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      <seriesName>Empower Core Strategies: Inflation-Protected Securities Fund</seriesName>
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        <name>CITIBANK N.A. NEW YORK</name>
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        <name>BARCLAYS BANK INTL</name>
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        <name>Dreyfus Instl Resv</name>
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        <name>Alphabet Inc.</name>
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        <name>American Express Credit Account Master Trust</name>
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        <name>Ares LI Clo Ltd.</name>
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        <name>Cedar Funding IV CLO Ltd.</name>
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        <name>Constellation Software Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dewolf Park CLO Ltd.</name>
        <lei>N/A</lei>
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        <name>DURST COMMERCIAL MORTGAGE TRUST 202</name>
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        <name>EFMT 2026-NQM4</name>
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        <title>EFMT 2026-NQM4 A1A</title>
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        <name>Expedia Group Inc</name>
        <lei>CI7MUJI4USF3V0NJ1H64</lei>
        <title>EXPE 3.25 02/15/30</title>
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        <name>Global Payments Inc</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>GPN 5.55 11/15/35</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.550000000000</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>IRV TRUST 2025-200P</name>
        <lei>N/A</lei>
        <title>IRV 2025-200P C</title>
        <cusip>45006HAE1</cusip>
        <identifiers>
          <isin value="US45006HAE18"/>
          <ticker value="IRV"/>
        </identifiers>
        <balance>575000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>569302.69</valUSD>
        <pctVal>0.0719268437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.730370000000</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>Idex Corporation</name>
        <lei>549300U5Y5EL6PHYLF13</lei>
        <title>IEX 2.625 06/15/31</title>
        <cusip>45167RAH7</cusip>
        <identifiers>
          <isin value="US45167RAH75"/>
          <ticker value="IEX"/>
        </identifiers>
        <balance>280000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>252644.41</valUSD>
        <pctVal>0.0319196015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.625000000000</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-VIS</name>
        <lei>N/A</lei>
        <title>JPMMT 2024-VIS2 A1</title>
        <cusip>46658DAA7</cusip>
        <identifiers>
          <isin value="US46658DAA72"/>
          <ticker value="JPMMT"/>
        </identifiers>
        <balance>833929.63</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>838419.06</valUSD>
        <pctVal>0.1059275456</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>JP MORGAN MORTGAGE TRUST 2026-VIS1</name>
        <lei>N/A</lei>
        <title>JPMMT 2026-VIS1 A1A</title>
        <cusip>46660PAC2</cusip>
        <identifiers>
          <isin value="US46660PAC23"/>
          <ticker value="JPMMT"/>
        </identifiers>
        <balance>2234218</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2216831.5</valUSD>
        <pctVal>0.2800789379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.753000000000</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>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>MAR 2.85 04/15/31 HH</title>
        <cusip>571903BG7</cusip>
        <identifiers>
          <isin value="US571903BG74"/>
          <ticker value="MAR"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>457848.56</valUSD>
        <pctVal>0.0578455054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.850000000000</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>OHA CREDIT FUNDING 15-R LTD</name>
        <lei>N/A</lei>
        <title>OAKC 2023-15RA A</title>
        <cusip>67121NAC6</cusip>
        <identifiers>
          <isin value="US67121NAC65"/>
          <ticker value="OAKC"/>
        </identifiers>
        <balance>1450000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1450793.13</valUSD>
        <pctVal>0.1832961138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.957630000000</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>ROCK TR 2024-CNTR</name>
        <lei>N/A</lei>
        <title>ROCC 2024-CNTR A</title>
        <cusip>74970WAA8</cusip>
        <identifiers>
          <isin value="US74970WAA80"/>
          <ticker value="ROCC"/>
        </identifiers>
        <balance>1350000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1372393.5</valUSD>
        <pctVal>0.1733909473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.388340000000</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>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>SYF V4.947 02/25/32</title>
        <cusip>87165BAZ6</cusip>
        <identifiers>
          <isin value="US87165BAZ67"/>
          <ticker value="SYF"/>
        </identifiers>
        <balance>980000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>951092.44</valUSD>
        <pctVal>0.1201629264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.947000000000</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>Uber Technologies Inc</name>
        <lei>549300B2FTG34FILDR98</lei>
        <title>UBER 4.5 08/15/29 144A</title>
        <cusip>90353TAK6</cusip>
        <identifiers>
          <isin value="US90353TAK60"/>
          <ticker value="UBER"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>495764.06</valUSD>
        <pctVal>0.0626358257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</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>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 1.625 10/15/29</title>
        <cusip>91282CLV1</cusip>
        <identifiers>
          <isin value="US91282CLV18"/>
          <ticker value="T"/>
        </identifiers>
        <balance>69620000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>73094762</valUSD>
        <pctVal>9.2349388338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.625000000000</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>The Cigna Group</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>CI 5.125 05/15/31</title>
        <cusip>125523CU2</cusip>
        <identifiers>
          <isin value="US125523CU21"/>
          <ticker value="CI"/>
        </identifiers>
        <balance>425000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>433752.44</valUSD>
        <pctVal>0.0548011532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="278055.660000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHASE HOME LENDING MORTGAGE TRUST 2</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>100363</valUSD>
        <pctVal>0.0126800627</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>NYC Commercial Mortgage Trust 2025-300P</name>
        <lei>N/A</lei>
        <title>NYC 2025-300P A</title>
        <cusip>67121TAA7</cusip>
        <identifiers>
