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    </filerInfo>
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      <regFileNumber>811-04556</regFileNumber>
      <regCik>0000787623</regCik>
      <regLei>54930088ZHZE1VMYEY52</regLei>
      <regStreet1>1801 CALIFORNIA STREET</regStreet1>
      <regStreet2>SUITE 5200</regStreet2>
      <regCity>DENVER</regCity>
      <regStateConditional regCountry="US" regState="US-CO"/>
      <regZipOrPostalCode>80202</regZipOrPostalCode>
      <regPhone>720-493-4256</regPhone>
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      <seriesId>S000044275</seriesId>
      <seriesLei>549300ZF0O00XTDBKY49</seriesLei>
      <repPdEnd>2025-10-31</repPdEnd>
      <repPdDate>2025-07-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>343724515.48</totLiabs>
      <netAssets>1738711058.98</netAssets>
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      <assetsInvested>0.00000000</assetsInvested>
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          <nameDesignatedIndex>Securities Portfolio VaR</nameDesignatedIndex>
          <indexIdentifier>Designated Reference Portfolio is the Fund's Securities Portfolio</indexIdentifier>

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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>AVOLON HOLDINGS FNDG LTD</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>CHILE ELECTRICITY LUX</name>
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        <name>Fannie Mae</name>
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        <name>GENERAL ELECTRIC CO</name>
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      <invstOrSec>
        <name>Macquarie Bank Ltd</name>
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      <invstOrSec>
        <name>CROWDSTRIKE HOLDINGS INC</name>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-12</maturityDt>
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      <invstOrSec>
        <name>AERCAP IRELAND CAP/GLOBA</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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          <maturityDt>2034-09-10</maturityDt>
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      <invstOrSec>
        <name>MICRON TECHNOLOGY INC</name>
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        <title>Micron Technology, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BMW US Capital LLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-11</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust</title>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Countrywide Home Loans</name>
        <lei>N/A</lei>
        <title>CHL Mortgage Pass-Through Trust</title>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Emerson Electric Co</name>
        <lei>FGLT0EWZSUIRRITFOA30</lei>
        <title>Emerson Electric Co.</title>
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          <maturityDt>2025-09-23</maturityDt>
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        <name>Glencove Funding LLC</name>
        <lei>549300XUUQZO7I38ZR06</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

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        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
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        <invCountry>MX</invCountry>
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      <invstOrSec>
        <name>TAKEDA US FIN</name>
        <lei>254900ZGPIBGBZ2N3A33</lei>
        <title>Takeda U.S. Financing, Inc.</title>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>3128QHXK1</cusip>
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        <balance>7236.86000000</balance>
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      <invstOrSec>
        <name>Ranger Funding Co LLC</name>
        <lei>98450051F658C0AS7E68</lei>
        <title>Ranger Funding Co. LLC</title>
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        <balance>20000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2025-09-10</maturityDt>
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        <name>LKQ CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
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      <invstOrSec>
        <name>FAIR ISAAC CORP</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
        <title>Fair Isaac Corp.</title>
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      <invstOrSec>
        <name>ANGLO AMERICAN CAPITAL</name>
        <lei>TINT358G1SSHR3L3PW36</lei>
        <title>Anglo American Capital PLC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Duke Energy Progress LLC</name>
        <lei>0NIFZ782LS46WOC9QK20</lei>
        <title>Duke Energy Progress LLC</title>
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          <isin value="US26442UAE47"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-09-15</maturityDt>
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          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810TV0</cusip>
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          <isin value="US912810TV08"/>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust</title>
        <cusip>64829GAA7</cusip>
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          <isin value="US64829GAA76"/>
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        <fairValLevel>2</fairValLevel>
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        <name>VENTURE GLOBAL PLAQUE</name>
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        <title>Venture Global Plaquemines LNG LLC</title>
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        <name>FOUNDRY JV HOLDCO LLC</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>UMBS, TBA</name>
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        <name>Citigroup Mortgage Loan Trust Inc</name>
        <lei>N/A</lei>
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        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust</title>
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        <name>BUNGE LTD FINANCE CORP</name>
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        <title>Bunge Ltd. Finance Corp.</title>
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        <name>MARKEL GROUP INC</name>
        <lei>549300SCNO12JLWIK605</lei>
        <title>Markel Group, Inc.</title>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SL3</cusip>
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        <name>WILLIAMS COMPANIES INC</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos., Inc.</title>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>JM SMUCKER CO</name>
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        <name>DIAMONDBACK ENERGY INC</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>CAFCO LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WEYERHAEUSER CO</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>Weyerhaeuser Co.</title>
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        <name>COPT DEFENSE PROP LP</name>
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        <name>State Street Global Advisors</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810SC36"/>
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        <name>UBS GROUP AG</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>ZF NA CAPITAL</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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      <invstOrSec>
        <name>Hin Timeshare Trust</name>
        <lei>N/A</lei>
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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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      <invstOrSec>
        <name>GE HEALTHCARE TECH INC</name>
        <lei>549300OI9J7XOWZMUN85</lei>
        <title>GE HealthCare Technologies, Inc.</title>
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          <isin value="US36266GAA58"/>
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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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JBS USA HOLD/FOOD GRP/CO</name>
        <lei>N/A</lei>
        <title>JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.</title>
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          <isin value="US472140AE22"/>
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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>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BROWN &amp; BROWN INC</name>
        <lei>549300PC8KTJ71XKFY89</lei>
        <title>Brown &amp; Brown, Inc.</title>
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          <isin value="US115236AM30"/>
