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        <name>US TREAS NTS 4% 01/31/31</name>
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        <lei>GKOMIK4RDJGHEF0VNP11</lei>
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        <cusip>835495AL6</cusip>
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          <isin value="US835495AL63"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>DUKE ENERGY CAR 4.95% 01/15/33</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>ORACLE CORP 3.85% 04/01/60</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>HUMANA INC 5.5% 03/15/53</name>
        <lei>529900YLDW34GJAO4J06</lei>
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        <curCd>USD</curCd>
        <valUSD>21639.95000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>UMBS P#MA4465 2% 11/01/51</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMPHENOL CORP 2.2% 09/15/31</name>
        <lei>549300D3L3G0R4U4VT04</lei>
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        <cusip>032095AL5</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MOODY'S CORPORA 4.25% 02/01/29</name>
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        <name>BROOKFIELD FINA 5.33% 01/15/36</name>
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        <name>UMBS P#FA3392 5.5% 10/01/55</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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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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>GOLDMAN SACHS G 5.15% 05/22/45</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ORACLE CORP 3.8% 11/15/37</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>NORTHRIVER MIDS 6.75% 07/15/32</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ABBOTT LABORATORIE 4% 03/15/31</name>
        <lei>HQD377W2YR662HK5JX27</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>WELLTOWER OP LL 2.75% 01/15/31</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS P#SD0502 3% 08/01/50</name>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>PHILIP MORRIS  4.875% 04/29/36</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
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        <cusip>718172EG0</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>ANALOG DEVICES I 2.8% 10/01/41</name>
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        <cusip>032654AW5</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>WAYFAIR LLC 6.75% 11/15/32</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>MICROSOFT CORP 3.45% 08/08/36</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
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        <cusip>594918BS2</cusip>
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      <invstOrSec>
        <name>BOEING CO 5.805% 05/01/50</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <cusip>097023CW3</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>APPLE INC 3.45% 02/09/45</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>APPLE INC REGD 3.45000000</title>
        <cusip>037833BA7</cusip>
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          <isin value="US037833BA77"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA II P#MA4722 5% 09/20/47</name>
        <lei>N/A</lei>
        <title>GINNIE MAE II POOL P#MA4722 5.00000000</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#4853 4% 11/20/40</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HCA INC 6.2% 03/01/55</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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        <lei>XSGZFLO9YTNO9VCQV219</lei>
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        <fairValLevel>2</fairValLevel>
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        <lei>HWUPKR0MPOU8FGXBT394</lei>
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        <name>KINGDOM OF JOR 7.375% 10/10/47</name>
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        <name>TALLGRASS NRG PRTN 6% 12/31/30</name>
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        <name>AVOLON HOLDINGS 5.75% 11/15/29</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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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>ALLIANZ SE V/R 09/03/54</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>FHMS K533 A2 V/R 12/25/29</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <lei>9C1X8XOOTYY2FNYTVH06</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>BOOZ ALLEN HAMI 5.95% 08/04/33</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EXXON MOBIL CO 3.452% 04/15/51</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>COLT 2021-2 A1 V/R 08/25/66</name>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>UMBS P#MA3693 4% 07/01/49</name>
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        <name>SUMISHO AIR LEAS 2.1% 09/01/28</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO &amp; COM V/R 04/23/29</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED RENTALS 6.125% 03/15/34</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KINDER MORGAN I 5.55% 08/01/36</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HALEON US CAPI 5.375% 08/21/36</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UMBS P#QF2362 4% 11/01/52</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CCAS 2024-1A  7.124% 06/15/27</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US TREAS BDS 3.625% 02/15/53</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>NOMURA HOLDINGS 6.07% 07/12/28</name>
        <lei>549300B3CEAHYG7K8164</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ASIAN DEVELOPME 3.75% 04/25/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PROLOGIS LP 5.25% 06/15/53</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INEOS FINANCE PL 7.5% 04/15/29</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FGLMC P#Q00179 5% 04/01/41</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PROGRESSIVE CORP 3.2% 03/26/30</name>
        <lei>529900TACNVLY9DCR586</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CIGNA GROUP/THE 5.6% 02/15/54</name>
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        <name>ADIENT GLOBAL HO 7.5% 02/15/33</name>
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        <name>HP ENTERPRISE CO 5.6% 10/15/54</name>
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        <name>GOLDMAN SACHS GRO V/R 03/15/28</name>
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        <name>GILEAD SCIENCES IN 4% 09/01/36</name>
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        <name>ITALY GOV'T IN 3.875% 05/06/51</name>
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        <name>LHOME 2025-RTL1  V/R 01/25/40</name>
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        <lei>WAFCR4OKGSC504WU3E95</lei>
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      <invstOrSec>
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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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        <lei>765LHXWGK1KXCLTFYQ30</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>UMBS P#BQ6855 2% 12/01/51</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PFIZER INC 3.9% 03/15/39</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHR 5690 SC V/R 08/25/56</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC V/R 11/03/32</name>
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        <name>OHIO POWER COMPANY 4% 06/01/49</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>DAVITA INC 4.625% 06/01/30</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
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        <name>EVEREST REINSU 3.125% 10/15/52</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS GRO V/R 01/28/56</name>
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        <name>BALTIMORE GAS &amp; 4.55% 06/01/52</name>
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        <fairValLevel>2</fairValLevel>
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        <issuerCat>CORP</issuerCat>
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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>GNR 2023-53 SL V/R 04/20/53</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>LITHIA MOTORS IN 5.5% 10/01/30</name>
        <lei>SE8N1EZEHPZQBCBVKD53</lei>
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        <name>TOTALENERGIES  3.127% 05/29/50</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS GROUP AG V/R /PERP/</name>
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        <name>BMO 2022-C1 A5 V/R 01/15/32</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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        <fairValLevel>2</fairValLevel>
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        <name>OPTN 2025-B B 5.28% 05/09/33</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EATON CORP 4.15% 11/02/42</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GENERAL ELECTRI 6.75% 03/15/32</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MB1216 5% 06/20/56</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>BOSTON PROPERTI 2.45% 10/01/33</name>
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        <name>NRG ENERGY INC 5.407% 10/15/35</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>DEVON ENERGY CO 4.75% 05/15/42</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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        <fairValLevel>2</fairValLevel>
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        <name>CISCO SYSTEMS IN 5.1% 02/24/35</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>IBRD 4% 07/25/30</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>549300YSSXFHMPOWZ492</lei>
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        <cusip>26884UAF6</cusip>
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        <curCd>USD</curCd>
        <valUSD>24016.42000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>UMBS P#AD0836 5.5% 11/01/28</name>
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        <fairValLevel>2</fairValLevel>
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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>JACK 2019-1A A 4.97% 08/25/29</name>
