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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Financial Square</name>
        <lei>549300BRJMXN4GUWZ402</lei>
        <title>Goldman Sachs Financial Square Government Fund</title>
        <cusip>38141W273</cusip>
        <identifiers>
          <isin value="US38141W2733"/>
          <ticker value="FGTXX"/>
        </identifiers>
        <balance>5769077.07</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5769077.07</valUSD>
        <pctVal>6.5295398326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Star Strong Master L LC   /</name>
        <lei>N/A</lei>
        <title>Star Strong Master L LC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="FINGYM1"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>134741.64</valUSD>
        <pctVal>0.1525028865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>
      <invstOrSec>
        <name>Fundamental Partners IV LP   /</name>
        <lei>N/A</lei>
        <title>Fundamental Partners IV LP   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="FUNDAIV"/>
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        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1372061.44</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Marquis United LLC    /</name>
        <lei>N/A</lei>
        <title>Marquis United LLC    /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="HENRYFAC"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4110725.13</valUSD>
        <pctVal>4.6525888199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-13</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>JGB Management Inc.    /</name>
        <lei>N/A</lei>
        <title>JGB Management Inc.    /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="JGBWHFAC"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2112117.77</valUSD>
        <pctVal>2.3905309191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-27</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>CAG Minnesota Members Fund II LLC   /</name>
        <lei>N/A</lei>
        <title>CAG Minnesota Members Fund II LLC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="LBRMXBB"/>
        </identifiers>
        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2733599.44</valUSD>
        <pctVal>3.0939344740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-27</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>Lendable Asset Management LLC   /</name>
        <lei>N/A</lei>
        <title>Lendable Asset Management LLC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="LENDFAC1"/>
        </identifiers>
        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3896357.60</valUSD>
        <pctVal>4.4099639929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lendable (Leasy) Facility II   /</name>
        <lei>N/A</lei>
        <title>Lendable (Leasy) Facility II   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="LENDLEA2"/>
        </identifiers>
        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-17</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lendable Asset Management LLC   /</name>
        <lei>N/A</lei>
        <title>Lendable Asset Management LLC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="LENDLEAS"/>
        </identifiers>
        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>275000</valUSD>
        <pctVal>0.3112496908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-17</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Monticello Debt REIT   /</name>
        <lei>N/A</lei>
        <title>BlackRock Monticello Debt REIT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="MONTFUND"/>
        </identifiers>
        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1515737.92</valUSD>
        <pctVal>1.7155380322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAKE WHOLE RECEIVABLE   /</name>
        <lei>N/A</lei>
        <title>MAKE WHOLE RECEIVABLE   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="MONTWHOL"/>
        </identifiers>
        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>North Sky Clean Growth Fund III LP   /</name>
        <lei>N/A</lei>
        <title>North Sky Clean Growth Fund III LP   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="NORTHSK3"/>
        </identifiers>
        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39336.34</valUSD>
        <pctVal>0.0445215406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>North Sky Clean Growth Fund VI LP   /</name>
        <lei>N/A</lei>
        <title>North Sky Clean Growth Fund VI LP   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="NORTHSKY"/>
        </identifiers>
        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7503680.60</valUSD>
        <pctVal>8.4927936954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Derivation Funding LLC   /</name>
        <lei>N/A</lei>
        <title>Derivation Funding LLC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="OUTCOME1"/>
        </identifiers>
        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>505224.60</valUSD>
        <pctVal>0.5718218200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Frictionless Enterprises Limited   /</name>
        <lei>N/A</lei>
        <title>Frictionless Enterprises Limited   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="POWERFW"/>
        </identifiers>
        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1440711</valUSD>
        <pctVal>1.6306212844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>Star Strong Master LLC   /</name>
        <lei>N/A</lei>
        <title>Star Strong Master LLC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="PREPPED1"/>
        </identifiers>
        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>164426.70</valUSD>
        <pctVal>0.1861009437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>Rivonia Road Fund LP    /</name>
        <lei>N/A</lei>
        <title>Rivonia Road Fund LP    /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="RIVRP42"/>
        </identifiers>
        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>285834.51</valUSD>
        <pctVal>0.3235123740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>Sustainable Growth Fund II SCSp   /</name>
        <lei>N/A</lei>
        <title>Sustainable Growth Fund II SCSp   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="SGFUNDII"/>
        </identifiers>
        <balance>1</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8672"/>
        <valUSD>2748672.74</valUSD>
        <pctVal>3.1109946920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Monticello Funding LLC Series SH75-B   /</name>
        <lei>N/A</lei>
        <title>Monticello Funding LLC Series SH75-B   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="SH75B"/>
        </identifiers>
        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>504125.43</valUSD>
        <pctVal>0.5705777607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spouting Rock (La Mo raleja) Facility   /</name>
        <lei>N/A</lei>
        <title>Spouting Rock (La Mo raleja) Facility   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="SPOUTROC"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000000</valUSD>
        <pctVal>1.1318170573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SSC SPV No. 2 LLC Impact Facility   /</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
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          <ticker value="SSCNUM3"/>
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        <curCd>USD</curCd>
        <valUSD>220000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2027-06-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Sunnova TEP Holdings LLC   /</name>
        <lei>N/A</lei>
        <title>Sunnova TEP Holdings LLC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="SUNNOVA"/>
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        <curCd>USD</curCd>
        <valUSD>1813810.78</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2028-05-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rohatyn (AGSA) Facil ity   /</name>
