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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Baldwin Insurance Group Holdings LLC</name>
        <lei>N/A</lei>
        <title>Baldwin Insurance Group Holdings LLC</title>
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        <balance>810000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PTC, Inc.</name>
        <lei>54930050SSMU8SKDJ030</lei>
        <title>PTC, Inc.</title>
        <cusip>69370CAC4</cusip>
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          <isin value="US69370CAC47"/>
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        <balance>855000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Avis Budget Rental Car Funding AESOP LLC</name>
        <lei>IHXLB8SL0QWSSG2VG640</lei>
        <title>Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class D</title>
        <cusip>05377RJS4</cusip>
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          <isin value="US05377RJS40"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>223131.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.31000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ardonagh Group Finco PtyLtd.</name>
        <lei>254900YP2E642AGM4G32</lei>
        <title>Ardonagh Group Finco Pty. Ltd., First Lien Term Loan B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XAQ0500HAB59"/>
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        <balance>854635.74330000</balance>
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        <curCd>USD</curCd>
        <valUSD>833808.27000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-18</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>WFRBS Commercial Mortgage Trust</name>
        <lei>5493003CHVRASC16O965</lei>
        <title>WFRBS Commercial Mortgage Trust, Series 2013-C15, Class B</title>
        <cusip>92938CAH0</cusip>
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          <isin value="US92938CAH07"/>
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        <balance>86133.43000000</balance>
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        <curCd>USD</curCd>
        <valUSD>83721.69000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Hess Midstream Operations LP</name>
        <lei>N/A</lei>
        <title>Hess Midstream Operations LP</title>
        <cusip>428102AH0</cusip>
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          <isin value="US428102AH01"/>
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        <balance>905000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>910806.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TMCL VII Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>TMCL VII Holdings Ltd., Series 2025-1H, Class A</title>
        <cusip>87257FAA1</cusip>
        <identifiers>
          <isin value="US87257FAA12"/>
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        <balance>319230.14000000</balance>
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        <curCd>USD</curCd>
        <valUSD>318788.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.43000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Symetra CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Symetra CLO Ltd., Series 2025-1A, Class E</title>
        <cusip>87153CAA3</cusip>
        <identifiers>
          <isin value="US87153CAA36"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>292733.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.41762880</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Huntington Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
        <title>Huntington Bank Auto Credit-Linked Notes, Series 2025-2, Class C</title>
        <cusip>44644NAQ2</cusip>
        <identifiers>
          <isin value="US44644NAQ25"/>
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        <balance>200086.66000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200416.26000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.02294040</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>RCO VIII Mortgage LLC</name>
        <lei>N/A</lei>
        <title>RCO VIII Mortgage LLC, Series 2025-3, Class A2</title>
        <cusip>74939GAB1</cusip>
        <identifiers>
          <isin value="US74939GAB14"/>
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        <balance>395000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>395758.64000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>8.83609920</annualizedRt>
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      <invstOrSec>
        <name>Evergreen AcqCo 1 LP</name>
        <lei>N/A</lei>
        <title>Evergreen Acqco 1 LP, First Lien Term Loan</title>
        <cusip>30015FAJ5</cusip>
        <identifiers>
          <isin value="US30015FAJ57"/>
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        <balance>213583.33330000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.68598000</annualizedRt>
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      <invstOrSec>
        <name>DISH DBS Corp.</name>
        <lei>N/A</lei>
        <title>DISH DBS Corp.</title>
        <cusip>25470XBE4</cusip>
        <identifiers>
          <isin value="US25470XBE40"/>
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        <balance>1375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1363207.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>RCO X Mortgage LLC</name>
        <lei>N/A</lei>
        <title>RCO X Mortgage LLC, Series 2026-1, Class A1</title>
        <cusip>74940DAA7</cusip>
        <identifiers>
          <isin value="US74940DAA72"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-25</maturityDt>
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          <annualizedRt>5.53579920</annualizedRt>
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      <invstOrSec>
        <name>OHA Credit Funding 21 Ltd.</name>
        <lei>N/A</lei>
        <title>OHA Credit Funding 21 Ltd., Series 2025-21A, Class D2</title>
        <cusip>67707KAL4</cusip>
        <identifiers>
          <isin value="US67707KAL44"/>
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        <balance>310000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-10-20</maturityDt>
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          <annualizedRt>7.70428080</annualizedRt>
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      <invstOrSec>
        <name>Hertz Vehicle Financing III LLC</name>
        <lei>549300MNOMKDMDFI8J66</lei>
        <title>Hertz Vehicle Financing III LLC, Series 2025-3A, Class C</title>
        <cusip>42806MDD8</cusip>
        <identifiers>
