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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GSAMP Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TEXTRON INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Timken Co/The</name>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
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          <isin value="US36258RBB87"/>
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      <invstOrSec>
        <name>IAA Inc</name>
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        <title>IAA, Inc.</title>
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        <name>Church &amp; Dwight Co Inc</name>
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        <name>Comcast Corp</name>
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      <invstOrSec>
        <name>Bayview Commercial Asset Trust</name>
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          <isin value="US07324SAF92"/>
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      <invstOrSec>
        <name>EverBank Mortgage Loan Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CSX Corp</name>
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        <name>Biogen Inc</name>
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        <title>Biogen, Inc.</title>
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        <name>KeyCorp</name>
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        <name>REGIONS FINANCIAL CORP</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp.</title>
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        <name>Pennsylvania Higher Education</name>
        <lei>N/A</lei>
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        <name>TJX COS INC</name>
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        <title>The TJX Cos., Inc.</title>
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        <name>Freddie Mac - SLST</name>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co.</title>
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        <name>Mastercard Inc</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>Mastercard, Inc.</title>
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      <invstOrSec>
        <name>Home Depot Inc/The</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>The Home Depot, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Activision Blizzard Inc</name>
        <lei>549300TPQQDBP9GNOF40</lei>
        <title>Activision Blizzard, Inc.</title>
        <cusip>00507V109</cusip>
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        <balance>7900.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COMMONBOND STUDENT LOAN TRUST</name>
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      <invstOrSec>
        <name>Horizon Therapeutics Plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>US BANCORP</name>
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        <name>First Industrial Realty Trust</name>
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        <name>MasTec Inc</name>
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        <name>CDW Corp/DE</name>
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        <name>Ulta Beauty Inc</name>
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        <name>AMETEK Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HANESBRANDS INC</name>
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        <name>US TREASURY N/B</name>
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        <title>U.S. Treasury Note</title>
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        <name>APPLIED MATERIALS INC</name>
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        <name>Constellation Brands Inc</name>
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        <name>DOLLAR GENERAL CORP</name>
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        <name>FHLMC Multifamily Structured P</name>
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        <name>Adobe Inc</name>
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        <name>EBAY INC</name>
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        <name>Wells Fargo Mortgage Backed Se</name>
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        <name>O'Reilly Automotive Inc</name>
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        <name>AT&amp;T INC</name>
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        <name>CHARLES SCHWAB CORP</name>
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        <title>The Charles Schwab Corp.</title>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Microchip Technology Inc</name>
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      <invstOrSec>
        <name>Fanniemae-Aces</name>
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      <invstOrSec>
        <name>Hudson Yards</name>
        <lei>N/A</lei>
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          <isin value="US44421GAA13"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-10</maturityDt>
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      <invstOrSec>
        <name>ELFI Graduate Loan Program 201</name>
        <lei>N/A</lei>
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          <isin value="US26857LAA08"/>
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          <maturityDt>2045-08-25</maturityDt>
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      <invstOrSec>
        <name>Laboratory Corp of America Hol</name>
        <lei>OZ7UA8IXAIFILY2VZH07</lei>
        <title>Laboratory Corp. of America Holdings</title>
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          <isin value="US50540R4092"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AMN Healthcare Services Inc</name>
        <lei>529900W3ARRTCNFH2I39</lei>
        <title>AMN Healthcare Services, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Note/Bond</title>
        <cusip>912828Z94</cusip>
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          <isin value="US912828Z948"/>
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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>2030-02-15</maturityDt>
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      <invstOrSec>
        <name>Edwards Lifesciences Corp</name>
        <lei>YA13X31F3V31L8TMPR58</lei>
        <title>Edwards Lifesciences Corp.</title>
        <cusip>28176E108</cusip>
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          <isin value="US28176E1082"/>
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        <balance>6240.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Diamondback Energy Inc</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy, Inc.</title>
        <cusip>25278X109</cusip>
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        <balance>3100.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Booking Holdings Inc</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings, Inc.</title>
        <cusip>09857L108</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FMC Corp</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CBRE SERVICES INC</name>
        <lei>549300CTE3HOMEUMM603</lei>
        <title>CBRE Services, Inc.</title>
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        <name>Chubb Ltd</name>
        <lei>E0JAN6VLUDI1HITHT809</lei>
        <title>Chubb, Ltd.</title>
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        <invCountry>CH</invCountry>
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        <name>SLM Student Loan Trust</name>
        <lei>549300EQOYJZL2D96G46</lei>
        <title>SLM Student Loan Trust</title>
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      <invstOrSec>
        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
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        <name>Colony American Finance Ltd</name>
        <lei>N/A</lei>
