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        <fairValLevel>2</fairValLevel>
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        <name>Corp. Nacional del Cobre de Chile</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York Life Insurance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Accenture Capital, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Orange SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pacific Gas and Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan U.S. Government Money Market Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Beacon Point DC LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MFA Trust</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alphabet, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Acceptance Auto Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Florida Power &amp; Light Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
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        <curCd>USD</curCd>
        <valUSD>1093231.10000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NatWest Group plc</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group plc</title>
        <cusip>780097BL4</cusip>
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        <balance>975000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
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          <isin value="US694308KM84"/>
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        <curCd>USD</curCd>
        <valUSD>268762.19000000</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>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</annualizedRt>
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      <invstOrSec>
        <name>Octane Receivables Trust</name>
        <lei>N/A</lei>
        <title>Octane Receivables Trust, Series 2024-2A, Class C</title>
        <cusip>67578YAD8</cusip>
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        <balance>1470000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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      <invstOrSec>
        <name>Tucson Electric Power Co.</name>
        <lei>YLF139GXSRKPBBTNZL03</lei>
        <title>Tucson Electric Power Co.</title>
        <cusip>898813AV2</cusip>
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          <isin value="US898813AV23"/>
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        <balance>305000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140XATN2</cusip>
        <identifiers>
          <isin value="US3140XATN22"/>
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        <balance>312745.13000000</balance>
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        <curCd>USD</curCd>
        <valUSD>261781.02000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3138LLYV1</cusip>
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          <isin value="US3138LLYV12"/>
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        <balance>565000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>526653.04000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.33000000</annualizedRt>
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      <invstOrSec>
        <name>FARM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FARM Mortgage Trust, Series 2024-2, Class A</title>
        <cusip>307910AC3</cusip>
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          <isin value="US307910AC38"/>
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        <balance>483799.61000000</balance>
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        <curCd>USD</curCd>
        <valUSD>440485.03000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.15511000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>NTT Finance Corp.</name>
        <lei>3538007PR116187GD960</lei>
        <title>NTT Finance Corp.</title>
        <cusip>62954WBG9</cusip>
        <identifiers>
          <isin value="US62954WBG96"/>
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        <balance>285000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>283977.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.48300000</annualizedRt>
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      <invstOrSec>
        <name>Devon Energy Corp.</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>Devon Energy Corp.</title>
        <cusip>25179MBJ1</cusip>
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          <isin value="US25179MBJ18"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>139027.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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      <invstOrSec>
        <name>ROCK Trust</name>
        <lei>N/A</lei>
        <title>ROCK Trust, Series 2024-CNTR, Class A</title>
        <cusip>74970WAA8</cusip>
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          <isin value="US74970WAA80"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38834000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140QAD80</cusip>
        <identifiers>
          <isin value="US3140QAD808"/>
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        <balance>654967.58000000</balance>
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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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140FXTT9</cusip>
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          <isin value="US3140FXTT96"/>
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        <balance>1820281.60000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>06051GKJ7</cusip>
        <identifiers>
          <isin value="US06051GKJ75"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>123588.03000000</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>2028-02-04</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.55100000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2022-93, Class JZ</title>
        <cusip>38383R3V7</cusip>
        <identifiers>
          <isin value="US38383R3V76"/>
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        <balance>516560.06570000</balance>
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        <curCd>USD</curCd>
        <valUSD>350858.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fig Six Trust</name>
        <lei>N/A</lei>
        <title>Fig Six Trust, Series 2026-PF1, Class A</title>
        <cusip>316935AA3</cusip>
        <identifiers>
          <isin value="US316935AA32"/>
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        <balance>445000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>446288.28000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SCE Recovery Funding LLC</name>
        <lei>N/A</lei>
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        <name>LHOME Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AbbVie, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NatWest Group plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Santander UK Group Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>JBS NV</name>
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        <name>WEC Energy Group, Inc.</name>
        <lei>549300IGLYTZUK3PVP70</lei>
        <title>WEC Energy Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PG&amp;E Wildfire Recovery Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PeaceHealth Obligated Group</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MidAmerican Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Comcast Corp.</name>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <name>Aircastle Ltd.</name>
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        <name>SCF Equipment Leasing LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Deutsche Bank AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Reach ABS Trust</name>
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        <name>Take-Two Interactive Software, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BARC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KeyCorp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan BetaBuilders U.S. Mid Cap Equity ETF</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ohio Power Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Healthpeak OP LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AbbVie, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Emerging Markets Debt Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Starbucks Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CarMax Select Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Broadcom, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Multi-Family Connecticut Avenue Securities Trust</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Tricolor Auto Securitization Trust</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>BPCE SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DuPont de Nemours, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fifth Third Bancorp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Progress Residential Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Protective Life Global Funding</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Brixmor Operating Partnership LP</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Edison International</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cigna Group (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Skandinaviska Enskilda Banken AB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United Mexican States</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tricon Residential Trust</name>