          <isin value="US42806MDD83"/>
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        <balance>115000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-26</maturityDt>
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          <annualizedRt>6.13000000</annualizedRt>
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      <invstOrSec>
        <name>MetroNet Infrastructure Issuer LLC</name>
        <lei>5493000BIROCAEATAQ61</lei>
        <title>MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class C</title>
        <cusip>59170JBH0</cusip>
        <identifiers>
          <isin value="US59170JBH05"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>347214.56000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-20</maturityDt>
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          <annualizedRt>7.11200000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chord Energy Corp.</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
        <title>Chord Energy Corp.</title>
        <cusip>674215AQ1</cusip>
        <identifiers>
          <isin value="US674215AQ11"/>
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        <balance>385000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>390108.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>DISH Network Corp.</name>
        <lei>529900U350CWHH15G169</lei>
        <title>DISH Network Corp.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Global Auto Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>Global Auto Holdings Ltd.</title>
        <cusip>00033GAA3</cusip>
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          <isin value="US00033GAA31"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PetSmart LLC</name>
        <lei>N/A</lei>
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          <isin value="US71677KAC27"/>
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        <balance>660000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>663214.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
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      <invstOrSec>
        <name>Global SC Finance X Ltd.</name>
        <lei>N/A</lei>
        <title>Global SC Finance X Ltd., Series 2025-1H, Class A</title>
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          <isin value="US37893FAA66"/>
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        <balance>231934.78000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-09-20</maturityDt>
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      <invstOrSec>
        <name>Genting New York LLC</name>
        <lei>N/A</lei>
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        <cusip>37255JAB8</cusip>
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          <isin value="US37255JAB89"/>
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        <balance>420000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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      <invstOrSec>
        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
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          <isin value="US92556HAE71"/>
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        <balance>870000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>635100.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-03-30</maturityDt>
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      <invstOrSec>
        <name>Penn Entertainment, Inc.</name>
        <lei>N/A</lei>
        <title>Penn Entertainment, Inc.</title>
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          <isin value="US707569AY52"/>
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        <balance>241000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>Oceaneering International, Inc.</name>
        <lei>549300L6PH74701W0R30</lei>
        <title>Oceaneering International, Inc.</title>
        <cusip>675232AB8</cusip>
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          <isin value="US675232AB89"/>
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        <balance>431000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>432752.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>AmeriGas Partners LP</name>
        <lei>N/A</lei>
        <title>AmeriGas Partners LP</title>
        <cusip>030981AL8</cusip>
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          <isin value="US030981AL88"/>
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        <balance>517000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>519094.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>StubHub Holdco Sub LLC</name>
        <lei>549300NL9JUFIOARLW93</lei>
        <title>StubHub Holdco Sub LLC, First Lien Term Loan B</title>
        <cusip>74530DAH8</cusip>
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          <isin value="US74530DAH89"/>
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        <balance>349826.07050000</balance>
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        <curCd>USD</curCd>
        <valUSD>343487.22000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.42300000</annualizedRt>
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        <name>U.S. Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797TG2</cusip>
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        <balance>353000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-07</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>FF Asset Securitization LLC</name>
        <lei>N/A</lei>
        <title>FF Asset Securitization LLC, Series 2025-1A, Class B</title>
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          <isin value="US31568BAB09"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-17</maturityDt>
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          <annualizedRt>7.21900000</annualizedRt>
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      <invstOrSec>
        <name>CVR Energy, Inc.</name>
        <lei>529900SOYZIXZBTXB558</lei>
        <title>CVR Energy, Inc.</title>
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          <isin value="US12662PAJ75"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-15</maturityDt>
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      <invstOrSec>
        <name>Anchorage Capital CLO 15 Ltd.</name>
        <lei>549300H5Q0HJ2EHSSX26</lei>
        <title>Anchorage Capital CLO 15 Ltd., Series 2020-15A, Class DR2</title>
        <cusip>03329FBE3</cusip>
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          <isin value="US03329FBE34"/>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-20</maturityDt>
