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        <name>Freddie Mac REMICS</name>
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        <curCd>USD</curCd>
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        <name>N/A</name>
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          <other otherDesc="Internal Identifier" value="BYD3YA8S6"/>
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        <name>United States Treasury Inflation Indexed Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>United States Treasury Inflation Indexed Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Inflation Indexed Bonds</title>
        <cusip>91282CEJ6</cusip>
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          <isin value="US91282CEJ62"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United Kingdom Gilt</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Gilt</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BPSNBB36"/>
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        <balance>6740427.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
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        <name>N/A</name>
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          <other otherDesc="Internal Identifier" value="BYDFW6PM4"/>
          <other otherDesc="Internal Identifier" value="BYDFW6PM4"/>
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        <name>Progress Residential 2022-SFR7 Trust</name>
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        <name>Mexico Government International Bond</name>
        <lei>254900EGTWEU67VP6075</lei>
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          <isin value="US91087BAT70"/>
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        <name>N/A</name>
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        <name>Mexico Government International Bond</name>
        <lei>254900EGTWEU67VP6075</lei>
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        <name>N/A</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>Israel Government International Bond</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>Japan Government Thirty Year Bond</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>Fannie Mae or Freddie Mac</name>
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        <name>Impac CMB Trust Series 2004-5</name>
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      </invstOrSec>
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        <name>SG Residential Mortgage Trust 2021-1</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>DBSG 2024-ALTA Mortgage Trust</name>
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        <name>Angel Oak Mortgage Trust 2025-2</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>BAMLL Trust 2024-BHP</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <title>United States Treasury Inflation Indexed Bonds</title>
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        <name>Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1</name>
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        <name>BX Commercial Mortgage Trust 2024-XL4</name>
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        <name>N/A</name>
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        <name>Impac CMB Trust Series 2005-5</name>
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        <name>J.P. Morgan Mortgage Trust 2023-DSC1</name>
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        <name>N/A</name>
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        <name>Mexico Government International Bond</name>
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          <isin value="US91087BAV27"/>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>Kingdom of Belgium Government Bond</name>
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        <name>Brazil Notas do Tesouro Nacional Serie F</name>
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        <name>United States Treasury Inflation Indexed Bonds</name>
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        <name>N/A</name>
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        <name>Brazil Notas do Tesouro Nacional Serie F</name>
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        <balance>43133000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>52208.52000000</valUSD>
        <pctVal>0.002259049778</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Other - OTC" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>Citigroup Inc</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <swapDeriv derivCat="SWP">
                  <counterparties>
                    <counterpartyName>Citigroup Inc</counterpartyName>
                    <counterpartyLei>N/A</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>N/A</name>
                    <lei>N/A</lei>
                    <title>Interest Rate Swap</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="BYDBYHAL5"/>
                    </identifiers>
                    <balance>43133000.00000000</balance>
                    <units>OU</units>
                    <descOthUnits>Notional Amount</descOthUnits>
                    <curCd>USD</curCd>
                    <valUSD>52208.52000000</valUSD>
                    <pctVal>0.00225900</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerConditional desc="Other - OTC" issuerCat="OTHER"/>
                  </derivAddlInfo>
                  <descRefInstrmnt>
                    <otherRefInst>
                      <issuerName>N/A</issuerName>
                      <issueTitle>Secured Overnight Financing Rate</issueTitle>
                      <identifiers>
                        <ticker value="SOFR"/>
                      </identifiers>
                    </otherRefInst>
                  </descRefInstrmnt>
                  <fixedRecDesc amount="N/A" curCd="N/A" fixedOrFloating="Fixed" fixedRt="N/A"/>
                  <floatingPmntDesc curCd="N/A" fixedOrFloating="Floating" floatingRtIndex="N/A" floatingRtSpread="N/A" pmntAmt="N/A">
                    <rtResetTenors>
                      <rtResetTenor rateTenor="Month" rateTenorUnit="N/A" resetDt="Month" resetDtUnit="N/A"/>
                    </rtResetTenors>
                  </floatingPmntDesc>