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        <balance>3372000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-23</maturityDt>
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      <invstOrSec>
        <name>DELL INT LLC / EMC CORP</name>
        <lei>254900ZARLSVK41DKO78</lei>
        <title>Dell International LLC/EMC Corp.</title>
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          <isin value="US24703DBQ34"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-01</maturityDt>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31418MFD9</cusip>
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          <isin value="US31418MFD92"/>
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        <balance>197800.66000000</balance>
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        <curCd>USD</curCd>
        <valUSD>202893.58000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3140XKUQ1</cusip>
        <identifiers>
          <isin value="US3140XKUQ16"/>
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        <balance>10045470.54000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9841584.46000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NXP BV/NXP FDG/NXP USA</name>
        <lei>N/A</lei>
        <title>NXP BV/NXP Funding LLC/NXP USA, Inc.</title>
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          <isin value="US62954HAY45"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CARGILL INC</name>
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        <title>Cargill, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-11</maturityDt>
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      <invstOrSec>
        <name>ALLSTATE CORP</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMGEN INC</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UNITEDHEALTH GROUP INC</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust</title>
        <cusip>64829DAG1</cusip>
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        <issuerCat>CORP</issuerCat>
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          <maturityDt>2054-11-25</maturityDt>
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        <name>M&amp;T BANK CORPORATION</name>
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          <maturityDt>2029-10-30</maturityDt>
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        <name>AVIATION CAPITAL GROUP</name>
        <lei>549300ODEK8HY3445C77</lei>
        <title>Aviation Capital Group LLC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sierra Receivables Funding Co LLC</name>
        <lei>N/A</lei>
        <title>Sierra Timeshare Receivables Funding LLC</title>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-20</maturityDt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810UF3</cusip>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>Countrywide Home Loans</name>
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        <name>American Tower Trust I</name>
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        <name>CVS HEALTH CORP</name>
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        <name>United States Treasury</name>
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        <name>AMER AIRLINE 16-2 AA PTT</name>
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        <name>United States Treasury</name>
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        <name>Onslow Bay Financial LLC</name>
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        <name>Impac CMB Trust</name>
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        <name>Sierra Receivables Funding Co LLC</name>
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        <name>KROGER CO</name>
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        <title>Kroger Co.</title>
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      <invstOrSec>
        <name>MASTR Adjustable Rate Mortgages Trust</name>
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        <name>WP CAREY INC</name>
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        <name>COPT DEFENSE PROP LP</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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      <invstOrSec>
        <name>321 Henderson Receivables LLC</name>
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        <name>United States Treasury</name>
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        <title>U.S. Treasury Bonds</title>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
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        <title>Morgan Stanley</title>
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        <name>United States Treasury</name>
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        <name>Freddie Mac</name>
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        <name>Onslow Bay Financial LLC</name>
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        <name>Morgan Stanley BAML Trust</name>
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        <name>MVW Owner Trust</name>
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        <name>CARNIVAL CORP</name>
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        <name>Nieuw Amsterdam Receivables Corp BV</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797QE0</cusip>
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        <name>FOUNDRY JV HOLDCO LLC</name>
        <lei>21380048QROAMGM6EP30</lei>
        <title>Foundry JV Holdco LLC</title>
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        <name>VOLKSWAGEN GROUP AMERICA</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>Volkswagen Group of America Finance LLC</title>
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        <name>321 Henderson Receivables LLC</name>
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        <name>Freddie Mac</name>
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        <name>Fannie Mae</name>
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        <name>Structured Adjustable Rate Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Structured Adjustable Rate Mortgage Loan Trust</title>
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        <name>ONEOK INC</name>
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        <name>BAT CAPITAL CORP</name>
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      <invstOrSec>
        <name>APTIV SWISS HOLDINGS LTD</name>
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        <name>SENSATA TECH INC</name>
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        <name>RAAC Series</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <name>Structured Adjustable Rate Mortgage Loan Trust</name>
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        <name>EATON CAPITAL ULC</name>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>BRISTOL-MYERS SQUIBB CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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        <name>INGERSOLL RAND INC</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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          <maturityDt>2029-01-15</maturityDt>
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        <name>META PLATFORMS INC</name>
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        <title>Meta Platforms, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>VERALTO CORP</name>
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      <invstOrSec>
        <name>Chase Issuance Trust</name>
        <lei>5493008SHVCX2Y068L12</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <title>Federal Home Loan Mortgage Corp.</title>
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      <invstOrSec>
        <name>Barton Capital SA</name>
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        <title>Barton Capital SA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DNB Bank ASA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Britannia Funding Co LLC</name>
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        <name>United States Treasury</name>
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        <title>U.S. Treasury Bonds</title>
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        <name>United States Treasury</name>
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        <title>U.S. Treasury Bonds</title>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <name>GENERAL MOTORS CO</name>
        <lei>54930070NSV60J38I987</lei>
        <title>General Motors Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CORP FINANCIERA DE DESAR</name>
