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          <maturityDt>2031-03-15</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Applied Digital Corp</name>
        <lei>2549004NE2B6RYXINZ02</lei>
        <title>Applied Digital Corp</title>
        <cusip>038169207</cusip>
        <identifiers>
          <isin value="US0381692070"/>
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        <balance>6366.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>151128.84000000</valUSD>
        <pctVal>0.097399296582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>APPLOVIN CORP</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>AppLovin Corp</title>
        <cusip>03831WAD0</cusip>
        <identifiers>
          <isin value="US03831WAD02"/>
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        <balance>555000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550405.13000000</valUSD>
        <pctVal>0.354724303430</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>5.50000000</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>ARETEC GROUP INC</name>
        <lei>549300NV2T8A33L0PQ58</lei>
        <title>Aretec Group Inc 2025 Repriced Term Loan</title>
        <cusip>04009DAJ3</cusip>
        <identifiers>
          <isin value="US04009DAJ37"/>
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        <balance>117705.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>116111.27000000</valUSD>
        <pctVal>0.074831223631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.66800000</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>ARETEC GROUP INC</name>
        <lei>549300NV2T8A33L0PQ58</lei>
        <title>Aretec Group Inc</title>
        <cusip>04020JAA4</cusip>
        <identifiers>
          <isin value="US04020JAA43"/>
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        <balance>122000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>129584.09000000</valUSD>
        <pctVal>0.083514167211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ASURION LLC/ASURION CO</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>Asurion LLC/ Asurion Co-Issuer Inc</title>
        <cusip>045941AA9</cusip>
        <identifiers>
          <isin value="US045941AA96"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>259362.00000000</valUSD>
        <pctVal>0.167153247256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ASURION LLC/ASURION CO</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>Asurion LLC/ Asurion Co-Issuer Inc</title>
        <cusip>045941AB7</cusip>
        <identifiers>
          <isin value="US045941AB79"/>
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        <balance>214000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>207764.56000000</valUSD>
        <pctVal>0.133899803629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</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>Asurion LLC</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>Asurion LLC 2025 Term Loan B13</title>
        <cusip>04649VBE9</cusip>
        <identifiers>
          <isin value="US04649VBE92"/>
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        <balance>313531.24000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>309546.26000000</valUSD>
        <pctVal>0.199495926678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.91800000</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>ATLAS WAREHOUSE LEND</name>
        <lei>25490068J12A1HV7YM70</lei>
        <title>Atlas Warehouse Lending Co LP</title>
        <cusip>049463AG7</cusip>
        <identifiers>
          <isin value="US049463AG74"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>245230.10000000</valUSD>
        <pctVal>0.158045540750</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>4.95000000</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>ATLAS WAREHOUSE LEND</name>
        <lei>25490068J12A1HV7YM70</lei>
        <title>Atlas Warehouse Lending Co LP</title>
        <cusip>049463AH5</cusip>
        <identifiers>
          <isin value="US049463AH57"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>242117.77000000</valUSD>
        <pctVal>0.156039710806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>BLP Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BLP Commercial Mortgage Trust 2025-IND2</title>
        <cusip>05556WAJ5</cusip>
        <identifiers>
          <isin value="US05556WAJ53"/>
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        <balance>991000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>990690.31000000</valUSD>
        <pctVal>0.638478660491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.42300000</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>BPR Trust</name>
        <lei>N/A</lei>
        <title>BPR Trust 2024-PMDW</title>
        <cusip>05592VAL8</cusip>
        <identifiers>
          <isin value="US05592VAL80"/>
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        <balance>378000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>363291.79000000</valUSD>
        <pctVal>0.234133768247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BXHPP Trust</name>
        <lei>N/A</lei>
        <title>BXHPP Trust 2021-FILM</title>
        <cusip>05609JAA0</cusip>
        <identifiers>
          <isin value="US05609JAA07"/>
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        <balance>154000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>145915.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.43700000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>BXHPP Trust</name>
        <lei>N/A</lei>
        <title>BXHPP Trust 2021-FILM</title>
        <cusip>05609JAJ1</cusip>
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          <isin value="US05609JAJ16"/>
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        <balance>480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>442800.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.68700000</annualizedRt>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2024-CNYN</title>
        <cusip>05612HAG6</cusip>
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          <isin value="US05612HAG65"/>
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        <balance>1212034.87000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1211277.35000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.36300000</annualizedRt>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2024-VLT4</title>
        <cusip>05612TAJ4</cusip>
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          <isin value="US05612TAJ43"/>
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        <balance>488000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2024-BIO2</title>
