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        <name>OHA CREDIT PARTNERS XVII LTD</name>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7000000.00000000</valUSD>
        <pctVal>3.105438191442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ultra Padel Club </name>
        <lei>N/A</lei>
        <title>Ultra Padel Club </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00009"/>
        </identifiers>
        <balance>697500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>697500.00000000</valUSD>
        <pctVal>0.309434734075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13</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>Coastal Island Developments, LLC</name>
        <lei>N/A</lei>
        <title>Coastal Island Developments, LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00068"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1500000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>10.4</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Leasepoint Funding Group, LLC </name>
        <lei>N/A</lei>
        <title>Leasepoint Funding Group, LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00059"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000000.00000000</valUSD>
        <pctVal>0.887268054697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>12.1</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>
      <invstOrSec>
        <name>Nexgen Financial </name>
        <lei>N/A</lei>
        <title>Nexgen Financial </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00034"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1525950.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>16.71</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ACORE Credit Partners II, LP </name>
        <lei>N/A</lei>
        <title>ACORE Credit Partners II, LP </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00004"/>
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        <balance>6450408.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6450408.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IHC California LLC and Iron Horse Credit LLC </name>
        <lei>N/A</lei>
        <title>IHC California LLC and Iron Horse Credit LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00030"/>
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        <balance>284936.26000000</balance>
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        <curCd>USD</curCd>
        <valUSD>289637.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>11.19</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>Royersford Industrial Senior Loan </name>
        <lei>N/A</lei>
        <title>Royersford Industrial Senior Loan </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00011"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1410360.00000000</valUSD>
        <pctVal>0.625683686811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14</annualizedRt>
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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>Cirkul, Inc. </name>
        <lei>N/A</lei>
        <title>Cirkul, Inc. Warrant Equity Value Strike </title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CRKWEVS"/>
          <other otherDesc="Dummy ID" value="NAIF00070"/>
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        <balance>6878.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32464.16000000</valUSD>
        <pctVal>0.014402206045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
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              <counterpartyName>NO BROKER</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Cirkul, Inc.</issuerName>
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                  <other otherDesc="Dummy ID" value="NAIF00070"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>6878</shareNo>
            <exercisePrice>35.41</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2035-04-23</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cirkul, Inc. </name>
        <lei>N/A</lei>
        <title>Cirkul, Inc. </title>
        <cusip>N/A</cusip>
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          <other otherDesc="Dummy ID" value="NAIF00066"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2375462.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>15.38</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cliffhanger 2 Productions, LLC </name>
        <lei>N/A</lei>
        <title>Cliffhanger 2 Productions, LLC </title>
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          <other otherDesc="Dummy ID" value="NAIF00020"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>956250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Eldridge Senior Credit Strategies Fund XIV, L.P. </name>
        <lei>N/A</lei>
        <title>Eldridge Senior Credit Strategies Fund XIV, L.P. </title>
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        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00001"/>
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        <curCd>USD</curCd>
        <valUSD>19742168.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Neo Finance SPV LLC </name>
        <lei>N/A</lei>
        <title>Neo Finance SPV LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00078"/>
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        <curCd>USD</curCd>
        <valUSD>2500000.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-11</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KENNEDY LEWIS RESIDENTIAL PROPERTY INCOME CO LP </name>
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        <title>KENNEDY LEWIS RESIDENTIAL PROPERTY INCOME CO LP </title>
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          <other otherDesc="Dummy ID" value="NAIF00076"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Medalist Partners, L.P.</name>
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        <title>Medalist Partners, L.P.</title>
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          <other otherDesc="Dummy ID" value="NAIF00003"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALLODINE PERPETUAL ABL FUND, LP </name>
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        <title>CALLODINE PERPETUAL ABL FUND, LP </title>
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        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00073"/>
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        <balance>4750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4750000.00000000</valUSD>
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        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wolfe Pond Park CLO</name>
        <lei>N/A</lei>
        <title>Wolfe Pond Park CLO </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00058"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CR Steak LV LLC </name>
        <lei>N/A</lei>
        <title>CR STEAK LV LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00007"/>
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        <balance>720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>716328.00000000</valUSD>
        <pctVal>0.317787475542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-04</maturityDt>
          <couponKind>Fixed</couponKind>
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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>