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        <name>VISA INC 2.7% 04/15/40</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US TREAS BDS 4.125% 08/15/44</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>SIMON PROPERTY G 2.2% 02/01/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UMBS P#MA3088 4% 08/01/47</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>HONEYWELL AEROSP 4.3% 03/16/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHEMOURS CO 5.75% 11/15/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KOREA TREA 2.75% 09/10/45/KRW/</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <lei>ZXTILKJKG63JELOEG630</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BANQUE FED CRED M V/R 07/09/32</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GENERAL MOTORS  5.95% 04/04/34</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>UMBS P#CA2208 4.5% 08/01/48</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PHILIP MORRIS IN 2.1% 05/01/30</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>MERCK &amp; CO INC 5.85% 05/22/56</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
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        <assetCat>DBT</assetCat>
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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>BROADCOM INC 3.137% 11/15/35</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WALMART INC 2.95% 09/24/49</name>
        <lei>Y87794H0US1R65VBXU25</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CNX RESOURCES  5.875% 03/01/34</name>
        <lei>549300JK3KH8PWM3B226</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC V/R 05/24/28</name>
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        <fairValLevel>2</fairValLevel>
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        <cusip>341271AH7</cusip>
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        <name>UMBS P#BM2006 4% 01/01/48</name>
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        <name>SOCIETE GENERALE V/R 01/19/35</name>
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        <name>ENERGY TRANSFER  5.8% 06/15/38</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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        <fairValLevel>2</fairValLevel>
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        <name>ISHARES BROAD USD HIGH YIELD</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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      <invstOrSec>
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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>EXXON MOBIL CO 4.327% 03/19/50</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COCA-COLA CO/THE 5% 05/13/34</name>
        <lei>UWJKFUJFZ02DKWI3RY53</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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        <name>REPUBLIC OF POLA 5.5% 04/04/53</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OPTN 2024-2 D 10.47% 02/09/32</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ZIGGO BV 2.875% 01/15/30/EUR/</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AT&amp;T INC 2.75% 06/01/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EDISON INTERNAT 6.95% 11/15/29</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HUMANA INC 5.95% 03/15/34</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VCC 2019-1 A V/R 05/25/26</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US TREAS NTS 4.5% 05/31/29</name>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>ALPHABET INC 2.05% 08/15/50</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KRAFT HEINZ FOOD 6.5% 02/09/40</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COREBRIDGE FINA 4.35% 04/05/42</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VERUS 2021-7 A1 V/R 10/25/66</name>
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        <name>BABS 2026-RM16 4.25% 05/25/31</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>WEYERHAEUSER CO 4% 11/15/29</name>
        <lei>08IRJODWFYBI7QWRGS31</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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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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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 II P#MA4838 4% 11/20/47</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BOSTON PROPERTIE 4.5% 12/01/28</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>5493000F4ZO33MV32P92</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS P#MA4389 1.5% 07/01/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AROUNDTOWN  3.5% 05/13/30/EUR/</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isin value="US30225VAJ61"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>DISCOVERY HOLDI 5.05% 03/15/42</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US254948AR31"/>
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        <valUSD>51187.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>REPUBLIC OF POLA 5.5% 11/16/27</name>
        <lei>N/A</lei>
        <title>REPUBLIC OF POLAND REGD SER 5Y 5.50000000</title>
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        <identifiers>
          <isin value="US857524AD47"/>
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        <curCd>USD</curCd>
        <valUSD>50595.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>STRYKER CORP 4.625% 03/15/46</name>
        <lei>5493002F0SC4JTBU5137</lei>
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        <cusip>863667AJ0</cusip>
        <identifiers>
          <isin value="US863667AJ04"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21143.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>PIONEER OPCO LLC 7% 05/15/33</name>
        <lei>N/A</lei>
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        <identifiers>
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        <valUSD>25456.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>6CPEOKI6OYJ13Q6O7870</lei>
        <title>KROGER CO REGD 3.87500000</title>
        <cusip>501044DF5</cusip>
        <identifiers>
          <isin value="US501044DF54"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18475.54000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>NOVARTIS CAPITAL 3.8% 09/18/29</name>
        <lei>N/A</lei>
        <title>NOVARTIS CAPITAL CORP REGD 3.80000000</title>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97679.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA P#782333 5.5% 06/15/38</name>
        <lei>N/A</lei>
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        <balance>8561.54000000</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>
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        <name>3M COMPANY 3.25% 08/26/49</name>
        <lei>LUZQVYP4VS22CLWDAR65</lei>
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        <balance>50000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FTAI AVIATION INVE 7% 06/15/32</name>
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        <cusip>34960PAG6</cusip>
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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>
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        <name>APPLE INC 2.65% 02/08/51</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>APPLE INC REGD 2.65000000</title>
        <cusip>037833EF3</cusip>
        <identifiers>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57601.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>FIDELITY NATL I 1.65% 03/01/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FREEPORT-MCMOR 4.625% 08/01/30</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IBRD 4.375% 08/27/35</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>549300TP80QLITMSBP82</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SPRINT SPECTRU 5.152% 03/20/28</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>US TREAS NTS 3.5% 10/31/27</name>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>BRITISH COLUMBIA 4.2% 07/06/33</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ABBVIE INC 4.875% 03/15/30</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>LEIDOS INC 2.3% 02/15/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MITSUBISHI UFJ FI V/R 07/23/32</name>
        <lei>353800V2V8PUY9TK3E06</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>TORONTO-DOMINI 4.861% 01/31/28</name>
        <lei>PT3QB789TSUIDF371261</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MACY'S RETAIL  5.875% 03/15/30</name>
        <lei>N/A</lei>
        <title>MACY'S RETAIL HLDGS LLC REGD 144A P/P 5.87500000</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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HILTON DOMESTI 3.625% 02/15/32</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>US TREAS NTS 3.875% 04/30/30</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICAN EXPRES 4.05% 05/03/29</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TORONTO-DOMINI 4.866% 04/22/33</name>
        <lei>PT3QB789TSUIDF371261</lei>
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        <curCd>USD</curCd>
        <valUSD>389598.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LSEG US FIN COR 5.25% 03/23/36</name>
        <lei>N/A</lei>
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        <cusip>50222CAF7</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>AMGEN INC 2.77% 09/01/53</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
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        <curCd>USD</curCd>
        <valUSD>28242.13000000</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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          <couponKind>Fixed</couponKind>
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        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>JERSEY CITY NJ  5.47% 05/15/27</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>UMBS P#766768 V/R 03/01/34</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ENTERGY CORP V/R 12/01/54</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BIOGEN INC 6.45% 05/15/55</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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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>JEFFERIES FIN  5.125% 04/28/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MCR 2024-HF1 A V/R 12/15/26</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ELI LILLY &amp; CO 5.65% 10/15/65</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ABBVIE INC 4.75% 03/15/36</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>REPUBLICA ORIE 4.975% 04/20/55</name>
        <lei>N/A</lei>
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        <issuerCat>USGA</issuerCat>
        <invCountry>UY</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PRUDENTIAL FINAN 3.7% 03/13/51</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>AMAZON.COM INC 6% 07/09/46</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>HONDURAS GOVER 8.625% 11/27/34</name>
        <lei>N/A</lei>
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        <invCountry>HN</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS V/R 12/05/34</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <cusip>05581KAG6</cusip>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ORACLE CORP 4.95% 02/04/31</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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        <cusip>68389XDX0</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#5082 4.5% 06/20/41</name>