        <cusip>05613GAG7</cusip>
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          <isin value="US05613GAG73"/>
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        <balance>780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>752723.71000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.71300000</annualizedRt>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2024-AIR2</title>
        <cusip>05613QAG5</cusip>
        <identifiers>
          <isin value="US05613QAG55"/>
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        <balance>502610.39000000</balance>
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        <curCd>USD</curCd>
        <valUSD>502610.39000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.46300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ballyrock Ltd</name>
        <lei>254900FOV48Z8K26JH50</lei>
        <title>Ballyrock CLO 21 Ltd</title>
        <cusip>05874JAS9</cusip>
        <identifiers>
          <isin value="US05874JAS96"/>
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        <balance>1000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CP Atlas Buyer, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Caesars Entertainment Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>CAPITAL ONE FINANCIAL CO</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Carvana Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CenterPoint Energy Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Chamberlain Group Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US17325GAF37"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SM ENERGY CO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CLOUD SOFTWARE GRP INC</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>Cloud Software Group Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Compass Datacenters Issuer II, LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>549300Z5THZ1JXIHVK60</lei>
        <title>Fannie Mae Connecticut Avenue Securities</title>
        <cusip>20753GAG6</cusip>
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          <isin value="US20753GAG64"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>549300Z5THZ1JXIHVK60</lei>
        <title>Fannie Mae Connecticut Avenue Securities</title>
        <cusip>20754KAJ0</cusip>
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          <isin value="US20754KAJ07"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>549300Z5THZ1JXIHVK60</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae - CAS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae - CAS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae - CAS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae - CAS</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae</title>
        <cusip>21H040640</cusip>
        <identifiers>
          <isin value="US21H0406403"/>
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        <balance>472000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>442063.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae</title>
        <cusip>21H050649</cusip>
        <identifiers>
          <isin value="US21H0506491"/>
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        <balance>229000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>226779.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CPV VALLEY HOLDINGS LLC</name>
        <lei>549300RILRCSRVEQ5Z93</lei>
        <title>CPV Valley Holdings LLC Term Loan B</title>
        <cusip>22412WAB1</cusip>
        <identifiers>
          <isin value="US22412WAB19"/>
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        <balance>0.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.41900000</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>CYPRIUM CORP/CYPRIUM HOL</name>
        <lei>N/A</lei>
        <title>Cyprium Corp / Cyprium Holdings Luxembourg Sarl</title>
        <cusip>23292NAB4</cusip>
        <identifiers>
          <isin value="US23292NAB47"/>
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        <balance>464000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>450377.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</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>DT MIDSTREAM INC</name>
        <lei>N/A</lei>
        <title>DT Midstream Inc</title>
        <cusip>23345MAA5</cusip>
        <identifiers>
          <isin value="US23345MAA53"/>
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        <balance>63000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>61674.51000000</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>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</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>
        <name>DT MIDSTREAM INC</name>
        <lei>N/A</lei>
        <title>DT Midstream Inc</title>
        <cusip>23345MAD9</cusip>
        <identifiers>
          <isin value="US23345MAD92"/>
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        <balance>255000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>261807.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</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>Dermatology Intermediate Holdings III Inc</name>
        <lei>254900GUIR9SP64DNR96</lei>
        <title>Dermatology Intermediate Holdings III Inc 2022 Term Loan B</title>
        <cusip>24982LAB1</cusip>
        <identifiers>
          <isin value="US24982LAB18"/>
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        <balance>375128.20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>352931.86000000</valUSD>
        <pctVal>0.227457015520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.91700000</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>DirecTV Financing LLC</name>
        <lei>N/A</lei>
        <title>DirecTV Financing LLC 2024 Term Loan</title>
        <cusip>25460HAD4</cusip>
        <identifiers>
          <isin value="US25460HAD44"/>
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        <balance>180520.90000000</balance>
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        <curCd>USD</curCd>
        <valUSD>180775.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.17800000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CO</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp</title>
        <cusip>254709AT5</cusip>
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          <isin value="US254709AT53"/>
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        <balance>82000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94041.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.96400000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DROP Mortgage Trust 2021-FILE</name>