        <lei>254900BOM7T4MG6T0J30</lei>
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        <name>Fannie Mae</name>
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        <name>Mainbeach Funding LLC</name>
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          <maturityDt>2025-08-11</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust Inc</name>
        <lei>549300R1KUK063S4I339</lei>
        <title>Citigroup Mortgage Loan Trust, Inc.</title>
        <cusip>17326QAA1</cusip>
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          <isin value="US17326QAA13"/>
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        <balance>382774.78000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>375362.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000000</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>PACIFIC GAS &amp; ELECTRIC</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas &amp; Electric Co.</title>
        <cusip>694308JG3</cusip>
        <identifiers>
          <isin value="US694308JG36"/>
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        <balance>2121000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1851742.21000000</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>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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>CVS HEALTH CORP</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
        <cusip>126650EE6</cusip>
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          <isin value="US126650EE63"/>
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        <balance>2614000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2574609.45000000</valUSD>
        <pctVal>0.148075750522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BXG Receivables Note Trust</name>
        <lei>N/A</lei>
        <title>BXG Receivables Note Trust</title>
        <cusip>123919AA0</cusip>
        <identifiers>
          <isin value="US123919AA08"/>
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        <balance>3055849.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3096283.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.77000000</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>CONSTELLATION INSURC INC</name>
        <lei>549300K609B872PZT291</lei>
        <title>Constellation Insurance, Inc.</title>
        <cusip>67740QAH9</cusip>
        <identifiers>
          <isin value="US67740QAH92"/>
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        <balance>7344000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7243416.14000000</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>2030-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.80000000</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>Merrill Lynch Mortgage Investors Trust</name>
        <lei>N/A</lei>
        <title>Merrill Lynch Mortgage Investors Trust</title>
        <cusip>59020UAB1</cusip>
        <identifiers>
          <isin value="US59020UAB17"/>
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        <balance>25647.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24333.99000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.22000000</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>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security</title>
        <cusip>01F030686</cusip>
        <identifiers>
          <isin value="US01F0306864"/>
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        <balance>61121000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52298300.39000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust</title>
        <cusip>89177BAA3</cusip>
        <identifiers>
          <isin value="US89177BAA35"/>
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        <balance>4718582.87000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4566434.05000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</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>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust</title>
        <cusip>64828MAA5</cusip>
        <identifiers>
          <isin value="US64828MAA53"/>
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        <balance>1767362.09000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1706921.84000000</valUSD>
        <pctVal>0.098171679025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</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>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31416CCW4</cusip>
        <identifiers>
          <isin value="US31416CCW47"/>
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        <balance>1907349.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1887992.44000000</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>2039-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828Z94</cusip>
        <identifiers>
          <isin value="US912828Z948"/>
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        <balance>8072700.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7265430.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DTE Electric Co</name>
        <lei>9N0FWODEJVKHC2DYLO03</lei>
        <title>DTE Electric Co.</title>
        <cusip>23338VAD8</cusip>
        <identifiers>
          <isin value="US23338VAD82"/>
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        <balance>5187000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4352788.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GE HEALTHCARE TECH INC</name>
        <lei>549300OI9J7XOWZMUN85</lei>
        <title>GE HealthCare Technologies, Inc.</title>
        <cusip>36266GAC1</cusip>
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          <isin value="US36266GAC15"/>
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        <balance>1566000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1598492.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31402RN21</cusip>
        <identifiers>
          <isin value="US31402RN214"/>
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        <balance>11350.30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11643.64000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.01000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CDG3</cusip>
        <identifiers>
          <isin value="US91282CDG33"/>
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        <balance>4554000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4389629.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.13000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SYNOPSYS INC</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>Synopsys, Inc.</title>
        <cusip>871607AG2</cusip>
        <identifiers>
          <isin value="US871607AG29"/>
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        <balance>1209000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1192175.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lloyds Bank PLC</name>
        <lei>H7FNTJ4851HG0EXQ1Z70</lei>
        <title>Lloyds Bank PLC</title>
        <cusip>53943RZF9</cusip>
        <identifiers>
          <isin value="US53943RZF99"/>
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        <balance>12700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12487893.49000000</valUSD>
        <pctVal>0.718227069730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Merrill Lynch Mortgage Investors Trust</name>
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      <invstOrSec>
        <name>Fixed Income Clearing Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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        <name>FISERV INC</name>
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      <invstOrSec>
        <name>KEYSIGHT TECHNOLOGIES</name>
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        <name>SCF Equipment Trust Llc</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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          <maturityDt>2053-03-01</maturityDt>
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      <invstOrSec>
        <name>COREBRIDGE FINANCIAL INC</name>
        <lei>549300XY1661QCIA7J65</lei>
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      <invstOrSec>
        <name>ARROW ELECTRONICS INC</name>
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        <title>Arrow Electronics, Inc.</title>
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        <name>UNITED PARCEL SERVICE</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
        <title>United Parcel Service, Inc.</title>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <name>RGA GLOBAL FUNDING</name>
