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      <seriesName>Empower Core Strategies: Inflation-Protected Securities Fund</seriesName>
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      </invstOrSec>
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        <name>BNP PARIBAS</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>HSBC SECURITIES INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Board of Trade</name>
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        <name>Chicago Board of Trade</name>
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        <name>Chicago Board of Trade</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US T-BOND ULTRA</title>
        <cusip>00002WNZ4</cusip>
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          <ticker value="WNZ4"/>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>CITIGROUP GLOBAL MKTS</counterpartyName>
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              <counterpartyName>MORGAN STANLEY &amp; CO LLC</counterpartyName>
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                  <cusip value="912810TV0"/>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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          <ticker value="TYZ4"/>
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        <units>NC</units>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CITIGROUP GLOBAL MKTS</counterpartyName>
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                <issuerName>US 10YR NOTE</issuerName>
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                  <cusip value="91282CKW0"/>
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      <invstOrSec>
        <name>B.A.T. Capital Corporation</name>
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          <isin value="US05526DBZ78"/>
          <ticker value="BATSLN"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BMO 2022-C2 MORTGAGE TRUST</name>
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        <cusip>05602NAE0</cusip>
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          <isin value="US05602NAE04"/>
          <ticker value="BMO"/>
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        <balance>525000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-17</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BX TRUST 2024-BIO</name>
        <lei>N/A</lei>
        <title>BX 2024-BIO A</title>
        <cusip>05612AAA4</cusip>
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          <isin value="US05612AAA43"/>
          <ticker value="BX"/>
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        <balance>1500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1492500</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BX TRUST 2024-BRVE</name>
        <lei>N/A</lei>
        <title>BX 2024-BRVE A</title>
        <cusip>05612KAA2</cusip>
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          <isin value="US05612KAA25"/>
          <ticker value="BX"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>999374.69</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.953581000000</annualizedRt>
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      <invstOrSec>
        <name>BANK5 2024-5YR7</name>
        <lei>N/A</lei>
        <title>BANK5 2024-5YR7 A3</title>
        <cusip>06211UBL8</cusip>
        <identifiers>
          <isin value="US06211UBL89"/>
          <ticker value="BANK5"/>
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        <balance>650000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>680138.25</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.769000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BANK 2024-BNK47</name>
        <lei>N/A</lei>
        <title>BANK 2024-BNK47 A5</title>
        <cusip>06540GAV0</cusip>
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          <isin value="US06540GAV05"/>
          <ticker value="BANK"/>
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        <balance>700000</balance>
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        <curCd>USD</curCd>
        <valUSD>757000.88</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2024-C24</name>
        <lei>N/A</lei>
        <title>BBCMS 2024-C24 A5</title>
        <cusip>07336VAU5</cusip>
        <identifiers>
          <isin value="US07336VAU52"/>
          <ticker value="BBCMS"/>
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        <balance>450000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>476607.66</valUSD>
        <pctVal>0.1212151185</pctVal>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.419000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The Boeing Company</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 2.196 02/04/26</title>
        <cusip>097023DG7</cusip>
        <identifiers>
          <isin value="US097023DG73"/>
          <ticker value="BA"/>
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        <balance>880000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>847430.25</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.196000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>CONNECTICUT AVENUE SECURITIES TRUST 2024-R01</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>CAS 2024-R01 1B1</title>
        <cusip>20753UAF7</cusip>
        <identifiers>
          <isin value="US20753UAF75"/>
          <ticker value="CAS"/>
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        <balance>375000</balance>
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        <curCd>USD</curCd>