          <isin value="US67121TAA79"/>
          <ticker value="NYC"/>
        </identifiers>
        <balance>1100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1093421.75</valUSD>
        <pctVal>0.1381450969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.879000000000</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>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORCL 5.25 02/03/32</title>
        <cusip>68389XCZ6</cusip>
        <identifiers>
          <isin value="US68389XCZ69"/>
          <ticker value="ORCL"/>
        </identifiers>
        <balance>614000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>603044.81</valUSD>
        <pctVal>0.0761898908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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>BX Trust 2018-Bilt</name>
        <lei>N/A</lei>
        <title>BX 2024-BIO A</title>
        <cusip>05612AAA4</cusip>
        <identifiers>
          <isin value="US05612AAA43"/>
          <ticker value="BX"/>
        </identifiers>
        <balance>1050000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1047367.13</valUSD>
        <pctVal>0.1323264639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.314510000000</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>Blackstone Secured Lending Fund</name>
        <lei>549300KM7KWQHVBNH962</lei>
        <title>BXSL 5.875 11/15/27</title>
        <cusip>09261XAH5</cusip>
        <identifiers>
          <isin value="US09261XAH52"/>
          <ticker value="BXSL"/>
        </identifiers>
        <balance>300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>300987.91</valUSD>
        <pctVal>0.0380274162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>BROOK HAVEN CLO LTD</name>
        <lei>N/A</lei>
        <title>BROOKP 2024-1A A</title>
        <cusip>113520AA8</cusip>
        <identifiers>
          <isin value="US113520AA83"/>
          <ticker value="BROOKP"/>
        </identifiers>
        <balance>925000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>924913.06</valUSD>
        <pctVal>0.1168553711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.167630000000</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>CARLYLE US CLO 2021-8 LTD</name>
        <lei>N/A</lei>
        <title>CGMS 2021-8A A1R</title>
        <cusip>143120AN3</cusip>
        <identifiers>
          <isin value="US143120AN30"/>
          <ticker value="CGMS"/>
        </identifiers>
        <balance>2925000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2925886.25</valUSD>
        <pctVal>0.3696623371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-15</maturityDt>
          <couponKind>Variable</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>BX TRUST 2024-BRVE</name>
        <lei>N/A</lei>
        <title>BX 2024-BRVE A</title>
        <cusip>05612KAA2</cusip>
        <identifiers>
          <isin value="US05612KAA25"/>
          <ticker value="BX"/>
        </identifiers>
        <balance>956404.81</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>956703.69</valUSD>
        <pctVal>0.1208718630</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>5.513510000000</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>BANK5 2024-5YR10</name>
        <lei>N/A</lei>
        <title>BANK5 2024-5YR10 AS</title>
        <cusip>06604AAM6</cusip>
        <identifiers>
          <isin value="US06604AAM62"/>
          <ticker value="BANK5"/>
        </identifiers>
        <balance>300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>305094.75</valUSD>
        <pctVal>0.0385462826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.637000000000</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>Boeing Co.</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 6.528 05/01/34</title>
        <cusip>097023DS1</cusip>
        <identifiers>
          <isin value="US097023DS12"/>
          <ticker value="BA"/>
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        <balance>360000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>392163.34</valUSD>
        <pctVal>0.0495467029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.528000000000</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>CIM TRUST 2025-I1</name>
        <lei>N/A</lei>
        <title>CIM 2025-I1 A2</title>
        <cusip>12571DAB1</cusip>
        <identifiers>
          <isin value="US12571DAB10"/>
          <ticker value="CIM"/>
        </identifiers>
        <balance>520089.56</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>523202.19</valUSD>
        <pctVal>0.0661024140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.908000000000</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>Chubb INA Holdings LLC</name>
        <lei>CZCBJZWDMLTHWJDXU843</lei>
        <title>CB 6.8 11/15/31</title>
        <cusip>171232AE1</cusip>
        <identifiers>
          <isin value="US171232AE11"/>
          <ticker value="CB"/>
        </identifiers>
        <balance>464000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>512293.94</valUSD>
        <pctVal>0.0647242439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.800000000000</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 National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>CAS 2024-R02 1M2</title>
        <cusip>20754GAE0</cusip>
        <identifiers>
          <isin value="US20754GAE08"/>
          <ticker value="FNMA"/>
        </identifiers>
        <balance>775000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>775240.25</valUSD>
        <pctVal>0.0979454080</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>5.461900000000</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>Connecticut Avenue Securities Trust 2026-R01</name>
        <lei>N/A</lei>
        <title>CAS 2026-R01 2M2</title>
        <cusip>20755BAC4</cusip>
        <identifiers>
          <isin value="US20755BAC46"/>
          <ticker value="CAS"/>
        </identifiers>
        <balance>2285000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2284934.38</valUSD>
        <pctVal>0.2886831924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.011900000000</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>Exeter Automobile Receivables Trust 2013-2</name>
        <lei>N/A</lei>
        <title>EART 2025-1A A3</title>
        <cusip>30167MAC1</cusip>
        <identifiers>
          <isin value="US30167MAC10"/>
          <ticker value="EART"/>
        </identifiers>
        <balance>170030.2</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>170200.88</valUSD>
        <pctVal>0.0215035205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.670000000000</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>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>G2 MA8427</title>
        <cusip>36179XLG9</cusip>
        <identifiers>
          <isin value="US36179XLG96"/>
          <ticker value="GNR"/>
        </identifiers>
        <balance>5754375.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5601867.5</valUSD>
        <pctVal>0.7077511754</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN MTG TR 2025-NQM1</name>
        <lei>N/A</lei>
        <title>JPMMT 2025-NQM5 A1A</title>
        <cusip>46664DAC5</cusip>
        <identifiers>
          <isin value="US46664DAC56"/>
          <ticker value="JPMMT"/>