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        <title>RGA Global Funding</title>
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        <name>CITIGROUP INC</name>
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        <name>RENAISSANCERE HOLDINGS L</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3140XPDG1</cusip>
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      <invstOrSec>
        <name>AVOLON HOLDINGS FNDG LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>UMBS, TBA</name>
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        <name>United States Treasury</name>
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        <name>KEYSIGHT TECHNOLOGIES</name>
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        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
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        <name>Towd Point Mortgage Trust</name>
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        <name>GENERAL ELECTRIC CO</name>
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        <title>General Electric Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilton Grand Vacations Trust</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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          <isin value="US31402DGM65"/>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <name>CHENIERE ENERGY PARTNERS</name>
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        <title>Cheniere Energy Partners LP</title>
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        <name>COMCAST CORP</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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        <name>HEALTH CARE SERVICE CORP</name>
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        <title>Health Care Service Corp. A Mutual Legal Reserve Co.</title>
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        <name>CANADIAN PACIFIC RAILWAY</name>
        <lei>54930036474DURYNB481</lei>
        <title>Canadian Pacific Railway Co.</title>
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        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>NBCUniversal Media LLC</name>
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        <name>MVW Owner Trust</name>
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        <name>United States Treasury</name>
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        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CJN20"/>
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        <name>FORTITUDE GROUP HOLDINGS</name>
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      <invstOrSec>
        <name>IndyMac INDX Mortgage Loan Trust</name>
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        <name>FORD MOTOR CREDIT CO LLC</name>
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        <name>BANCO SANTANDER SA</name>
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        <name>Atlantic Asset Securitization LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BOARDWALK PIPELINES LP</name>
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        <name>Fannie Mae</name>
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        <name>HYUNDAI CAPITAL AMERICA</name>
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        <name>MARKEL GROUP INC</name>
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        <name>Towd Point Mortgage Trust</name>
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        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Sheffield Receivables Co LLC</name>
        <lei>549300MYF6MOTU9T3G29</lei>
        <title>Sheffield Receivables Co. LLC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HEICO CORP</name>
        <lei>529900O1DTDLCJ7L0I14</lei>
        <title>HEICO Corp.</title>
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        <balance>3008000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
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        <cusip>01F052680</cusip>
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          <isin value="US01F0526800"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-08-01</maturityDt>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
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          <isin value="US95000U3F88"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-25</maturityDt>
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      <invstOrSec>
        <name>QUANTA SERVICES INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US12668ACZ66"/>
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        <balance>273729.23000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-20</maturityDt>
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        <name>MERCK &amp; CO INC</name>
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        <name>United States Treasury</name>
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          <maturityDt>2028-01-31</maturityDt>
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      <invstOrSec>
        <name>ORACLE CORP</name>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
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        <name>Credit Suisse Mortgage Trust</name>
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        <name>Sierra Receivables Funding Co LLC</name>
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        <name>BANK OF AMERICA CORP</name>
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        <name>Freddie Mac</name>
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        <name>Municipal Electric Authority of Georgia</name>
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        <name>VISTRA OPERATIONS CO LLC</name>
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        <name>Government National Mortgage Association</name>
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        <name>Fannie Mae</name>
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        <title>Federal National Mortgage Association</title>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US31417SBN99"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INTUIT INC</name>
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        <title>Intuit, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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          <isin value="US3138X4FZ85"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</maturityDt>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust</title>
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      <invstOrSec>
        <name>SBA TOWER TRUST</name>
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      <invstOrSec>
        <name>EXPEDIA GROUP INC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PNC FINANCIAL SERVICES</name>
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        <name>ENERGY TRANSFER LP</name>
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        <title>Energy Transfer LP</title>
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        <name>GTA Funding LLC</name>
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        <name>Petroleos Mexicanos</name>
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        <name>GXO LOGISTICS INC</name>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>Sierra Receivables Funding Co LLC</name>
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        <name>EQT CORP</name>
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        <title>EQT Corp.</title>
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        <name>Freddie Mac</name>
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        <title>Federal Home Loan Mortgage Corp.</title>
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        <balance>3803.42000000</balance>
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      <invstOrSec>
        <name>GILEAD SCIENCES INC</name>
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        <name>VULCAN MATERIALS CO</name>
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        <name>CONAGRA BRANDS INC</name>
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        <name>321 Henderson Receivables LLC</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
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      <invstOrSec>
        <name>Mont Blanc Capital Corp</name>
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        <title>Mont Blanc Capital Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>United States Treasury</name>