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        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>The Goldman Sachs Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>VERIZON COMMUNICATIONS</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <balance>237000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-21</maturityDt>
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        <name>PREFERRED TERM SECS XII</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
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        <name>Waste Management Inc</name>
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        <name>Royal Caribbean Cruises Ltd</name>
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        <name>Amazon.com Inc</name>
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        <name>CALIFORNIA ST UNIV REVENUE</name>
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        <title>California State University</title>
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        <name>INTERCONTINENTALEXCHANGE</name>
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        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Note</title>
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          <isin value="US912828TY62"/>
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          <maturityDt>2022-11-15</maturityDt>
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        <name>QUALCOMM INC</name>
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        <name>Cisco Systems Inc</name>
        <lei>8E6NF1YAL0WT6CWXXV93</lei>
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        <name>MISSOURI ST HGR EDU LOAN AUTH</name>
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        <title>Missouri Higher Education Loan Authority</title>
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        <name>MCDONALD'S CORP</name>
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        <title>McDonald's Corp.</title>
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        <name>BMW FINANCE NV</name>
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        <invCountry>NL</invCountry>
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        <name>CD Commercial Mortgage Trust</name>
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        <name>VOLKSWAGEN GROUP AMERICA</name>
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        <title>Volkswagen Group of America Finance, LLC</title>
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        <name>Citigroup Mortgage Loan Trust</name>
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        <title>Citigroup Mortgage Loan Trust REMIC</title>
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        <name>Facebook Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Facebook, Inc.</title>
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        <name>First American Financial Corp</name>
        <lei>549300B6VEZK3N0A1P55</lei>
        <title>First American Financial Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NIKE Inc</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>NIKE, Inc.</title>
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          <isin value="US6541061031"/>
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        <balance>5800.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Integer Holdings Corp</name>
        <lei>549300SUD2ED5XG6X569</lei>
        <title>Integer Holdings Corp.</title>
        <cusip>45826H109</cusip>
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          <isin value="US45826H1095"/>
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        <balance>4150.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>303157.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>STARBUCKS CORP</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>Starbucks Corp.</title>
        <cusip>855244AV1</cusip>
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          <isin value="US855244AV14"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31381.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
        <cusip>49326EEK5</cusip>
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          <isin value="US49326EEK55"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94125.67000000</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>2027-04-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEWELL BRANDS INC</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>Newell Brands, Inc.</title>
        <cusip>651229AW6</cusip>
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          <isin value="US651229AW64"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>52369.50000000</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>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38380LSA2</cusip>
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          <isin value="US38380LSA25"/>
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        <balance>149590.44000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165369.46000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BECTON DICKINSON AND CO</name>
        <lei>ICE2EP6D98PQUILVRZ91</lei>
        <title>Becton Dickinson and Co.</title>
        <cusip>075887BF5</cusip>
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          <isin value="US075887BF51"/>
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        <balance>132000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>145334.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.73400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Note</title>
        <cusip>912828V98</cusip>
        <identifiers>
          <isin value="US912828V988"/>
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        <balance>1995000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2228555.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sun Communities Inc</name>
        <lei>549300H5GEOJYN41ZG57</lei>
        <title>Sun Communities, Inc.</title>
        <cusip>866674104</cusip>
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          <isin value="US8666741041"/>
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        <balance>3040.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>412467.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VANTAGE DATA CENTERS ISSUER, L</name>
        <lei>N/A</lei>
        <title>Vantage Data Centers Issuer, LLC</title>
        <cusip>92211MAC7</cusip>
        <identifiers>
          <isin value="US92211MAC73"/>
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        <balance>97666.87000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100372.93000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.07200000</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>3138EHPF3</cusip>
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          <isin value="US3138EHPF34"/>
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        <balance>52773.18000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55516.04000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Exxon Mobil Corp</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
        <cusip>30231G102</cusip>
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          <isin value="US30231G1022"/>
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        <balance>8900.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Phillips 66</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>Phillips 66</title>
        <cusip>718546104</cusip>
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          <isin value="US7185461040"/>
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        <balance>3050.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Northern Trust Corp</name>
        <lei>549300GLF98S992BC502</lei>
        <title>Northern Trust Corp.</title>
        <cusip>665859104</cusip>
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          <isin value="US6658591044"/>