        <valUSD>381415.25</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CONNECTICUT AVENUE SECURITIES TRUST 2024-R03</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>207941AB1</cusip>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>DC TRUST 2024-HLTN</name>
        <lei>N/A</lei>
        <title>DC 2024-HLTN A</title>
        <cusip>24022FAA8</cusip>
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          <isin value="US24022FAA84"/>
          <ticker value="DC"/>
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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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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>DC TRUST 2024-HLTN</name>
        <lei>N/A</lei>
        <title>DC 2024-HLTN B</title>
        <cusip>24022FAE0</cusip>
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          <isin value="US24022FAE07"/>
          <ticker value="DC"/>
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        <balance>400000</balance>
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        <curCd>USD</curCd>
        <valUSD>408626.84</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.685735100000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>EAST WEST INVESTMENT MANAGEMENT CLO 2019-1 LTD</name>
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        <title>CIFC 2019-FAL A</title>
        <cusip>27580XAA6</cusip>
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          <isin value="US27580XAA63"/>
          <ticker value="CIFC"/>
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        <balance>1800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1800363.63</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-20</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FORD CREDIT AUTO OWNER TRUST 2024-REV1</name>
        <lei>N/A</lei>
        <title>FORDR 2024-1 A</title>
        <cusip>34533BAA8</cusip>
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          <isin value="US34533BAA89"/>
          <ticker value="FORDR"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ford Motor Credit Company LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>F 5.85 05/17/27</title>
        <cusip>345397E74</cusip>
        <identifiers>
          <isin value="US345397E748"/>
          <ticker value="F"/>
        </identifiers>
        <balance>517000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>526330.94</valUSD>
        <pctVal>0.1338611873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.850000000000</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>Federal Home Loan Mortgage Corp.</name>
        <lei>N/A</lei>
        <title>STACR 2018-DNA3 M2AS</title>
        <cusip>35563WAQ7</cusip>
        <identifiers>
          <isin value="US35563WAQ78"/>
          <ticker value="FHLMC"/>
        </identifiers>
        <balance>118243.19</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>118327.84</valUSD>
        <pctVal>0.0300941935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.363319500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac Stacr Remic Trust</name>
        <lei>N/A</lei>
        <title>STACR 2024-HQA1 M1</title>
        <cusip>35564NBX0</cusip>
        <identifiers>
          <isin value="US35564NBX03"/>
          <ticker value="STACR"/>
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        <balance>261547.45</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>261951.38</valUSD>
        <pctVal>0.0666218154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.598840000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac Stacr Remic Trust</name>
        <lei>N/A</lei>
        <title>STACR 2024-HQA2 A1</title>
        <cusip>35564NDY6</cusip>
        <identifiers>
          <isin value="US35564NDY67"/>
          <ticker value="STACR"/>
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        <balance>2082500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2079896.88</valUSD>
        <pctVal>0.5289779579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.592070000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HTL COMMERCIAL MORTGAGE TRUST 2024-T53</name>
        <lei>N/A</lei>
        <title>HTL 2024-T53 A</title>
        <cusip>404300AA3</cusip>
        <identifiers>
          <isin value="US404300AA33"/>
          <ticker value="HTL"/>
        </identifiers>
        <balance>750000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>766517.13</valUSD>
        <pctVal>0.1949474851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.071494700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Humana Inc.</name>
        <lei>529900YLDW34GJAO4J06</lei>
        <title>HUM 5.95 03/15/34</title>
        <cusip>444859BY7</cusip>
        <identifiers>
          <isin value="US444859BY76"/>
          <ticker value="HUM"/>
        </identifiers>
        <balance>145000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>155178</valUSD>
        <pctVal>0.0394662554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.950000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.P. MORGAN MORTGAGE TRUST 2023-DSC1</name>
        <lei>N/A</lei>
        <title>JPMMT 2023-DSC1 A1</title>
        <cusip>46656NAA7</cusip>
        <identifiers>
          <isin value="US46656NAA72"/>
          <ticker value="JPMMT"/>
        </identifiers>
        <balance>528732</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>518242.06</valUSD>
        <pctVal>0.1318039511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.P.MORGAN MORTGAGE TRUST 2024-1</name>
        <lei>N/A</lei>
