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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
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        <title>AT&amp;T, Inc.</title>
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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>2046-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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          <isin value="US00206RMT67"/>
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        <balance>3750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3889450.35000000</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>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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          <isin value="US00206RMY52"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3075375.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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          <isin value="US00287YCB39"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>412097.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
        <cusip>00287YDU0</cusip>
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          <isin value="US00287YDU01"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1028021.56000000</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>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
        <cusip>00287YDW6</cusip>
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          <isin value="US00287YDW66"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>486521.47000000</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>2054-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chubb INA Holdings LLC</name>
        <lei>CZCBJZWDMLTHWJDXU843</lei>
        <title>Chubb INA Holdings LLC</title>
        <cusip>00440EAW7</cusip>
        <identifiers>
          <isin value="US00440EAW75"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>218474.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>ACE Capital Trust II</name>
        <lei>N/A</lei>
        <title>ACE Capital Trust II</title>
        <cusip>00440FAA2</cusip>
        <identifiers>
          <isin value="US00440FAA21"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>599686.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.70000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Agilent Technologies, Inc.</name>
        <lei>QUIX8Y7A2WP0XRMW7G29</lei>
        <title>Agilent Technologies, Inc.</title>
        <cusip>00846UAR2</cusip>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>998640.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC</name>
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        <cusip>01309QAC2</cusip>
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          <isin value="US01309QAC24"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Howmet Aerospace, Inc.</name>
        <lei>549300HO5WFZUT5N2T22</lei>
        <title>Howmet Aerospace, Inc.</title>
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      <invstOrSec>
        <name>Allison Transmission, Inc.</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
        <title>Allison Transmission, Inc.</title>
        <cusip>019736AE7</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Allison Transmission, Inc.</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
        <title>Allison Transmission, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Alphabet, Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet, Inc.</title>
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        <balance>2000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alphabet, Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet, Inc.</title>
        <cusip>02079KAY3</cusip>
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          <isin value="US02079KAY38"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2001272.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Ameren Corp.</name>
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        <name>American Water Capital Corp.</name>
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        <name>Aon North America, Inc.</name>
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        <title>Apple, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Apple, Inc.</name>
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        <title>Apple, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Aptiv Swiss Holdings Ltd.</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-13</maturityDt>
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      <invstOrSec>
        <name>Aqua Finance Issuer Trust</name>
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          <isin value="US03837GAA58"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-17</maturityDt>
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      <invstOrSec>
        <name>Asian Development Bank</name>
        <lei>549300X0MVH42CY8Q105</lei>
        <title>Asian Development Bank</title>
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          <isin value="US045167FV02"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-12</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Assured Guaranty US Holdings, Inc.</name>
        <lei>5493007YCE0652G9TZ64</lei>
        <title>Assured Guaranty US Holdings, Inc.</title>
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          <isin value="US04621WAD20"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Assured Guaranty US Holdings, Inc.</name>
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        <title>Assured Guaranty US Holdings, Inc.</title>
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          <isin value="US04621WAF77"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
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        <name>Avantor Funding, Inc.</name>
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        <title>Avantor Funding, Inc.</title>
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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>2028-07-15</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, Inc. (The)</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</maturityDt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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          <maturityDt>2034-09-15</maturityDt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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          <maturityDt>2035-01-23</maturityDt>
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        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays plc</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <name>BlueHub Loan Fund, Inc.</name>
        <lei>N/A</lei>
        <title>BlueHub Loan Fund, Inc., Series 2020</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-01-01</maturityDt>
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        <name>Brixmor Operating Partnership LP</name>
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        <title>Brixmor Operating Partnership LP</title>
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        <invCountry>US</invCountry>
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        <name>Burlington Northern Santa Fe LLC</name>
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      <invstOrSec>
        <name>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
        <title>Burlington Northern Santa Fe LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCG Receivables Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CIFC Funding Ltd.</name>
        <lei>N/A</lei>
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        <cusip>12554XAY8</cusip>
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          <isin value="US12554XAY85"/>
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        <balance>2360000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-10-15</maturityDt>