      <invstOrSec>
        <name>OD Intermediate SUBI Holdco VII LLC </name>
        <lei>N/A</lei>
        <title>OD Intermediate SUBI Holdco VII LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00060"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1518750.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
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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>
      <invstOrSec>
        <name>PFF, LLC </name>
        <lei>N/A</lei>
        <title>PFF, LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00046"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Cashco Financial Inc. </name>
        <lei>N/A</lei>
        <title>Cashco Financial Inc. </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00032"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1521000.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>14.25</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Steno Agency Funding I, LLC </name>
        <lei>N/A</lei>
        <title>Steno Agency Funding I, LLC </title>
        <cusip>N/A</cusip>
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          <other otherDesc="Dummy ID" value="NAIF00077"/>
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        <curCd>USD</curCd>
        <valUSD>2500000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SP Technology Payments II, LLC </name>
        <lei>N/A</lei>
        <title>SP Technology Payments II, LLC </title>
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          <other otherDesc="Dummy ID" value="NAIF00015"/>
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        <curCd>USD</curCd>
        <valUSD>1545067.03000000</valUSD>
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        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Windsor Street Associates, LLC, et al. </name>
        <lei>N/A</lei>
        <title>Windsor Street Associates, LLC, et al. </title>
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        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00061"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000000.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>11.52</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BDP BLOOMFIELD AVENUE, LLC</name>
        <lei>N/A</lei>
        <title>BDP BLOOMFIELD AVENUE, LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00052"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>800000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>OnRamp Funding </name>
        <lei>N/A</lei>
        <title>OnRamp Funding </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00043"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1511250.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>16.96</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OTG Productions LLC </name>
        <lei>N/A</lei>
        <title>OTG Productions LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00038"/>
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        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1250000.00000000</valUSD>
        <pctVal>0.554542534186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Yacht Management Services </name>
        <lei>N/A</lei>
        <title>Yacht Management Services </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00008"/>
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        <balance>739570.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>385316.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>Y</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>STONE POINT CREDIT INCOME FUND</name>
        <lei>N/A</lei>
        <title>STONE POINT CREDIT INCOME FUND </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00075"/>
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        <balance>6000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6000000.00000000</valUSD>
        <pctVal>2.661804164093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COLUMBIA HOLDINGS SC, LLC, LV PETROLEUM, LLC </name>
        <lei>N/A</lei>
        <title>COLUMBIA HOLDINGS SC, LLC, LV PETROLEUM, LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00079"/>
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        <balance>1071428.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1071428.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tampa Industrial Senior Loan </name>
        <lei>N/A</lei>
        <title>Tampa Industrial Senior Loan </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00010"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>252225.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-28</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Crestline Opportunity Fund V Offshore TE/SWF, L.P. </name>
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        <title>Crestline Opportunity Fund V Offshore TE/SWF, L.P. </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00005"/>
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        <curCd>USD</curCd>
        <valUSD>2729276.11000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Opus Trust I/II </name>
        <lei>N/A</lei>
        <title>Opus Trust I/II </title>
        <cusip>N/A</cusip>
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          <other otherDesc="Dummy ID" value="NAIF00033"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>PFF, LLC </name>
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        <title>PFF, LLC </title>
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          <other otherDesc="Dummy ID" value="NAIF00055"/>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>SHORTER HOLDINGS AL, LLC, LV PETROLEUM, LLC </name>
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          <other otherDesc="Dummy ID" value="NAIF00081"/>
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        <curCd>USD</curCd>
        <valUSD>1214285.73000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fairbridge Partners L.P. </name>
        <lei>N/A</lei>
        <title>Fairbridge Partners L.P. </title>
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          <other otherDesc="Dummy ID" value="NAIF00057"/>
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        <curCd>USD</curCd>
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        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Bristol Industrial Senior Loan </name>
        <lei>N/A</lei>
        <title>Bristol Industrial Senior Loan </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00012"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS </title>
        <cusip>3136BPX48</cusip>
        <identifiers>
          <isin value="US3136BPX481"/>
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        <balance>1779073.56000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1833545.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Future Family Loan Portfolio Class A </name>
        <lei>N/A</lei>
        <title>Future Family Loan Portfolio Class A </title>
        <cusip>N/A</cusip>
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          <other otherDesc="Dummy ID" value="NAIF00017"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Sezzle Inc. </name>
        <lei>N/A</lei>
        <title>Sezzle Inc. </title>
        <cusip>N/A</cusip>