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        <balance>1673871.75</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1661272.75</valUSD>
        <pctVal>0.2098885312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.879000000000</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>MSWF COMMERCIAL MORTGAGE TRUST 2023</name>
        <lei>N/A</lei>
        <title>MSWF 2023-2 A2</title>
        <cusip>55361AAR5</cusip>
        <identifiers>
          <isin value="US55361AAR59"/>
          <ticker value="MSWF"/>
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        <balance>498219.38</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>518050.91</valUSD>
        <pctVal>0.0654515910</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Mars Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>MARS 4.8 03/01/30 144A</title>
        <cusip>571676AY1</cusip>
        <identifiers>
          <isin value="US571676AY11"/>
          <ticker value="MARS"/>
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        <balance>1075000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1086313.38</valUSD>
        <pctVal>0.1372470112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.800000000000</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>Mars Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>MARS 5.2 03/01/35 144A</title>
        <cusip>571676BA2</cusip>
        <identifiers>
          <isin value="US571676BA26"/>
          <ticker value="MARS"/>
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        <balance>1325000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1337614.97</valUSD>
        <pctVal>0.1689969581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.200000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OAKTREE CLO 2023-2 LTD</name>
        <lei>254900E6646RC82IR359</lei>
        <title>OAKCL 2024-25A A</title>
        <cusip>67402PAA5</cusip>
        <identifiers>
          <isin value="US67402PAA57"/>
          <ticker value="OAKCL"/>
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        <balance>1250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1249963.75</valUSD>
        <pctVal>0.1579229272</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>5.217630000000</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>1988 CLO 4 LTD</name>
        <lei>2549000NTXDB3VOXDV92</lei>
        <title>MUZ88 2024-4A D</title>
        <cusip>68252EAJ0</cusip>
        <identifiers>
          <isin value="US68252EAJ01"/>
          <ticker value="MUZ88"/>
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        <balance>975000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>975000</valUSD>
        <pctVal>0.1231834555</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>7.922190000000</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>Elmwood Clo V Ltd.</name>
        <lei>N/A</lei>
        <title>ELM23 2023-2A AR</title>
        <cusip>29003YAJ0</cusip>
        <identifiers>
          <isin value="US29003YAJ01"/>
          <ticker value="ELM23"/>
        </identifiers>
        <balance>3750000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3751106.25</valUSD>
        <pctVal>0.4739222870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.021130000000</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>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 4.2 11/15/30</title>
        <cusip>30303MAB8</cusip>
        <identifiers>
          <isin value="US30303MAB81"/>
          <ticker value="META"/>
        </identifiers>
        <balance>1200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1188356.13</valUSD>
        <pctVal>0.1501392969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.200000000000</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>Elevance Health Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>ELV 4.6 09/15/32</title>
        <cusip>036752BJ1</cusip>
        <identifiers>
          <isin value="US036752BJ10"/>
          <ticker value="ELV"/>
        </identifiers>
        <balance>1580000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1556143.38</valUSD>
        <pctVal>0.1966062757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.600000000000</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>Boeing Co.</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 6.298 05/01/29</title>
        <cusip>097023DQ5</cusip>
        <identifiers>
          <isin value="US097023DQ55"/>
          <ticker value="BA"/>
        </identifiers>
        <balance>650000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>682393.13</valUSD>
        <pctVal>0.0862149167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <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 2</name>
        <lei>N/A</lei>
        <title>CHASE 2024-3 A5</title>
        <cusip>16159HAG2</cusip>
        <identifiers>
          <isin value="US16159HAG20"/>
          <ticker value="CHASE"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>201261.69</valUSD>
        <pctVal>0.0254278056</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>DURST COMMERCIAL MORTGAGE TRUST 202</name>
        <lei>N/A</lei>
        <title>DURST 2025-151 B</title>
        <cusip>266895AC5</cusip>
        <identifiers>
          <isin value="US266895AC50"/>
          <ticker value="DURST"/>
        </identifiers>
        <balance>1400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1410863.88</valUSD>
        <pctVal>0.1782513723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.209904000000</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>Elmwood Clo 38 Ltd.</name>
        <lei>N/A</lei>
        <title>ELM38 2025-1A A</title>
        <cusip>289908AA3</cusip>
        <identifiers>
          <isin value="US289908AA34"/>
          <ticker value="ELM38"/>
        </identifiers>
        <balance>1650000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1644767.88</valUSD>
        <pctVal>0.2078032728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.819200000000</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>ELMWOOD CLO 32 LTD</name>
        <lei>N/A</lei>
        <title>ELM32 2024-8A A1</title>
        <cusip>29003TAA0</cusip>
        <identifiers>
          <isin value="US29003TAA07"/>
          <ticker value="ELM32"/>
        </identifiers>
        <balance>875000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>876357.13</valUSD>
        <pctVal>0.1107207175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.017630000000</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>Generate CLO 20 Ltd.</name>
        <lei>N/A</lei>
        <title>KLLM 2024-20A A</title>
        <cusip>370912AA5</cusip>
        <identifiers>
          <isin value="US370912AA51"/>
          <ticker value="KLLM"/>
        </identifiers>
        <balance>1100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1100079.25</valUSD>
        <pctVal>0.1389862188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.968020000000</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>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 5.45 04/01/31</title>
        <cusip>404119CT4</cusip>
        <identifiers>
          <isin value="US404119CT49"/>
          <ticker value="HCA"/>
        </identifiers>