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      <invstOrSec>
        <name>CNH Industrial Capital LLC</name>
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        <title>CNH Industrial Capital LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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        <title>CVS Health Corp.</title>
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          <isin value="US126650CY46"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-25</maturityDt>
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          <annualizedRt>4.78000000</annualizedRt>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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        <title>CVS Health Corp.</title>
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          <isin value="US126650DT42"/>
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        <curCd>USD</curCd>
        <valUSD>2055340.78000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-21</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>Caisse d'Amortissement de la Dette Sociale</name>
        <lei>969500P04DQJS4BPM574</lei>
        <title>Caisse d'Amortissement de la Dette Sociale</title>
        <cusip>12802D2C9</cusip>
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          <isin value="US12802D2C95"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2640528.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-20</maturityDt>
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          <annualizedRt>1.37500000</annualizedRt>
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      <invstOrSec>
        <name>California Endowment (The)</name>
        <lei>54930046FICHFANLFV69</lei>
        <title>California Endowment (The), Series 2021</title>
        <cusip>1301ETAA0</cusip>
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          <isin value="US1301ETAA03"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>593022.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.49800000</annualizedRt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority, Series 2022</title>
        <cusip>13032UD88</cusip>
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          <isin value="US13032UD885"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1673463.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.19000000</annualizedRt>
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      <invstOrSec>
        <name>State of California</name>
        <lei>9845007J7054602FF597</lei>
        <title>State of California</title>
        <cusip>13063A5G5</cusip>
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          <isin value="US13063A5G50"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2429728.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.55000000</annualizedRt>
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      <invstOrSec>
        <name>Capital Impact Partners</name>
        <lei>N/A</lei>
        <title>Capital Impact Partners</title>
        <cusip>14020AE59</cusip>
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          <isin value="US14020AE590"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>501008.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>Carrier Global Corp.</name>
        <lei>549300JE3W6CWY2NAN77</lei>
        <title>Carrier Global Corp.</title>
        <cusip>14448CAR5</cusip>
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          <isin value="US14448CAR51"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>808972.46000000</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>2040-04-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37700000</annualizedRt>
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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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          <isin value="US15654VA995"/>
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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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          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Century Housing Corp.</name>
        <lei>549300VS3H1EH9Z2PW94</lei>
        <title>Century Housing Corp.</title>
        <cusip>15654VB64</cusip>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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          <annualizedRt>4.15000000</annualizedRt>
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      <invstOrSec>
        <name>Century Housing Corp.</name>
        <lei>549300VS3H1EH9Z2PW94</lei>
        <title>Century Housing Corp.</title>
        <cusip>15654VBL1</cusip>
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        <balance>500000.00000000</balance>
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          <maturityDt>2026-03-15</maturityDt>
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          <annualizedRt>4.65000000</annualizedRt>
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      <invstOrSec>
        <name>Charter Communications Operating LLC / Charter Communications Operating Capital Corp.</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC / Charter Communications Operating Capital Corp.</title>
        <cusip>161175AZ7</cusip>
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        <balance>1400000.00000000</balance>
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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>2035-10-23</maturityDt>
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      <invstOrSec>
        <name>Chubb INA Holdings LLC</name>
        <lei>CZCBJZWDMLTHWJDXU843</lei>
        <title>Chubb INA Holdings LLC</title>
        <cusip>171239AM8</cusip>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1004768.24000000</valUSD>
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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>2035-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Church &amp; Dwight Co., Inc.</name>
        <lei>POOXSI30AWAQGYJZC921</lei>
        <title>Church &amp; Dwight Co., Inc.</title>
        <cusip>171340AL6</cusip>
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          <isin value="US171340AL60"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1200600.36000000</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>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-05</maturityDt>
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      <invstOrSec>
        <name>Clean Harbors, 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>Cogent Communications Group LLC / Cogent Finance, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>College Ave Student Loans LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-08-25</maturityDt>
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      <invstOrSec>
        <name>Compass Datacenters Issuer II LLC</name>
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          <isin value="US20469CAE57"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA Connecticut Avenue Securities Trust</name>
        <lei>N/A</lei>
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        <name>FNMA Connecticut Avenue Securities Trust</name>
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        <name>FNMA Connecticut Avenue Securities Trust</name>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
        <lei>VZFZPMWDHTQCFKYOBP05</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Council of Europe Development Bank</name>
        <lei>549300UYNXMI821WYG82</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DTE Electric Co.</name>
        <lei>9N0FWODEJVKHC2DYLO03</lei>
        <title>DTE Electric Co.</title>
        <cusip>23338VAY2</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-15</maturityDt>
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      <invstOrSec>
        <name>Deere &amp; Co.</name>