        <lei>N/A</lei>
        <title>DROP Mortgage Trust 2021-FILE</title>
        <cusip>26210YAG1</cusip>
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          <isin value="US26210YAG17"/>
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        <balance>445000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>441662.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ellington Financial Mortgage Trust</name>
        <lei>254900NFBGFOBK1G2B84</lei>
        <title>EFMT 2025-RTL1</title>
        <cusip>26846FAB5</cusip>
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          <isin value="US26846FAB58"/>
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        <balance>215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>215116.96000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>EMRLD Borrower LP</name>
        <lei>5493000GJYE7GAQCUC61</lei>
        <title>EMRLD Borrower LP Term Loan B</title>
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          <isin value="US26872NAC39"/>
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        <balance>278242.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>277755.73000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>EMRLD Borrower LP</name>
        <lei>5493000GJYE7GAQCUC61</lei>
        <title>EMRLD Borrower LP 2024 Term Loan B</title>
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          <isin value="US26872NAD12"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas Securities Services</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas Securities Services</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas Securities Services</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FS Commerical Mortgage Trust 2023-4SZN</name>
        <lei>N/A</lei>
        <title>FS Commercial Mortgage Trust 2023-4SZN</title>
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        <fairValLevel>2</fairValLevel>
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        <name>First Help Financial LLC</name>
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          <isin value="US30340RAE62"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Help Financial LLC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Help Financial LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EF HOLD/EF KY/ELL KY/TRS</name>
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        <cusip>31574BAA4</cusip>
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          <isin value="US31574BAA44"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FIRST QUANTUM MINERALS L</name>
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          <isin value="US335934AX36"/>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FLASH COMPUTE LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FORA Financial Asset Securitization</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Forgent Power Solutions Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Foundation Finance Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac - STACR</name>
        <lei>549300BL200YC56BUV20</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac - STACR</name>
        <lei>5493000ISHRHX47NOH65</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac - STACR</name>
        <lei>5493000ISONLNOUKGB71</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac - STACR</name>
        <lei>5493000ISOMSKCX2AW62</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac - STACR</name>
        <lei>5493000ISE4NWBTOSK36</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000ISA3AUOXQEF68</lei>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>529900MBUPRSJMB6GN48</lei>
        <title>Freddie Mac Stacr Remic Trust 2025-Hqa1</title>
        <cusip>35564NHA4</cusip>
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          <isin value="US35564NHA46"/>
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        <balance>218000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>218130.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.31200000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000IT2BRJ2Q9YQ96</lei>
        <title>Freddie Mac STACR REMIC Trust 2020-HQA5</title>
        <cusip>35565TBE8</cusip>
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          <isin value="US35565TBE82"/>
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        <balance>61223.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74674.32000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-25</maturityDt>
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      <invstOrSec>
        <name>GLP CAPITAL LP / FIN II</name>
        <lei>N/A</lei>
        <title>GLP Capital LP / GLP Financing II Inc</title>
        <cusip>361841AX7</cusip>
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          <isin value="US361841AX75"/>
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        <balance>232000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Great Wolf Trust</name>
        <lei>N/A</lei>
        <title>GWT 2024-WLF2</title>
        <cusip>362414AG9</cusip>
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          <isin value="US362414AG97"/>
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        <balance>1120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1123500.00000000</valUSD>
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        <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>6.61200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>5493001UQE7OCP3UT106</lei>
        <title>GS Mortgage Securities Corp Trust 2025-800D</title>
        <cusip>36273XAA9</cusip>
        <identifiers>
          <isin value="US36273XAA90"/>
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        <balance>760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>759198.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.33000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GARDA WORLD SECURITY</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp</title>
        <cusip>36485MAQ2</cusip>
        <identifiers>
          <isin value="US36485MAQ24"/>
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        <balance>231000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>234200.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
        <cusip>37045XCA2</cusip>
        <identifiers>
          <isin value="US37045XCA28"/>
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        <balance>493000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>479994.71000000</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>2027-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kennedy Lewis CLO Ltd</name>
