name>CNH Industrial Capital LLC</name>
        <lei>549300PNSJ5B81UMVO28</lei>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XPZR3</cusip>
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          <isin value="US3140XPZR31"/>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XCGX0</cusip>
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        <balance>1428564.80000000</balance>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XHVN4</cusip>
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        <name>Sealed Air Corp.</name>
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        <name>Assured Guaranty US Holdings, Inc.</name>
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        <name>Niagara Mohawk Power Corp.</name>
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        <name>Comcast Corp.</name>
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        <name>Genesee &amp; Wyoming, Inc.</name>
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        <name>American Museum of Natural History (The)</name>
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        <name>Windstream Services LLC / Windstream Escrow Finance Corp.</name>
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        <name>FNMA</name>
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        <name>Loanpal Solar Loan Ltd.</name>
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        <name>Sequoia Mortgage Trust</name>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XDKF2</cusip>
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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>2051-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3132DUJC2</cusip>
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        <balance>2973762.54000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2923460.96000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
        <lei>N/A</lei>
        <title>Mosaic Solar Loan Trust, Series 2017-2A, Class A</title>
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          <isin value="US61946GAA13"/>
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        <balance>354679.25000000</balance>
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        <curCd>USD</curCd>
        <valUSD>327649.39000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-22</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XGA33</cusip>
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          <isin value="US3140XGA336"/>
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        <balance>2273774.21000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2017112.85000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FFCB</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>FFCB Funding Corp.</title>
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          <isin value="US3133EMVU35"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2414719.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Knife River Corp.</name>
        <lei>N/A</lei>
        <title>Knife River Corp., First Lien, Initial CME Term Loan, B</title>
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          <isin value="US49889LAD82"/>
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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>2032-03-08</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.28586000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XMJN7</cusip>
        <identifiers>
          <isin value="US3140XMJN79"/>
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        <balance>2678602.02000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2328503.86000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single-family, 30 Year</title>
        <cusip>36179YAM6</cusip>
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        <balance>2589750.60000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2300389.17000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co.</title>
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        <balance>2750000.00000000</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>
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        <name>FFCB</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>FFCB Funding Corp.</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>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3132DNSX2</cusip>
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        <balance>1621802.84000000</balance>
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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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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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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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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3133A7T25</cusip>
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        <fairValLevel>2</fairValLevel>
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          <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>
        <identifiers>
          <isin value="US3140X8QV21"/>
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        <balance>1808260.20000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1533281.56000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-21</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
        <cusip>00206RMT6</cusip>
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          <isin value="US00206RMT67"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2795154.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fiserv, Inc.</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
        <title>Fiserv, Inc.</title>
        <cusip>337738BN7</cusip>
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          <isin value="US337738BN72"/>
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        <balance>2850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2828432.91000000</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>2034-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>European Investment Bank</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>United States of America</name>
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        <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>
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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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        <curCd>USD</curCd>
        <valUSD>2599437.10000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>Nasdaq, Inc.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>UnitedHealth Group, Inc.</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>Sequoia Mortgage Trust</name>
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        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XGAC3</cusip>
        <identifiers>
          <isin value="US3140XGAC38"/>
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        <balance>2897872.84000000</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>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <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>2380663.89000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1986888.54000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <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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        <identifiers>
          <isin value="US31568AAB26"/>
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        <balance>623017.33000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.69000000</annualizedRt>
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        <name>AES Corp. (The)</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES Corp. (The)</title>
        <cusip>00130HCM5</cusip>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>505460.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3137F84S9</cusip>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1716720.80000000</valUSD>
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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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        <name>Union Electric Co.</name>
        <lei>QMPJLLDULY5C1M8PNY21</lei>
        <title>Union Electric Co.</title>