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        <title>Occidental Petroleum Corp.</title>
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        <name>Fannie Mae</name>
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        <title>Carnival Corp.</title>
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        <name>Sierra Receivables Funding Co LLC</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNITEDHEALTH GROUP INC</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
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          <isin value="US91324PFJ66"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SBA TOWER TRUST</name>
        <lei>N/A</lei>
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        <balance>5961000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Diameter Capital CLO</name>
        <lei>25490018I1ROE4V49X69</lei>
        <title>Diameter Capital CLO 1 Ltd.</title>
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          <isin value="US25255DAL47"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4018948.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>QUALCOMM INC</name>
        <lei>H1J8DDZKZP6H7RWC0H53</lei>
        <title>QUALCOMM, Inc.</title>
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          <isin value="US747525BJ18"/>
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        <balance>1824000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust</title>
        <cusip>89178BAA2</cusip>
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          <isin value="US89178BAA26"/>
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        <balance>6450236.28000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-10-25</maturityDt>
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      <invstOrSec>
        <name>HP ENTERPRISE CO</name>
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        <title>Hewlett Packard Enterprise Co.</title>
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          <isin value="US42824CBV00"/>
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        <balance>3582000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security</title>
        <cusip>01F022683</cusip>
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          <isin value="US01F0226831"/>
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        <balance>86115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70547637.52000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>MUNICH RE</name>
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        <title>Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen</title>
        <cusip>62582PAA8</cusip>
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          <isin value="US62582PAA84"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2045000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>EXTRA SPACE STORAGE LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>Extra Space Storage LP</title>
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        <balance>3468000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>CADENCE DESIGN SYS INC</name>
        <lei>GCT7RXJOGLXPV0NXZY22</lei>
        <title>Cadence Design Systems, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SHELL FINANCE US INC</name>
        <lei>N/A</lei>
        <title>Shell Finance U.S., Inc.</title>
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        <balance>1821000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1390097.90000000</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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          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>ALBERTSONS COS/SAFEWAY</name>
        <lei>N/A</lei>
        <title>Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC</title>
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        <balance>416000.00000000</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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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NUTRIEN LTD</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>Nutrien Ltd.</title>
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        <balance>1903000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.90000000</annualizedRt>
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      <invstOrSec>
        <name>TotalEnergies Capital SA</name>
        <lei>529900QI55ZLJVCMPA71</lei>
        <title>TotalEnergies Capital SA</title>
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        <balance>20000000.00000000</balance>
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        <valUSD>19920012.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-02</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust</title>
        <cusip>89175TAA6</cusip>
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        <balance>1787749.44000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>NXP BV/NXP FDG/NXP USA</name>
        <lei>N/A</lei>
        <title>NXP BV/NXP Funding LLC/NXP USA, Inc.</title>
        <cusip>62954HAN8</cusip>
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        <balance>1240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>798159.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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          <isin value="US912810RE01"/>
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        <name>BROWN &amp; BROWN INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ORACLE CORP</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-03-25</maturityDt>
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        <name>SITIOS LATINOAMERICA</name>
        <lei>984500D2C0CDC0BFDD35</lei>
        <title>Sitios Latinoamerica SAB de CV</title>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-25</maturityDt>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CLJ8</cusip>
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          <isin value="US91282CLJ89"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-31</maturityDt>
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        <name>STARWOOD PROPERTY TRUST</name>
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        <name>CIM Trust</name>
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          <maturityDt>2061-07-25</maturityDt>
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        <name>Fannie Mae</name>
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        <name>United States Treasury</name>
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        <name>Fannie Mae</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <name>KLA CORP</name>
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        <name>United States Treasury</name>
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        <title>U.S. Treasury Bonds</title>
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        <name>ICG US CLO Ltd</name>
        <lei>25490053S2JSJU63Y978</lei>
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        <invCountry>KY</invCountry>
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        <name>HESS MIDSTREAM OPERATION</name>
        <lei>N/A</lei>
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          <couponKind>Fixed</couponKind>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>CANADIAN IMPERIAL BANK</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PRUDENTIAL FINANCIAL INC</name>
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      <invstOrSec>
        <name>Residential Accredit Loans, Inc.</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810SF66"/>
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          <maturityDt>2049-02-15</maturityDt>
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      <invstOrSec>
        <name>UMBS, TBA</name>
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          <isin value="US01F0426811"/>
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          <couponKind>Fixed</couponKind>
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        <name>United States Treasury</name>
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        <title>U.S. Treasury Bonds</title>
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        <name>GLENCORE FUNDING LLC</name>
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        <name>AMERICAN EXPRESS CO</name>
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        <name>BOEING CO</name>
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        <title>Boeing Co.</title>
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        <name>Onslow Bay Financial LLC</name>