        <lei>2549002O2LJ1LE1W2D54</lei>
        <title>Kennedy Lewis CLO 8 Ltd</title>
        <cusip>37148EAU8</cusip>
        <identifiers>
          <isin value="US37148EAU82"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000303.00000000</valUSD>
        <pctVal>0.644673833062</pctVal>
        <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>5.76800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GIBRALTAR INDUSTRIES INC</name>
        <lei>N/A</lei>
        <title>Gibraltar Industries Inc 2026 Term Loan B</title>
        <cusip>37468UAL4</cusip>
        <identifiers>
          <isin value="US37468UAL44"/>
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        <balance>149132.31000000</balance>
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        <curCd>USD</curCd>
        <valUSD>148200.23000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.92600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gloves Buyer Inc</name>
        <lei>54930015O0Y94T5H8Z18</lei>
        <title>Gloves Buyer Inc 2025 Term Loan</title>
        <cusip>37987UAG7</cusip>
        <identifiers>
          <isin value="US37987UAG76"/>
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        <balance>293375.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>292054.81000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.66800000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GRANITE RIDGE RESOURCES</name>
        <lei>254900CAHJQKOQ1YZC67</lei>
        <title>Granite Ridge Resources Inc</title>
        <cusip>387432AA5</cusip>
        <identifiers>
          <isin value="US387432AA56"/>
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        <balance>839000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>819543.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Great Wolf Trust</name>
        <lei>N/A</lei>
        <title>Great Wolf Trust 2024-WOLF</title>
        <cusip>39152MAN5</cusip>
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          <isin value="US39152MAN56"/>
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        <balance>133000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>133182.46000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-03-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>HLF FIN SARL LLC/HERBALI</name>
        <lei>N/A</lei>
        <title>HLF Financing Sarl LLC / Herbalife International Inc</title>
        <cusip>40390DAC9</cusip>
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          <isin value="US40390DAC92"/>
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        <balance>347000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>HLF FIN SARL LLC/HERBALI</name>
        <lei>N/A</lei>
        <title>HLF Financing Sarl LLC / Herbalife International Inc</title>
        <cusip>40390DAD7</cusip>
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          <isin value="US40390DAD75"/>
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        <balance>89000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.25000000</annualizedRt>
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      <invstOrSec>
        <name>HESS MIDSTREAM OPERATION</name>
        <lei>N/A</lei>
        <title>Hess Midstream Operations LP</title>
        <cusip>428102AE7</cusip>
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          <isin value="US428102AE79"/>
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        <balance>634000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>609234.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Hilton Grand Vacations Trust</name>
        <lei>N/A</lei>
        <title>Hilton Grand Vacations Trust 2025-1</title>
        <cusip>43283CAC5</cusip>
        <identifiers>
          <isin value="US43283CAC55"/>
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        <balance>294050.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>295593.81000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.52000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HILTON GRAND VAC LLC/INC</name>
        <lei>N/A</lei>
        <title>Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc</title>
        <cusip>43284MAB4</cusip>
        <identifiers>
          <isin value="US43284MAB46"/>
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        <balance>508000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>458396.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Janus Henderson Emerging Markets Debt Hard Currency ETF</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jersey Mikes Funding LLC</name>
        <lei>N/A</lei>
        <title>Jersey Mike's Funding</title>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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          <isin value="US48128BAN10"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KIOXIA HOLDINGS CORP</name>
        <lei>35380080RTKRARNH4R73</lei>
        <title>Kioxia Holdings Corp</title>
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          <isin value="US49726JAB44"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KODIAK GAS SERVICES LLC</name>
        <lei>549300ZQBRWEUOVOM131</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KOHL'S CORPORATION</name>
        <lei>549300JF6LPRTRJ0FH50</lei>
        <title>Kohl's Corp</title>
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          <isin value="US500255AY01"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LGI HOMES INC</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI Homes Inc</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LGI HOMES INC</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI Homes Inc</title>
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          <isin value="US50187TAK25"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>LEX Trust</name>
        <lei>N/A</lei>
        <title>LEX Trust 2026-450</title>
        <cusip>501970AG2</cusip>
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          <isin value="US501970AG21"/>
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        <balance>407000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>403308.10000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-03-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>LSF9 Atlantis Holdings LLC</name>
        <lei>549300KWDYQKQSF0MQ18</lei>
        <title>LSF9 Atlantis Holdings LLC 2025 Term Loan B</title>
        <cusip>50226BAN8</cusip>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>LATAM AIRLINES GROUP SA</name>
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        <title>Latam Airlines Group SA</title>