        <lei>PWFTNG3EI0Y73OXWDH08</lei>
        <title>Deere &amp; Co.</title>
        <cusip>244199BL8</cusip>
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        <balance>1000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dell Equipment Finance Trust</name>
        <lei>N/A</lei>
        <title>Dell Equipment Finance Trust, Series 2025-1, Class D</title>
        <cusip>24703UAL7</cusip>
        <identifiers>
          <isin value="US24703UAL70"/>
        </identifiers>
        <balance>2555000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2608788.37000000</valUSD>
        <pctVal>0.305575724891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.64000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dell Equipment Finance Trust</name>
        <lei>N/A</lei>
        <title>Dell Equipment Finance Trust, Series 2025-2, Class D</title>
        <cusip>24703VAL5</cusip>
        <identifiers>
          <isin value="US24703VAL53"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501615.00000000</valUSD>
        <pctVal>0.058755769154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.83000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Walt Disney Co. (The)</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Co. (The)</title>
        <cusip>254687EV4</cusip>
        <identifiers>
          <isin value="US254687EV44"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1372746.14000000</valUSD>
        <pctVal>0.160794145529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Durst Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Durst Commercial Mortgage Trust, Series 2025-151, Class D</title>
        <cusip>266895AG6</cusip>
        <identifiers>
          <isin value="US266895AG64"/>
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        <balance>2750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2847133.85000000</valUSD>
        <pctVal>0.333493893211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.79113000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elmwood CLO IX Ltd.</name>
        <lei>N/A</lei>
        <title>Elmwood CLO IX Ltd., Series 2021-2A, Class AR</title>
        <cusip>29003UAJ8</cusip>
        <identifiers>
          <isin value="US29003UAJ88"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1997940.00000000</valUSD>
        <pctVal>0.234025101771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.02444080</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>Energizer Holdings, Inc.</name>
        <lei>5493000D6NN0V57UME20</lei>
        <title>Energizer Holdings, Inc.</title>
        <cusip>29272WAG4</cusip>
        <identifiers>
          <isin value="US29272WAG42"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>960454.40000000</valUSD>
        <pctVal>0.112501095481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>Equinix Europe 2 Financing Corp. LLC</name>
        <lei>254900FSZR46BPMCKI50</lei>
        <title>Equinix Europe 2 Financing Corp. LLC</title>
        <cusip>29390XAG9</cusip>
        <identifiers>
          <isin value="US29390XAG97"/>
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        <balance>875000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>877840.61000000</valUSD>
        <pctVal>0.102824278053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Esab Corp.</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
        <title>Esab Corp.</title>
        <cusip>29605JAA4</cusip>
        <identifiers>
          <isin value="US29605JAA43"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2058934.00000000</valUSD>
        <pctVal>0.241169524055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Essential Utilities, Inc.</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>Essential Utilities, Inc.</title>
        <cusip>29670GAK8</cusip>
        <identifiers>
          <isin value="US29670GAK85"/>
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        <balance>2750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2809887.69000000</valUSD>
        <pctVal>0.329131131374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>European Investment Bank</title>
        <cusip>298785JR8</cusip>
        <identifiers>
          <isin value="US298785JR84"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>755410.19000000</valUSD>
        <pctVal>0.088483611416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</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>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>European Investment Bank</title>
        <cusip>298785KG0</cusip>
        <identifiers>
          <isin value="US298785KG01"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2060874.34000000</valUSD>
        <pctVal>0.241396802284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>517190.76000000</valUSD>
        <pctVal>0.060580207736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <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>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>European Investment Bank</title>
        <cusip>298785KJ4</cusip>
        <identifiers>
          <isin value="US298785KJ40"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1007776.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <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>
      <invstOrSec>
        <name>FARM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FARM Mortgage Trust, Series 2024-1, Class A</title>
        <cusip>30335JAC5</cusip>
        <identifiers>
          <isin value="US30335JAC53"/>
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        <balance>1696663.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1656905.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.68375120</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FARM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FARM Mortgage Trust, Series 2025-2, Class A</title>
        <cusip>30768BAC8</cusip>
        <identifiers>
          <isin value="US30768BAC81"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1999782.00000000</valUSD>
        <pctVal>0.234240861122</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-25</maturityDt>
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          <annualizedRt>5.28999840</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FARM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FARM Mortgage Trust, Series 2025-1, Class A</title>
        <cusip>30768CAC6</cusip>
        <identifiers>
          <isin value="US30768CAC64"/>
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        <balance>1012799.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>999823.31000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.22000000</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>FARM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FARM Mortgage Trust, Series 2024-2, Class A</title>
        <cusip>307910AC3</cusip>
        <identifiers>
          <isin value="US307910AC38"/>
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        <balance>1351449.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1342371.85000000</valUSD>
        <pctVal>0.157236307802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.18362920</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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      <invstOrSec>
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        <name>FHLMC Pool</name>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>FHLMC Pool</name>
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        <name>FHLMC Pool</name>
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        <name>FHLMC Pool</name>
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        <name>FHLMC Pool</name>
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        <name>FFCB</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FFCB</name>
        <lei>254900C5LP6DN9OP9V83</lei>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>FFCB</name>