        <balance>425000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>435624</valUSD>
        <pctVal>0.0550376099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.450000000000</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>LCCM 2017-Lc26 Mortgage Trust</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>962013.75</valUSD>
        <pctVal>0.1215427466</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</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>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>MAR 4.5 05/01/33</title>
        <cusip>571903BY8</cusip>
        <identifiers>
          <isin value="US571903BY80"/>
          <ticker value="MAR"/>
        </identifiers>
        <balance>625000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>603885.88</valUSD>
        <pctVal>0.0762961533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</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>Neuberger Berman Loan Advisers Clo 54 Ltd.</name>
        <lei>2549008MU2CMQ0UY7J70</lei>
        <title>NEUB 2024-54A D</title>
        <cusip>64135PAG3</cusip>
        <identifiers>
          <isin value="US64135PAG37"/>
          <ticker value="NEUB"/>
        </identifiers>
        <balance>850000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>851672.81</valUSD>
        <pctVal>0.1076020510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.359800000000</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>OAKTREE CLO 2019-2 LTD</name>
        <lei>N/A</lei>
        <title>OAKCL 2023-2A A1R</title>
        <cusip>67401QAL0</cusip>
        <identifiers>
          <isin value="US67401QAL05"/>
          <ticker value="OAKCL"/>
        </identifiers>
        <balance>2975000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2971947.75</valUSD>
        <pctVal>0.3754818394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.017630000000</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 C</title>
        <cusip>68252EAG6</cusip>
        <identifiers>
          <isin value="US68252EAG61"/>
          <ticker value="MUZ88"/>
        </identifiers>
        <balance>1200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1200000</valUSD>
        <pctVal>0.1516104068</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>6.272190000000</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>PALMER SQUARE CLO LTD 2024-3</name>
        <lei>N/A</lei>
        <title>PLMRS 2024-3A A</title>
        <cusip>69688GAA6</cusip>
        <identifiers>
          <isin value="US69688GAA67"/>
          <ticker value="PLMRS"/>
        </identifiers>
        <balance>3275000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3275818.75</valUSD>
        <pctVal>0.4138735110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.017630000000</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>Penske Truck Leasing Co LP / PTL Finance Corp.</name>
        <lei>549300ZX07JYMI8GHQ39</lei>
        <title>PENSKE 5.25 07/01/29 144A</title>
        <cusip>709599CA0</cusip>
        <identifiers>
          <isin value="US709599CA09"/>
          <ticker value="PENSKE"/>
        </identifiers>
        <balance>286000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>290152.97</valUSD>
        <pctVal>0.0366585082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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</title>
        <cusip>83444MAR2</cusip>
        <identifiers>
          <isin value="US83444MAR25"/>
          <ticker value="SOLV"/>
        </identifiers>
        <balance>375000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>383366.44</valUSD>
        <pctVal>0.0484352849</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>Synopsys Inc</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>SNPS 5 04/01/32</title>
        <cusip>871607AD9</cusip>
        <identifiers>
          <isin value="US871607AD97"/>
          <ticker value="SNPS"/>
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        <balance>401000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>404479.5</valUSD>
        <pctVal>0.0511027513</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>5.000000000000</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>Synopsys Inc</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>SNPS 5.15 04/01/35</title>
        <cusip>871607AE7</cusip>
        <identifiers>
          <isin value="US871607AE70"/>
          <ticker value="SNPS"/>
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        <balance>282000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>282539.21</valUSD>
        <pctVal>0.0356965705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.150000000000</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>U.S. Bancorp.</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>USB V5.083 05/15/31</title>
        <cusip>91159HJV3</cusip>
        <identifiers>
          <isin value="US91159HJV33"/>
          <ticker value="USB"/>
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        <balance>1755000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1780196.5</valUSD>
        <pctVal>0.2249135963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.083000000000</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 Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 1.25 04/15/28</title>
        <cusip>91282CGW5</cusip>
        <identifiers>
          <isin value="US91282CGW55"/>
          <ticker value="T"/>
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        <balance>31900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34720824</valUSD>
        <pctVal>4.3866985421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.250000000000</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>Vertiv Holdings Co</name>
        <lei>549300KTTIRAOGXCRV69</lei>
        <title>VRT 4.85 03/15/36</title>
        <cusip>92537NAA6</cusip>
        <identifiers>
          <isin value="US92537NAA63"/>
          <ticker value="VRT"/>
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        <balance>1307000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1270884.26</valUSD>
        <pctVal>0.1605660664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.850000000000</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>BX Trust 2018-Bilt</name>
        <lei>N/A</lei>
        <title>BX 2024-XL5 A</title>
        <cusip>05612GAA1</cusip>
        <identifiers>
          <isin value="US05612GAA13"/>
          <ticker value="BX"/>
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        <balance>382053.59</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>382491.22</valUSD>
        <pctVal>0.0483247079</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5.064160000000</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>Bain Capital Credit Clo 2019-1</name>
        <lei>549300B0VI605XM3L529</lei>
        <title>BCC 2019-1A CR3</title>
        <cusip>05683VBN3</cusip>
        <identifiers>
          <isin value="US05683VBN38"/>
          <ticker value="BCC"/>
        </identifiers>
        <balance>1975000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1967892</valUSD>
        <pctVal>0.2486274222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-19</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blackstone Private Credit Fund</name>