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          <other otherDesc="Dummy ID" value="NAIF00036"/>
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        <curCd>USD</curCd>
        <valUSD>1521000.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>A. Stucki Company </name>
        <lei>N/A</lei>
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          <other otherDesc="Dummy ID" value="NAIF00065"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-30</maturityDt>
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          <annualizedRt>0</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>EZ PAY SPE, LLC </name>
        <lei>N/A</lei>
        <title>EZ PAY SPE, LLC </title>
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          <other otherDesc="Dummy ID" value="NAIF0002"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-24</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Lake Summit Alternative Loan Trust 2025-1 </name>
        <lei>N/A</lei>
        <title>Lake Summit Alternative Loan Trust 2025-1 </title>
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        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00062"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Vibrant CLO XIII Ltd </name>
        <lei>N/A</lei>
        <title>Vibrant CLO XIII Ltd </title>
        <cusip>92557CAE7</cusip>
        <identifiers>
          <isin value="US92557CAE75"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>AG Asset Based Credit Fund LP </name>
        <lei>N/A</lei>
        <title>AG Asset Based Credit Fund LP </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00006"/>
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        <balance>19670406.61000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19670406.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CH SPV A Holding LLC </name>
        <lei>N/A</lei>
        <title>CH SPV A Holding LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00035"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1520100.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>15.72</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>2 Hopmeadow Street Realty Co., LLC </name>
        <lei>N/A</lei>
        <title>2 Hopmeadow Street Realty Co., LLC </title>
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          <other otherDesc="Dummy ID" value="NAIF00025"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500450.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>11</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>
      <invstOrSec>
        <name>Saluda Grade Income Fund LP </name>
        <lei>N/A</lei>
        <title>Saluda Grade Income Fund LP </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00056"/>
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        <balance>7049886.57000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7049886.57000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>40 Connecticut Ave Associates LLC </name>
        <lei>N/A</lei>
        <title>40 Connecticut Ave Associates LLC </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00040"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>400000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>11.31</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>Bastion Funding V LP </name>
        <lei>N/A</lei>
        <title>Bastion Funding V LP </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="NAIF00039"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Fund"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAVANNA HOLDINGS OK, LLC, LV PETROLEUM, LLC </name>
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        <title>SAVANNA HOLDINGS OK, LLC, LV PETROLEUM, LLC </title>
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          <other otherDesc="Dummy ID" value="NAIF00084"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Riddick 4 Production LLC </name>
        <lei>N/A</lei>
        <title>Riddick 4 Production LLC </title>
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          <other otherDesc="Dummy ID" value="NAIF00031"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Blue Owl A4 Evergreen (Cayman) LP </name>
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        <title>Blue Owl A4 Evergreen (Cayman) LP </title>
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          <other otherDesc="Dummy ID" value="NAIF00002"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
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      <invstOrSec>
        <name>BABSN 2022-4A ER</name>
        <lei>549300NRFNRCBGSJ3239</lei>
        <title>Babson CLO Ltd </title>
        <cusip>06763JAE2</cusip>
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          <isin value="US06763JAE29"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>762343.88000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-10-20</maturityDt>
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      <invstOrSec>
        <name>Maranon Loan Funding Ltd </name>
        <lei>N/A</lei>
        <title>Maranon Loan Funding Ltd </title>
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          <isin value="US565926AJ10"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Beezle Azul LLC </name>
        <lei>N/A</lei>
        <title>Beezle Azul LLC </title>
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          <other otherDesc="Dummy ID" value="NAIF00047"/>
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        <curCd>USD</curCd>
        <valUSD>750000.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-10</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PEYTON PROJECT, LLC </name>
        <lei>N/A</lei>
        <title>PEYTON PROJECT, LLC </title>
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          <other otherDesc="Dummy ID" value="NAIF00051"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>800000.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-04</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>12.05</annualizedRt>
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        <name>R&amp;R Clinton Ventures III </name>
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        <name>Government National Mortgage Association</name>
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        <name>RIVONIA ROAD FUND LP </name>
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        <name>PFF, LLC </name>
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        <name>ALLEGRO CLO VIII-S LTD</name>
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        <name>Raistone Purchasing LLC - Series XXXI </name>
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        <name>First American Funds Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bojadzic Construction LLC </name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>FULTONVILLE HOLDINGS NY, LLC, LV PETROLEUM, LLC </name>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>ALLEGRO CLO VIII-S LTD</name>
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      <invstOrSec>
        <name>BLUEBERRY HILL II, LLC </name>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Nomura Alternative Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Madeline Arment </ncom:signature>
      <ncom:signerName>Madeline Arment </ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