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        <valUSD>1008562.07000000</valUSD>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3136BDXH6</cusip>
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        <balance>2700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2305036.44000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>1.38224880</annualizedRt>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>500769JU9</cusip>
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        <balance>2000000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Southwestern Public Service Co.</name>
        <lei>OL6FE7QD5EQ3DOYEO258</lei>
        <title>Southwestern Public Service Co.</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XRWK7</cusip>
        <identifiers>
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        <balance>3928274.16000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3867179.64000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SBA Small Business Investment Cos.</name>
        <lei>N/A</lei>
        <title>SBA Small Business Investment Cos., Series 2023-10A, Class 1</title>
        <cusip>83162CS79</cusip>
        <identifiers>
          <isin value="US83162CS790"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OCP CLO Ltd.</name>
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          <isin value="US671000AL11"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FARM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FARM Mortgage Trust, Series 2024-1, Class A</title>
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          <isin value="US30335JAC53"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
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        <title>Mosaic Solar Loan Trust, Series 2019-2A, Class A</title>
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          <isin value="US61945LAA17"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MidAmerican Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FFCB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Inter-American Investment Corp.</name>
        <lei>5493001X4LH60PFRL744</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Amazon.com, Inc.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
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        <name>Sunnova Helios II Issuer LLC</name>
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        <title>Sunnova Helios II Issuer LLC, Series 2019-AA, Class A</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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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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        <name>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
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        <name>FHLMC</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>FFCB</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>FFCB Funding Corp.</title>
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        <name>FNMA</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
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        <name>Commonwealth of Massachusetts</name>
        <lei>5493001N1YCXNI1O7K10</lei>
        <title>Commonwealth of Massachusetts, Series 2022 A</title>
        <cusip>576004HF5</cusip>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 15 Year</title>
        <cusip>3140QHPS8</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Flagstar Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Flagstar Mortgage Trust, Series 2021-6INV, Class A6</title>
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          <isin value="US33851GAF28"/>
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        <balance>1293597.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
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          <isin value="US3132DNDH35"/>
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        <balance>2664252.20000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2494415.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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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>1506747.60000000</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>2041-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.33969000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CLM19"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
        <cusip>126650CY4</cusip>
        <identifiers>
          <isin value="US126650CY46"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.78000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Medline Borrower LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>Medline Borrower LP, First Lien, Dollar Incremental CME Term Loan</title>
        <cusip>58503UAF0</cusip>
        <identifiers>
          <isin value="US58503UAF03"/>
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        <balance>1990000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-23</maturityDt>
          <couponKind>Variable</couponKind>
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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>1509126.89000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1489160.84000000</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>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, ACES, Series 2018-M13, Class A2</title>
        <cusip>3136B3DE7</cusip>
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          <isin value="US3136B3DE75"/>
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        <balance>1266297.60000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1229554.58000000</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>3.74385960</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>
        <valUSD>1991006.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.70498760</annualizedRt>
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      <invstOrSec>
        <name>Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B1</title>
        <cusip>20754RAF3</cusip>
        <identifiers>
          <isin value="US20754RAF38"/>
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        <balance>1249000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1271058.59000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.43969160</annualizedRt>
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      <invstOrSec>
        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>European Investment Bank</title>
        <cusip>298785KH8</cusip>
        <identifiers>
          <isin value="US298785KH83"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>511968.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>Zoetis, Inc.</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>Zoetis, Inc.</title>
        <cusip>98978VAV5</cusip>
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          <isin value="US98978VAV53"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1043482.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FFCB</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>FFCB Funding Corp.</title>
        <cusip>3133EMM41</cusip>
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          <isin value="US3133EMM417"/>
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        <balance>1095000.00000000</balance>
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        <valUSD>985397.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.85000000</annualizedRt>
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      <invstOrSec>
        <name>United States International Development Finance Corp.</name>
        <lei>254900QI8QTIK0FY6E92</lei>
        <title>United States International Development Finance Corp.</title>
        <cusip>6903538B6</cusip>
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          <isin value="US6903538B62"/>
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        <balance>500000.02000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500000.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.54999875</annualizedRt>
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      <invstOrSec>
        <name>SoFi Professional Loan Program LLC</name>
        <lei>549300RC6OGKQI1MHM67</lei>
        <title>SoFi Professional Loan Program LLC, Series 2017-D, Class BFX</title>
        <cusip>78471CAC3</cusip>
        <identifiers>
          <isin value="US78471CAC38"/>