        <lei>549300ORP3TTCNXSYO43</lei>
        <title>BCRED 6 01/29/32</title>
        <cusip>09261HBX4</cusip>
        <identifiers>
          <isin value="US09261HBX44"/>
          <ticker value="BCRED"/>
        </identifiers>
        <balance>150000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>145466.77</valUSD>
        <pctVal>0.0183785635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-29</maturityDt>
          <couponKind>Fixed</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cbamr 2017-4 Ltd. / Cbamr 2017-4 LLC</name>
        <lei>635400U9D8ZDLM1G7T76</lei>
        <title>CBAMR 2017-4A A1R</title>
        <cusip>12516EAC5</cusip>
        <identifiers>
          <isin value="US12516EAC57"/>
          <ticker value="CBAMR"/>
        </identifiers>
        <balance>2150000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2152524</valUSD>
        <pctVal>0.2719541994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-31</maturityDt>
          <couponKind>Variable</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>Carrier Global Corporation</name>
        <lei>549300JE3W6CWY2NAN77</lei>
        <title>CARR 2.7 02/15/31</title>
        <cusip>14448CAL8</cusip>
        <identifiers>
          <isin value="US14448CAL81"/>
          <ticker value="CARR"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>458412.63</valUSD>
        <pctVal>0.0579167711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.700000000000</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>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V6.02 01/24/36</title>
        <cusip>172967PU9</cusip>
        <identifiers>
          <isin value="US172967PU96"/>
          <ticker value="C"/>
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        <balance>490000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>500255.03</valUSD>
        <pctVal>0.0632032238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.020000000000</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>FORD CR AUTO OWN TR 2024-REV1</name>
        <lei>N/A</lei>
        <title>FORDR 2024-1 A</title>
        <cusip>34533BAA8</cusip>
        <identifiers>
          <isin value="US34533BAA89"/>
          <ticker value="FORDR"/>
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        <balance>900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>913026.63</valUSD>
        <pctVal>0.1153536156</pctVal>
        <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>
          <annualizedRt>4.870000000000</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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V5.073 01/30/37</title>
        <cusip>61748UAT9</cusip>
        <identifiers>
          <isin value="US61748UAT97"/>
          <ticker value="MS"/>
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        <balance>1875000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1836974.13</valUSD>
        <pctVal>0.2320869959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.073000000000</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>SANTANDER DRIVE AUTO 2025-1</name>
        <lei>N/A</lei>
        <title>SDART 2025-1 A3</title>
        <cusip>80288DAC0</cusip>
        <identifiers>
          <isin value="US80288DAC02"/>
          <ticker value="SDART"/>
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        <balance>711631</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>712911.06</valUSD>
        <pctVal>0.0900706132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.740000000000</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>Waste Management, Inc.</name>
        <lei>549300YX8JIID70NFS41</lei>
        <title>WM 4.95 07/03/31</title>
        <cusip>94106LBY4</cusip>
        <identifiers>
          <isin value="US94106LBY48"/>
          <ticker value="WM"/>
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        <balance>352000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>360028.47</valUSD>
        <pctVal>0.0454867190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-03</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>WISE CLO LTD 2023-2</name>
        <lei>2549000Z4RGK1HNAPB35</lei>
        <title>WYZE 2023-2A A1R</title>
        <cusip>97719TAJ3</cusip>
        <identifiers>
          <isin value="US97719TAJ34"/>
          <ticker value="WYZE"/>
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        <balance>2740000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2743989.5</valUSD>
        <pctVal>0.3466811369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-15</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>COLT 2025-6 Mortgage Loan Trust</name>
        <lei>213800IXUWCX6RHIO921</lei>
        <title>COLT 2025-6 A1</title>
        <cusip>19689BAA1</cusip>
        <identifiers>
          <isin value="US19689BAA17"/>
          <ticker value="COLT"/>
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        <balance>1431583.75</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1437391</valUSD>
        <pctVal>0.1816028618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.529000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COLT 2025-8 MORTGAGE LOAN TRUST</name>
        <lei>2138009IZ4NQZAKAEN75</lei>
        <title>COLT 2025-8 A1</title>
        <cusip>19689DAA7</cusip>
        <identifiers>
          <isin value="US19689DAA72"/>
          <ticker value="COLT"/>
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        <balance>1942638.63</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1949322.75</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.480000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRV TRUST 2025-200P</name>
        <lei>N/A</lei>
        <title>IRV 2025-200P A</title>
        <cusip>45006HAA9</cusip>
        <identifiers>
          <isin value="US45006HAA95"/>
          <ticker value="IRV"/>
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        <balance>550000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>554322.31</valUSD>
        <pctVal>0.0700341924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.294590000000</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 2023-HE3</name>
        <lei>5299007DSRZLE19EYU93</lei>
        <title>JPMMT 2023-HE3 A1</title>
        <cusip>465985AA7</cusip>
        <identifiers>
          <isin value="US465985AA77"/>
          <ticker value="JPMMT"/>
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        <balance>133319.22</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>133513.53</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.261540000000</annualizedRt>
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          <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>NYC COMMERCIAL MTG TR 2025-3BP</name>
        <lei>N/A</lei>
        <title>NYC 2025-3BP B</title>
        <cusip>67120UAC1</cusip>
        <identifiers>
          <isin value="US67120UAC18"/>
          <ticker value="NYC"/>
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        <balance>300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>299926.22</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.364820000000</annualizedRt>
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          <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>Obx 2025-NQM15 Trust</name>