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          <isin value="US36202FUF16"/>
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        <valUSD>148558.89000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>ARAB REPUBLIC OF 7.6% 03/01/29</name>
        <lei>N/A</lei>
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        <cusip>M1487WCY9</cusip>
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          <isin value="XS1953057061"/>
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        <fairValLevel>2</fairValLevel>
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        <name>BOSTON PROPERTI 3.25% 01/30/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CORNING INC 5.35% 11/15/48</name>
        <lei>549300X2937PB0CJ7I56</lei>
        <title>CORNING INC REGD 5.35000000</title>
        <cusip>219350BK0</cusip>
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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>
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      <invstOrSec>
        <name>LOEWS CORP 3.2% 05/15/30</name>
        <lei>R8V1FN4M5ITGZOG7BS19</lei>
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        <cusip>540424AT5</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AT&amp;T INC 1.65% 02/01/28</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T INC REGD 1.65000000</title>
        <cusip>00206RKG6</cusip>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>143894.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.65000000</annualizedRt>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>AT&amp;T INC 5.125% 04/30/36</name>
        <lei>549300Z40J86GGSTL398</lei>
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        <cusip>00206RNH1</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NORFOLK SOUTHE 3.942% 11/01/47</name>
        <lei>54930036C8MWP850MI84</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS P#MA5611 4% 02/01/55</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>626499.33000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>REPUBLICA ORIENT 5.1% 06/18/50</name>
        <lei>N/A</lei>
        <title>REPUBLICA ORIENT URUGUAY REGD 5.10000000</title>
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        <curCd>USD</curCd>
        <valUSD>89075.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>UY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>DUKE ENERGY CAR 6.05% 04/15/38</name>
        <lei>N/A</lei>
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        <cusip>26442CAE4</cusip>
        <identifiers>
          <isin value="US26442CAE49"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25951.75000000</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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          <couponKind>Fixed</couponKind>
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        <name>WEYERHAEUSER CO 4% 03/09/52</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>WEYERHAEUSER CO REGD 4.00000000</title>
        <cusip>962166CB8</cusip>
        <identifiers>
          <isin value="US962166CB89"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18045.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>JBS NV/USA FOO 6.375% 04/15/66</name>
        <lei>N/A</lei>
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        <cusip>472140AK8</cusip>
        <identifiers>
          <isin value="US472140AK81"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75104.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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        <name>BLUE OWL CREDIT 7.75% 09/16/27</name>
        <lei>5493003I42XBWPE05N35</lei>
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        <cusip>69120VAP6</cusip>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25546.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NRG ENERGY INC 5.25% 06/15/29</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <cusip>629377CH3</cusip>
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        <curCd>USD</curCd>
        <valUSD>635647.87000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STARBUCKS CORP 4.45% 08/15/49</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>STARBUCKS CORP REGD 4.45000000</title>
        <cusip>855244AU3</cusip>
        <identifiers>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19816.71000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UMBS P#MA3042 2.5% 06/01/32</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#MA3042 2.50000000</title>
        <cusip>31418CLY8</cusip>
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          <isin value="US31418CLY83"/>
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        <curCd>USD</curCd>
        <valUSD>60951.93000000</valUSD>
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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>2.50000000</annualizedRt>
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        <name>TALEN ENERGY SU 6.25% 02/01/34</name>
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        <cusip>87422VAM0</cusip>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>ABBOTT LABORATOR 4.9% 11/30/46</name>
        <lei>HQD377W2YR662HK5JX27</lei>
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        <cusip>002824BH2</cusip>
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          <isin value="US002824BH26"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>66562.32000000</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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          <couponKind>Fixed</couponKind>
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        <name>JOHNSON &amp; JOHN 3.625% 03/03/37</name>
        <lei>549300G0CFPGEF6X2043</lei>
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        <cusip>478160CF9</cusip>
        <identifiers>
          <isin value="US478160CF96"/>
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        <balance>50000.00000000</balance>
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        <valUSD>43754.45000000</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>2037-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <name>VIRGINIA ELEC &amp; 5.35% 01/15/54</name>
        <lei>N/A</lei>
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        <cusip>927804GQ1</cusip>
        <identifiers>
          <isin value="US927804GQ14"/>
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        <valUSD>13349.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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      <invstOrSec>
        <name>ARAB REPUBLIC  8.875% 05/29/50</name>
        <lei>N/A</lei>
        <title>ARAB REPUBLIC OF EGYPT REGD REG S 8.87500000</title>
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          <isin value="XS2176899701"/>
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        <valUSD>196860.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
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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>AMXCA 2023-2 A 4.8% 05/15/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GRADE 2024-CES1  V/R 09/25/32</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EMERSON ELECTRIC 2.8% 12/21/51</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CELANESE US HOLDIN 7% 02/15/31</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ITC HOLDINGS CO 5.65% 05/09/34</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COM V/R 10/23/29</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <cusip>95000U3G6</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DOLLAR GENERAL 4.125% 04/03/50</name>
        <lei>OPX52SQVOZI8IVSWYU66</lei>
        <title>DOLLAR GENERAL CORP REGD 4.12500000</title>
        <cusip>256677AH8</cusip>
        <identifiers>
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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>
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      <invstOrSec>
        <name>SYNOPSYS INC 5% 04/01/32</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>SYNOPSYS INC REGD 5.00000000</title>
        <cusip>871607AD9</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>PHILIP MORRIS  5.625% 09/07/33</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>PHILIP MORRIS INTL INC REGD 5.62500000</title>
        <cusip>718172DE6</cusip>
        <identifiers>
          <isin value="US718172DE67"/>
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        <valUSD>25519.57000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>CONOCOPHILLIPS  5.55% 03/15/54</name>
        <lei>N/A</lei>
        <title>CONOCOPHILLIPS COMPANY REGD 5.55000000</title>
        <cusip>20826FBG0</cusip>
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          <isin value="US20826FBG00"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>AMAZON.COM INC 3.6% 04/13/32</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>AMAZON.COM INC REGD 3.60000000</title>
        <cusip>023135CH7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>REPUBLIC OF CONG 9.5% 05/26/36</name>
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        <issuerCat>USGA</issuerCat>
        <invCountry>CG</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BROADCOM INC 3.75% 02/15/51</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HCA INC 4.6% 11/15/32</name>
        <lei>N/A</lei>
        <title>HCA INC REGD 4.60000000</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>META PLATFORMS  4.45% 08/15/52</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META PLATFORMS INC REGD SER WI 4.45000000</title>
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          <isin value="US30303M8J41"/>
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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>ONEOK INC 5.2% 07/15/48</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MB0024 4.5% 11/20/54</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MA7419 3% 06/20/51</name>
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        <fairValLevel>2</fairValLevel>
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        <title>SEMPRA REGD 3.80000000</title>
        <cusip>816851BH1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>ESSEX PORTFOLIO  5.5% 04/01/34</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>KIOXIA HOLDINGS 6.25% 07/24/30</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>ENTERGY LOUISIAN 4.2% 09/01/48</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MARSH &amp; MCLENNA 5.45% 03/15/53</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ERP OPERATING L 1.85% 08/01/31</name>
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        <fairValLevel>2</fairValLevel>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>AERCAP IRELAND CA V/R 03/10/55</name>