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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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        <fairValLevel>2</fairValLevel>
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        <name>United Airlines Pass-Through Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
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        <title>Citigroup, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Foundation Finance Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aviation Capital Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Equity Index Fund</name>
        <lei>549300FO80ME045UVK10</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>Home Partners of America Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Constellation Energy Generation LLC</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
        <title>Constellation Energy Generation LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bunge Ltd. Finance Corp.</name>
        <lei>549300QHC068L40NNM71</lei>
        <title>Bunge Ltd. Finance Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential Trust, Series 2024-SFR2, Class E1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WP Carey, Inc.</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WP Carey, Inc.</title>
        <cusip>92936UAH2</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401ABC4</cusip>
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          <isin value="US05401ABC45"/>
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        <balance>106000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</maturityDt>
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          <annualizedRt>4.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MVW LLC</name>
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        <name>Element Fleet Management Corp.</name>
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        <name>FNMA</name>
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        <name>Nomura Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Santander SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Haleon US Capital LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Northwestern Mutual Global Funding</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Amazon.com, Inc.</name>
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        <title>Amazon.com, Inc.</title>
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        <valUSD>298086.12000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-03-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CMR9</cusip>
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        <valUSD>23560547.66000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <name>US Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
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        <balance>410000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>414566.37000000</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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          <couponKind>Variable</couponKind>
          <annualizedRt>5.08300000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2018-56, Class VN</title>
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        <balance>665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>614653.18000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>AerCap Ireland Capital DAC</name>
        <lei>N/A</lei>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>United Mexican States</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.08000000</annualizedRt>
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        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.15000000</annualizedRt>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.65000000</annualizedRt>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bridgecrest Lending Auto Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of Nova Scotia (The)</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Duke Energy Progress SC Storm Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cascade MH Asset Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
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        <title>Capital One Financial Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Berkshire Hathaway Finance Corp.</name>
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        <title>Berkshire Hathaway Finance Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Reach ABS Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.80000000</annualizedRt>
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        <name>Foundry JV Holdco LLC</name>
        <lei>21380048QROAMGM6EP30</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140LND46</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Charter Communications Operating LLC</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC</title>
        <cusip>161175BV5</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>FHF Issuer Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.69000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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        <name>AES Corp. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Sierra Timeshare Receivables Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OneMain Direct Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Credit Acceptance Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bridgecrest Lending Auto Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banque Federative du Credit Mutuel SA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PG&amp;E Wildfire Recovery Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Evergy Missouri West, Inc.</name>
        <lei>EZIFUDC0VSUS6T6LCG85</lei>
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        <name>American Tower Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ally Financial, Inc.</name>
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        <name>Comcast Corp.</name>
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        <name>Entergy Louisiana LLC</name>
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        <name>Kraft Heinz Foods Co.</name>
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        <name>Exeter Automobile Receivables Trust</name>
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        <name>FNMA</name>
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        <name>NatWest Markets plc</name>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>LAD Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mars, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA/FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Mizuho Financial Group, Inc.</name>
        <lei>353800CI5L6DDAN5XZ33</lei>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-10</maturityDt>
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        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
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        <balance>300000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.15000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>Toronto-Dominion Bank (The)</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Southern Co. Gas Capital Corp.</name>
        <lei>E8CD46SWUD2TSN8PA636</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Gray Oak Pipeline LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Indiana Michigan Power Co.</name>
        <lei>JHR9V15J0ZRG02MIRD06</lei>
        <title>Indiana Michigan Power Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>American Airlines Pass-Through Trust</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.95000000</annualizedRt>
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        <name>Smurfit Westrock Financing DAC</name>
        <lei>6354005S6ZLHLVX7VT12</lei>
        <title>Smurfit Westrock Financing DAC</title>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PG&amp;E Recovery Funding LLC</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.52900000</annualizedRt>
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        <name>Jackson National Life Global Funding</name>
        <lei>635400PQXLYXWJI5QD78</lei>
        <title>Jackson National Life Global Funding</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>Take-Two Interactive Software, Inc.</name>
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        <name>Credit Acceptance Auto Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Acceptance Auto Loan Trust</name>