        <title>JPMMT 2024-1 A2</title>
        <cusip>46657PAA1</cusip>
        <identifiers>
          <isin value="US46657PAA12"/>
          <ticker value="JPMMT"/>
        </identifiers>
        <balance>1033326.25</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1041560.81</valUSD>
        <pctVal>0.2648990513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.000000000000</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>MSWF COMMERCIAL MORTGAGE TRUST 2023-2</name>
        <lei>N/A</lei>
        <title>MSWF 2023-2 A2</title>
        <cusip>55361AAR5</cusip>
        <identifiers>
          <isin value="US55361AAR59"/>
          <ticker value="MSWF"/>
        </identifiers>
        <balance>625000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>668945.81</valUSD>
        <pctVal>0.1701322753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.890000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>MAR 4.875 05/15/29</title>
        <cusip>571903BP7</cusip>
        <identifiers>
          <isin value="US571903BP73"/>
          <ticker value="MAR"/>
        </identifiers>
        <balance>237000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>241677.94</valUSD>
        <pctVal>0.0614656930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>Ocp Clo 2016-11 Ltd</name>
        <lei>254900QIJ8IQOK988683</lei>
        <title>OCP 2016-11A A1R2</title>
        <cusip>67110DBA4</cusip>
        <identifiers>
          <isin value="US67110DBA46"/>
          <ticker value="OCP"/>
        </identifiers>
        <balance>1250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1251250</valUSD>
        <pctVal>0.3182290796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.000000000000</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>OBX 2024-NQM1 TRUST</name>
        <lei>N/A</lei>
        <title>OBX 2024-NQM1 A2</title>
        <cusip>67448LAB8</cusip>
        <identifiers>
          <isin value="US67448LAB80"/>
          <ticker value="OBX"/>
        </identifiers>
        <balance>87428.52</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88356.27</valUSD>
        <pctVal>0.0224715560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.253000000000</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>1988 CLO 4 LTD</name>
        <lei>2549000NTXDB3VOXDV92</lei>
        <title>MUZ88 2024-4A D</title>
        <cusip>68252EAJ0</cusip>
        <identifiers>
          <isin value="US68252EAJ01"/>
          <ticker value="MUZ88"/>
        </identifiers>
        <balance>975000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>998228.38</valUSD>
        <pctVal>0.2538783605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Smbc Aviation Capital Finance</name>
        <lei>549300OD7VKRVNWB2J98</lei>
        <title>SMBCAC 5.7 07/25/33 144A</title>
        <cusip>78448TAK8</cusip>
        <identifiers>
          <isin value="US78448TAK88"/>
          <ticker value="SMBCAC"/>
        </identifiers>
        <balance>519000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>541516.88</valUSD>
        <pctVal>0.1377234112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.700000000000</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>Solventum Corp.</name>
        <lei>254900I70403OSGY4M28</lei>
        <title>SOLV 5.4 03/01/29 144A</title>
        <cusip>83444MAC5</cusip>
        <identifiers>
          <isin value="US83444MAC55"/>
          <ticker value="SOLV"/>
        </identifiers>
        <balance>755000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>776753.9</valUSD>
        <pctVal>0.1975509919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.400000000000</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>Solventum Corp.</name>
        <lei>254900I70403OSGY4M28</lei>
        <title>SOLV 5.6 03/23/34 144A</title>
        <cusip>83444MAG6</cusip>
        <identifiers>
          <isin value="US83444MAG69"/>
          <ticker value="SOLV"/>
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        <balance>375000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>388344.88</valUSD>
        <pctVal>0.0987673396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.600000000000</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>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>TMUS 3.875 04/15/30</title>
        <cusip>87264ABF1</cusip>
        <identifiers>
          <isin value="US87264ABF12"/>
          <ticker value="TMUS"/>
        </identifiers>
        <balance>1785000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1735860.13</valUSD>
        <pctVal>0.4414794577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TOYOTA AUTO RECEIVABLES 2023-B OWNER TRUST</name>
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          <isin value="US891941AD82"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 1.5 02/15/53</title>
        <cusip>912810TP3</cusip>
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          <ticker value="T"/>
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        <curCd>USD</curCd>
        <valUSD>8760064</valUSD>
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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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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 0.125 07/15/26</title>
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          <ticker value="T"/>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.125000000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 0.375 01/15/27</title>
        <cusip>912828V49</cusip>
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          <isin value="US912828V491"/>