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        <balance>453000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>LAVENDER DUTCH BORROWERCO BV</name>
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        <title>Lavender Dutch BorrowerCo BV USD Term Loan</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Darktrace PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lendbuzz Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lendbuzz Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lendbuzz Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LEVEL 3 FINANCING INC</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>Level 3 Financing Inc</title>
        <cusip>527298BT9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>LEVEL 3 FINANCING INC</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>Level 3 Financing Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>LIONS GATE CAPITAL HOL 1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DI Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>LONG RIDGE ENERGY LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Luxury Lease Partners Auto Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>M&amp;T BANK CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MAREX GROUP PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Marlette Funding Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MATADOR RESOURCES CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MAXAM PRILL SARL</name>
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        <title>Maxam Prill Sarl</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Men's Wearhouse, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MetroNet Infrastructure Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MICHAELS COS INC/THE</name>
        <lei>549300H9LWMBP7HYLR98</lei>
        <title>Michaels Cos Inc/The</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <valUSD>310139.45000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MILLROSE PROPERTIES INC</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MILLROSE PROPERTIES INC</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Modena Buyer LLC</name>
        <lei>254900B0G2IU0VBDOY26</lei>
        <title>Modena Buyer LLC Term Loan</title>
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        <curCd>USD</curCd>
        <valUSD>325216.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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      <invstOrSec>
        <name>MOHEGAN TRIBAL / MS DIG</name>
        <lei>N/A</lei>
        <title>Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC</title>
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          <isin value="US60832QAA85"/>
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        <balance>359000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>367519.07000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MOHEGAN TRIBAL / MS DIG</name>
        <lei>N/A</lei>
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          <isin value="US60832QAB68"/>
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        <curCd>USD</curCd>
        <valUSD>369827.29000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.87500000</annualizedRt>
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      <invstOrSec>
        <name>MTN Commercial Mortgage Trust 2022-LPFL</name>
        <lei>N/A</lei>
        <title>MTN Commercial Mortgage Trust 2022-LPFL</title>
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        <balance>807000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>805062.07000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.96500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>MVW Owner Trust</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>NCL CORPORATION LTD</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>NRG ENERGY INC</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NRG ENERGY INC</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>NAVIENT CORP</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <title>Navient Corp</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>RISEWELL HOMES INC</name>
        <lei>549300PLCE8TB3TVRQ85</lei>
        <title>Risewell Homes Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>RISEWELL HOMES INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RITHM CAPITAL CORP</name>
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        <title>Rithm Capital Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>NYC Commercial Mortgage Trust 2021-909</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oak Hill Credit Partners</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Ondeck Asset Securitization Trust LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ondeck Asset Securitization Trust LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Ondeck Asset Securitization Trust LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Avenue of Americas</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ONEMAIN FINANCE CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ORACLE CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Osaic Holdings, Inc.</name>
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        <title>Osaic Holdings Inc 2025 Term Loan</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PENN ENTERTAINMENT INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PennyMac Financial Services Inc</name>
        <lei>549300W1D516HBDEU871</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>PENNYMAC FIN SVCS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Parexel International Corporation</name>
        <lei>549300GCZVUYB6P2OA17</lei>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PILGRIM'S PRIDE CORP</name>
        <lei>549300ZSLGV64ZL3HD75</lei>
        <title>Pilgrim's Pride Corp</title>
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          <isin value="US72147KAK43"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PNW Trust</name>
        <lei>N/A</lei>
        <title>PNW Trust 2026-ARTE</title>
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          <isin value="US73020TAG40"/>
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        <balance>153000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Pretium Mortgage Credit Partners LLC</name>
        <lei>2549006327OOFEDCTX76</lei>
        <title>PRET 2025-NPL4 LLC</title>
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          <isin value="US74136UAA34"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-04-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Proampac PG Borrower LLC</name>
        <lei>549300ZI6LTXYFEY1578</lei>
        <title>Proampac PG Borrower LLC 2024 Term Loan</title>
        <cusip>74274NAL7</cusip>
