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      <invstOrSec>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
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          <isin value="US12674GAN43"/>
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      <invstOrSec>
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        <name>CLYDESDALE ACQUISITION</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
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        <title>COMM 2024-WCL1 MORTGAGE TRUST</title>
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        <fairValLevel>2</fairValLevel>
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        <name>REWORLD HOLDING CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DGWD Trust</name>
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        <name>DELUXE CORP</name>
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        <name>Dividend Solar Loans LLC</name>
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        <name>HSBC Bank USA NA</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC Bank USA NA</name>
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          <other otherDesc="Trade Identifier" value="25LSKBBR4S8"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ellington Financial Mortgage Trust</name>
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        <title>EFMT 2024-INV2</title>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>EDGEWELL PERSONAL CARE</name>
        <lei>549300CY8QZDL4Z3RU59</lei>
        <title>Edgewell Personal Care Co</title>
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          <isin value="US28035QAB86"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FERTITTA ENTERTAINMENT</name>
        <lei>N/A</lei>
        <title>Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc</title>
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          <isin value="US31556TAA79"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FTAI AVIATION INVESTORS</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>FTAI Aviation Investors LLC</title>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Foundation Finance Trust</name>
        <lei>N/A</lei>
        <title>Foundation Finance Trust 2025-1</title>
        <cusip>35040WAE7</cusip>
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          <isin value="US35040WAE75"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-04-15</maturityDt>
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        <name>Foundation Finance Trust</name>
        <lei>N/A</lei>
        <title>Foundation Finance Trust 2025-3</title>
        <cusip>35042TAE2</cusip>
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          <isin value="US35042TAE29"/>
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        <balance>3565000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>5493005BBCF84ICNQ550</lei>
        <title>GS Mortgage Securities Corp II</title>
        <cusip>36269JAL2</cusip>
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        <curCd>USD</curCd>
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        <name>GLOBAL INFRASTRUCTURE SO</name>
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        <title>Global Infrastructure Solutions Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GoodLeap Home Improvement Solutions Trust</name>
        <lei>N/A</lei>
        <title>GoodLeap Home Improvement Solutions Trust 2025-1</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GoodLeap Home Improvement Solutions Trust</name>
        <lei>N/A</lei>
        <title>GoodLeap Home Improvement Solutions Trust 2025-2</title>
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          <isin value="US38238FAC41"/>
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        <name>GRAND CANYON UNIVERSITY</name>
        <lei>N/A</lei>
        <title>Grand Canyon University</title>
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        <name>HAVN Trust</name>
        <lei>N/A</lei>
        <title>HAVN Trust 2025-MOB</title>
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        <name>Spectacle Gary Holdings LLC</name>
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        <title>Spectacle Gary Holdings LLC 2021 Term Loan B</title>
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        <name>HIH Trust</name>
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      <invstOrSec>
        <name>Heartland Dental LLC</name>
        <lei>5493008FRC0GRKBN1075</lei>
        <title>Heartland Dental LLC 2025 Term Loan</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>IHO VERWALTUNGS GMBH</name>
        <lei>529900JL0HDVGZMUJF32</lei>
        <title>IHO Verwaltungs GmbH</title>
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          <isin value="US44963BAD01"/>
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      </invstOrSec>
      <invstOrSec>
        <name>IP 2025-IP Mortgage Trust</name>
        <lei>N/A</lei>
        <title>IP 2025-IP Mortgage Trust</title>
        <cusip>449843AL5</cusip>
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          <isin value="US449843AL54"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Commercial Mortgage Pass-through Certificates</name>
        <lei>N/A</lei>
        <title>ILPT Commercial Mortgage Trust 2025-LPF2</title>
        <cusip>451955AJ7</cusip>
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          <isin value="US451955AJ74"/>
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      <invstOrSec>
        <name>ION PLAT FIN US/SARL</name>
        <lei>N/A</lei>
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          <isin value="US46206AAA07"/>
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      <invstOrSec>
        <name>IRON MOUNTAIN INC</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain Inc</title>