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        <name>Engie SA</name>
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        <name>Progress Residential Trust</name>
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        <name>FNMA</name>
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        <name>ERAC USA Finance LLC</name>
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        <name>VOLT XCV LLC</name>
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        <name>Westlake Automobile Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Interstate Power and Light Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Panama</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Berkshire Hathaway Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>OneMain Direct Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Merck &amp; Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>DT Auto Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Emerging Markets Research Enhanced Equity Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Corebridge Global Funding</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Progress Residential Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Power Co.</name>
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        <name>Aligned Data Centers Issuer LLC</name>
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        <name>Devon Energy Corp.</name>
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        <name>FHLMC Pool</name>
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        <name>Banque Federative du Credit Mutuel SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ING Groep NV</name>
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        <name>Towd Point Mortgage Trust</name>
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        <name>Nasdaq, Inc.</name>
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        <name>FNMA</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Miami</name>
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        <name>UBS Group AG</name>
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        <name>Mariner Finance Issuance Trust</name>
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        <name>FMC GMSR Issuer Trust</name>
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        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Express Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Octane Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cigna Group (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Truist Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Charter Communications Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan High Yield Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Meta Platforms, Inc.</name>
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        <name>Leidos, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AT&amp;T, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Columbia Pipelines Holding Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>American Tower Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>State Street Corp.</name>
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        <name>Nationwide Building Society</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Avolon Holdings Funding Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Southern California Edison Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BPCE SA</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aon North America, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bunge Ltd. Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Intel Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Eaton Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bridgecrest Lending Auto Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Airlines Pass-Through Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Express Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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          <isin value="US3136G5RE27"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Drive Auto Receivables Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <title>U.S. Treasury Bonds</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Accelerated LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DNB Bank ASA</name>
        <lei>549300GKFG0RYRRQ1414</lei>
        <title>DNB Bank ASA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Mutual of Omaha Cos. Global Funding</name>
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        <title>Mutual of Omaha Cos. Global Funding</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140XPTF6</cusip>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140KNGC6</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Nomura Holdings, Inc.</name>
        <lei>549300B3CEAHYG7K8164</lei>
        <title>Nomura Holdings, Inc.</title>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury STRIPS Bonds</title>
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        <fairValLevel>2</fairValLevel>
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        <name>New Residential Mortgage Loan Trust</name>
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        <cusip>64831WAA8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Interstate Power and Light Co.</name>
        <lei>EF9UQIIO4KY2BWOK3P26</lei>
        <title>Interstate Power and Light Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DTE Electric Co.</name>
        <lei>9N0FWODEJVKHC2DYLO03</lei>
        <title>DTE Electric Co., Series B</title>
        <cusip>23338VAR7</cusip>
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        <balance>170000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>MyMichigan Health</name>
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        <name>Southern California Edison Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Novartis Capital Corp.</name>
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        <name>Comcast Corp.</name>
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        <name>FHLMC</name>
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        <name>American Express Co.</name>
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        <name>Drive Auto Receivables Trust</name>
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        <name>Thermo Fisher Scientific, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ING Groep NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Progress Residential Trust</name>
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        <name>FNMA</name>
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        <name>Keurig Dr Pepper, Inc.</name>
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        <name>Avolon Holdings Funding Ltd.</name>
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        <name>Jersey Central Power &amp; Light Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Analog Devices, Inc.</name>
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        <name>Kraft Heinz Foods Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Meta Platforms, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Inflation Managed Bond ETF</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSX Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>AT&amp;T, Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Hackensack Meridian Health, Inc.</name>
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        <name>Westgate Resorts LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Niagara Mohawk Power Corp.</name>
        <lei>3T97Y9RR5EN5Y18QHB56</lei>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Devon Energy Corp.</name>
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        <name>Take-Two Interactive Software, Inc.</name>
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        <name>Ovintiv, Inc.</name>
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        <name>Union Electric Co.</name>
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        <name>Starbucks Corp.</name>
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        <name>Glencore Funding LLC</name>
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        <name>FNMA</name>
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        <name>Space Exploration Technologies Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Agricole SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>South Bow USA Infrastructure Holdings LLC</name>
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        <name>KLA Corp.</name>
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        <name>AstraZeneca plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Deutsche Bank AG</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Comcast Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Union Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Agricole SA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tricon Residential Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MedStar Health, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Diego Gas &amp; Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Capital One Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Columbia Pipelines Operating Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Electricite de France SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GLS Auto Select Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Amazon.com, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>FNMA</name>