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        <title>OBX Trust</title>
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        <name>Starbird Funding Corp</name>
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        <name>M&amp;T BANK CORPORATION</name>
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        <name>ADT SEC CORP</name>
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      <invstOrSec>
        <name>CITADEL LP</name>
        <lei>549300IPM6EKPVUPFL67</lei>
        <title>Citadel LP</title>
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        <balance>747000.00000000</balance>
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          <maturityDt>2030-01-23</maturityDt>
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      <invstOrSec>
        <name>VICI PROPERTIES LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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          <annualizedRt>4.95000000</annualizedRt>
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      <invstOrSec>
        <name>CSL FINANCE PLC</name>
        <lei>2549007CCNBNAF4HBC02</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-04-27</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>M&amp;T BANK CORPORATION</name>
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        <balance>1032000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-16</maturityDt>
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      <invstOrSec>
        <name>Schlumberger Holdings Corp</name>
        <lei>529900IKZG65COT1D505</lei>
        <title>Schlumberger Holdings Corp.</title>
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          <isin value="US80686DWV27"/>
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        <balance>3150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3126427.61000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-29</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>COLT Funding LLC</name>
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        <title>COLT Mortgage Loan Trust</title>
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          <isin value="US12665LAA26"/>
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        <balance>2580346.25000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-04-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mexico Government International Bonds</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government International Bonds</title>
        <cusip>91087BAE0</cusip>
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          <isin value="US91087BAE02"/>
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        <balance>2481000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2430139.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mainbeach Funding LLC</name>
        <lei>635400CWJW29VERCBI90</lei>
        <title>Mainbeach Funding LLC</title>
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          <isin value="US56037BVT87"/>
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        <balance>8100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8073286.20000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-27</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>America Movil SAB de CV</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>America Movil SAB de CV</title>
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          <isin value="US02364WBE49"/>
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        <balance>2100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1776245.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-07-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.38000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VIATRIS INC</name>
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        <title>Viatris, Inc.</title>
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          <isin value="US92556VAC00"/>
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        <balance>2493000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WAMU Mortgage Pass-Through Certificates</name>
        <lei>N/A</lei>
        <title>WaMu Mortgage Pass-Through Certificates Trust</title>
        <cusip>92922FR75</cusip>
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          <isin value="US92922FR759"/>
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        <balance>14871.93000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14581.51000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>ANHEUSER-BUSCH INBEV WOR</name>
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        <title>Anheuser-Busch InBev Worldwide, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-06</maturityDt>
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        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust</title>
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        <balance>698929.50000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-25</maturityDt>
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      <invstOrSec>
        <name>HYATT HOTELS CORP</name>
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        <title>Hyatt Hotels Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Swedbank AB</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>Swedbank AB</title>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-02</maturityDt>
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      <invstOrSec>
        <name>KIOXIA HOLDINGS CORP</name>
        <lei>35380080RTKRARNH4R73</lei>
        <title>Kioxia Holdings Corp.</title>
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        <balance>4949000.00000000</balance>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <balance>4300100.00000000</balance>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
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      <invstOrSec>
        <name>SCHLUMBERGER HLDGS CORP</name>
        <lei>529900IKZG65COT1D505</lei>
        <title>Schlumberger Holdings Corp.</title>
        <cusip>806851AK7</cusip>
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        <balance>2857000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2824720.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NRG ENERGY INC</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
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          <isin value="US629377CW01"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>APPLOVIN CORP</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>AppLovin Corp.</title>
        <cusip>03831WAD0</cusip>
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          <isin value="US03831WAD02"/>
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        <curCd>USD</curCd>
        <valUSD>2622762.01000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>WHIRLPOOL CORP</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>Whirlpool Corp.</title>
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          <isin value="US963320BD71"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
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      <invstOrSec>
        <name>AON NORTH AMERICA INC</name>
        <lei>N/A</lei>
        <title>Aon North America, Inc.</title>
        <cusip>03740MAF7</cusip>
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          <isin value="US03740MAF77"/>
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        <balance>2570000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHEVRON USA INC</name>
        <lei>VA8TZDWPEZYU430RZ444</lei>
        <title>Chevron USA, Inc.</title>
        <cusip>166756AS5</cusip>
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          <isin value="US166756AS52"/>
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        <curCd>USD</curCd>
        <valUSD>1780771.62000000</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>2029-10-15</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>GMAC Mortgage Corporation Loan Trust</name>
        <lei>N/A</lei>
        <title>GMACM Mortgage Loan Trust</title>
        <cusip>76112BKN9</cusip>
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          <isin value="US76112BKN90"/>
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        <balance>2275.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2046.07000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.07000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810UK2</cusip>
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          <isin value="US912810UK24"/>
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        <balance>4944800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4836632.50000000</valUSD>