        <lei>254900Y3YIZHUWMEGC78</lei>
        <title>OBX 2025-NQM15 A1A</title>
        <cusip>67122CAA3</cusip>
        <identifiers>
          <isin value="US67122CAA36"/>
          <ticker value="OBX"/>
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        <balance>1645202.25</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1643196.25</valUSD>
        <pctVal>0.2076047099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.143000000000</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 TR 2024-1</name>
        <lei>N/A</lei>
        <title>JPMMT 2024-1 A4</title>
        <cusip>46657PAD5</cusip>
        <identifiers>
          <isin value="US46657PAD50"/>
          <ticker value="JPMMT"/>
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        <balance>204065.63</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>204506.63</valUSD>
        <pctVal>0.0258377778</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>
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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</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>325000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>344739.97</valUSD>
        <pctVal>0.0435551392</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>
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      </invstOrSec>
      <invstOrSec>
        <name>NYC COMMERCIAL MORTGAGE TRUST 2025-11X</name>
        <lei>N/A</lei>
        <title>NYC 2025-11X A</title>
        <cusip>67122NAA9</cusip>
        <identifiers>
          <isin value="US67122NAA90"/>
          <ticker value="NYC"/>
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        <balance>1100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1100343.75</valUSD>
        <pctVal>0.1390196363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.417010000000</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>OBX 2025-NQM1 TRUST</name>
        <lei>2549007E8KF1RJ2ZV866</lei>
        <title>OBX 2025-NQM1 A1</title>
        <cusip>673914AC1</cusip>
        <identifiers>
          <isin value="US673914AC13"/>
          <ticker value="OBX"/>
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        <balance>1901319.63</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1908750.38</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.547000000000</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>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORCL 5.35 05/04/33</title>
        <cusip>68389XDY8</cusip>
        <identifiers>
          <isin value="US68389XDY85"/>
          <ticker value="ORCL"/>
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        <balance>980000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>954009.31</valUSD>
        <pctVal>0.1205314496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.350000000000</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 1.125 10/15/30</title>
        <cusip>91282CPH8</cusip>
        <identifiers>
          <isin value="US91282CPH87"/>
          <ticker value="T"/>
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        <balance>128500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>128049613</valUSD>
        <pctVal>16.1780449295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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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 1.875 01/15/36</title>
        <cusip>91282CPU9</cusip>
        <identifiers>
          <isin value="US91282CPU98"/>
          <ticker value="T"/>
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        <balance>86240000</balance>
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        <curCd>USD</curCd>
        <valUSD>85282226.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>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>878728.81</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.484406000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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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 2024-1CHI</name>
        <lei>N/A</lei>
        <title>WFCM 2024-1CHI B</title>
        <cusip>95003PAC5</cusip>
        <identifiers>
          <isin value="US95003PAC59"/>
          <ticker value="WFCM"/>
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        <balance>550000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>551230.06</valUSD>
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        <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>5.934526000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORCL 5.7 02/04/36</title>
        <cusip>68389XDZ5</cusip>
        <identifiers>
          <isin value="US68389XDZ50"/>
          <ticker value="ORCL"/>
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        <balance>880000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>846109.69</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.700000000000</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>PIKES PEAK CLO 19(2025)</name>
        <lei>391200PAO6NUBCQMES50</lei>
        <title>PIPK 2025-19A A1</title>
        <cusip>72132DAA9</cusip>
        <identifiers>
          <isin value="US72132DAA90"/>
          <ticker value="PIPK"/>
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        <balance>3675000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3676565.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.007630000000</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>TOYOTA AUTO RECEIVABLES 2023-B OWNE</name>
        <lei>N/A</lei>
        <title>TAOT 2023-B A3</title>
        <cusip>891941AD8</cusip>
        <identifiers>
          <isin value="US891941AD82"/>
          <ticker value="TAOT"/>
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        <balance>559218.88</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>560822.75</valUSD>
        <pctVal>0.0708554711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.710000000000</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>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>7010000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6547350.25</valUSD>
        <pctVal>0.8272053623</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 4.25 03/31/33</title>
        <cusip>91282CQF1</cusip>
        <identifiers>
          <isin value="US91282CQF13"/>
          <ticker value="T"/>
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        <balance>9780000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9847238</valUSD>
        <pctVal>1.2441197991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</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 Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 3.875 03/31/31</title>
        <cusip>91282CQG9</cusip>
        <identifiers>
          <isin value="US91282CQG95"/>
          <ticker value="T"/>
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        <balance>7920000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7894631.5</valUSD>
        <pctVal>0.9974235776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</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 2026-1250B</name>
        <lei>N/A</lei>