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        <curCd>USD</curCd>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CREDIT AGRICOL V/R /PERP//EUR/</name>
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          <isin value="FR001400F067"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>QNITY ELECTRONI 6.25% 08/15/33</name>
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        <valUSD>85657.56000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>EXXON MOBIL CO 4.114% 03/01/46</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PUB SVC NEW HAM 5.15% 01/15/53</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US TREAS BDS 4% 11/15/42</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LOWE'S COS INC 3% 10/15/50</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>HUT 8 DC LLC 6.192% 11/15/42</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>COSTCO WHOLESALE 1.6% 04/20/30</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OHIO POWER COMPANY 5% 06/01/33</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI CAPITAL  4.5% 09/18/30</name>
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        <name>MSCR 2025-MN11 M V/R 07/25/45</name>
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        <name>TRANSATLANTIC HOLD 8% 11/30/39</name>
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        <name>WILLIS NORTH AM 2.95% 09/15/29</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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        <fairValLevel>2</fairValLevel>
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        <name>UNITED MEXICAN  6.25% 08/27/37</name>
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        <name>HSBC HOLDINGS PLC V/R 05/12/30</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OLD REPUBLIC IN 3.85% 06/11/51</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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        <cusip>29278NAR4</cusip>
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          <isin value="US29278NAR44"/>
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        <valUSD>120528.75000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA INC 5.125% 06/15/39</name>
        <lei>N/A</lei>
        <title>HCA INC REGD 5.12500000</title>
        <cusip>404119BY4</cusip>
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          <isin value="US404119BY43"/>
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        <curCd>USD</curCd>
        <valUSD>23142.94000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UMBS P#RQ0041 6% 08/01/55</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC POOL UMBS P#RQ0041 6.00000000</title>
        <cusip>3142J6BK8</cusip>
        <identifiers>
          <isin value="US3142J6BK85"/>
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        <curCd>USD</curCd>
        <valUSD>2479796.22000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>HOME DEPOT INC 4.875% 02/15/44</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>HOME DEPOT INC REGD 4.87500000</title>
        <cusip>437076BD3</cusip>
        <identifiers>
          <isin value="US437076BD31"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22195.20000000</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>2044-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>META PLATFORMS  5.75% 11/15/65</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META PLATFORMS INC REGD 5.75000000</title>
        <cusip>30303M8Y1</cusip>
        <identifiers>
          <isin value="US30303M8Y18"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>82213.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2065-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>VERIZON COMMUNI 2.65% 11/20/40</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNICATIONS REGD 2.65000000</title>
        <cusip>92343VFT6</cusip>
        <identifiers>
          <isin value="US92343VFT61"/>
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        <balance>143000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97923.57000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
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      <invstOrSec>
        <name>CUMMINS INC 5.3% 05/09/35</name>
        <lei>ZUNI8PYC725B6H8JU438</lei>
        <title>CUMMINS INC REGD 5.30000000</title>
        <cusip>231021BA3</cusip>
        <identifiers>
          <isin value="US231021BA37"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49773.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>EUROPEAN INVEST 3.75% 03/13/31</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>EUROPEAN INVESTMENT BANK REGD 3.75000000</title>
        <cusip>298785KN5</cusip>
        <identifiers>
          <isin value="US298785KN51"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>193926.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FGLMC P#G08348 5% 06/01/39</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC GOLD POOL P#G08348 5.00000000</title>
        <cusip>3128MJL65</cusip>
        <identifiers>
          <isin value="US3128MJL657"/>
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        <balance>18140.93000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18008.78000000</valUSD>
        <pctVal>0.000892807306</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>MPLX LP 4.5% 04/15/38</name>
        <lei>N/A</lei>
        <title>MPLX LP REGD 4.50000000</title>
        <cusip>55336VAM2</cusip>
        <identifiers>
          <isin value="US55336VAM28"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115119.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>DEUTSCHE BANK NY V/R 08/04/31</name>
        <lei>N/A</lei>
        <title>DEUTSCHE BANK NY REGD V/R 4.95000000</title>
        <cusip>251526DB2</cusip>
        <identifiers>
          <isin value="US251526DB24"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>147748.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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      <invstOrSec>
        <name>DEERE &amp; COMPANY 3.9% 06/09/42</name>
        <lei>PWFTNG3EI0Y73OXWDH08</lei>
        <title>DEERE &amp; COMPANY REGD 3.90000000</title>
        <cusip>244199BF1</cusip>
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          <isin value="US244199BF15"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40922.73000000</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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          <couponKind>Fixed</couponKind>
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        <name>STATE OF ISRAEL 4.5% 01/13/31</name>
        <lei>N/A</lei>
        <title>STATE OF ISRAEL REGD SER 5Y 4.50000000</title>
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          <isin value="US46515CJY12"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BRIXMOR OPERATIN 5.5% 02/15/34</name>
        <lei>N/A</lei>
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        <cusip>11120VAM5</cusip>
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          <isin value="US11120VAM54"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</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>UMBS P#FS3350 4.5% 09/01/52</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#FS3350 4.50000000</title>
        <cusip>3140XJWL3</cusip>
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          <isin value="US3140XJWL38"/>
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        <balance>463176.03000000</balance>
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        <curCd>USD</curCd>
        <valUSD>440795.79000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>SALESFORCE INC 5.55% 03/15/36</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>SALESFORCE INC REGD 5.55000000</title>
        <cusip>79466LAU8</cusip>
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          <isin value="US79466LAU89"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>147214.39000000</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>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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      <invstOrSec>
        <name>ABL 2024-RTL1 A1 V/R 03/25/29</name>
        <lei>N/A</lei>
        <title>ABL 2024-RTL1 SER 2024-RTL1 CL A1 V/R REGD 144A P/P 6.07500000</title>
        <cusip>00092EAA6</cusip>
        <identifiers>
          <isin value="US00092EAA64"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
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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>DUKE ENERGY CAR 4.25% 12/15/41</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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      <invstOrSec>
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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>PRAIRIE ACQUIROR L 9% 08/01/29</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ANHEUSER-BUSCH I 4.9% 02/01/46</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RTX CORP 5.375% 02/27/53</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
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        <cusip>75513ECS8</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOMNIGROUP INTL IN 4% 04/15/29</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC V/R 08/11/33</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS P#SD8194 2.5% 02/01/52</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CANADIAN PACIFIC 4.7% 05/01/48</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CROWN CASTLE INC 5% 01/11/28</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC REGD 5.00000000</title>
        <cusip>22822VBA8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>US TREAS NTS 1.625% 05/15/31</name>
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        <title>UNITED STATES TREASURY NOTE 1.62500000</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>ISTANBUL METROP 10.5% 12/06/28</name>
        <lei>213800T1VDQSNKA2MD76</lei>
        <title>ISTANBUL METROPOLITAN MU REGD 144A P/P 10.50000000</title>
        <cusip>46522TAC2</cusip>
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        <issuerCat>USGA</issuerCat>
        <invCountry>TR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PEPSICO INC 2.625% 10/21/41</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PEPSICO INC REGD 2.62500000</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp;  V/R 04/23/29</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CATERPILLAR FINL 3.7% 01/10/28</name>
        <lei>N/A</lei>
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        <cusip>14913UBF6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MA9235 2.5% 10/20/53</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MA4586 3.5% 07/20/47</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ATHENE HOLDING  6.15% 04/03/30</name>