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        <balance>4650.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Martin Marietta Materials Inc</name>
        <lei>5299005MZ4WZECVATV08</lei>
        <title>Martin Marietta Materials, Inc.</title>
        <cusip>573284106</cusip>
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        <balance>1550.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TTX CO</name>
        <lei>549300I8CNSYS1OGX775</lei>
        <title>TTX Co.</title>
        <cusip>87305QCH2</cusip>
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          <isin value="US87305QCH20"/>
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        <balance>170000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-15</maturityDt>
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      <invstOrSec>
        <name>Southwest Gas Holdings Inc</name>
        <lei>N/A</lei>
        <title>Southwest Gas Holdings, Inc.</title>
        <cusip>844895102</cusip>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Berry Global Group Inc</name>
        <lei>549300G6KKUMMXM8NH73</lei>
        <title>Berry Global Group, Inc.</title>
        <cusip>08579W103</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>AMERICAN TOWER TRUST I</name>
        <lei>5493004YGM0MQZJOEJ36</lei>
        <title>American Tower Trust #1</title>
        <cusip>03027WAJ1</cusip>
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        <balance>375000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-03-15</maturityDt>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967LD1</cusip>
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        <balance>240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>270483.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-10</maturityDt>
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          <annualizedRt>3.88700000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MET LIFE GLOB FUNDING I</name>
        <lei>635400MMSOCXNNNZDZ82</lei>
        <title>Metropolitan Life Global Funding I</title>
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          <isin value="US59217GCT40"/>
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        <curCd>USD</curCd>
        <valUSD>131136.52000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-01-11</maturityDt>
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          <annualizedRt>3.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTA MONICA CA CMNTY CLG DIST</name>
        <lei>N/A</lei>
        <title>Santa Monica Community College District</title>
        <cusip>802385LC6</cusip>
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          <isin value="US802385LC64"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200728.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Humana Inc</name>
        <lei>529900YLDW34GJAO4J06</lei>
        <title>Humana, Inc.</title>
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          <isin value="US4448591028"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New Residential Mortgage Loan</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust REMIC</title>
        <cusip>64829EAA2</cusip>
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          <isin value="US64829EAA29"/>
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        <balance>56372.82000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60453.89000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-25</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Baxter International Inc</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
        <title>Baxter International, Inc.</title>
        <cusip>071813109</cusip>
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          <isin value="US0718131099"/>
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        <balance>6150.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>529515.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bayview Financial Acquisition</name>
        <lei>N/A</lei>
        <title>Bayview Financial Acquisition Trust REMIC</title>
        <cusip>07325NBC5</cusip>
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          <isin value="US07325NBC56"/>
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        <balance>116778.21000000</balance>
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        <curCd>USD</curCd>
        <valUSD>116428.46000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-28</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VISTA CA CMNTY DEV COMMISSION</name>
        <lei>N/A</lei>
        <title>Vista Community Development Commission</title>
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          <isin value="US92830TFF12"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100999.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-09-01</maturityDt>
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      <invstOrSec>
        <name>Zoetis Inc</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>Zoetis, Inc.</title>
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          <isin value="US98978V1035"/>
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        <balance>4355.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BlackRock Inc</name>
        <lei>549300LRIF3NWCU26A80</lei>
        <title>BlackRock, Inc.</title>
        <cusip>09247X101</cusip>
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          <isin value="US09247X1019"/>
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        <balance>880.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>3137BWNS9</cusip>
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          <isin value="US3137BWNS93"/>
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        <balance>195927.10000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>South State Corp</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>South State Corp.</title>
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          <isin value="US8404411097"/>
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        <balance>2700.95000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS Commercial Mortgage Trust</title>
        <cusip>90353DAW5</cusip>
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          <isin value="US90353DAW56"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NextEra Energy Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Eli Lilly and Co</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>FleetCor Technologies Inc</name>
        <lei>549300DG6RR0NQSFLN74</lei>
        <title>FleetCor Technologies, Inc.</title>
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        <balance>2000.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS Commercial Mortgage Trust</title>
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          <isin value="US90278PAY60"/>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage S</name>
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        <title>Barclays Commercial Mortgage Trust</title>
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          <isin value="US05492JAT97"/>
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        <balance>190000.00000000</balance>
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      <invstOrSec>
        <name>Cascade Funding Mortgage Trust</name>
        <lei>549300HU3WTU5KNK1B36</lei>
        <title>Cascade Funding Mortgage Trust</title>
        <cusip>147271AA8</cusip>
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          <isin value="US147271AA82"/>
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        <balance>139683.16000000</balance>
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        <name>Alphabet Inc</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Social Professional Loan Progr</name>
        <lei>N/A</lei>
        <title>Social Professional Loan Program Trust</title>
        <cusip>83404RAA6</cusip>
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          <isin value="US83404RAA68"/>