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          <isin value="US46284VAQ41"/>
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      <invstOrSec>
        <name>JANE STREET GRP/JSG FIN</name>
        <lei>N/A</lei>
        <title>Jane Street Group / JSG Finance Inc</title>
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          <isin value="US47077WAD02"/>
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      <invstOrSec>
        <name>KEDRION SPA</name>
        <lei>81560047FA58E1BEDF67</lei>
        <title>Kedrion SpA</title>
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          <isin value="US49272YAB92"/>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mariner Finance Issuance Trust</name>
        <lei>N/A</lei>
        <title>Mariner Finance Issuance Trust 2025-A</title>
        <cusip>567920AE3</cusip>
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          <isin value="US567920AE33"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mariner Finance Issuance Trust</name>
        <lei>N/A</lei>
        <title>Mariner Finance Issuance Trust 2025-B</title>
        <cusip>56847TAE5</cusip>
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          <isin value="US56847TAE55"/>
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        <balance>3506000.00000000</balance>
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      <invstOrSec>
        <name>MATCH GROUP HLD II LLC</name>
        <lei>5493003RFFE030RC9167</lei>
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      <invstOrSec>
        <name>MILE Trust</name>
        <lei>N/A</lei>
        <title>MILE Trust 2025-STNE</title>
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      <invstOrSec>
        <name>Mill City Mortgage Trust</name>
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        <name>Mill City Mortgage Trust</name>
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        <name>Mill City Mortgage Trust</name>
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        <name>Mill City Mortgage Trust</name>
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      <invstOrSec>
        <name>Mill City Mortgage Trust</name>
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      <invstOrSec>
        <name>Mill City Mortgage Trust</name>
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      <invstOrSec>
        <name>Mill City Mortgage Trust</name>
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      </invstOrSec>
      <invstOrSec>
        <name>PRA GROUP INC</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRA Group Inc</title>
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        <balance>800000.00000000</balance>
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        <valUSD>818470.08000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2023-RCF2 LLC</title>
        <cusip>69380RAD7</cusip>
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          <isin value="US69380RAD70"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>945373.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-11-25</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PGA National Resort Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PGA Trust 2024-RSR2</title>
        <cusip>69381CAQ0</cusip>
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          <isin value="US69381CAQ06"/>
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        <balance>1375201.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1381315.69000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-15</maturityDt>
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          <annualizedRt>8.44000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2025-RCF4 LLC</title>
        <cusip>69382WAF9</cusip>
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          <isin value="US69382WAF95"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>458724.76000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2055-08-25</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2025-7 LLC</title>
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          <isin value="US69382YAB48"/>
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        <balance>807000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>808777.64000000</valUSD>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2030-08-25</maturityDt>
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          <annualizedRt>7.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2025-8 LLC</title>
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          <isin value="US69383BAB36"/>
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        <balance>1569473.00000000</balance>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2030-10-25</maturityDt>
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          <annualizedRt>7.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pretium Mortgage Credit Partners LLC</name>
        <lei>254900R01EOQLSB4PX26</lei>
        <title>PRET 2025-NPL12 LLC</title>
        <cusip>69383CAB1</cusip>
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          <isin value="US69383CAB19"/>
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        <balance>1800000.00000000</balance>
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        <valUSD>1788512.69000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.90000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pretium Mortgage Credit Partners LLC</name>
        <lei>254900EZKI569P0YE486</lei>
        <title>PRET 2025-NPL8 LLC</title>
        <cusip>69392EAB6</cusip>
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          <isin value="US69392EAB65"/>
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        <balance>778000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>780968.02000000</valUSD>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2055-08-25</maturityDt>