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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>
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          <maturityDt>2026-10-07</maturityDt>
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      <invstOrSec>
        <name>FFCB</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>FFCB Funding Corp.</title>
        <cusip>3133ERY96</cusip>
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        <curCd>USD</curCd>
        <valUSD>1998106.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-28</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3133KLAK3</cusip>
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        <balance>2042939.07000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1686188.12000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3133KQWV4</cusip>
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          <isin value="US3133KQWV49"/>
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        <balance>2263145.34000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2316554.53000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3133KRD68</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3133KRKE3</cusip>
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          <isin value="US3133KRKE35"/>
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        <balance>1425688.92000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1502326.80000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>31346YS46</cusip>
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          <isin value="US31346YS465"/>
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        <balance>1392795.32000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1249101.92000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>1214512.10000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1201685.88000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000120</annualizedRt>
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        <securityLending>
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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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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.56000040</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, ACES, Series 2019-M9, Class A2</title>
        <cusip>3136B4VT2</cusip>
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        <curCd>USD</curCd>
        <valUSD>1095126.05000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.93700000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, ACES, Series 2021-M1S, Class A2</title>
        <cusip>3136BDXH6</cusip>
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          <isin value="US3136BDXH64"/>
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        <curCd>USD</curCd>
        <valUSD>2385607.68000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, ACES, Series 2023-M1S, Class A2</title>
        <cusip>3136BQCX5</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.49799840</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family Structured Pass-Through Certificates, Series KG04, Class A2</title>
        <cusip>3137F84S9</cusip>
        <identifiers>
          <isin value="US3137F84S93"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1774869.40000000</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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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family Structured Pass-Through Certificates, Series KG01, Class A10</title>
        <cusip>3137FMCZ3</cusip>
        <identifiers>
          <isin value="US3137FMCZ38"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2902770.30000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.93900000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>
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        <curCd>USD</curCd>
        <valUSD>1899885.20000000</valUSD>
        <pctVal>0.222539629460</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>
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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>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-family Structured Pass-Through Certificates, Series KG07, Class A2</title>
        <cusip>3137H8TZ4</cusip>
        <identifiers>
          <isin value="US3137H8TZ49"/>
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        <balance>1750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1640114.18000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3137H92X6</cusip>
        <identifiers>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1896749.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.39999840</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
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        <cusip>3137HDJU5</cusip>
        <identifiers>
          <isin value="US3137HDJU50"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2021690.40000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.76850600</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140KKGH1</cusip>
        <identifiers>
          <isin value="US3140KKGH10"/>
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        <balance>1349200.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1165102.96000000</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>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140KVPQ7</cusip>
        <identifiers>
          <isin value="US3140KVPQ72"/>
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        <balance>1367157.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1167476.11000000</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>2051-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <securityLending>
          <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>3140L56H4</cusip>
        <identifiers>
          <isin value="US3140L56H48"/>
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        <balance>1381243.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1178203.06000000</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>2051-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140LY2H5</cusip>
        <identifiers>
          <isin value="US3140LY2H52"/>
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        <balance>2426033.04000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2066384.12000000</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>2051-11-01</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140MQBP3</cusip>
        <identifiers>
          <isin value="US3140MQBP33"/>
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        <balance>3010297.20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2803227.56000000</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>2052-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140MRA31</cusip>
        <identifiers>
          <isin value="US3140MRA310"/>
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        <balance>3150141.32000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3020895.49000000</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>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140MRA56</cusip>
        <identifiers>
          <isin value="US3140MRA567"/>
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        <balance>2666364.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2546113.70000000</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>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <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>3140MTE41</cusip>
        <identifiers>
          <isin value="US3140MTE417"/>
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        <balance>2343109.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2302327.66000000</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>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QEWM0</cusip>