        <lei>N/A</lei>
        <title>Rohatyn (AGSA) Facil ity   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="TRGFAC2"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2031-02-26</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Upper90 Crusoe Loan II SPV LLC   /</name>
        <lei>N/A</lei>
        <title>Upper90 Crusoe Loan II SPV LLC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="U90SPVII"/>
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        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>411058.65</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-06</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vanguard Federal Money Market</name>
        <lei>NI8UG8EJBPTZ3Y6R3164</lei>
        <title>Vanguard Federal Money Market Fund</title>
        <cusip>922906300</cusip>
        <identifiers>
          <isin value="US9229063006"/>
          <ticker value="VMFXX"/>
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        <balance>0.20</balance>
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        <curCd>USD</curCd>
        <valUSD>0.20</valUSD>
        <pctVal>0.0000002264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WindSail Credit QP Fund L.P.   /</name>
        <lei>N/A</lei>
        <title>WindSail Credit QP Fund L.P.   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="WINDSAIL"/>
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        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>109043</valUSD>
        <pctVal>0.1234167274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Zanifu Limited    /</name>
        <lei>N/A</lei>
        <title>Zanifu Limited    /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="ZANIFU"/>
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        <balance>1</balance>
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        <curCd>USD</curCd>
        <valUSD>3238029.90</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-20</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Almond Estate Company Limited   /</name>
        <lei>N/A</lei>
        <title>Almond Estate Company Limited   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="ALMOND2"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>483000</valUSD>
        <pctVal>0.5466676387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Star Strong Master LLC   /</name>
        <lei>N/A</lei>
        <title>Star Strong Master LLC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="ANIMAL1"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>61774.07</valUSD>
        <pctVal>0.0699169461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>App Academy Financial II LLC   /</name>
        <lei>N/A</lei>
        <title>App Academy Financial II LLC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="APPFAC2"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1507488.81</valUSD>
        <pctVal>1.7062015488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Star Strong Master LLC   /</name>
        <lei>N/A</lei>
        <title>Star Strong Master LLC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="BARTLES"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>226868.20</valUSD>
        <pctVal>0.2567732985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Almavest (Carbonof) Facility   /</name>
        <lei>N/A</lei>
        <title>Almavest (Carbonof) Facility   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="ACARBFAC"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1020000</valUSD>
        <pctVal>1.1544533984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-16</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Osprey AV II LLC Debt 90 Day Facility   /</name>
        <lei>N/A</lei>
        <title>Osprey AV II LLC Debt 90 Day Facility   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="ALM90FAC"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2904666.49</valUSD>
        <pctVal>3.2875510791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-21</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Osprey AV I LLC Debt Facility   /</name>
        <lei>N/A</lei>
        <title>Osprey AV I LLC Debt Facility   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="ALMAFAC"/>
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        <balance>1</balance>
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        <curCd>USD</curCd>
        <valUSD>3477362.84</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Almond Estate Company Limited   /</name>
        <lei>N/A</lei>
        <title>Almond Estate Company Limited   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="ALMOND1"/>
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        <balance>1</balance>
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        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>Almond Estate Company Limited   /</name>
        <lei>N/A</lei>
        <title>Almond Estate Company Limited   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="ALMOND1B"/>
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        <balance>1</balance>
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        <curCd>USD</curCd>
        <valUSD>606081</valUSD>
        <pctVal>0.6859728139</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>
      <invstOrSec>
        <name>CRP Affordable Housing Fund LLC   /</name>
        <lei>N/A</lei>
        <title>CRP Affordable Housing Fund LLC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="CASFAC1"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6450000</valUSD>
        <pctVal>7.3002200194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>
      <invstOrSec>
        <name>Copperpot Finance LLC   /</name>
        <lei>N/A</lei>
        <title>Copperpot Finance LLC   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="CAURFAC2"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1891200.66</valUSD>
        <pctVal>2.1404931657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-26</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>CANADIAN DOLLAR FUT SEPT 2026   /</name>
        <lei>N/A</lei>
        <title>CANADIAN DOLLAR FUT SEPT 2026   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="CDU6"/>
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        <balance>-6</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3045.18</valUSD>
        <pctVal>0.0034465867</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Other-Exchange" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CANADIAN DOLLAR FUT SEPT 2026   /</issuerName>
                <issueTitle>CANADIAN DOLLAR FUT SEPT 2026   /</issueTitle>
                <identifiers>
                  <other otherDesc="Bloomberg BPIPE identifier" value="614187374551"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-09-16</expDate>
            <notionalAmt>-431835.18</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3045.18</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Community EM Credit Fund I L.P.   /</name>
        <lei>N/A</lei>
        <title>Community EM Credit Fund I L.P.   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="CIMFUND"/>
        </identifiers>
        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3121443.79</valUSD>
        <pctVal>3.5329033249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arena Secondaries and Liquidity   /</name>
        <lei>N/A</lei>
        <title>Arena Secondaries and Liquidity   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="CIRCULAR"/>
        </identifiers>
        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>619150.01</valUSD>
        <pctVal>0.7007645423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The fund is reporting returns without deducting sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-13</ncom:dateSigned>
      <ncom:nameOfApplicant>VARIANT IMPACT FUND</ncom:nameOfApplicant>
      <ncom:signature>/s/ Robert W Elsasser</ncom:signature>
      <ncom:signerName>Robert W Elsasser</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
