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        <fairValLevel>2</fairValLevel>
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        <name>CAUTO 2023-1A A 6.5% 09/15/28</name>
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        <name>WELLS FARGO &amp; COM V/R 04/23/29</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>STATE STREET C 4.536% 02/28/28</name>
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          <isin value="US857477CU58"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ALP 2024-1A A 7.371% 10/15/36</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>T/L LUMEN TECHNO 0% 06/01/28</name>
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          <other otherDesc="LOANX" value="LX225733"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>SCOTT 2023-SF 5.909% 03/10/28</name>
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        <title>SCOTT TRUST 2023-SFS SER 2023-SFS CL A REGD 144A P/P 5.90975000</title>
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          <isin value="US810064AA37"/>
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        <name>US T BILL ZCP 05/01/25</name>
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        <name>ATHENE GLOBAL  5.583% 01/09/29</name>
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        <name>FREMF 2024-K757 0.1% 08/25/31</name>
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        <name>T/L CLEARWATER ANA 0% 02/07/32</name>
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        <name>XPLR INFRASTRUCTU ZCP 11/15/25</name>
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        <name>SIDC 2023-3A A2 5.9% 10/25/28</name>
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        <title>STACK INFRASTRUCTURE ISSUER LLC SER 2023-3A CL A2 REGD 144A P/P 5.90000000</title>
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        <name>EDGE 2024-1 A2 6% 07/25/29</name>
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        <name>SDCP 2023-1 A2 6.25% 04/20/28</name>
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        <name>CAPITAL ONE FIN 3.65% 05/11/27</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RMIT 2024-1 A 5.83% 06/15/28</name>
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        <cusip>910710AA0</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>MDPK 2024-67A B V/R 04/25/37</name>
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        <name>GOLUB CAPITAL CA 5.8% 09/12/29</name>
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        <cusip>38179RAA3</cusip>
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        <name>MDCP 2020-3A  2.954% 11/20/26</name>
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        <cusip>289338AB1</cusip>
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        <name>FHMS K753 X3 V/R 12/25/30</name>
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        <name>XPLR INFRASTRUCT 2.5% 06/15/26</name>
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        <name>MORGAN STANLEY V/R 04/20/28</name>
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        <name>SUNOCO LP 7% 05/01/29</name>
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        <name>JOHN DEERE CAPIT 4.9% 03/07/31</name>
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        <name>MFIT 2024-BA B 5.33% 01/20/31</name>
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        <name>BHG 2023-A B 6.35% 01/17/28</name>
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        <name>DK 2024-SPBX B V/R 03/15/26</name>
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        <name>T/L MEDLINE BORR 0% 10/23/28</name>
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        <name>AHPT 2024-ATRM B V/R 11/10/24</name>
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        <name>NIAPK 2019-1A A1 V/R 01/17/38</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>EAGLE POINT 5.375% 01/31/29</name>
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          <isin value="US2698098850"/>
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        <balance>178600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4045290.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>PACIFIC LIFE GF 4.45% 05/01/28</name>
        <lei>6354003EUPCHXTWUU869</lei>
        <title>PACIFIC LIFE GF II REGD 144A P/P 4.45000000</title>
        <cusip>69448TAC5</cusip>
        <identifiers>
          <isin value="US69448TAC53"/>
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        <balance>7725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7771008.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>SBA TOWER TRUS 6.599% 01/15/28</name>
        <lei>N/A</lei>
        <title>SBA TOWER TRUST REGD 144A P/P 6.59900000</title>
        <cusip>78403DAZ3</cusip>
        <identifiers>
          <isin value="US78403DAZ33"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2046262.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.59900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNIVERSAL INSU 5.625% 11/30/26</name>
        <lei>529900GGAZ6WVUCWQM46</lei>
        <title>UNIVERSAL INSURANCE HLDS REGD SER WI 5.62500000</title>
        <cusip>91359VAC1</cusip>
        <identifiers>
          <isin value="US91359VAC19"/>
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        <balance>6280000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6179713.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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>BREAD FINANCIAL 9.75% 03/15/29</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>BREAD FINANCIAL HLDGS REGD 144A P/P 9.75000000</title>
        <cusip>018581AP3</cusip>
        <identifiers>
          <isin value="US018581AP34"/>
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        <balance>5705000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6001795.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SEACO 2020-2A  2.26% 03/17/30</name>
        <lei>N/A</lei>
        <title>GLOBAL SC FINANCE VII SRL SER 2020-2A CL A REGD 144A P/P 2.26000000</title>
        <cusip>37959PAC1</cusip>
        <identifiers>
          <isin value="US37959PAC14"/>
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        <balance>850567.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>804099.93000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.26000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLUE OWL TECHNOL 6.1% 03/15/28</name>
        <lei>254900G5EZJSOD3UKL16</lei>
        <title>BLUE OWL TECHNOLOGY FINA REGD 144A P/P 6.10000000</title>
        <cusip>095924AA4</cusip>
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          <isin value="US095924AA43"/>
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        <balance>2585000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2566052.39000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>F/C US ULTRA BOND CBT JUN25</name>
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        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WNM5 XCBT"/>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>GOLDMAN, SACHS AND CO.</counterpartyName>
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              <otherRefInst>
                <issuerName>F/C US ULTRA BOND CBT JUN25</issuerName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NEUB 2021-40A A V/R 04/16/33</name>
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          <isin value="US64134JAA16"/>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-16</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ARTFI 2024-1A  6.43% 03/20/26</name>
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          <isin value="US83589CAA62"/>
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        <curCd>USD</curCd>
        <valUSD>6309546.25000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>PROV ST JOSEPH 5.403% 10/01/33</name>
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        <identifiers>
          <isin value="US743820AC66"/>
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        <balance>1080000.00000000</balance>
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        <valUSD>1090094.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="ISO country code not reported for forwards, swaps or supranationals." noteItem="C.5.a"/>
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    <signature>
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      <ncom:nameOfApplicant>BBH Trust</ncom:nameOfApplicant>
      <ncom:signature>Charles Schreiber</ncom:signature>
      <ncom:signerName>Charles Schreiber</ncom:signerName>
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  </formData>
</edgarSubmission>