        <identifiers>
          <isin value="US3140QEWM07"/>
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        <balance>1663915.20000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1431006.09000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QFNE5</cusip>
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          <isin value="US3140QFNE56"/>
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        <balance>1872906.42000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1456114.77000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 20 Year</title>
        <cusip>3140QFQC6</cusip>
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          <isin value="US3140QFQC63"/>
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        <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>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 20 Year</title>
        <cusip>3140QGDM6</cusip>
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          <isin value="US3140QGDM65"/>
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        <balance>1760288.40000000</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>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 20 Year</title>
        <cusip>3140QGG92</cusip>
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          <isin value="US3140QGG923"/>
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        <balance>1923103.02000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1685469.66000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 15 Year</title>
        <cusip>3140QHPS8</cusip>
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          <isin value="US3140QHPS80"/>
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        <balance>1584323.67000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1471619.02000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QLHH2</cusip>
        <identifiers>
          <isin value="US3140QLHH20"/>
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        <balance>2741944.32000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2348229.74000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>FNMA</name>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FNMA</name>
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        <name>FHLMC Pool</name>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Flagstar Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Flagstar Mortgage Trust</name>
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      <invstOrSec>
        <name>Florida Power &amp; Light Co.</name>
        <lei>A89MY1K3YLIGJMYWVX50</lei>
        <title>Florida Power &amp; Light Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Foundation Finance Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Foundation Finance Trust</name>
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      <invstOrSec>
        <name>Foundation Finance Trust</name>
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        <name>Foundation Finance Trust</name>
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      <invstOrSec>
        <name>Fox Corp.</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>529900N6M839KA246662</lei>
        <title>FHLMC STACR REMIC Trust, Series 2024-DNA1, Class A1</title>
        <cusip>35564NAW3</cusip>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>529900GRKKKHILZX4347</lei>
        <title>FHLMC STACR REMIC Trust, Series 2024-DNA2, Class M1</title>
        <cusip>35564NCX9</cusip>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>529900WZAMS87JCAOC53</lei>
        <title>FHLMC STACR REMIC Trust, Series 2025-DNA1, Class A1</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Frontier Issuer LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Frontier Issuer LLC</name>
        <lei>N/A</lei>
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          <isin value="US35910EAB02"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Frontier Issuer LLC</name>
        <lei>N/A</lei>
        <title>Frontier Issuer LLC, Series 2024-1, Class A2</title>
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          <isin value="US35910EAK01"/>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US36179X5C61"/>
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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>2053-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US36179XBQ88"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single-family, 30 Year</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US36179XS723"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-02-20</maturityDt>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>GNMA</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2074-02-20</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Haleon US Capital LLC</name>
        <lei>549300N8C3A3L0UVQB07</lei>
        <title>Haleon US Capital LLC</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Gap, Inc. (The)</name>
        <lei>T2ZG1WRWZ4BUCMQL9224</lei>
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      <invstOrSec>
        <name>Gates Corp.</name>
        <lei>984500F43C791F4C7894</lei>
        <title>Gates Corp.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.69200000</annualizedRt>
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        <name>HCA, Inc.</name>
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        <name>HAT Holdings I LLC / HAT Holdings II LLC</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>HPEFS Equipment Trust</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>Inter-American Development Bank</name>
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        <name>Inter-American Development Bank</name>
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        <name>Inter-American Development Bank</name>
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        <name>JPMorgan U.S. Treasury Plus Money Market Fund</name>
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        <name>Kaiser Foundation Hospitals</name>
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        <name>Kommuninvest I Sverige AB</name>
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        <name>Kommunalbanken A/S</name>
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        <name>Kommunalbanken A/S</name>
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        <name>Kommunalbanken A/S</name>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <name>Kraft Heinz Foods Co.</name>
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        <name>Kroger Co. (The)</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
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        <name>Laboratory Corp. of America Holdings</name>
        <lei>OZ7UA8IXAIFILY2VZH07</lei>
        <title>Laboratory Corp. of America Holdings</title>
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        <name>Local Initiatives Support Corp.</name>
        <lei>549300V1ATNB9BHB6146</lei>
        <title>Local Initiatives Support Corp.</title>
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        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
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        <name>Mosaic Solar Loan Trust</name>
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        <name>Nasdaq, Inc.</name>
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        <name>Nature Conservancy (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>City of New York</name>
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        <name>Niagara Mohawk Power Corp.</name>
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        <name>NiSource, Inc.</name>
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      <invstOrSec>
        <name>NiSource, Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource, Inc.</title>