          <ticker value="T"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 3.75 06/30/30</title>
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          <isin value="US91282CHJ36"/>
          <ticker value="T"/>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 2.375 10/15/28</title>
        <cusip>91282CJH5</cusip>
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          <isin value="US91282CJH51"/>
          <ticker value="T"/>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 1.875 07/15/34</title>
        <cusip>91282CLE9</cusip>
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          <isin value="US91282CLE92"/>
          <ticker value="T"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>RTX Corp.</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RTX 4.125 11/16/28</title>
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          <isin value="US913017CY37"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
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      <invstOrSec>
        <name>AbbVie Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBV 4.8 03/15/29</title>
        <cusip>00287YDS5</cusip>
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          <ticker value="ABBV"/>
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        <balance>550000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.800000000000</annualizedRt>
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      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST 2024-XL5</name>
        <lei>N/A</lei>
        <title>BX 2024-XL5 A</title>
        <cusip>05612GAA1</cusip>
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          <isin value="US05612GAA13"/>
          <ticker value="BX"/>
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        <balance>577854.69</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.518273100000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Boeing Company</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 6.298 05/01/29 144A</title>
        <cusip>097023DJ1</cusip>
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          <isin value="US097023DJ13"/>
          <ticker value="BA"/>
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        <curCd>USD</curCd>
        <valUSD>683856.63</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.298000000000</annualizedRt>
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      <invstOrSec>
        <name>Bristol-Myers Squibb Company</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>BMY 4.9 02/22/29</title>
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        <curCd>USD</curCd>
        <valUSD>578864.44</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-22</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BROOK HAVEN CLO LTD</name>
        <lei>N/A</lei>
        <title>BROOKP 2024-1A A</title>
        <cusip>113520AA8</cusip>
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          <isin value="US113520AA83"/>
          <ticker value="BROOKP"/>
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        <valUSD>929690.69</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CHASE HOME LENDING MORTGAGE TRUST 2024-3</name>
        <lei>N/A</lei>
        <title>CHASE 2024-3 A5</title>
        <cusip>16159HAG2</cusip>
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          <isin value="US16159HAG20"/>
          <ticker value="CHASE"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>CITIZENS AUTO RECEIVABLES TRUST 2024-1</name>
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        <title>CITZN 2024-1 A2A</title>
        <cusip>17331QAB2</cusip>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.430000000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>COLT 2021-HX1 MORTGAGE LOAN TRUST</name>
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        <title>COLT 2021-HX1 A2</title>
        <cusip>19688KAB0</cusip>
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          <ticker value="COLT"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMM 2024-WCL1 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>COMM 2024-WCL1 A</title>
        <cusip>20047DAA2</cusip>
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          <isin value="US20047DAA28"/>
          <ticker value="COMM"/>
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        <balance>1050000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-17</maturityDt>
          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CONNECTICUT AVENUE SECURITIES TRUST 2024-R01</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>CAS 2024-R01 1M2</title>
        <cusip>20753UAB6</cusip>
        <identifiers>
          <isin value="US20753UAB61"/>
          <ticker value="CAS"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>252713.7</valUSD>
        <pctVal>0.0642724061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.148840000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac Stacr Remic Trust</name>
        <lei>N/A</lei>
        <title>STACR 2024-HQA1 M2</title>
        <cusip>35564NCA9</cusip>
        <identifiers>
          <isin value="US35564NCA90"/>
          <ticker value="STACR"/>
        </identifiers>
        <balance>75000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>75341.12</valUSD>
        <pctVal>0.0191614268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.348840000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2024-1</name>
        <lei>N/A</lei>
        <title>GMCAR 2024-1 A2A</title>
        <cusip>36268GAB1</cusip>
        <identifiers>