        <title>WFCM 2026-1250B A</title>
        <cusip>949939AA0</cusip>
        <identifiers>
          <isin value="US949939AA02"/>
          <ticker value="WFCM"/>
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        <balance>1250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1237966.63</valUSD>
        <pctVal>0.1564071870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.833290000000</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>BMO 2022-C2 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BMO 2022-C2 A5</title>
        <cusip>05602NAE0</cusip>
        <identifiers>
          <isin value="US05602NAE04"/>
          <ticker value="BMO"/>
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        <balance>525000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>526586</valUSD>
        <pctVal>0.0665299314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.788602000000</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>Boeing Co.</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 8.75 09/15/31</title>
        <cusip>097023AE5</cusip>
        <identifiers>
          <isin value="US097023AE52"/>
          <ticker value="BA"/>
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        <balance>405000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>473688.94</valUSD>
        <pctVal>0.0598468107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARLYLE US 25-3 LTD/LLC</name>
        <lei>N/A</lei>
        <title>CGMS 2025-3A A</title>
        <cusip>14320EAA1</cusip>
        <identifiers>
          <isin value="US14320EAA10"/>
          <ticker value="CGMS"/>
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        <balance>2150000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2152732.75</valUSD>
        <pctVal>0.2719805733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.048020000000</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>CHASE HOME LENDING MORTGAGE TRUST 2</name>
        <lei>N/A</lei>
        <title>CHASE 2024-3 A5A</title>
        <cusip>16159HAH0</cusip>
        <identifiers>
          <isin value="US16159HAH03"/>
          <ticker value="CHASE"/>
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        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>247141.7</valUSD>
        <pctVal>0.0312243781</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>CAS 2024-R01 1M2</title>
        <cusip>20753UAB6</cusip>
        <identifiers>
          <isin value="US20753UAB61"/>
          <ticker value="FNMA"/>
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        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251945.2</valUSD>
        <pctVal>0.0318312619</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>5.461900000000</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>Elmwood Clo VII Ltd.</name>
        <lei>N/A</lei>
        <title>ELM10 2021-3A AR2</title>
        <cusip>29002VAW8</cusip>
        <identifiers>
          <isin value="US29002VAW81"/>
          <ticker value="ELM10"/>
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        <balance>2975000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2975360</valUSD>
        <pctVal>0.3759129499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.967630000000</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>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 4.875 11/15/35</title>
        <cusip>30303MAD4</cusip>
        <identifiers>
          <isin value="US30303MAD48"/>
          <ticker value="META"/>
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        <balance>2450000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2403551.63</valUSD>
        <pctVal>0.3036695336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 4.5 02/15/27</title>
        <cusip>404119BU2</cusip>
        <identifiers>
          <isin value="US404119BU21"/>
          <ticker value="HCA"/>
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        <balance>1200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1200001.25</valUSD>
        <pctVal>0.1516105647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</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>ROCK TR 2024-CNTR</name>
        <lei>N/A</lei>
        <title>ROCC 2024-CNTR D</title>
        <cusip>74970WAG5</cusip>
        <identifiers>
          <isin value="US74970WAG50"/>
          <ticker value="ROCC"/>
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        <balance>600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>623510.75</valUSD>
        <pctVal>0.0787755987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.109140000000</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>REGATTA 30 FUNDING LTD/LLC</name>
        <lei>N/A</lei>
        <title>REG30 2024-4A A1</title>
        <cusip>75903UAA1</cusip>
        <identifiers>
          <isin value="US75903UAA16"/>
          <ticker value="REG30"/>
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        <balance>5225000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5228396</valUSD>
        <pctVal>0.6605660370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-25</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>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 1.875 07/15/35</title>
        <cusip>91282CNS6</cusip>
        <identifiers>
          <isin value="US91282CNS60"/>
          <ticker value="T"/>
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        <balance>200310000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>201904691.5</valUSD>
        <pctVal>25.5090436748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.875000000000</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>Warwick Capital CLO 1 Ltd.</name>
        <lei>N/A</lei>
        <title>WWICK 2023-1A AR</title>
        <cusip>936919AN9</cusip>
        <identifiers>
          <isin value="US936919AN99"/>
          <ticker value="WWICK"/>
        </identifiers>
        <balance>4850000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4840372.75</valUSD>
        <pctVal>0.6115424013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.947630000000</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>Applovin Corp.</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>APP 5.5 12/01/34</title>
        <cusip>03831WAD0</cusip>
        <identifiers>
          <isin value="US03831WAD02"/>
          <ticker value="APP"/>
        </identifiers>
        <balance>350000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>347102.34</valUSD>
        <pctVal>0.0438536058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK5 2024-5YR7</name>
        <lei>N/A</lei>
        <title>BANK5 2024-5YR7 A3</title>
        <cusip>06211UBL8</cusip>
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          <isin value="US06211UBL89"/>
          <ticker value="BANK5"/>
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        <balance>650000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>670271.13</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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST 2025-B</name>
        <lei>N/A</lei>
        <title>BX 2025-BCAT A</title>
        <cusip>12433HAA2</cusip>
        <identifiers>
          <isin value="US12433HAA23"/>
          <ticker value="BX"/>