                  <terminationDt>N/A</terminationDt>
                  <upfrontPmnt>N/A</upfrontPmnt>
                  <pmntCurCd>N/A</pmntCurCd>
                  <upfrontRcpt>N/A</upfrontRcpt>
                  <rcptCurCd>N/A</rcptCurCd>
                  <notionalAmt>43133000.00000000</notionalAmt>
                  <curCd>USD</curCd>
                </swapDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>43133000.00000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>3.74000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-05-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-40847.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Futures</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WNM5C"/>
        </identifiers>
        <balance>70.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-60156.10000000</valUSD>
        <pctVal>-0.00260293960</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Other - Exchange" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CBT</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>US Ultra Bond; June 2025</issueTitle>
                <identifiers>
                  <ticker value="WNM5C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-06-18</expDate>
            <notionalAmt>8472187.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-60156.10000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX Commercial Mortgage Trust 2024-MDHS</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2024-MDHS</title>
        <cusip>12433BAA5</cusip>
        <identifiers>
          <isin value="US12433BAA52"/>
        </identifiers>
        <balance>1258723.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1257936.55000000</valUSD>
        <pctVal>0.054430604132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.96000000</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>Fannie Mae or Freddie Mac</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae or Freddie Mac</title>
        <cusip>01F050650</cusip>
        <identifiers>
          <isin value="US01F0506505"/>
        </identifiers>
        <balance>12703000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12433902.44000000</valUSD>
        <pctVal>0.538011890612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Inflation Indexed Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Inflation Indexed Bonds</title>
        <cusip>91282CLV1</cusip>
        <identifiers>
          <isin value="US91282CLV18"/>
        </identifiers>
        <balance>92091752.98000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>93599473.63000000</valUSD>
        <pctVal>4.050026129044</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>1.63000000</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>N/A</name>
        <lei>N/A</lei>
        <title>FX Forwards</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="4534040861622"/>
          <other otherDesc="Internal Identifier" value="4534040861622"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>4369.36000000</valUSD>
        <pctVal>0.000189061129</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Other - OTC" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Deutsche Bank AG</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>629427000.00000100</amtCurSold>
            <curSold>JPY</curSold>
            <amtCurPur>4423676.41000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-06-03</settlementDt>
            <unrealizedAppr>4369.36000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Credit Default Swaps</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="Z9707Z0K8"/>
          <other otherDesc="Internal Identifier" value="Z9707Z0K8"/>
        </identifiers>
        <balance>36746500.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>1272496.73000000</valUSD>
        <pctVal>0.055060619528</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="Other - Exchange" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>ICE</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CDX.NA.HY.44</indexName>
                <indexIdentifier>N/A</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">Payout of notional amount upon default event with regard to the reference instrument</otherPmntDesc>
            <terminationDt>2030-06-20</terminationDt>
            <upfrontPmnt>1965267.65000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>36746500.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-692770.92000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Corp Trust 2021-DM</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Corp Trust 2021-DM</title>
        <cusip>36265AAA9</cusip>
        <identifiers>
          <isin value="US36265AAA97"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1233639.63000000</valUSD>
        <pctVal>0.053379282399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.32000000</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>LBA Trust 2024-BOLT</name>
        <lei>N/A</lei>
        <title>LBA Trust 2024-BOLT</title>
        <cusip>50177BAA5</cusip>
        <identifiers>
          <isin value="US50177BAA52"/>
        </identifiers>
        <balance>1270000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1270000.00000000</valUSD>
        <pctVal>0.054952586637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.91000000</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-VLT4</name>
        <lei>N/A</lei>
        <title>BX Trust 2024-VLT4</title>
        <cusip>05612TAA3</cusip>
        <identifiers>
          <isin value="US05612TAA34"/>
        </identifiers>
        <balance>1702000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1689230.57000000</valUSD>
        <pctVal>0.073092589959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.81000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Not applicable for derivative asset types" noteItem="C.5.a"/>
      <explntrNote note="Returns shown in Item B.5.a have been calculated without deducting any applicable sales loads or redemption fees" noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Principal Funds, Inc</ncom:nameOfApplicant>
      <ncom:signature>Megan Hoffmann</ncom:signature>
      <ncom:signerName>/s/ Megan Hoffmann</ncom:signerName>
      <ncom:title>Vice President and Controller</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