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        <balance>1900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1817773.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.61000000</annualizedRt>
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      <invstOrSec>
        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
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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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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XLX94</cusip>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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      <invstOrSec>
        <name>BlueHub Loan Fund, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-01</maturityDt>
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      <invstOrSec>
        <name>Kimco Realty OP LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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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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          <isin value="US459058KW25"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140MQBP3</cusip>
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          <maturityDt>2052-06-01</maturityDt>
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      <invstOrSec>
        <name>NSTAR Electric Co.</name>
        <lei>54930080R72Y2Z31UR68</lei>
        <title>NSTAR Electric Co.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-01</maturityDt>
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      <invstOrSec>
        <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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        <fairValLevel>2</fairValLevel>
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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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        <name>Kyndryl Holdings, Inc.</name>
        <lei>549300LQ4LWX2R8ZV130</lei>
        <title>Kyndryl Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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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>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development</title>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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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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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140LY2H5</cusip>
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        <name>FNMA</name>
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        <name>Sequoia Mortgage Trust</name>
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        <name>FHLMC Pool</name>
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        <name>Inter-American Development Bank</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>1011778 BC ULC / New Red Finance, Inc.</name>
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        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
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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>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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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>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XFXD8</cusip>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>European Bank for Reconstruction &amp; Development</name>
        <lei>549300HTGDOVDU6OGK19</lei>
        <title>European Bank for Reconstruction &amp; Development</title>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-25</maturityDt>
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      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group, Inc.</title>
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          <isin value="US174610BJ37"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QPZG5</cusip>
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          <isin value="US3140QPZG58"/>
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        <balance>2684177.49000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2590349.03000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <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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          <isin value="US90376PEX50"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, ACES, Series 2019-M1, Class A2</title>
        <cusip>3136B3XY1</cusip>
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          <isin value="US3136B3XY10"/>
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        <balance>1692622.45000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1655342.78000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.54373560</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>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>481556.09000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Georgia Power Co.</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>Georgia Power Co., Series A</title>
        <cusip>373334KP5</cusip>
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          <isin value="US373334KP56"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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        <name>Walden Mutual Bank</name>
        <lei>N/A</lei>
        <title>Walden Mutual Bank</title>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.93000000</annualizedRt>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>06051GKD0</cusip>
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          <isin value="US06051GKD06"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-20</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Avangrid, Inc.</name>
        <lei>549300OX0Q38NLSKPB49</lei>
        <title>Avangrid, Inc.</title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>999200.67000000</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>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CLS8</cusip>
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          <isin value="US91282CLS88"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5013183.60000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-31</maturityDt>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>06051GLU1</cusip>
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          <isin value="US06051GLU12"/>
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        <balance>2500000.00000000</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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          <maturityDt>2034-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.87200000</annualizedRt>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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          <annualizedRt>2.55000000</annualizedRt>
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        <name>Nasdaq, Inc.</name>
        <lei>549300L8X1Q78ERXFD06</lei>
        <title>Nasdaq, Inc.</title>
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        <balance>871000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.55000000</annualizedRt>
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        <name>JPMorgan Prime Money Market Fund</name>
        <lei>N/A</lei>
        <title>JPMorgan Prime Money Market Fund</title>
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          <other otherDesc="Inhouse Asset ID" value="91299QA19"/>
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        <balance>17085465.95000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Century Housing Corp.</name>
        <lei>549300VS3H1EH9Z2PW94</lei>
        <title>Century Housing Corp.</title>
        <cusip>15654VBL1</cusip>
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          <isin value="US15654VBL18"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500038.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65000000</annualizedRt>
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        <name>Kommunalbanken A/S</name>
        <lei>I7ETN0QQO2AHZZGHJ389</lei>
        <title>Kommunalbanken A/S</title>
        <cusip>50048MDD9</cusip>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1433620.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
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      <invstOrSec>
        <name>HAT Holdings I LLC / HAT Holdings II LLC</name>