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          <isin value="US65473PAX33"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2045651.08000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-15</maturityDt>
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      <invstOrSec>
        <name>Nordic Investment Bank</name>
        <lei>213800HYL1S7VAXG6Z48</lei>
        <title>Nordic Investment Bank</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-09</maturityDt>
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      <invstOrSec>
        <name>Northern States Power Co.</name>
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        <title>Northern States Power Co.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>NSTAR Electric Co.</name>
        <lei>54930080R72Y2Z31UR68</lei>
        <title>NSTAR Electric Co.</title>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>NSTAR Electric Co.</name>
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        <title>NSTAR Electric Co.</title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1021661.74000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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        <name>nVent Finance SARL</name>
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        <title>nVent Finance SARL</title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>902721.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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      <invstOrSec>
        <name>OCP CLO Ltd.</name>
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        <title>OCP CLO Ltd., Series 2021-21A, Class AR</title>
        <cusip>671000AL1</cusip>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>994103.00000000</valUSD>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-01-20</maturityDt>
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          <annualizedRt>5.06444040</annualizedRt>
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      <invstOrSec>
        <name>OBX Trust</name>
        <lei>N/A</lei>
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        <cusip>67121UAA4</cusip>
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        <balance>1993324.80000000</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>2065-05-25</maturityDt>
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      <invstOrSec>
        <name>OBX Trust</name>
        <lei>254900Y3YIZHUWMEGC78</lei>
        <title>OBX Trust, Series 2025-NQM15, Class A1</title>
        <cusip>67122CAC9</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2065-07-27</maturityDt>
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      <invstOrSec>
        <name>OBX Trust</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2065-10-25</maturityDt>
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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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        <valUSD>1981840.08000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-15</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>Ontario Teachers' Finance Trust</name>
        <lei>635400ZZE5J8OXXBBY26</lei>
        <title>Ontario Teachers' Finance Trust</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>1.25000000</annualizedRt>
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      <invstOrSec>
        <name>Open Text Corp.</name>
        <lei>549300HP7ONDQODZJV16</lei>
        <title>Open Text Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
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          <annualizedRt>6.90000000</annualizedRt>
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        <name>United States International Development Finance Corp.</name>
        <lei>254900QI8QTIK0FY6E92</lei>
        <title>United States International Development Finance Corp.</title>
        <cusip>6903534C8</cusip>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <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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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-15</maturityDt>
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        <name>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group, Inc. (The)</title>
        <cusip>693475CC7</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.57500000</annualizedRt>
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        <name>PPL Electric Utilities Corp.</name>
        <lei>549300GCZLSGYEYPIR35</lei>
        <title>PPL Electric Utilities Corp.</title>
        <cusip>69351UBD4</cusip>
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        <balance>750000.00000000</balance>
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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>2055-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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        <name>PMT Loan Trust</name>
        <lei>N/A</lei>
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        <cusip>69382MAB0</cusip>
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        <balance>2173426.56610000</balance>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PACEWell 5 Trust</name>
        <lei>N/A</lei>
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        <cusip>69410PAA1</cusip>
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          <isin value="US69410PAA12"/>
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        <balance>772892.85170000</balance>
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        <curCd>USD</curCd>
        <valUSD>631063.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-10-10</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Palmer Square CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Palmer Square CLO Ltd., Series 2021-4A, Class A1R</title>
        <cusip>69702EAL9</cusip>
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          <isin value="US69702EAL92"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2503805.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-15</maturityDt>
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      <invstOrSec>
        <name>Pentair Finance SARL</name>
        <lei>549300H2U8U8TZPV3T89</lei>
        <title>Pentair Finance SARL</title>
        <cusip>709629AS8</cusip>
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          <isin value="US709629AS88"/>
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        <balance>1705000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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      <invstOrSec>
        <name>PG&amp;E Energy Recovery Funding LLC</name>
        <lei>N/A</lei>
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        <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>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PG&amp;E Recovery Funding LLC</name>
        <lei>N/A</lei>
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        <cusip>71710TAE8</cusip>
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          <isin value="US71710TAE82"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PG&amp;E Recovery Funding LLC</name>
        <lei>N/A</lei>
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          <isin value="US71710TAF57"/>
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        <balance>2625000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.53600000</annualizedRt>
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      <invstOrSec>
        <name>PMT Loan Trust</name>
        <lei>N/A</lei>
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        <cusip>729906AB3</cusip>
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          <isin value="US729906AB30"/>