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          <annualizedRt>7.99000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2025-RCF3 LLC</title>
        <cusip>69392PAF2</cusip>
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          <isin value="US69392PAF27"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>471194.62000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2055-07-25</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PRKCM Trust</name>
        <lei>N/A</lei>
        <title>PRKCM 2025-AFC1 Trust</title>
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          <isin value="US69392YAG17"/>
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        <balance>1000000.00000000</balance>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2060-10-25</maturityDt>
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          <annualizedRt>6.81000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2025-6 LLC</title>
        <cusip>69395KAB9</cusip>
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        <balance>708400.00000000</balance>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2028-08-25</maturityDt>
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          <annualizedRt>8.33000000</annualizedRt>
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      <invstOrSec>
        <name>PENN ENTERTAINMENT INC</name>
        <lei>N/A</lei>
        <title>Penn Entertainment Inc</title>
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        <balance>800000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pretium Mortgage Credit Partners LLC</name>
        <lei>2549001J36X6SUZ41Q96</lei>
        <title>Pret 2025-NPL7 LLC</title>
        <cusip>740934AB0</cusip>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Pretium Mortgage Credit Partners LLC</name>
        <lei>254900IWII23Q41Y2V47</lei>
        <title>PRET 2025-NPL9 LLC</title>
        <cusip>740937AB3</cusip>
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          <isin value="US740937AB30"/>
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        <balance>515450.00000000</balance>
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      <invstOrSec>
        <name>Republic Finance Issuance Trust</name>
        <lei>N/A</lei>
        <title>Republic Finance Issuance Trust 2025-A</title>
        <cusip>76042FAE6</cusip>
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          <isin value="US76042FAE60"/>
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        <balance>2448000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Route 66 Development Authority</name>
        <lei>2549001S3OC1V69A1Q52</lei>
        <title>Route 66 Development Authority Term Loan</title>
        <cusip>77929HAB4</cusip>
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        <balance>4075000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-24</maturityDt>
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      <invstOrSec>
        <name>SCG Hotel Issuer Inc</name>
        <lei>N/A</lei>
        <title>SCG 2024-MSP Mortgage Trust</title>
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        <balance>3500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-04-15</maturityDt>
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      <invstOrSec>
        <name>SDAL Trust</name>
        <lei>N/A</lei>
        <title>SDAL Trust 2025-DAL</title>
        <cusip>78437RAG4</cusip>
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        <name>SWCH Commercial Mortgage Trust</name>
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        <name>STREAM INNOVATIONS ISSUER TRUST</name>
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        <name>Aergo Capital Limited</name>
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        <name>Aergo Capital Limited</name>
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        <name>Aergo Capital Limited</name>
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        <name>Aergo Capital Limited</name>
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        <name>SC GERMANY CONSUMER</name>
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        <name>SOCA 1 BRR</name>
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        <name>EUROTRUCK LSE 49ABS</name>
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        <name>Asimi Funding Holdings Limited</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jeronimo Funding</name>
        <lei>635400IPDM5WJSCHSY93</lei>
        <title>Jeronimo Funding DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2956119361"/>
        </identifiers>
        <balance>941000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85091900"/>
        <valUSD>1056831.65000000</valUSD>
        <pctVal>0.258677237401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.57000000</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>Pembroke Property Finance Dac</name>
        <lei>N/A</lei>
        <title>Pembroke Property Finance 3 DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2972989847"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85091900"/>
        <valUSD>597647.95000000</valUSD>
        <pctVal>0.146284340220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.01000000</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>Secucor Finance</name>
        <lei>2138001E8BAK3OXZGG87</lei>
        <title>Secucor Finance 2013-1 DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3178723568"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85091900"/>
        <valUSD>940152.85000000</valUSD>
        <pctVal>0.230118147931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.43000000</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>Pembroke Property Finance Dac</name>
        <lei>N/A</lei>