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          <isin value="US74274NAL73"/>
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        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>PROAMPAC PG BORROWER LLC</name>
        <lei>549300ZI6LTXYFEY1578</lei>
        <title>Proampac PG Borrower LLC 2026 USD Term Loan B</title>
        <cusip>74274NAM5</cusip>
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          <isin value="US74274NAM56"/>
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        <balance>514965.94000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-07</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>PRM7 Trust</name>
        <lei>N/A</lei>
        <title>PRM7 Trust 2025-PRM7</title>
        <cusip>74290HAJ5</cusip>
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          <isin value="US74290HAJ59"/>
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        <balance>321000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>316135.63000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Project Alpha Intermediate Holding, Inc.</name>
        <lei>N/A</lei>
        <title>Project Alpha Intermediate Holding Inc 2024 1st Lien Term Loan B</title>
        <cusip>74339DAN8</cusip>
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          <isin value="US74339DAN84"/>
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        <balance>322051.03000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>PROOFPOINT INC</name>
        <lei>529900C5FODDK0WSR085</lei>
        <title>Proofpoint Inc 2025 Repriced Term Loan</title>
        <cusip>74345HAJ0</cusip>
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          <isin value="US74345HAJ05"/>
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        <balance>589646.52000000</balance>
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        <curCd>USD</curCd>
        <valUSD>569993.60000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>QTS ISSUER ABS I LLC</name>
        <lei>N/A</lei>
        <title>QTS Issuer ABS I LLC</title>
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        <balance>310000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>QTS ISSUER ABS II LLC</name>
        <lei>N/A</lei>
        <title>QTS Issuer ABS II LLC</title>
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        <balance>410121.00000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Woodward Capital Management</name>
        <lei>254900JZ559190WVJ551</lei>
        <title>RCKT Mortgage Trust 2026-CES2</title>
        <cusip>74940EAE7</cusip>
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          <isin value="US74940EAE77"/>
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        <balance>150000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>RKTL 2026-1</name>
        <lei>N/A</lei>
        <title>RKTL 2026-1</title>
        <cusip>74990JAD7</cusip>
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          <isin value="US74990JAD72"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.21000000</annualizedRt>
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      <invstOrSec>
        <name>RAKUTEN GROUP INC</name>
        <lei>529900IMXUCQKUL1H943</lei>
        <title>Rakuten Group Inc</title>
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          <isin value="US75102WAA62"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>RAND PARENT LLC</name>
        <lei>N/A</lei>
        <title>Rand Parent LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RAVEN ACQUISITION HOLDIN</name>
        <lei>N/A</lei>
        <title>Raven Acquisition Holdings LLC</title>
        <cusip>75420NAA1</cusip>
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          <isin value="US75420NAA19"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Reach Financial LLC</name>
        <lei>N/A</lei>
        <title>Reach ABS Trust 2025-2</title>
        <cusip>75525QAC4</cusip>
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          <isin value="US75525QAC42"/>
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        <balance>220000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Reach Financial LLC</name>
        <lei>N/A</lei>
        <title>Reach Abs Trust 2026-1</title>
        <cusip>75526XAD6</cusip>
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          <isin value="US75526XAD66"/>
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        <balance>270000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>River Rock Entertainment Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ROBLOX CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rocket Software Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROYAL CARIBBEAN CRUISES</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>LR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SCG Hotel Issuer Inc</name>
        <lei>N/A</lei>
        <title>SCG Trust 2025-SNIP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SF ABS Issuer LLC</name>
        <lei>N/A</lei>
        <title>SF Abs Issuer LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SCIH SALT HOLDINGS INC</name>
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        <title>SCIH Salt Holdings Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SEB Funding LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SCG Hotel Issuer Inc</name>
        <lei>N/A</lei>
        <title>SCG Commercial Mortgage Trust 2025-FLWR</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SM ENERGY CO</name>
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        <title>SM Energy Co</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SM ENERGY CO</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SMRT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Spa Holdings 3 Oy</name>
        <lei>743700UEY0YM039XN974</lei>
        <title>Spa Holdings 3 Oy 2025 USD Term Loan B</title>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SV RNO PROPERTY OWNER 1</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Salas O'Brien Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santander Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Sierra Receivables Funding Co LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sierra Receivables Funding Co LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SIX FLAGS ENTERTAINME</name>
        <lei>529900AS2CYWYFHRS781</lei>
        <title>Six Flags Entertainment Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SIX FLAGS/CAN WON/MILLEN</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOFI CONSUMER LOAN PROGRAM TRUST</name>