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        <balance>2412278.91000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2389873.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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      <invstOrSec>
        <name>PMT Loan Trust</name>
        <lei>N/A</lei>
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        <cusip>729916AB2</cusip>
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          <isin value="US729916AB20"/>
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        <balance>1085695.98000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000080</annualizedRt>
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      <invstOrSec>
        <name>Principal Financial Group, Inc.</name>
        <lei>CUMYEZJOAF02RYZ1JJ85</lei>
        <title>Principal Financial Group, Inc.</title>
        <cusip>74251VAT9</cusip>
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          <isin value="US74251VAT98"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1047226.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
        <cusip>744320AW2</cusip>
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          <isin value="US744320AW24"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>990662.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1016160.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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      <invstOrSec>
        <name>RFR Trust</name>
        <lei>N/A</lei>
        <title>RFR Trust, Series 2025-SGRM, Class B</title>
        <cusip>74984NAE4</cusip>
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          <isin value="US74984NAE40"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-03-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.67000000</annualizedRt>
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      <invstOrSec>
        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>Republic Services, Inc.</title>
        <cusip>760759AK6</cusip>
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        <balance>1500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-03-01</maturityDt>
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          <annualizedRt>6.20000000</annualizedRt>
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      <invstOrSec>
        <name>Roche Holdings, Inc.</name>
        <lei>PVJRP0EQNV6OGDPZGY95</lei>
        <title>Roche Holdings, Inc.</title>
        <cusip>771196CS9</cusip>
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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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          <maturityDt>2030-12-02</maturityDt>
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          <annualizedRt>4.07500000</annualizedRt>
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      <invstOrSec>
        <name>Ryan Specialty LLC</name>
        <lei>549300K52N7QBO3PYY45</lei>
        <title>Ryan Specialty LLC</title>
        <cusip>78351GAA3</cusip>
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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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      <invstOrSec>
        <name>SCE Recovery Funding LLC</name>
        <lei>N/A</lei>
        <title>SCE Recovery Funding LLC, Series A-2</title>
        <cusip>78433LAE6</cusip>
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        <balance>1450000.00000000</balance>
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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>2042-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.94300000</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>
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        <balance>1978585.27700000</balance>
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        <valUSD>1972382.39000000</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>2040-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.69700000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>SCE Recovery Funding LLC</name>
        <lei>N/A</lei>
        <title>SCE Recovery Funding LLC, Series A-2</title>
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        <balance>880000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>832544.30000000</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>2047-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.11200000</annualizedRt>
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      <invstOrSec>
        <name>SCE Recovery Funding LLC</name>
        <lei>N/A</lei>
        <title>SCE Recovery Funding LLC</title>
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          <isin value="US78433LAL09"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>743165.48000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.54100000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SLG Office Trust</name>
        <lei>N/A</lei>
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          <isin value="US78449RAA32"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Seagate Data Storage Technology Pte. Ltd.</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Seattle Children's Hospital</name>
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          <isin value="US81257VAA98"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-01</maturityDt>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Sequoia Mortgage Trust, Series 2021-4, Class A4</title>
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          <isin value="US81748WAD83"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US81749HAT59"/>
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        <balance>1053339.56000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Sequoia Mortgage Trust, Series 2024-3, Class A19</title>
        <cusip>81749JAU8</cusip>
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          <isin value="US81749JAU88"/>
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        <balance>1151828.10000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.00000120</annualizedRt>
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      <invstOrSec>
        <name>Sirius XM Radio LLC</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1903474.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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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>
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          <isin value="US83162CS790"/>
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        <balance>854938.35550000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-10</maturityDt>
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          <annualizedRt>5.16800000</annualizedRt>
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        <name>SBA Small Business Investment Cos.</name>
        <lei>N/A</lei>
        <title>SBA Small Business Investment Cos., Series 2023-10B, Class 1</title>
        <cusip>831641FW0</cusip>
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          <isin value="US831641FW00"/>
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        <balance>950940.95000000</balance>
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        <valUSD>978987.24000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.68800000</annualizedRt>
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      <invstOrSec>
        <name>SBA Small Business Investment Cos.</name>
        <lei>N/A</lei>
        <title>SBA Small Business Investment Cos., Series 2025-10A, Class 1</title>
        <cusip>831641FZ3</cusip>
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          <isin value="US831641FZ31"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1523491.35000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.96300000</annualizedRt>
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      <invstOrSec>
        <name>SoFi Professional Loan Program LLC</name>
        <lei>N/A</lei>