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        <balance>1437427.25</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1437426.63</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.052510000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>CIFC FUNDING 2025-II LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2025-2A A</title>
        <cusip>17181DAA4</cusip>
        <identifiers>
          <isin value="US17181DAA46"/>
          <ticker value="CIFC"/>
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        <balance>3250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3240266.25</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.802190000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>CAS 2024-R03 2M2</title>
        <cusip>207941AB1</cusip>
        <identifiers>
          <isin value="US207941AB18"/>
          <ticker value="FNMA"/>
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        <balance>300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>300468</valUSD>
        <pctVal>0.0379617298</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>5.611900000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Crown Castle Inc.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CCI 3.3 07/01/30</title>
        <cusip>22822VAR2</cusip>
        <identifiers>
          <isin value="US22822VAR24"/>
          <ticker value="CCI"/>
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        <balance>2705000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2534472.25</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.300000000000</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>DIAMETER CAPITAL CLO 2 LTD SERIES 2</name>
        <lei>25490087B17FBD0ODC27</lei>
        <title>DCLO 2022-4A ARR</title>
        <cusip>25255NBC1</cusip>
        <identifiers>
          <isin value="US25255NBC11"/>
          <ticker value="DCLO"/>
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        <balance>525000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>524107.5</valUSD>
        <pctVal>0.0662167927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-15</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>
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      <invstOrSec>
        <name>Fidelity National Information Services Inc</name>
        <lei>6WQI0GK1PRFVBA061U48</lei>
        <title>FIS 4.8 03/10/31</title>
        <cusip>31620MCE4</cusip>
        <identifiers>
          <isin value="US31620MCE49"/>
          <ticker value="FIS"/>
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        <balance>1395000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1384051</valUSD>
        <pctVal>0.1748637793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.800000000000</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>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"/>
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        <balance>517000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>520808.63</valUSD>
        <pctVal>0.0658000069</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kennedy Lewis Clo 18 Ltd.</name>
        <lei>213800HEENW837PB8J74</lei>
        <title>KLLM 2024-18A A</title>
        <cusip>37149VAA3</cusip>
        <identifiers>
          <isin value="US37149VAA35"/>
          <ticker value="KLLM"/>
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        <balance>2225000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2227207.25</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.037630000000</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>Hudson Yards 2025-Sprl Mortgage Trust</name>
        <lei>N/A</lei>
        <title>HY 2025-SPRL D</title>
        <cusip>44855PAG3</cusip>
        <identifiers>
          <isin value="US44855PAG37"/>
          <ticker value="HY"/>
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        <balance>450000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>461745.31</valUSD>
        <pctVal>0.0583378286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.550920000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mars Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>MARS 5 03/01/32 144A</title>
        <cusip>571676AZ8</cusip>
        <identifiers>
          <isin value="US571676AZ85"/>
          <ticker value="MARS"/>
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        <balance>975000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>986577.25</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>237000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>239690.94</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</annualizedRt>
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      <invstOrSec>
        <name>Sixth Street Clo XVI Ltd.</name>
        <lei>549300YD05LZSDNMVF16</lei>
        <title>SIXST 2020-16A A1R2</title>
        <cusip>83012DBQ5</cusip>
        <identifiers>
          <isin value="US83012DBQ51"/>
          <ticker value="SIXST"/>
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        <balance>3275000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3266216.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Solventum Corp.</name>
        <lei>254900I70403OSGY4M28</lei>
        <title>SOLV 5.4 03/01/29</title>
        <cusip>83444MAP6</cusip>
        <identifiers>
          <isin value="US83444MAP68"/>
          <ticker value="SOLV"/>
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        <balance>293000</balance>
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        <curCd>USD</curCd>
        <valUSD>299734.06</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.400000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 1.625 04/15/30</title>
        <cusip>91282CNB3</cusip>
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          <isin value="US91282CNB36"/>
          <ticker value="T"/>
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        <balance>61100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>63049789.25</valUSD>
        <pctVal>7.9658368298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VERUS SECURITIZATION TR 2022-1</name>
        <lei>N/A</lei>
        <title>VERUS 2022-1 A3</title>
        <cusip>92538WAC1</cusip>
        <identifiers>
          <isin value="US92538WAC10"/>
          <ticker value="VERUS"/>
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        <balance>488478.81</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>446779.03</valUSD>
        <pctVal>0.0564469587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.288000000000</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>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>WSTP V5.618 11/20/35 GMTN</title>
        <cusip>961214FW8</cusip>
        <identifiers>
          <isin value="US961214FW85"/>
          <ticker value="WSTP"/>
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        <balance>1455000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1472149.25</valUSD>
        <pctVal>0.1859942889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.618000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-19</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>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