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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>2055-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>American Homes 4 Rent LP</title>
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          <isin value="US02666TAG22"/>
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        <curCd>USD</curCd>
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        <issuerConditional desc="REIT" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>KENVUE INC</name>
        <lei>5493008HSF8L4M2LIJ82</lei>
        <title>Kenvue, Inc.</title>
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          <isin value="US49177JAH59"/>
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        <balance>3143000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CLW9</cusip>
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          <isin value="US91282CLW90"/>
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        <balance>4478000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4450012.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-15</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>GREENSAIF PIPELINES BIDC</name>
        <lei>549300YWDGUXPB8GRP47</lei>
        <title>Greensaif Pipelines Bidco SARL</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-23</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>7-ELEVEN INC</name>
        <lei>549300K23JPL0SS3LB18</lei>
        <title>7-Eleven, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NATWEST GROUP PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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          <isin value="US3140XKS769"/>
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        <issuerCat>USGSE</issuerCat>
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        <name>UMBS, TBA</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CHQ7</cusip>
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          <isin value="US91282CHQ78"/>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CEP2</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
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        <name>Bear Stearns Alt-A Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns ALT-A Trust</title>
        <cusip>07386HMW8</cusip>
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        <balance>20199.87000000</balance>
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        <assetCat>ABS-MBS</assetCat>
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      <invstOrSec>
        <name>LOWE'S COS INC</name>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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        <name>Towd Point Mortgage Trust</name>
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      <invstOrSec>
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        <name>MGM RESORTS INTL</name>
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        <name>United States Treasury</name>
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        <name>Countrywide Alternative Loan Trust</name>
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        <name>United States Treasury</name>
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        <name>Sheffield Receivables Co LLC</name>
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        <name>OFFICE CHERIFIEN DES PHO</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>CAIXABANK SA</name>
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        <name>ECOPETROL SA</name>
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        <name>ELEMENT FLEET MANAGEMENT</name>
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        <name>Structured Asset Mortgage Investments Inc</name>
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        <name>Freddie Mac</name>
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        <name>BANK OF NY MELLON CORP</name>
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        <name>First National Master Note Trust</name>
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        <name>BUNGE LTD FINANCE CORP</name>
        <lei>549300QHC068L40NNM71</lei>
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      <invstOrSec>
        <name>PNC FINANCIAL SERVICES</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Onslow Bay Financial LLC</name>
        <lei>N/A</lei>
        <title>OBX Trust</title>
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          <isin value="US67448GAA13"/>
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        <curCd>USD</curCd>
        <valUSD>2666630.82000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.11000000</annualizedRt>
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      <invstOrSec>
        <name>FORD MOTOR CREDIT CO LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
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          <isin value="US345397C437"/>
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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>2026-03-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810UG1</cusip>
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          <isin value="US912810UG12"/>
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        <balance>3337000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3196741.72000000</valUSD>
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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>2055-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
        <cusip>01F032484</cusip>
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          <isin value="US01F0324842"/>
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        <balance>8413000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8059308.90000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Victory Receivables Corp</name>
        <lei>549300D0F37QF0LP7F94</lei>
        <title>Victory Receivables Corp.</title>
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          <isin value="US92646KX232"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6946320.50000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828Z78</cusip>
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          <isin value="US912828Z781"/>
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        <balance>5230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5038165.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
        <lei>549300TPZNMN50BJ3745</lei>
        <title>Charter Communications Operating LLC/Charter Communications Operating Capital</title>
        <cusip>161175BT0</cusip>
        <identifiers>
          <isin value="US161175BT05"/>
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        <balance>2295000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1779508.00000000</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>2050-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3138EH3N0</cusip>
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          <isin value="US3138EH3N08"/>
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        <balance>364300.90000000</balance>
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        <curCd>USD</curCd>
        <valUSD>385443.27000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810ST6</cusip>
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          <isin value="US912810ST60"/>
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        <balance>18221700.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.38000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>549300NYO16WLNMVJJ46</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
        <cusip>94989KAX1</cusip>
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          <isin value="US94989KAX19"/>
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        <balance>867528.25000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.01000000</annualizedRt>
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        <name>CIFC Funding Ltd</name>
        <lei>2549009RG3XZEWMXDF59</lei>
        <title>CIFC Funding Ltd.</title>
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        <balance>2928414.61000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-18</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810TT5</cusip>
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          <isin value="US912810TT51"/>
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        <balance>4593000.00000000</balance>