          <isin value="US36268GAB14"/>
          <ticker value="GMCAR"/>
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        <balance>958961</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>960782.13</valUSD>
        <pctVal>0.2443546956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.120000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Idex Corporation</name>
        <lei>549300U5Y5EL6PHYLF13</lei>
        <title>IEX 4.95 09/01/29</title>
        <cusip>45167RAJ3</cusip>
        <identifiers>
          <isin value="US45167RAJ32"/>
          <ticker value="IEX"/>
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        <balance>550000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>562490.5</valUSD>
        <pctVal>0.1430576097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.950000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>J.P.MORGAN MORTGAGE TRUST 2024-5</name>
        <lei>N/A</lei>
        <title>JPMMT 2024-5 A6</title>
        <cusip>46658RAF5</cusip>
        <identifiers>
          <isin value="US46658RAF55"/>
          <ticker value="JPMMT"/>
        </identifiers>
        <balance>466159.06</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>470457.25</valUSD>
        <pctVal>0.1196508912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lowes Companies, Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>LOW 3.75 04/01/32</title>
        <cusip>548661EH6</cusip>
        <identifiers>
          <isin value="US548661EH62"/>
          <ticker value="LOW"/>
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        <balance>1830000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1746302.88</valUSD>
        <pctVal>0.4441353512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MSWF COMMERCIAL MORTGAGE TRUST 2023-2</name>
        <lei>N/A</lei>
        <title>MSWF 2023-2 A5</title>
        <cusip>55361AAU8</cusip>
        <identifiers>
          <isin value="US55361AAU88"/>
          <ticker value="MSWF"/>
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        <balance>575000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>633415.69</valUSD>
        <pctVal>0.1610959377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.014000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MOUNTAIN VIEW CLO LTD 2022-1A</name>
        <lei>N/A</lei>
        <title>ABS FLOAT SER.2022-1A CL.A1R</title>
        <cusip>62432UAN1</cusip>
        <identifiers>
          <isin value="US62432UAN19"/>
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        <balance>975000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>980779.81</valUSD>
        <pctVal>0.2494406843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.76</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEUBERGER BERMAN LOAN ADVISERS NBLA CLO 54 LTD</name>
        <lei>2549008MU2CMQ0UY7J70</lei>
        <title>NEUB 2024-54A D</title>
        <cusip>64135PAG3</cusip>
        <identifiers>
          <isin value="US64135PAG37"/>
          <ticker value="NEUB"/>
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        <balance>850000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>859925.44</valUSD>
        <pctVal>0.2187039211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>RCICN 3.2 03/15/27</title>
        <cusip>775109CG4</cusip>
        <identifiers>
          <isin value="US775109CG49"/>
          <ticker value="RCICN"/>
        </identifiers>
        <balance>1310000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1275373</valUSD>
        <pctVal>0.3243642565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.200000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 2.125 02/15/54</title>
        <cusip>912810TY4</cusip>
        <identifiers>
          <isin value="US912810TY47"/>
          <ticker value="T"/>
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        <balance>4910000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5231855.5</valUSD>
        <pctVal>1.3306122360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 0.125 04/15/26</title>
        <cusip>91282CCA7</cusip>
        <identifiers>
          <isin value="US91282CCA71"/>
          <ticker value="T"/>
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        <balance>24720000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28823665.76</valUSD>
        <pctVal>7.3306922082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 2.125 04/15/29</title>
        <cusip>91282CKL4</cusip>
        <identifiers>
          <isin value="US91282CKL45"/>
          <ticker value="T"/>
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        <balance>20650000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21581544</valUSD>
        <pctVal>5.4888110956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 4.375 05/15/34</title>
        <cusip>91282CKQ3</cusip>
        <identifiers>
          <isin value="US91282CKQ32"/>
          <ticker value="T"/>
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        <balance>1220000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1277759.38</valUSD>
        <pctVal>0.3249711820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 3.625 09/30/31</title>
        <cusip>91282CLM1</cusip>
        <identifiers>
          <isin value="US91282CLM19"/>
          <ticker value="T"/>
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        <balance>3480000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3473475</valUSD>
        <pctVal>0.8834051966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-C63</name>
        <lei>N/A</lei>
        <title>WFCM 2024-C63 A5</title>