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        <title>SoFi Consumer Loan Program 2025-3 Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Sothebys ArtFi Master Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Stack Infrastructure Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fixed Income Clearing Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STELLANTIS FIN US INC</name>
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        <title>Stellantis Finance US Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>STONEX GROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SUNOCO LP</name>
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        <title>Sunoco LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Sunococorp LLC</name>
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        <title>Sunococorp LLC</title>
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        <fairValLevel>1</fairValLevel>
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        <name>SURGERY CENTER HOLDINGS</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>TASEKO MINES LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Truist Bank Auto Credit-Linked Notes</name>
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        <name>X Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>USI Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>VB-S1 Issuer LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Veritiv Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>VMED O2 UK FINANCING I</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>WATCO COS LLC/FINANCE CO</name>
        <lei>N/A</lei>
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        <cusip>941130AD8</cusip>
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          <isin value="US941130AD86"/>
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        <curCd>USD</curCd>
        <valUSD>287564.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>WEEKLEY HOMES LLC/ FINAN</name>
        <lei>N/A</lei>
        <title>Weekley Homes LLC / Weekley Finance Corp</title>
        <cusip>948565AF3</cusip>
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          <isin value="US948565AF34"/>
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        <balance>152000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>145577.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>Wells Fargo Commercial Mortgage Trust</name>
        <lei>549300PX4QZK7CUM8D08</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2025-VTT</title>
        <cusip>94990GAG4</cusip>
        <identifiers>
          <isin value="US94990GAG47"/>
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        <balance>735000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>730930.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.76400000</annualizedRt>
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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>
      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>549300PX4QZK7CUM8D08</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2025-VTT</title>
        <cusip>94990GAJ8</cusip>
        <identifiers>
          <isin value="US94990GAJ85"/>
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        <balance>746000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>751543.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.44700000</annualizedRt>
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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>
      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>549300PX4QZK7CUM8D08</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2025-1918</title>
        <cusip>95004QAA6</cusip>
        <identifiers>
          <isin value="US95004QAA67"/>
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        <balance>663000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>659026.77000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.20400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Western Funding Auto Loan Trust</name>
        <lei>N/A</lei>
        <title>Western Funding Auto Loan Trust 2025-1</title>
        <cusip>958250AC6</cusip>
        <identifiers>
          <isin value="US958250AC69"/>
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        <balance>247000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249240.41000000</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>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.34000000</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>
        <name>Westlake Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Westlake Automobile Receivables Trust 2026-1</title>
        <cusip>96043BAG7</cusip>
        <identifiers>
          <isin value="US96043BAG77"/>
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        <balance>194000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>192045.31000000</valUSD>
        <pctVal>0.123769084086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>Westlake Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Westlake Automobile Receivables Trust 2025-P1</title>
        <cusip>96043LAG5</cusip>
        <identifiers>
          <isin value="US96043LAG59"/>
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        <balance>346000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>350698.75000000</valUSD>
        <pctVal>0.226017824012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.59000000</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>WHITE CAP BUYER LLC</name>
        <lei>254900L2N0T6GULCL366</lei>
        <title>White Cap Buyer LLC 2026 Incremental Term Loan B</title>
        <cusip>96350TAK6</cusip>
        <identifiers>
          <isin value="US96350TAK60"/>
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        <balance>685678.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>650825.50000000</valUSD>
        <pctVal>0.419443078487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.16800000</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>WILSONART LLC</name>
        <lei>549300SAZRUMYKDJBY14</lei>
        <title>Wilsonart LLC</title>
        <cusip>97246JAA6</cusip>
        <identifiers>
          <isin value="US97246JAA60"/>
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        <balance>656000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>475522.53000000</valUSD>
        <pctVal>0.306464073508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Windstream Services LLC</name>
        <lei>549300KT9GVEBYCD2N29</lei>
        <title>Windstream Services LLC 2025 Term Loan B</title>
        <cusip>97381JAK9</cusip>
        <identifiers>
          <isin value="US97381JAK97"/>