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          <maturityDt>2053-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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      <invstOrSec>
        <name>MLCC Mortgage Investors Inc</name>
        <lei>N/A</lei>
        <title>Merrill Lynch Mortgage Investors Trust</title>
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      <invstOrSec>
        <name>UNITED AIR 2014-2 A PTT</name>
        <lei>N/A</lei>
        <title>United Airlines Pass-Through Trust</title>
        <cusip>90932QAA4</cusip>
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        <balance>1943394.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1920646.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CCB5</cusip>
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          <isin value="US91282CCB54"/>
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        <balance>7182900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6295419.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.63000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nationstar Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Nationstar Mortgage Loan Trust</title>
        <cusip>63861HAA6</cusip>
        <identifiers>
          <isin value="US63861HAA68"/>
        </identifiers>
        <balance>530531.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>504552.70000000</valUSD>
        <pctVal>0.029018777869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</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>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation-Protected Indexed Notes</title>
        <cusip>912828ZZ6</cusip>
        <identifiers>
          <isin value="US912828ZZ63"/>
        </identifiers>
        <balance>8329715.68000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7833414.23000000</valUSD>
        <pctVal>0.450529959508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.13000000</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>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust</title>
        <cusip>64829VAA4</cusip>
        <identifiers>
          <isin value="US64829VAA44"/>
        </identifiers>
        <balance>4996308.44000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4818405.39000000</valUSD>
        <pctVal>0.277125136181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROYALTY PHARMA PLC</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>Royalty Pharma PLC</title>
        <cusip>78081BAK9</cusip>
        <identifiers>
          <isin value="US78081BAK98"/>
        </identifiers>
        <balance>1832000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1620274.15000000</valUSD>
        <pctVal>0.093188235137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.20000000</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>Manhattan Asset Funding Co LLC</name>
        <lei>549300S0NSJYSOB32S63</lei>
        <title>Manhattan Asset Funding Co. LLC</title>
        <cusip>56274LXT6</cusip>
        <identifiers>
          <isin value="US56274LXT69"/>
        </identifiers>
        <balance>5800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5737627.38000000</valUSD>
        <pctVal>0.329993149256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-27</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>ALLY FINANCIAL INC</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
        <cusip>02005NBZ2</cusip>
        <identifiers>
          <isin value="US02005NBZ24"/>
        </identifiers>
        <balance>786000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>800499.71000000</valUSD>
        <pctVal>0.046039835420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.74000000</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>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CMZ1</cusip>
        <identifiers>
          <isin value="US91282CMZ13"/>
        </identifiers>
        <balance>6595000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6574905.83000000</valUSD>
        <pctVal>0.378148272310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.88000000</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>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>3128UGL47</cusip>
        <identifiers>
          <isin value="US3128UGL474"/>
        </identifiers>
        <balance>8858.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9087.32000000</valUSD>
        <pctVal>0.000522646931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.78000000</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>PHILIP MORRIS INTL INC</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
        <cusip>718172CW7</cusip>
        <identifiers>
          <isin value="US718172CW74"/>
        </identifiers>
        <balance>2482000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2590043.54000000</valUSD>
        <pctVal>0.148963424752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.63000000</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>VERIZON COMMUNICATIONS</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
        <cusip>92343VFX7</cusip>
        <identifiers>
          <isin value="US92343VFX73"/>
        </identifiers>
        <balance>1937000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1677109.38000000</valUSD>
        <pctVal>0.096457049107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.68000000</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>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CMB4</cusip>
        <identifiers>
          <isin value="US91282CMB45"/>
        </identifiers>
        <balance>7784000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7801027.50000000</valUSD>
        <pctVal>0.448667273363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>Panama Government International Bonds</name>
        <lei>549300SHS4T08CL0LP14</lei>
        <title>Panama Government International Bonds</title>
        <cusip>698299BF0</cusip>
        <identifiers>
          <isin value="US698299BF03"/>
        </identifiers>
        <balance>735000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>711568.20000000</valUSD>
        <pctVal>0.040925040208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.88000000</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>AMERICAN INTERNATIONAL</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group, Inc.</title>
        <cusip>026874DX2</cusip>
        <identifiers>
          <isin value="US026874DX22"/>
        </identifiers>
        <balance>1278000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1305716.05000000</valUSD>
        <pctVal>0.075096781794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-07</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>MICROCHIP TECHNOLOGY INC</name>
        <lei>5493007PTFULNYZJ1R12</lei>
        <title>Microchip Technology, Inc.</title>
        <cusip>595017BE3</cusip>
        <identifiers>
          <isin value="US595017BE37"/>
        </identifiers>
        <balance>2816000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2847812.27000000</valUSD>
        <pctVal>0.163788701710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</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>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>06738ECS2</cusip>
        <identifiers>
          <isin value="US06738ECS28"/>
        </identifiers>
        <balance>968000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1004204.36000000</valUSD>
        <pctVal>0.057755677966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.04000000</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>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CKP5</cusip>
        <identifiers>
          <isin value="US91282CKP58"/>
        </identifiers>
        <balance>3982000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4079683.44000000</valUSD>
        <pctVal>0.234638378753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</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>SYSCO CORPORATION</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>Sysco Corp.</title>
        <cusip>871829BV8</cusip>
        <identifiers>
          <isin value="US871829BV88"/>
        </identifiers>
        <balance>1773000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1797995.43000000</valUSD>
        <pctVal>0.103409673546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-08-27</ncom:dateSigned>
      <ncom:nameOfApplicant>TRANSAMERICA FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joshua Durham</ncom:signature>
      <ncom:signerName>Joshua Durham</ncom:signerName>
      <ncom:title>Chief Operating Officer and Interim Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