        <cusip>94990FAE1</cusip>
        <identifiers>
          <isin value="US94990FAE16"/>
          <ticker value="WFCM"/>
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        <balance>1030000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1082481.13</valUSD>
        <pctVal>0.2753062727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-08-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.309000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-1CHI</name>
        <lei>N/A</lei>
        <title>WFCM 2024-1CHI A</title>
        <cusip>95003PAA9</cusip>
        <identifiers>
          <isin value="US95003PAA93"/>
          <ticker value="WFCM"/>
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        <balance>875000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>881238.25</valUSD>
        <pctVal>0.2241243854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.484406300000</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>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-1CHI</name>
        <lei>N/A</lei>
        <title>WFCM 2024-1CHI B</title>
        <cusip>95003PAC5</cusip>
        <identifiers>
          <isin value="US95003PAC59"/>
          <ticker value="WFCM"/>
        </identifiers>
        <balance>550000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>553810.44</valUSD>
        <pctVal>0.1408500193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.934526400000</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>ARZ TRUST 2024-BILT</name>
        <lei>N/A</lei>
        <title>ARZ 2024-BILT A</title>
        <cusip>00218TAA2</cusip>
        <identifiers>
          <isin value="US00218TAA25"/>
          <ticker value="ARZ"/>
        </identifiers>
        <balance>975000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1012567.63</valUSD>
        <pctVal>0.2575252467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.772000000000</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>CHASE HOME LENDING MORTGAGE TRUST 2024-3</name>
        <lei>N/A</lei>
        <title>CHASE 2024-3 A5A</title>
        <cusip>16159HAH0</cusip>
        <identifiers>
          <isin value="US16159HAH03"/>
          <ticker value="CHASE"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249329.69</valUSD>
        <pctVal>0.0634117545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.500000000000</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>CHASE HOME LENDING MORTGAGE TRUST 2024-3</name>
        <lei>N/A</lei>
        <title>CHASE 2024-3 A7</title>
        <cusip>16159HAN7</cusip>
        <identifiers>
          <isin value="US16159HAN70"/>
          <ticker value="CHASE"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>102070.49</valUSD>
        <pctVal>0.0259594790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.000000000000</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>CONNECTICUT AVENUE SECURITIES TRUST 2024-R02</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>CAS 2024-R02 1M2</title>
        <cusip>20754GAE0</cusip>
        <identifiers>
          <isin value="US20754GAE08"/>
          <ticker value="CAS"/>
        </identifiers>
        <balance>775000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>779127.27</valUSD>
        <pctVal>0.1981546086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.148840400000</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>Constellation Software Inc.</name>
        <lei>549300B6PYHMCTDWQV29</lei>
        <title>CSUCN 5.158 02/16/29 144A</title>
        <cusip>21037XAC4</cusip>
        <identifiers>
          <isin value="US21037XAC48"/>
          <ticker value="CSUCN"/>
        </identifiers>
        <balance>241000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>248427.11</valUSD>
        <pctVal>0.0631822022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.158000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac Stacr Remic Trust</name>
        <lei>N/A</lei>
        <title>STACR 2024-HQA1 A1</title>
        <cusip>35564NBW2</cusip>
        <identifiers>
          <isin value="US35564NBW20"/>
          <ticker value="STACR"/>
        </identifiers>
        <balance>96795.61</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>96763.47</valUSD>
        <pctVal>0.0246097502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.598840000000</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>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>G2 MA8427</title>
        <cusip>36179XLG9</cusip>
        <identifiers>
          <isin value="US36179XLG96"/>
          <ticker value="GNR"/>
        </identifiers>
        <balance>6787302</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6708745</valUSD>
        <pctVal>1.7062279693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</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>J.P.MORGAN MORTGAGE TRUST 2023-HE3</name>
        <lei>5299007DSRZLE19EYU93</lei>
        <title>JPMMT 2023-HE3 A1</title>
        <cusip>465985AA7</cusip>
        <identifiers>
          <isin value="US465985AA77"/>
          <ticker value="JPMMT"/>
        </identifiers>
        <balance>268950.16</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>270833.16</valUSD>
        <pctVal>0.0688807091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.953190000000</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>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V2.522 04/22/31</title>
        <cusip>46647PBL9</cusip>
        <identifiers>
          <isin value="US46647PBL94"/>
          <ticker value="JPM"/>
        </identifiers>