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        <lei>3PPKBHUG1HD6BO7RNR87</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>PEPSICO INC 4.2% 07/18/52</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>GENERAL MOTORS F 5.8% 06/23/28</name>
        <lei>N/A</lei>
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          <isin value="US37045XEH52"/>
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        <valUSD>253749.47000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>EATON CORP 4.2% 03/06/31</name>
        <lei>N/A</lei>
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        <cusip>278058DX7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>TRANSCANADA PIPEL V/R 10/17/56</name>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BRISTOL-MYERS SQ 5.1% 02/22/31</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
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        <cusip>110122EG9</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ONEOK INC 3.95% 03/01/50</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK INC REGD 3.95000000</title>
        <cusip>682680CA9</cusip>
        <identifiers>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35119.38000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>META PLATFORMS 4.875% 11/15/35</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
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        <cusip>30303MAD4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>SUPERIOR PLUS/GE 4.5% 03/15/29</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>HOME DEPOT INC 4.95% 09/15/52</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
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        <cusip>437076CT7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>VIRGINIA ELEC &amp;  6.3% 08/15/56</name>
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        <cusip>927804HA5</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>PG&amp;E CORP V/R 03/15/55</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CIM 2021-R3 A1A V/R 06/25/57</name>
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        <name>GNMA II P#MA7704 2% 11/20/51</name>
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        <fairValLevel>2</fairValLevel>
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        <name>QUEENS HEALTH S 4.81% 07/01/52</name>
        <lei>5493002Y81US5EEDOV69</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>PHILLIPS 66 CO 5.25% 06/15/31</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MOSAIC CO 5.625% 11/15/43</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
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        <cusip>61945CAE3</cusip>
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        <balance>25000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MCDONALD'S CORP 4.45% 09/01/48</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SALESFORCE INC 6.55% 03/15/56</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
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        <cusip>79466LAW4</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PACIFICORP 5.8% 01/15/55</name>
        <lei>N/A</lei>
        <title>PACIFICORP REGD 5.80000000</title>
        <cusip>695114DE5</cusip>
        <identifiers>
          <isin value="US695114DE50"/>
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        <curCd>USD</curCd>
        <valUSD>866576.30000000</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>2055-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AT&amp;T INC 5.4% 02/15/34</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T INC REGD 5.40000000</title>
        <cusip>00206RMT6</cusip>
        <identifiers>
          <isin value="US00206RMT67"/>
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        <balance>83000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>82427.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>SYNOPSYS INC 4.85% 04/01/30</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>SYNOPSYS INC REGD 4.85000000</title>
        <cusip>871607AC1</cusip>
        <identifiers>
          <isin value="US871607AC15"/>
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        <balance>210000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>208749.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC V/R 11/06/31</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HOLDINGS PLC REGD V/R 4.61900000</title>
        <cusip>404280FE4</cusip>
        <identifiers>
          <isin value="US404280FE46"/>
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        <balance>495000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>483569.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.61900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>UMBS P#MA4356 2.5% 06/01/51</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#MA4356 2.50000000</title>
        <cusip>31418DZW5</cusip>
        <identifiers>
          <isin value="US31418DZW54"/>
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        <balance>575347.38000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>473517.88000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>LPL HOLDINGS INC 5.2% 03/15/30</name>
        <lei>N/A</lei>
        <title>LPL HOLDINGS INC REGD 5.20000000</title>
        <cusip>50212YAL8</cusip>
        <identifiers>
          <isin value="US50212YAL83"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99798.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>UMBS P#MA4128 2% 09/01/40</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#MA4128 2.00000000</title>
        <cusip>31418DSS2</cusip>
        <identifiers>
          <isin value="US31418DSS26"/>
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        <balance>67068.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58113.37000000</valUSD>
        <pctVal>0.002881041433</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>NORTHWESTERN MU 6.17% 05/29/55</name>
        <lei>1DU7IM20QESYGDO4HO54</lei>
        <title>NORTHWESTERN MUTUAL LIFE REGD 144A P/P 6.17000000</title>
        <cusip>668138AF7</cusip>
        <identifiers>
          <isin value="US668138AF77"/>
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        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>541998.93000000</valUSD>
        <pctVal>0.026870260220</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.17000000</annualizedRt>
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      <invstOrSec>
        <name>CHENIERE ENERGY 3.25% 01/31/32</name>
        <lei>5493005UEC8AZ34LDV29</lei>
        <title>CHENIERE ENERGY PARTNERS REGD SER WI 3.25000000</title>
        <cusip>16411QAN1</cusip>
        <identifiers>
          <isin value="US16411QAN16"/>
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        <balance>436000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>395154.59000000</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>2032-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>CHARTER COMM OPT 4.2% 03/15/28</name>
        <lei>N/A</lei>
        <title>CHARTER COMM OPT LLC/CAP REGD SER WI 4.20000000</title>
        <cusip>161175BK9</cusip>
        <identifiers>
          <isin value="US161175BK95"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>172442.64000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <name>US TREAS BDS 2.375% 05/15/51</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY BOND 2.37500000</title>
        <cusip>912810SX7</cusip>
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          <isin value="US912810SX72"/>
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        <balance>5950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3545479.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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      <invstOrSec>
        <name>UMBS P#TB0502 5% 04/01/56</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC POOL UMBS P#TB0502 5.00000000</title>
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          <isin value="US3142K1RY01"/>
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        <curCd>USD</curCd>
        <valUSD>2461800.28000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BANK OF AMERICA C V/R 04/23/37</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <cusip>06051GNC9</cusip>
        <identifiers>
          <isin value="US06051GNC95"/>
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        <balance>775000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>752531.08000000</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>2037-04-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.48900000</annualizedRt>
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      <invstOrSec>
        <name>VENTAS REALTY  4.875% 04/15/49</name>
        <lei>N/A</lei>
        <title>VENTAS REALTY LP REGD 4.87500000</title>
        <cusip>92277GAQ0</cusip>
        <identifiers>
          <isin value="US92277GAQ01"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20972.02000000</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>2049-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>AMGEN INC 4.663% 06/15/51</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>AMGEN INC REGD SER WI 4.66300000</title>
        <cusip>031162CF5</cusip>
        <identifiers>
          <isin value="US031162CF59"/>
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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>ECOPETROL SA 8.375% 01/19/36</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>VERIZON COMMUN 2.987% 10/30/56</name>
        <lei>2S72QS2UO2OESLG6Y829</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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        <issuerCat>CORP</issuerCat>
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        <name>TRANSCANADA PI 7.625% 01/15/39</name>
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        <title>HARTFORD INSUR GRP INC/T REGD 4.30000000</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DISCOVERY HOLD 4.279% 03/15/32</name>
        <lei>N/A</lei>
        <title>DISCOVERY HOLDINGS INC REGD SER ** 4.27900000</title>
        <cusip>254948AQ5</cusip>
        <identifiers>
          <isin value="US254948AQ57"/>
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        <curCd>USD</curCd>
        <valUSD>361644.23000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLAXOSMITHKLIN 6.375% 05/15/38</name>
        <lei>N/A</lei>
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        <cusip>377372AE7</cusip>
        <identifiers>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BALTIMORE GAS &amp; 3.75% 08/15/47</name>
        <lei>N/A</lei>
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        <cusip>059165EJ5</cusip>