        <title>SoFi Professional Loan Program LLC, Series 2018-B, Class BFX</title>
        <cusip>83404RAC2</cusip>
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        <balance>489506.45000000</balance>
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        <valUSD>477535.62000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-08-25</maturityDt>
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          <annualizedRt>3.83000000</annualizedRt>
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        <name>Southern Power Co.</name>
        <lei>5LADC78JBG2BMZD5XF57</lei>
        <title>Southern Power Co., Series A</title>
        <cusip>843646AX8</cusip>
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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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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>Southwestern Public Service Co.</name>
        <lei>OL6FE7QD5EQ3DOYEO258</lei>
        <title>Southwestern Public Service Co.</title>
        <cusip>845743BX0</cusip>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2054-06-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sprint Capital Corp.</name>
        <lei>549300L17W0GQBR1PO80</lei>
        <title>Sprint Capital Corp.</title>
        <cusip>852060AT9</cusip>
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        <balance>5000000.00000000</balance>
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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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      <invstOrSec>
        <name>Block, Inc.</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>Block, Inc.</title>
        <cusip>852234AT0</cusip>
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        <balance>393000.00000000</balance>
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        <valUSD>401194.84000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Steel Dynamics, Inc.</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
        <title>Steel Dynamics, Inc.</title>
        <cusip>858119BS8</cusip>
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        <name>Toyota Motor Corp.</name>
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        <name>Travelers Cos., Inc. (The)</name>
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        <name>Tricon American Homes Trust</name>
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        <name>Twilio, Inc.</name>
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        <name>Uber Technologies, Inc.</name>
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        <name>United States International Development Finance Corp.</name>
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        <name>United States International Development Finance Corp.</name>
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        <name>United States International Development Finance Corp.</name>
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        <name>Union Electric Co.</name>
        <lei>QMPJLLDULY5C1M8PNY21</lei>
        <title>Union Electric Co.</title>
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      <invstOrSec>
        <name>Union Electric Co.</name>
        <lei>QMPJLLDULY5C1M8PNY21</lei>
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          <isin value="US906548DA77"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-02-15</maturityDt>
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        <name>United States of America</name>
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          <isin value="US912810TB44"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
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        <name>United States of America</name>
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          <isin value="US912810UN62"/>
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        <curCd>USD</curCd>
        <valUSD>35350000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>United States of America</name>
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          <isin value="US912810UP11"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-15</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-31</maturityDt>
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          <annualizedRt>3.62500000</annualizedRt>
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        <name>United States of America</name>
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          <isin value="US91282CPF22"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-31</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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        <name>United States of America</name>
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        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CPJ44"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>United States of America</name>
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          <isin value="US91282CPL99"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC</name>
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        <name>University of Massachusetts Building Authority</name>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Unum Group</name>
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        <name>VRTX Trust</name>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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          <maturityDt>2041-03-22</maturityDt>
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        <name>Verizon Communications, Inc.</name>
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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>Verus Securitization Trust</name>
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      <invstOrSec>
        <name>Vivint Solar Financing V LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vulcan Materials Co.</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WK Kellogg Foundation Trust</name>
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        <title>WK Kellogg Foundation Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Walmart, Inc.</name>
        <lei>Y87794H0US1R65VBXU25</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>William Carter Co. (The)</name>
        <lei>TGI2A0HXEYNQPU7TYV27</lei>
        <title>William Carter Co. (The)</title>
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        <valUSD>2070304.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Envest Microfinance Cooperative</name>
        <lei>N/A</lei>
        <title>Envest Microfinance Cooperative</title>
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          <other otherDesc="Inhouse Sedol" value="7H2614B"/>
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        <balance>250000.00000000</balance>
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        <valUSD>249275.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MS GOVT US LEX</name>
        <lei>6N8SC06AK49F0N7KIX52</lei>
        <title>MSILF GOVERNMENT PORTFOLIO OPEN-END FUND USD</title>
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        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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        <name>WLB Asset VII Pte. Ltd.</name>
        <lei>254900606PGU4UDQPS56</lei>
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        <invCountry>MU</invCountry>
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        <name>WLB Asset VI Pte. Ltd.</name>
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          <isin value="XS2723388174"/>
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        <name>International Bank for Reconstruction &amp; Development</name>
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    <signature>
      <ncom:dateSigned>2026-01-30</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>
</edgarSubmission>