        <lei>N/A</lei>
        <title>HAT Holdings I LLC / HAT Holdings II LLC</title>
        <cusip>418751AL7</cusip>
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          <isin value="US418751AL75"/>
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        <name>Aflac, Inc.</name>
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        <name>Florida Power &amp; Light Co.</name>
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        <name>FNMA</name>
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        <name>M&amp;T Bank Corp.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Ball Corp.</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
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      <invstOrSec>
        <name>NXP BV / NXP Funding LLC / NXP USA, Inc.</name>
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        <title>NXP BV / NXP Funding LLC / NXP USA, Inc.</title>
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          <isin value="US62954HAU23"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-05-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Aon North America, Inc.</name>
        <lei>N/A</lei>
        <title>Aon North America, Inc.</title>
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          <isin value="US03740MAD20"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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      <invstOrSec>
        <name>Amazon.com, Inc.</name>
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        <title>Amazon.com, Inc.</title>
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          <isin value="US023135BT22"/>
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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>2050-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Sprint Capital Corp.</name>
        <lei>549300L17W0GQBR1PO80</lei>
        <title>Sprint Capital Corp.</title>
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          <isin value="US852060AT99"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3007978.68000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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        <name>Frontier Issuer LLC</name>
        <lei>N/A</lei>
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          <isin value="US35910EAA29"/>
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        <curCd>USD</curCd>
        <valUSD>1019142.90000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.60000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810TB44"/>
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        <curCd>USD</curCd>
        <valUSD>9783300.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
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      <invstOrSec>
        <name>Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer</name>
        <lei>N/A</lei>
        <title>Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer</title>
        <cusip>01883LAF0</cusip>
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          <isin value="US01883LAF04"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1003858.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>38141GA95</cusip>
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          <isin value="US38141GA955"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2584633.48000000</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>2035-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.85100000</annualizedRt>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
        <cusip>036752AR4</cusip>
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          <isin value="US036752AR45"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>486177.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</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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          <isin value="US459058LR21"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5013577.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</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>
        <debtSec>
          <maturityDt>2025-07-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
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        <name>HA Sustainable Infrastructure Capital, Inc.</name>
        <lei>254900ZZRL7MWL1X8E92</lei>
        <title>HA Sustainable Infrastructure Capital, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Century Housing Corp.</name>
        <lei>549300VS3H1EH9Z2PW94</lei>
        <title>Century Housing Corp.</title>
        <cusip>15654VA99</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>OneMain Finance Corp.</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OneMain Finance Corp.</title>
        <cusip>682691AB6</cusip>
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          <isin value="US682691AB63"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Sunnova Helios IV Issuer LLC</name>
        <lei>N/A</lei>
        <title>Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A</title>
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        <valUSD>572548.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.98000000</annualizedRt>
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        <name>Chubb INA Holdings LLC</name>
        <lei>CZCBJZWDMLTHWJDXU843</lei>
        <title>Chubb INA Holdings LLC</title>
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        <balance>1500000.00000000</balance>
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        <valUSD>1502275.04000000</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>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Southern Power Co.</name>
        <lei>5LADC78JBG2BMZD5XF57</lei>
        <title>Southern Power Co.</title>
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        <name>FNMA</name>
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        <name>FHLMC Pool</name>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aptiv Swiss Holdings Ltd.</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>Loanpal Solar Loan Ltd.</name>
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        <name>Prudential Financial, Inc.</name>
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        <name>SBA Small Business Investment Cos.</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>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Northern States Power Co.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of Montreal</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FFCB</name>
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        <name>International Development Association</name>
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        <name>International Finance Corp.</name>
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        <name>Kroger Co. (The)</name>
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        <name>Inter-American Investment Corp.</name>
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        <name>FNMA</name>
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        <name>Flagstar Mortgage Trust</name>
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      <invstOrSec>
        <name>GNMA</name>
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        <name>International Development Association</name>
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        <title>International Development Association</title>
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        <name>Sunrun Athena Issuer LLC</name>
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        <name>Travelers Cos., Inc. (The)</name>
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        <name>Pattern Energy Operations LP / Pattern Energy Operations, Inc.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</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>INVESCO GOVT AND AGCY LEX</name>
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        <name>Elmwood CLO IX Ltd.</name>
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        <name>FHLMC Pool</name>
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        <name>Church &amp; Dwight Co., Inc.</name>
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        <name>Comcast Corp.</name>
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        <name>Norfolk Southern Corp.</name>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>FHLB</title>