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      <invstOrSec>
        <name>Sunrun Vulcan Issuer LLC</name>
        <lei>N/A</lei>
        <title>Sunrun Vulcan Issuer LLC, Series 2021-1A, Class A</title>
        <cusip>86773QAA4</cusip>
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          <isin value="US86773QAA40"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-01-30</maturityDt>
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      <invstOrSec>
        <name>Kapitus Asset Securitization V LLC</name>
        <lei>N/A</lei>
        <title>Kapitus Asset Securitization V LLC, Series 2025-1A, Class C</title>
        <cusip>48555NAC1</cusip>
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          <isin value="US48555NAC11"/>
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        <balance>350000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.40000000</annualizedRt>
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      <invstOrSec>
        <name>SK Invictus Intermediate II Sarl</name>
        <lei>N/A</lei>
        <title>SK Invictus Intermediate II Sarl</title>
        <cusip>29977LAA9</cusip>
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          <isin value="US29977LAA98"/>
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        <balance>854000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>832965.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-30</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Jitney-Jungle Stores of America, Inc.</name>
        <lei>N/A</lei>
        <title>Jitney-Jungle Stores of America, Inc.</title>
        <cusip>47758RAD7</cusip>
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          <isin value="US47758RAD70"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>3</fairValLevel>
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        <name>Teva Pharmaceutical Finance Netherlands III BV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Nissan Motor Acceptance Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SEB Funding LLC</name>
        <lei>N/A</lei>
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          <isin value="US78433DAC83"/>
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        <fairValLevel>2</fairValLevel>
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        <name>BPR Trust</name>
        <lei>N/A</lei>
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          <isin value="US05592CAL00"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>1011778 BC ULC</name>
        <lei>N/A</lei>
        <title>1011778 BC ULC</title>
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          <isin value="US68245XAJ81"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
        <cusip>46284VAC5</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-15</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
        <cusip>629377CH3</cusip>
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        <balance>550000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust, Series 2011-GC5, Class C</title>
        <cusip>36191YAJ7</cusip>
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          <isin value="US36191YAJ73"/>
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        <balance>15236.95000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-10</maturityDt>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
        <cusip>893647BR7</cusip>
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          <isin value="US893647BR70"/>
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        <balance>983000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
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        <balance>416000.00000000</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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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <name>Avantor Funding, Inc.</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>Avantor Funding, Inc.</title>
        <cusip>05352TAA7</cusip>
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        <balance>1080000.00000000</balance>
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          <maturityDt>2028-07-15</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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        <name>Northeast Grocery, Inc.</name>
        <lei>N/A</lei>
        <title>Northeast Grocery, Inc., First Lien Term Loan</title>
        <cusip>66417AAB1</cusip>
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          <isin value="US66417AAB17"/>
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        <name>Mativ Holdings, Inc.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Go Daddy Operating Co. LLC</name>
        <lei>N/A</lei>
        <title>Go Daddy Operating Co. LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
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        <name>Fortescue Treasury Pty. Ltd.</name>
        <lei>549300EFD6S2NFE9D745</lei>
        <title>Fortescue Treasury Pty. Ltd.</title>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>DirecTV Financing LLC</name>
        <lei>N/A</lei>
        <title>DirecTV Financing LLC</title>
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        <balance>839000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>QTS Issuer ABS II LLC</name>
        <lei>N/A</lei>
        <title>QTS Issuer ABS II LLC, Series 2025-1A, Class B</title>
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          <isin value="US74690FAB22"/>
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        <balance>160000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Hess Midstream Operations LP</name>
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        <name>GFL Environmental, Inc.</name>
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        <name>PenFed Auto Receivables Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <name>Allison Transmission, Inc.</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
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        <name>Kingpin Intermediate Holdings LLC</name>
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          <maturityDt>2032-10-15</maturityDt>
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        <name>Michaels Cos., Inc. (The)</name>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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        <name>EDI ABS Issuer LLC</name>