        <balance>1950000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1771203.75</valUSD>
        <pctVal>0.4504683630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.522000000000</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>J.P. MORGAN MORTGAGE TRUST 2024-VIS2</name>
        <lei>N/A</lei>
        <title>JPMMT 2024-VIS2 A1</title>
        <cusip>46658DAA7</cusip>
        <identifiers>
          <isin value="US46658DAA72"/>
          <ticker value="JPMMT"/>
        </identifiers>
        <balance>1039522.19</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1053882.75</valUSD>
        <pctVal>0.2680328772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.853000000000</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>Mortg. Sec. Tr</name>
        <lei>N/A</lei>
        <title>LCCM 2017-LC26 A4</title>
        <cusip>50190DAJ5</cusip>
        <identifiers>
          <isin value="US50190DAJ54"/>
          <ticker value="FRESB"/>
        </identifiers>
        <balance>975000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>947130.13</valUSD>
        <pctVal>0.2408825970</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.551000000000</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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V2.699 01/22/31 GMTN</title>
        <cusip>6174468L6</cusip>
        <identifiers>
          <isin value="US6174468L62"/>
          <ticker value="MS"/>
        </identifiers>
        <balance>1940000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1776829.38</valUSD>
        <pctVal>0.4518991234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.699000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OAKTREE CLO 2024-25 LTD</name>
        <lei>N/A</lei>
        <title>OAKCL 2024-25A A</title>
        <cusip>67402PAA5</cusip>
        <identifiers>
          <isin value="US67402PAA57"/>
          <ticker value="OAKCL"/>
        </identifiers>
        <balance>1250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1258437.5</valUSD>
        <pctVal>0.3200570688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.000000000000</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>SCG 2024-MSP MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>SCG 2024-MSP A</title>
        <cusip>78436EAA7</cusip>
        <identifiers>
          <isin value="US78436EAA73"/>
          <ticker value="SCG"/>
        </identifiers>
        <balance>575000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>571226.56</valUSD>
        <pctVal>0.1452794425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.856812500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 0.125 07/15/30</title>
        <cusip>912828ZZ6</cusip>
        <identifiers>
          <isin value="US912828ZZ63"/>
          <ticker value="T"/>
        </identifiers>
        <balance>18400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20988.6</valUSD>
        <pctVal>0.0053380083</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 1.625 10/15/27</title>
        <cusip>91282CFR7</cusip>
        <identifiers>
          <isin value="US91282CFR79"/>
          <ticker value="T"/>
        </identifiers>
        <balance>11100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11863.31</valUSD>
        <pctVal>0.0030171830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
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        <name>United States Treasury Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Notes</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-15</maturityDt>
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        <name>Vinci SA</name>
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        <curCd>USD</curCd>
        <valUSD>829104.44</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Waste Management, Inc.</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-03</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.271000000000</annualizedRt>
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      <invstOrSec>
        <name>The Boeing Company</name>
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          <isin value="US097023DL68"/>
          <ticker value="BA"/>
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        <curCd>USD</curCd>
        <valUSD>386375.44</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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        <name>ELMWOOD CLO 32 LTD</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Floating</couponKind>
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        <name>Penske Truck Leasing Co LP / PTL Finance Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-1</name>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 1.75 01/15/34</title>
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          <isin value="US91282CJY84"/>
          <ticker value="T"/>
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        <name>EXETER AUTOMOBILE RECEIVABLES TRUST 2024-1</name>
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        <name>1988 CLO 4 LTD</name>
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        <name>United States Treasury Notes</name>
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    <signature>
      <ncom:dateSigned>2025-03-21</ncom:dateSigned>
      <ncom:nameOfApplicant>EMPOWER FUNDS, INC.</ncom:nameOfApplicant>
      <ncom:signature>/s/Kelly New</ncom:signature>
      <ncom:signerName>Kelly New</ncom:signerName>
      <ncom:title>Treasurer, Empower Funds, Inc.</ncom:title>
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  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