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        <balance>24107.31000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24167.23000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Association REMIC</title>
        <cusip>3136AENP8</cusip>
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        <name>Stack Infrastructure Issuer LL</name>
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        <name>Freddie Mac</name>
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        <name>Walmart Inc</name>
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        <name>Citigroup Mortgage Loan Trust</name>
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        <name>CHURCH &amp; DWIGHT CO INC</name>
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        <name>Schlumberger Ltd</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>Schlumberger, Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>BANK OF AMERICA CORP</name>
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        <name>KEY COMMERCIAL MORTGAGE TRUST</name>
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        <name>CME Group Inc</name>
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        <name>CME GROUP INC</name>
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        <name>Freddie Mac</name>
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        <name>Wells Fargo &amp; Co</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <name>TSY INFL IX N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Indexed Bond</title>
        <cusip>912810PV4</cusip>
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        <name>US Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
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        <name>Atmos Energy Corp</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
        <title>Atmos Energy Corp.</title>
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        <name>Verizon Communications Inc</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <name>Paycom Software Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WALMART INC</name>
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        <title>Walmart, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pawnee Equipment Receivables</name>
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          <maturityDt>2024-10-15</maturityDt>
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      <invstOrSec>
        <name>Equitable Holdings Inc</name>
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        <title>Equitable Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RECKITT BENCKISER TSY</name>
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        <title>Reckitt Benckiser Treasury Services PLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-26</maturityDt>
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      <invstOrSec>
        <name>Citrix Systems Inc</name>
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        <title>Citrix Systems, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Raytheon Technologies Corp</name>
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        <title>Raytheon Technologies Corp.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Thermo Fisher Scientific Inc</name>
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        <title>Thermo Fisher Scientific, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Roper Technologies Inc</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>Roper Technologies, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Cabela's Master Credit Card Tr</name>
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        <title>Cabela's Credit Card Master Note Trust</title>
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        <balance>380000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Microsoft Corp</name>
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        <title>Microsoft Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ORACLE CORP</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>WHIRLPOOL CORP</name>
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        <title>Whirlpool Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Sutherland Commercial Mortgage</name>
        <lei>N/A</lei>
        <title>Sutherland Commercial Mortgage Trust</title>
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        <name>JPMorgan Chase &amp; Co</name>
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        <name>LHC Group Inc</name>
        <lei>5299009NPLWAMRQYZX73</lei>
        <title>LHC Group, Inc.</title>
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        <name>Freddie Mac</name>
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        <name>Manulife Financial Corp</name>
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        <title>Manulife Financial Corp.</title>
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        <name>American Tower Corp</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
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        <name>UNION PACIFIC CORP</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust REMIC</title>
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          <couponKind>Variable</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares</title>
        <cusip>09248U718</cusip>
        <identifiers>
          <isin value="US60934N1046"/>
        </identifiers>
        <balance>968567.35000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>968567.35000000</valUSD>
        <pctVal>1.388739978131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOFI CONSUMER LOAN PROGRAM TRU</name>
        <lei>N/A</lei>
        <title>SoFi Consumer Loan Program Trust</title>
        <cusip>83404JAA4</cusip>
        <identifiers>
          <isin value="US83404JAA43"/>
        </identifiers>
        <balance>39285.27000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39516.54000000</valUSD>
        <pctVal>0.056659146000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.77000000</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>Boston Scientific Corp</name>
        <lei>Y6ZDD9FP4P8JSSJMW954</lei>
        <title>Boston Scientific Corp.</title>
        <cusip>101137107</cusip>
        <identifiers>
          <isin value="US1011371077"/>
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        <balance>12750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>447652.50000000</valUSD>
        <pctVal>0.641847903566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROPER TECHNOLOGIES INC</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>Roper Technologies, Inc.</title>
        <cusip>776743AC0</cusip>
        <identifiers>
          <isin value="US776743AC03"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>154276.73000000</valUSD>
        <pctVal>0.221203267533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</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>Costco Wholesale Corp</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>Costco Wholesale Corp.</title>
        <cusip>22160K105</cusip>
        <identifiers>
          <isin value="US22160K1051"/>
        </identifiers>
        <balance>2110.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>639773.10000000</valUSD>
        <pctVal>0.917312028846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61746BDJ2</cusip>
        <identifiers>
          <isin value="US61746BDJ26"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>129571.56000000</valUSD>
        <pctVal>0.185780787883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-25</maturityDt>
          <couponKind>Fixed</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-08-18</ncom:dateSigned>
      <ncom:nameOfApplicant>Tributary Funds, Inc.</ncom:nameOfApplicant>
      <ncom:signature>/s/ Karen Shaw</ncom:signature>
      <ncom:signerName>Karen Shaw</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