        <identifiers>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36279.20000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NORDSTROM INC 4.375% 04/01/30</name>
        <lei>549300S3IZB5P35KNV16</lei>
        <title>NORDSTROM INC REGD 4.37500000</title>
        <cusip>655664AT7</cusip>
        <identifiers>
          <isin value="US655664AT70"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>128730.53000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CNOOC PETROLEUM  6.4% 05/15/37</name>
        <lei>N/A</lei>
        <title>CNOOC PETROLEUM NORTH REGD 6.40000000</title>
        <cusip>65334HAG7</cusip>
        <identifiers>
          <isin value="US65334HAG74"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27967.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</annualizedRt>
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        <name>NEXTERA ENERGY  2.25% 06/01/30</name>
        <lei>N/A</lei>
        <title>NEXTERA ENERGY CAPITAL REGD 2.25000000</title>
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        <identifiers>
          <isin value="US65339KBR05"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45337.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>AMERICAN WATER  5.45% 03/01/54</name>
        <lei>N/A</lei>
        <title>AMERICAN WATER CAPITAL C REGD 5.45000000</title>
        <cusip>03040WBC8</cusip>
        <identifiers>
          <isin value="US03040WBC82"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45736.77000000</valUSD>
        <pctVal>0.002267456342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA II P#MA4588 4.5% 07/20/47</name>
        <lei>N/A</lei>
        <title>GINNIE MAE II POOL P#MA4588 4.50000000</title>
        <cusip>36179TCZ6</cusip>
        <identifiers>
          <isin value="US36179TCZ66"/>
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        <balance>196610.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>188296.34000000</valUSD>
        <pctVal>0.009335021481</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>T-MOBILE USA I 3.875% 04/15/30</name>
        <lei>N/A</lei>
        <title>T-MOBILE USA INC REGD SER WI 3.87500000</title>
        <cusip>87264ABF1</cusip>
        <identifiers>
          <isin value="US87264ABF12"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>144226.89000000</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>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>KENTUCKY UTILIT 5.85% 08/15/55</name>
        <lei>N/A</lei>
        <title>KENTUCKY UTILITIES CO REGD 5.85000000</title>
        <cusip>491674BP1</cusip>
        <identifiers>
          <isin value="US491674BP14"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48039.78000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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      <invstOrSec>
        <name>PACIFIC GAS &amp; EL 4.5% 07/01/40</name>
        <lei>N/A</lei>
        <title>PACIFIC GAS &amp; ELECTRIC REGD 4.50000000</title>
        <cusip>694308JQ1</cusip>
        <identifiers>
          <isin value="US694308JQ18"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>82945.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>COMCAST CORP 3.45% 02/01/50</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>COMCAST CORP REGD 3.45000000</title>
        <cusip>20030NCZ2</cusip>
        <identifiers>
          <isin value="US20030NCZ24"/>
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        <balance>60000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36834.25000000</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>2050-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>ENTERPRISE PRODU 3.2% 02/15/52</name>
        <lei>N/A</lei>
        <title>ENTERPRISE PRODUCTS OPER REGD 3.20000000</title>
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          <isin value="US29379VCA98"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15816.79000000</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>2052-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
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      <invstOrSec>
        <name>COHERENT CORP 5% 12/15/29</name>
        <lei>549300O5C25A0MMHHU33</lei>
        <title>COHERENT CORP REGD 144A P/P 5.00000000</title>
        <cusip>902104AC2</cusip>
        <identifiers>
          <isin value="US902104AC24"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183070.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AMAZON.COM INC 3.95% 04/13/52</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>AMAZON.COM INC REGD 3.95000000</title>
        <cusip>023135CJ3</cusip>
        <identifiers>
          <isin value="US023135CJ31"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53098.79000000</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>2052-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEWELL BRANDS  6.375% 05/15/30</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NEWELL BRANDS INC REGD 6.37500000</title>
        <cusip>651229BF2</cusip>
        <identifiers>
          <isin value="US651229BF23"/>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>106665.62000000</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>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MB0487 6.5% 07/20/55</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>549300NOMHGVQBX6S778</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GEORGIA POWER C 4.95% 05/17/33</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FORD MOTOR CRE 6.107% 08/15/33</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ONEMAIN FINANC 6.625% 05/15/29</name>
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        <title>ONEMAIN FINANCE CORP REGD 6.62500000</title>
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          <isin value="US682691AH34"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CONOCOPHILLIPS C 3.8% 03/15/52</name>
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          <isin value="US20826FAV85"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>MLTI 2026-MLTI C V/R 06/15/29</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PECO ENERGY CO 4.375% 08/15/52</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HUMANA INC 5.55% 05/01/35</name>
        <lei>529900YLDW34GJAO4J06</lei>
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        <name>META PLATFORMS I 4.2% 11/15/30</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BBCMS 2023-C1 5.753% 03/15/28</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>US TREAS BDS 3% 02/15/48</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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        <fairValLevel>2</fairValLevel>
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        <name>DARLING INGREDI 5.25% 04/15/27</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS GRO V/R 04/23/29</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MA9853 6.5% 08/20/54</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ESAB CORP 6.25% 04/15/29</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PRM7 2025-PRM7 E V/R 11/10/30</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC HOLDINGS PLC V/R 05/13/31</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <cusip>404280EW5</cusip>
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          <isin value="US404280EW52"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ERP OPERATING LP 3.3% 06/01/29</name>
        <lei>N/A</lei>
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          <isin value="US05348EBF51"/>
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        <name>US TREAS NTS 3.5% 11/15/28</name>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OWENS CORNING 4.4% 01/30/48</name>
        <lei>JO5M6676RDJIZ2U8X907</lei>
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        <cusip>690742AH4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA ST  5.183% 11/01/53</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SOLSTICE ADVAN 5.625% 09/30/33</name>
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        <name>REPUBLIC OF PAN 3.16% 01/23/30</name>
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          <isin value="US698299BK97"/>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>FRKKVKAIQEF3FCSTPG55</lei>
        <title>AUTODESK INC REGD 2.85000000</title>
        <cusip>052769AG1</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ONEOK INC 5.8% 11/01/30</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK INC REGD 5.80000000</title>
        <cusip>682680BK8</cusip>
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        <curCd>USD</curCd>
        <valUSD>204887.95000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US TREAS NTS 4.375% 08/31/28</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY NOTE 4.37500000</title>
        <cusip>91282CHX2</cusip>
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          <isin value="US91282CHX20"/>
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        <curCd>USD</curCd>
        <valUSD>1000507.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-31</maturityDt>
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      <invstOrSec>
        <name>UMBS P#MA4152 2% 10/01/40</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#MA4152 2.00000000</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PHILIP MORRIS  3.875% 08/21/42</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HUNTINGTON ING 2.043% 08/16/28</name>
        <lei>5TZLZ6WJTBVJ0QWBG121</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-16</maturityDt>
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      <invstOrSec>
        <name>UMBS P#MA1527 3% 08/01/33</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>SCHLUMBERGER HL 4.85% 05/15/33</name>
        <lei>N/A</lei>
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        <cusip>806851AP6</cusip>
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          <isin value="US806851AP68"/>
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        <curCd>USD</curCd>
        <valUSD>962004.21000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-15</maturityDt>
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        <name>AEP TEXAS INC 3.45% 01/15/50</name>
        <lei>N/A</lei>
        <title>AEP TEXAS INC REGD SER H 3.45000000</title>
        <cusip>00108WAK6</cusip>
        <identifiers>
          <isin value="US00108WAK62"/>
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        <balance>82000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53774.87000000</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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          <couponKind>Fixed</couponKind>
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        <name>INTERSTATE POWER 2.3% 06/01/30</name>
        <lei>N/A</lei>
        <title>INTERSTATE POWER &amp; LIGHT REGD 2.30000000</title>
        <cusip>461070AS3</cusip>