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        <name>Northern Natural Gas Co.</name>
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      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan BetaBuilders Emerging Markets Equity ETF</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Southern California Edison Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Amphenol Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Consumer Portfolio Services Auto Trust</name>
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        <name>New Residential Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <name>Southern Power Co.</name>
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        <name>PPL Capital Funding, Inc.</name>
        <lei>549300MROK5WY0D2NU17</lei>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United Airlines Pass-Through Trust</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>PG&amp;E Recovery Funding LLC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Texas Natural Gas Securitization Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Foundation Finance Trust</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Mariner Finance Issuance Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Equinix Europe 2 Financing Corp. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Galaxy Pipeline Assets Bidco Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RTX Corp.</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RTX Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DuPont de Nemours, Inc.</name>
        <lei>5493004JF0SDFLM8GD76</lei>
        <title>DuPont de Nemours, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Truist Bank Auto Credit-Linked Notes</name>
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        <name>PacifiCorp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vistra Operations Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ABN AMRO Bank NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KBC Group NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Broadcom, Inc.</name>
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        <title>Broadcom, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PNC Financial Services Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Elara HGV Timeshare Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SFS Auto Receivables Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
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        <cusip>3137HBC93</cusip>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.93999920</annualizedRt>
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        <name>NYMT Loan Trust</name>
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        <cusip>67119RAA5</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Exeter Automobile Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMSR Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>HINNT LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Reach ABS Trust</name>
        <lei>N/A</lei>
        <title>Reach ABS Trust, Series 2024-2A, Class B</title>
        <cusip>75525HAB6</cusip>
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          <isin value="US75525HAB69"/>
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        <balance>450000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.84000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Progress Residential Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Airlines Pass-Through Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DOC DR LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Eastern Energy Gas Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lendmark Funding Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Darden Restaurants, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HCA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aker BP ASA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617UHAE7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern California Gas Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Service Electric and Gas Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Massachusetts Electric Co.</name>
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        <name>WP Carey, Inc.</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>AerCap Ireland Capital DAC</name>
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        <name>Anchor Mortgage Trust</name>
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        <name>GLS Auto Receivables Issuer Trust</name>
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        <name>CaixaBank SA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Goodman US Finance Eight LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FREMF Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Biogen, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DTE Energy Co.</name>
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        <name>Uber Technologies, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Exeter Automobile Receivables Trust</name>
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        <name>ConocoPhillips Co.</name>
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        <name>West Virginia United Health System Obligated Group</name>
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        <name>FNMA</name>
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        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
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        <name>SLG Office Trust</name>
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        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan BetaBuilders U.S. Small Cap Equity ETF</name>
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        <name>Santander Drive Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Truist Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Boeing Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>TransCanada PipeLines Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SCE Recovery Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bristol-Myers Squibb Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Service Enterprise Group, Inc.</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>Public Service Enterprise Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>Fortis, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern California Edison Co.</name>
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        <name>JPMorgan BetaBuilders MSCI US REIT ETF</name>
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        <name>GNMA</name>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-25</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>Aqua Finance Issuer Trust</name>
        <lei>N/A</lei>
        <title>Aqua Finance Issuer Trust, Series 2025-A, Class C</title>
        <cusip>038394AC6</cusip>
        <identifiers>
          <isin value="US038394AC67"/>
        </identifiers>
        <balance>383548.06000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>384537.23000000</valUSD>
        <pctVal>0.011878870611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.81000000</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>Maple Parent Holdings Corp.</name>
        <lei>254900J6FBJ1E892Q074</lei>
        <title>Maple Parent Holdings Corp.</title>
        <cusip>56530KAB2</cusip>
        <identifiers>
          <isin value="US56530KAB26"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>109913.21000000</valUSD>
        <pctVal>0.003395366425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-26</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>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
        <cusip>031162DS6</cusip>
        <identifiers>
          <isin value="US031162DS61"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99397.74000000</valUSD>
        <pctVal>0.003070529458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</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 of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CLF6</cusip>
        <identifiers>
          <isin value="US91282CLF67"/>
        </identifiers>
        <balance>14656000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14156207.54000000</valUSD>
        <pctVal>0.437304231145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>
      
      
      
      
      
      
      
      
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>JPMorgan Trust I</ncom:nameOfApplicant>
      <ncom:signature>Timothy J. Clemens</ncom:signature>
      <ncom:signerName>Timothy J. Clemens</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