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        <balance>414735.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>414477.86000000</valUSD>
        <pctVal>0.267122092731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.66800000</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>Wingspire Equipment Finance LLC</name>
        <lei>N/A</lei>
        <title>Wingspire Equipment Finance 2025-1 LLC</title>
        <cusip>97415CAE8</cusip>
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          <isin value="US97415CAE84"/>
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        <balance>432000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>429326.87000000</valUSD>
        <pctVal>0.276691961255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>XCEL ENERGY INC</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>Xcel Energy Inc</title>
        <cusip>98389BBF6</cusip>
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          <isin value="US98389BBF67"/>
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        <balance>264000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>257710.95000000</valUSD>
        <pctVal>0.166089180936</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>Long: 88128737  TRS USD R E / Short: 88128737  TRS USD P V 00MSOFR SOFR1D +0.2 PERCENT</title>
        <cusip>000000000</cusip>
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        <valUSD>-68180.20000000</valUSD>
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        <assetCat>DE</assetCat>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>Janus Henderson AAA CLO ETF</issuerName>
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                  <isin value="US47103U8457"/>
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      <invstOrSec>
        <name>ARDAGH METAL PACKAGING</name>
        <lei>N/A</lei>
        <title>Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2310511717"/>
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        <balance>478000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86516400"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OLYMPUS WTR US HLDG CORP</name>
        <lei>549300YU2GGVCBN3MY89</lei>
        <title>Olympus Water US Holding Corp</title>
        <cusip>000000000</cusip>
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          <isin value="XS2391352932"/>
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        <balance>148000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86516400"/>
        <valUSD>157972.55000000</valUSD>
        <pctVal>0.101809920921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</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>FLUTTER TREASURY DAC</name>
        <lei>635400JE8VLL9UFVIC38</lei>
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        <name>SIACI SAINT HONORE</name>
        <lei>N/A</lei>
        <title>Siaci Saint Honore 2026 EUR Term Loan B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="LoanX ID" value="LX284432"/>
        </identifiers>
        <balance>590000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86516400"/>
        <valUSD>673686.38000000</valUSD>
        <pctVal>0.434176425419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.37700000</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>RAMUDDEN GLOBAL GROUP GMBH</name>
        <lei>254900VV71UO3IOOQZ21</lei>
        <title>RAMUDDEN GLOBAL GROUP GMBH 2026 EUR TERM LOAN B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="LoanX ID" value="LX285114"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86516400"/>
        <valUSD>572249.89000000</valUSD>
        <pctVal>0.368802782812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-14</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>VILLA DUTCH BIDCO BV</name>
        <lei>724500AWBTX8I880X774</lei>
        <title>House of HR Group BV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2541618299"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86516400"/>
        <valUSD>396155.46000000</valUSD>
        <pctVal>0.255313698836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</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>Jones DesLauriers Insurance Management Inc.</name>
        <lei>549300JQIWNFU00E5424</lei>
        <title>Jones DesLauriers Insurance Management Inc 2026 Repriced Term Loan B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAC4900AAP21"/>
        </identifiers>
        <balance>401000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>388970.00000000</valUSD>
        <pctVal>0.250682823950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.66400000</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>Froneri Lux Finco Sarl</name>
        <lei>9845005YBZ75E5AA3B94</lei>
        <title>Froneri Lux Finco Sarl 2025 EUR Term Loan</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAG3679YAL65"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86516400"/>
        <valUSD>568071.49000000</valUSD>
        <pctVal>0.366109893614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.89900000</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>Inspired FinCo Holdings Limited</name>
        <lei>21380079CKTODVMD9183</lei>
        <title>Inspired FinCo Holdings Limited 2026 EUR Term Loan B8</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAG4800AAK07"/>
        </identifiers>
        <balance>480792.72000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86516400"/>
        <valUSD>552162.18000000</valUSD>
        <pctVal>0.355856684477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.89200000</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>Flutter Financing BV</name>
        <lei>635400VFWPBIKJK6GN11</lei>
        <title>Flutter Financing BV 2025 Term Loan B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAN3313EAJ90"/>
        </identifiers>
        <balance>200187.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>197684.91000000</valUSD>
        <pctVal>0.127403685351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.70000000</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>Peer Holding III BV</name>
        <lei>7245002S0K5Q59JCVQ03</lei>
        <title>Peer Holding III BV 2025 EUR Add on Term Loan B9</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAN6872NAR79"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86516400"/>
        <valUSD>575538.28000000</valUSD>
        <pctVal>0.370922079651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.87700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Guardian Variable Products Trust</ncom:nameOfApplicant>
      <ncom:signature>Larry Weiss</ncom:signature>
      <ncom:signerName>Larry Weiss</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