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          <isin value="US461070AS31"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>UNION PACIFIC  2.891% 04/06/36</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
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        <cusip>907818FQ6</cusip>
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          <isin value="US907818FQ60"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>US TREAS NTS 4.125% 11/15/27</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY NOTE 4.12500000</title>
        <cusip>91282CLX7</cusip>
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          <isin value="US91282CLX73"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>RTX CORP 3.75% 11/01/46</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
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        <cusip>913017CJ6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>SIX FLAGS ENTER 7.25% 05/15/31</name>
        <lei>529900AS2CYWYFHRS781</lei>
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        <cusip>83001AAD4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA II P#MA5466 4% 09/20/48</name>
        <lei>N/A</lei>
        <title>GINNIE MAE II POOL P#MA5466 4.00000000</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA II P#MA3597 3.5% 04/20/46</name>
        <lei>N/A</lei>
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        <cusip>36179R7J2</cusip>
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          <isin value="US36179R7J23"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAAVI ENERGIA  8.875% 02/10/35</name>
        <lei>N/A</lei>
        <title>SAAVI ENERGIA SARL REGD REG S 8.87500000</title>
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          <isin value="USL02668AA66"/>
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        <curCd>USD</curCd>
        <valUSD>220230.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>AT&amp;T INC 4.35% 06/15/45</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>US TREAS NTS 2.75% 08/15/32</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SANTOS FINANCE  5.75% 11/13/35</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EVEREST REINSURA 3.5% 10/15/50</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>TPMT 2026-CES3 A V/R 06/20/30</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ELI LILLY &amp; CO 4.6% 08/14/34</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SHERWIN-WILLIAMS 4.5% 08/15/30</name>
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        <cusip>824348BV7</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VENTAS REALTY LP 4% 03/01/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PROG 2023-SFR2 4.75% 10/17/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GRADE 2023-FIG4  V/R 11/25/53</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ENTERPRISE PRODU 3.3% 02/15/53</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TIME WARNER CABL 7.3% 07/01/38</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO IL O'H 4.472% 01/01/49</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-01-01</maturityDt>
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      <invstOrSec>
        <name>APPLE INC 2.2% 09/11/29</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>APPLE INC REGD 2.20000000</title>
        <cusip>037833DP2</cusip>
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          <isin value="US037833DP29"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46870.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HPA 2022-1 D 4.73% 04/17/27</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US TREAS BDS 2.875% 05/15/52</name>
        <lei>N/A</lei>
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          <isin value="US912810TG31"/>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>UMBS P#AA4298 4.5% 03/01/29</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GEORGIA POWER C 5.25% 03/15/34</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LOWE'S COS INC 4.45% 04/01/62</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
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        <cusip>548661EF0</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>COOPERAT RABOBA 4.16% 01/14/31</name>
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        <cusip>21688ABT8</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SONIC AUTOMOTI 4.625% 11/15/29</name>
        <lei>549300NTLRGJ2JCBZU03</lei>
        <title>SONIC AUTOMOTIVE INC REGD 144A P/P 4.62500000</title>
        <cusip>83545GBD3</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MA6339 3.5% 12/20/49</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MA5397 3.5% 08/20/48</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PFIZER INVESTME 5.34% 05/19/63</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SYSCO CORPORATI 3.15% 12/14/51</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
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        <cusip>871829BR7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>EQT CORP 5.75% 02/01/34</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BLACKSTONE PRIV 6.25% 01/25/31</name>
        <lei>549300ORP3TTCNXSYO43</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CITY OF BUENOS A 7.8% 11/26/33</name>
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        <issuerCat>USGA</issuerCat>
        <invCountry>AR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CHARLES SCHWAB CO V/R 08/24/34</name>
        <lei>549300VSGCJ7E698NM85</lei>
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          <isin value="US808513CH62"/>
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        <curCd>USD</curCd>
        <valUSD>52066.58000000</valUSD>
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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>NUCOR CORP 6.4% 12/01/37</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MA7471 2% 07/20/51</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DIAMONDBACK EN 3.125% 03/24/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ALPHABET INC 3.7% 02/15/29</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>51M0QTTNCGUN7KFCFZ59</lei>
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        <name>CONSUMERS ENERG 2.65% 08/15/52</name>
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        <name>FORD MOTOR CRE 7.122% 11/07/33</name>
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        <fairValLevel>2</fairValLevel>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PRUDENTIAL FINAN 2.1% 03/10/30</name>
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        <name>OEKB OEST. KONTROL 4% 05/28/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#4882 4% 12/20/40</name>
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      <invstOrSec>
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        <name>EQUITABLE HOLDINGS 5% 04/20/48</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 II P#DH0822 7.5% 04/20/55</name>
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        <name>HSBC HOLDINGS PLC V/R 06/20/34</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SHERWIN-WILLIAMS 2.9% 03/15/52</name>
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        <name>BELGIUM KIN 3.4% 06/22/36/EUR/</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 S V/R 01/09/36</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LOCKHEED MARTIN  5.7% 11/15/54</name>
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        <name>MARKEL GROUP IN 3.35% 09/17/29</name>
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        <name>SRFC 2023-1A D 9.8% 08/20/30</name>
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        <name>MPLX LP 5.3% 04/01/36</name>
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        <name>DELTA AIR LINES 20 2% 06/10/28</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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        <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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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NIKE INC 3.25% 03/27/40</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANCO SANTANDE 5.439% 07/15/31</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MA9417 2.5% 12/20/53</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>US TREAS BDS 2.875% 08/15/45</name>
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        <title>UNITED STATES TREASURY BOND 2.87500000</title>
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        <fairValLevel>2</fairValLevel>
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        <name>US TREAS NTS 1.125% 02/15/31</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IQVIA INC 5% 10/15/26</name>
        <lei>N/A</lei>
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          <isin value="US449934AD05"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>FREEPORT-MCMOR 4.125% 03/01/28</name>
        <lei>549300IRDTHJQ1PVET45</lei>
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        <cusip>35671DCE3</cusip>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>QUALCOMM INC 4.5% 05/20/52</name>
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        <cusip>747525BR3</cusip>
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        <curCd>USD</curCd>
        <valUSD>19545.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>BANK OF AMERICA C V/R 02/04/33</name>
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        <cusip>06051GKK4</cusip>
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        <curCd>USD</curCd>
        <valUSD>669960.82000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>BMARK 2026-V2 5.126% 03/15/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US TREAS BDS 4.875% 08/15/45</name>
        <lei>N/A</lei>
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          <isin value="US912810UN62"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA 30YR TBA 6% SEP 26</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>US TREAS NTS 3.375% 12/31/27</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY NOTE 3.37500000</title>
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          <isin value="US91282CPS43"/>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <lei>5493005X2GO78EFZ3E94</lei>
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        <name>COMCAST CORP 4.8% 05/15/33</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>LLOYDS BANKING 4.375% 03/22/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NATIONAL AUSTRALI V/R 01/12/37</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROPER TECHNOLOG 2.95% 09/15/29</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FRANCISCAN HEA 3.914% 07/01/49</name>