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        <name>Union Electric Co.</name>
        <lei>QMPJLLDULY5C1M8PNY21</lei>
        <title>Union Electric Co.</title>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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        <name>SBA Small Business Investment Cos.</name>
        <lei>N/A</lei>
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        <name>NSTAR Electric Co.</name>
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        <title>NSTAR Electric Co.</title>
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        <name>International Finance Corp.</name>
        <lei>QKL54NQY28TCDAI75F60</lei>
        <title>International Finance Corp.</title>
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        <name>Novant Health, Inc.</name>
        <lei>549300ZUXEGFGE8EP917</lei>
        <title>Novant Health, Inc.</title>
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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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Esab Corp.</name>
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        <title>Esab Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA, 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>WK Kellogg Foundation Trust</name>
        <lei>549300COGKZN05K8P881</lei>
        <title>WK Kellogg Foundation Trust</title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>International Development Association</name>
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        <invCountry>US</invCountry>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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      <invstOrSec>
        <name>Corebridge Financial, Inc.</name>
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        <name>GNMA</name>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <invCountry>DE</invCountry>
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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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        <balance>2000000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.55000000</annualizedRt>
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      <invstOrSec>
        <name>Steel Dynamics, Inc.</name>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
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        <name>Equinix, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Principal Financial Group, Inc.</name>
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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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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140X7CB3</cusip>
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          <isin value="US3140X7CB30"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-09-01</maturityDt>
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        <name>Kommunalbanken A/S</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-24</maturityDt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-07-01</maturityDt>
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        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
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        <invCountry>US</invCountry>
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        <name>Foundation Finance Trust</name>
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        <name>Foundation Finance Trust</name>
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          <maturityDt>2049-06-15</maturityDt>
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        <name>BNG Bank NV</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>NL</invCountry>
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        <name>Frontier Issuer LLC</name>
        <lei>N/A</lei>
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          <isin value="US35910EAB02"/>
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        <name>Brixmor Operating Partnership LP</name>
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      <invstOrSec>
        <name>Southern Power Co.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XQK63</cusip>
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        <balance>2922495.81000000</balance>
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      <invstOrSec>
        <name>Tricon American Homes Trust</name>
        <lei>N/A</lei>
        <title>Tricon American Homes Trust, Series 2020-SFR2, Class A</title>
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        <name>FHLMC</name>
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        <name>Capital Impact Partners</name>
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        <name>Ontario Teachers' Finance Trust</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>Cummins, 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>Prologis LP</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <name>FHF Issuer Trust</name>
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        <name>PNC Financial Services Group, Inc. (The)</name>
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        <name>Corebridge Global Funding</name>
        <lei>54930057MDZ7KOVOTV71</lei>
        <title>Corebridge Global Funding</title>
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      <invstOrSec>
        <name>Mosaic Solar Loan Trust</name>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Towd Point Mortgage Trust</name>
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        <name>Wells Fargo &amp; Co.</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>PACEWell 5 Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FHLMC Pool</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Sunnova Helios V Issuer LLC</name>
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        <name>California Health Facilities Financing Authority</name>
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          <couponKind>Fixed</couponKind>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II</title>
        <cusip>3622ADFX1</cusip>
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          <couponKind>Variable</couponKind>
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        <name>Frontier Issuer LLC</name>
        <lei>N/A</lei>
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        <cusip>35910EAK0</cusip>
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          <isin value="US35910EAK01"/>
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        <name>Toyota Motor Corp.</name>
        <lei>5493006W3QUS5LMH6R84</lei>
        <title>Toyota Motor Corp.</title>
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          <isin value="US892331AP43"/>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3132DS3X8</cusip>
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          <isin value="US3132DS3X81"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PG&amp;E Energy Recovery Funding LLC</name>
        <lei>N/A</lei>
        <title>PG&amp;E Energy Recovery Funding LLC, Series A-3</title>
        <cusip>71710TAC2</cusip>
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          <isin value="US71710TAC27"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>533127.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.82200000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Ryan Specialty LLC</name>
        <lei>549300K52N7QBO3PYY45</lei>
        <title>Ryan Specialty LLC</title>
        <cusip>78351GAA3</cusip>
        <identifiers>
          <isin value="US78351GAA31"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>988553.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QLHH2</cusip>
        <identifiers>
          <isin value="US3140QLHH20"/>
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        <balance>2948449.68000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2481488.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Sequoia Mortgage Trust, Series 2024-2, Class A19</title>
        <cusip>81749HAT5</cusip>
        <identifiers>
          <isin value="US81749HAT59"/>
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        <balance>1395819.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1400682.79000000</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>2054-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.00000120</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single-family, 30 Year</title>