        <title>Pembroke Property Finance 3 DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2972989920"/>
        </identifiers>
        <balance>1953000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85091900"/>
        <valUSD>2322432.15000000</valUSD>
        <pctVal>0.568454145572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.97000000</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>Vasco Finance</name>
        <lei>N/A</lei>
        <title>TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 3</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="PTTUSNOM0006"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85091900"/>
        <valUSD>819489.28000000</valUSD>
        <pctVal>0.200583719299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.97000000</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>Vasco Finance</name>
        <lei>N/A</lei>
        <title>TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 3</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="PTTUSOOM0005"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85091900"/>
        <valUSD>583951.00000000</valUSD>
        <pctVal>0.142931782425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.37000000</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>UK Logisitics</name>
        <lei>635400CRV6HKMHJF8S64</lei>
        <title>UK Logistics 2025-2 DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3192373481"/>
        </identifiers>
        <balance>1300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74186700"/>
        <valUSD>1753211.83000000</valUSD>
        <pctVal>0.429127943665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.91000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dowson</name>
        <lei>635400KCWWV87X81YE49</lei>
        <title>Dowson 2025-1 PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3216873185"/>
        </identifiers>
        <balance>1055000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74186700"/>
        <valUSD>1422074.85000000</valUSD>
        <pctVal>0.348076624670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.04000000</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>Dowson</name>
        <lei>635400KCWWV87X81YE49</lei>
        <title>Dowson 2025-1 PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3216865918"/>
        </identifiers>
        <balance>711000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74186700"/>
        <valUSD>958388.88000000</valUSD>
        <pctVal>0.234581721540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.69000000</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>Carnaby Inventory II LLC</name>
        <lei>2549005IXRZR7KSBJD91</lei>
        <title>Carnaby Inventory II Loan Facility</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA0003HJ1"/>
        </identifiers>
        <balance>1238250.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1163707.35000000</valUSD>
        <pctVal>0.284836854045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.87000000</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>Schoen Klinik SE</name>
        <lei>5299005C8FSZLNO2KW98</lei>
        <title>Schoen Klinik SE 2025 EUR Term Loan B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="LoanX ID" value="LX258367"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85091900"/>
        <valUSD>1184989.41000000</valUSD>
        <pctVal>0.290045994486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LSCS Holdings Inc</name>
        <lei>N/A</lei>
        <title>LSCS Holdings Inc 2025 Term Loan</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="LoanX ID" value="LX259123"/>
        </identifiers>
        <balance>1423277.45000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1391851.48000000</valUSD>
        <pctVal>0.340678948932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.17000000</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>VMOS SA</name>
        <lei>N/A</lei>
        <title>VMOS SA 1st Lien Term Loan</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="LoanX ID" value="LX266722"/>
        </identifiers>
        <balance>3600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3597120.00000000</valUSD>
        <pctVal>0.880455334776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-08</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELENET FINANCE LUX NOTE</name>
        <lei>2138007RI9GLJPCC3E25</lei>
        <title>Telenet Finance Luxembourg Notes Sarl</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BE6300372289"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>795880.00000000</valUSD>
        <pctVal>0.194804952807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>Banijay Entertainment SAS</name>
        <lei>5493008PW5N0VVCH7279</lei>
        <title>Banijay Entertainment SAS 2025 USD Term Loan B3</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAF6456UAE38"/>
        </identifiers>
        <balance>1014131.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1020216.46000000</valUSD>
        <pctVal>0.249715056721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Radar Bidco Sarl</name>
        <lei>N/A</lei>
        <title>Radar Bidco Sarl 2025 USD Term Loan B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAL7781HAE98"/>
        </identifiers>
        <balance>1458306.04000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1466210.06000000</valUSD>
        <pctVal>0.358879456128</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.19000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-01-28</ncom:dateSigned>
      <ncom:nameOfApplicant>AB CarVal Credit Opportunities Fund</ncom:nameOfApplicant>
      <ncom:signature>Matt Johnson</ncom:signature>
      <ncom:signerName>Matt Johnson</ncom:signerName>
      <ncom:title>Treasurer, Principal Financial Officer, Principal Accounting Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