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        <name>T/L VISTA MANAGEM 0% 04/01/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC HOLDINGS PLC V/R 11/19/30</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MSCR 2025-MN10 M V/R 02/25/45</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>DELL INT LLC /  4.75% 10/06/32</name>
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        <fairValLevel>2</fairValLevel>
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        <name>T-MOBILE USA IN 5.05% 07/15/33</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FGLMC P#G60038 3.5% 01/01/44</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GALAXY HELIOS  9.875% 08/01/31</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>GI7UBEJLXYLGR2C7GV83</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>BP CAP MARKETS 3.001% 03/17/52</name>
        <lei>N/A</lei>
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        <lei>QG7T915N9S0NY5UKNE63</lei>
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        <name>ILLINOIS ST 5.1% 06/01/33</name>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>UMBS P#FS7129 5% 02/01/54</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>KRAFT HEINZ FO 6.875% 01/26/39</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 II P#DN0966 6% 10/20/55</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMGEN INC 5.65% 03/02/53</name>
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        <name>CITIGROUP INC V/R 09/11/36</name>
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        <name>CELANESE US HO 7.375% 02/15/34</name>
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        <name>COLO 2026-1A  5.811% 02/25/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BUNDESSCHAT 2.7% 09/13/28/EUR/</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US TREAS BDS 3% 11/15/44</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IBRD 3.875% 08/28/34</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GENERAL DYNAMIC 4.25% 04/01/50</name>
        <lei>9C1X8XOOTYY2FNYTVH06</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>TALEN ENERGY S 6.375% 05/01/33</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNION ELECTRIC  5.45% 03/15/53</name>
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          <isin value="US906548CW07"/>
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        <fairValLevel>2</fairValLevel>
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        <name>MERCK &amp; CO INC 2.9% 12/10/61</name>
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        <cusip>58933YBG9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>COMMONSPIRIT H 3.817% 10/01/49</name>
        <lei>4SXHN5XW08IBO0UG2V58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>HONEYWELL AERO 5.732% 03/16/56</name>
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        <cusip>43849RAT2</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>UMBS P#FA4076 5.5% 12/01/55</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GRIFFON CORPORA 5.75% 03/01/28</name>
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        <name>COREBRIDGE GLOB 4.55% 01/09/31</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BOSTON PROPERTIE 3.4% 06/21/29</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STEEL DYNAMICS  3.25% 10/15/50</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>NKNQHM6BLECKVOQP7O46</lei>
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        <cusip>760759BB5</cusip>
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          <isin value="US760759BB57"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BROOKFIELD ASS 6.077% 09/15/55</name>
        <lei>549300CZ84WPNJZKY093</lei>
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          <isin value="US112586AB85"/>
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        <curCd>USD</curCd>
        <valUSD>417456.32000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICAN INTER 5.125% 03/27/33</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
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        <cusip>026874DS3</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <cusip>020002BK6</cusip>
        <identifiers>
          <isin value="US020002BK68"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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        <identifiers>
          <isin value="US912810ST60"/>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US71643VAB18"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>DUKE ENERGY CAR 3.55% 03/15/52</name>
        <lei>N/A</lei>
        <title>DUKE ENERGY CAROLINAS REGD 3.55000000</title>
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        <identifiers>
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        <fairValLevel>2</fairValLevel>
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        <name>UMBS P#MA3277 4% 02/01/48</name>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ORACLE CORP    5.375% 07/15/40</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROPER TECHNOLOGI 4.9% 10/15/34</name>
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        <name>UNITEDHEALTH GR 4.25% 01/15/29</name>
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        <name>PROLOGIS LP 4.625% 01/15/33</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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        <cusip>046353AM0</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>GENERAL ELECTR 5.875% 01/14/38</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PIEDMONT NATURAL 3.5% 06/01/29</name>
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          <isin value="US720186AL95"/>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MA1090 3.5% 06/20/43</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ENTERPRISE PROD 3.95% 01/31/60</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BLOCK INC 6.5% 05/15/32</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>BLOCK INC REGD 6.50000000</title>
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        <fairValLevel>2</fairValLevel>
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        <name>RIO TINTO FIN  4.875% 03/14/30</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FORD MOTOR CREDI 2.9% 02/16/28</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GLENCORE FUNDI 5.634% 04/04/34</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>INTEL CORP 4.75% 03/25/50</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DOMINION ENERGY IN 5% 06/15/30</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <name>APPLE INC 4.3% 05/10/33</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AEP TEXAS INC 5.4% 06/01/33</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA COR V/R /PERP/</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BANQUE OUEST AFR 4.7% 10/22/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CAPITAL ONE FINAN V/R 02/01/34</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>I07WOS4YJ0N7YRFE7309</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CONOCOPHILLIPS C 5.3% 05/15/53</name>
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        <name>DELL INT LLC /  8.35% 07/15/46</name>
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        <name>UMBS P#FA2073 2.5% 10/01/51</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TRINIDAD GEN UN 7.75% 06/16/33</name>
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      <invstOrSec>
        <name>UNIVERSAL MUS 4% 06/13/31/EUR/</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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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED MEXICAN  6.35% 02/09/35</name>
        <lei>N/A</lei>
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        <cusip>91087BAV2</cusip>
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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>FAIRFAX FINL HL 6.35% 03/22/54</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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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>UMBS P#BV4226 2.5% 03/01/52</name>
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        <name>SDART 2024-2 D 6.28% 05/15/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CAS 2025-R03 2A1 V/R 03/25/45</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BOEING CO/THE 6.388% 05/01/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SWEDISH GOV 2.5% 10/15/36/SEK/</name>
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        <name>NATWEST GROUP PLC V/R 01/27/30</name>
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        <name>TALEN ENERGY S 6.125% 05/01/31</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA II P#MA7767 2.5% 12/20/51</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>HSBC HOLDINGS PLC V/R 08/14/32</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <lei>WAFCR4OKGSC504WU3E95</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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        <name>GNMA II P#4855 5% 11/20/40</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <lei>FR5LCKFTG8054YNNRU85</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>O'REILLY AUTOMOT 5.1% 03/12/36</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>ORACLE CORP 5.25% 02/03/32</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP REGD 5.25000000</title>
        <cusip>68389XCZ6</cusip>
        <identifiers>
          <isin value="US68389XCZ69"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>96010.49000000</valUSD>
        <pctVal>0.004759837533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA II P#MA9171 5.5% 09/20/53</name>
        <lei>N/A</lei>
        <title>GINNIE MAE II POOL P#MA9171 5.50000000</title>
        <cusip>36179YFL3</cusip>
        <identifiers>
          <isin value="US36179YFL39"/>
        </identifiers>
        <balance>715093.71000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>714679.95000000</valUSD>
        <pctVal>0.035431133104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REPUBLIC O 10.5% 12/21/27/ZAR/</name>
        <lei>N/A</lei>
        <title>REPUBLIC OF SOUTH AFRICA /ZAR/ REGD MTN SER R188 10.50000000</title>
        <cusip>S69124YC3</cusip>
        <identifiers>
          <isin value="ZAG000215096"/>
        </identifiers>
        <balance>31900000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.10415000"/>
        <valUSD>2052429.66000000</valUSD>
        <pctVal>0.101751712035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="ISO country code not reported for forwards, swaps or supranationals." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Morgan Stanley Pathway Funds</ncom:nameOfApplicant>
      <ncom:signature>James F. Kirchner</ncom:signature>
      <ncom:signerName>James F. Kirchner</ncom:signerName>
      <ncom:title>Chief Financial Officer </ncom:title>
    </signature>
  </formData>
</edgarSubmission>