        <cusip>36179XS72</cusip>
        <identifiers>
          <isin value="US36179XS723"/>
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        <balance>4118430.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3544340.86000000</valUSD>
        <pctVal>0.414162805197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140KVEU0</cusip>
        <identifiers>
          <isin value="US3140KVEU04"/>
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        <balance>1426090.86000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1149403.31000000</valUSD>
        <pctVal>0.134309909225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
        <cusip>87264AAX3</cusip>
        <identifiers>
          <isin value="US87264AAX37"/>
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        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3082463.69000000</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>2040-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>5493000ITBJ4KEFYWF83</lei>
        <title>FHLMC STACR REMIC Trust, Series 2020-HQA2, Class M2</title>
        <cusip>35565LAH9</cusip>
        <identifiers>
          <isin value="US35565LAH96"/>
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        <balance>723248.94000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>745085.71000000</valUSD>
        <pctVal>0.087064647547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.55417160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967MS7</cusip>
        <identifiers>
          <isin value="US172967MS77"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1781758.10000000</valUSD>
        <pctVal>0.208201739625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-03</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.57200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140X5UV3</cusip>
        <identifiers>
          <isin value="US3140X5UV36"/>
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        <balance>2140415.48000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1953983.66000000</valUSD>
        <pctVal>0.228326615836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QSAW1</cusip>
        <identifiers>
          <isin value="US3140QSAW13"/>
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        <balance>3534880.48000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3543190.77000000</valUSD>
        <pctVal>0.414028415046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family Structured Pass-Through Certificates, Series KG02, Class A2</title>
        <cusip>3137FPHR9</cusip>
        <identifiers>
          <isin value="US3137FPHR97"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1853255.60000000</valUSD>
        <pctVal>0.216556355147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.41200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Graphic Packaging International LLC</name>
        <lei>SO75N4VY5NXGQSK8YQ65</lei>
        <title>Graphic Packaging International LLC</title>
        <cusip>38869AAE7</cusip>
        <identifiers>
          <isin value="US38869AAE73"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1003531.04000000</valUSD>
        <pctVal>0.117264463844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
        <cusip>00206RKJ0</cusip>
        <identifiers>
          <isin value="US00206RKJ04"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>682416.78000000</valUSD>
        <pctVal>0.079741666809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cogent Communications Group LLC</name>
        <lei>549300KFWFYF8Q1U0Y26</lei>
        <title>Cogent Communications Group LLC</title>
        <cusip>19240CAE3</cusip>
        <identifiers>
          <isin value="US19240CAE30"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>504176.50000000</valUSD>
        <pctVal>0.058913959408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NXP BV / NXP Funding LLC / NXP USA, Inc.</name>
        <lei>N/A</lei>
        <title>NXP BV / NXP Funding LLC / NXP USA, Inc.</title>
        <cusip>62954HBB3</cusip>
        <identifiers>
          <isin value="US62954HBB33"/>
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        <balance>767000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>755486.10000000</valUSD>
        <pctVal>0.088279952415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="300754.43000000"/>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 20 Year</title>
        <cusip>3140QFQC6</cusip>
        <identifiers>
          <isin value="US3140QFQC63"/>
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        <balance>1417311.90000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1212718.24000000</valUSD>
        <pctVal>0.141708376262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family Structured Pass-Through Certificates, Series KSG4, Class A2</title>
        <cusip>3137H92X6</cusip>
        <identifiers>
          <isin value="US3137H92X60"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1860124.00000000</valUSD>
        <pctVal>0.217358940430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.39999840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3132DWKU6</cusip>
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        <name>Amgen, Inc.</name>
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        <name>SLG Office Trust</name>
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        <name>AGL CLO 23 Ltd.</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>SoFi Professional Loan Program LLC</name>
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        <name>WLB Asset VI Pte. Ltd.</name>
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        <name>Seattle Children's Hospital</name>
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        <name>PG&amp;E Recovery Funding LLC</name>
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        <name>FNMA</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>ACE Capital Trust II</name>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
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        <name>Steel Dynamics, Inc.</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
        <title>Steel Dynamics, Inc.</title>
        <cusip>858119BT6</cusip>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>International Bank for Reconstruction &amp; Development</name>
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        <name>Kommunalbanken A/S</name>
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        <name>FNMA</name>
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        <name>Verizon Communications, Inc.</name>
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        <name>200 Park Funding Trust</name>
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        <name>University of Massachusetts Building Authority</name>
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        <name>FNMA</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>Mosaic Solar Loan Trust</name>
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        <name>FNMA</name>
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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>Tesla Energy Operations, Inc.</name>
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        <name>Aflac, Inc.</name>
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        <name>MidAmerican Energy Co.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <name>AES Corp. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Agilent Technologies, Inc.</name>
        <lei>QUIX8Y7A2WP0XRMW7G29</lei>
        <title>Agilent Technologies, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Kaiser Foundation Hospitals</name>
        <lei>DW4Z57L3G4IRMHYZYK62</lei>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
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          <isin value="US036752BA01"/>
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        <curCd>USD</curCd>
        <valUSD>965300.94000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <curCd>USD</curCd>
        <valUSD>2504230.26000000</valUSD>
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        <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>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <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>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