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        <name>Lendbuzz Securitization Trust</name>
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        <name>Entain Holdings (Gibraltar)Ltd.</name>
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        <name>Howden UK Refinance plc</name>
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        <title>Howden UK Refinance plc</title>
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        <name>Marriott Ownership Resorts, Inc.</name>
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        <title>Marriott Ownership Resorts, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Arcosa, Inc.</name>
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        <name>N/A</name>
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        <name>OnDeck Asset Securitization Trust IV LLC</name>
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        <name>Commercial Metals Co.</name>
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        <name>Entegris, Inc.</name>
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        <title>Entegris, Inc.</title>
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        <name>Sensata Technologies BV</name>
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        <name>Fair Isaac Corp.</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
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        <name>Crescent Energy Finance LLC</name>
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        <name>Burford Capital Global Finance LLC</name>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <name>CSMC OA LLC</name>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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        <name>Carvana Auto Receivables Trust</name>
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        <name>Hologic, Inc.</name>
        <lei>549300DYP6F5ZJL0LB74</lei>
        <title>Hologic, Inc.</title>
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        <name>Chemours Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AmWINS Group, Inc.</name>
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          <isin value="US031921AC31"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Neptune Bidco US, Inc.</name>
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          <isin value="US640695AA01"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EchoStar Corp.</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>EchoStar Corp.</title>
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          <isin value="US278768AC00"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-30</maturityDt>
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          <annualizedRt>10.75000000</annualizedRt>
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        <name>Lamb Weston Holdings, Inc.</name>
        <lei>5493005SMYID1D2OY946</lei>
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          <isin value="US513272AC82"/>
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        <balance>1005000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="TUM6COM"/>
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                  <ticker value="TUM6 Comdty"/>
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      <invstOrSec>
        <name>Freedom Mortgage Corp.</name>
        <lei>549300LYRWPSYPK6S325</lei>
        <title>Freedom Mortgage Corp.</title>
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          <isin value="US35640YAJ64"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-15</maturityDt>
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          <annualizedRt>6.62500000</annualizedRt>
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        <name>DataBank Issuer II LLC</name>
        <lei>N/A</lei>
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          <isin value="US23802YAB39"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-27</maturityDt>
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        <name>Planet Fitness Master Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-12-05</maturityDt>
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        <name>Liberty Mutual Group, Inc.</name>
        <lei>QUR0DG15Z6FFGYCHH861</lei>
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        <name>Alliant Holdings Intermediate LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>Foundation Finance Trust</name>
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        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 5 Year Note</title>
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          <other otherDesc="Inhouse Sedol" value="FVM6COS"/>
          <other otherDesc="Future Ticker" value="FVM6 Comdty"/>
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        <name>CAFL Issuer LLC</name>
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        <name>Icahn Enterprises LP</name>
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        <title>Icahn Enterprises LP</title>
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        <invCountry>US</invCountry>
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        <name>GoTo Group, Inc.</name>
        <lei>549300D12V5KRBV00592</lei>
        <title>GoTo Group, Inc.</title>
        <cusip>38349YAA3</cusip>
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          <isin value="US38349YAA38"/>
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        <balance>245000.00000000</balance>
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      <invstOrSec>
        <name>Extended Stay America Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Axle &amp; Manufacturing, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Venture Global LNG, Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>Venture Global LNG, Inc.</title>
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          <isin value="US92332YAC57"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>9.50000000</annualizedRt>
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      <invstOrSec>
        <name>Audacy, Inc.</name>
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          <isin value="US05070N3017"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Travel + Leisure Co.</name>
        <lei>T4VNTWMFQ7JQB65L7T35</lei>
        <title>Travel + Leisure Co.</title>
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          <isin value="US98310WAS70"/>
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        <balance>410000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-31</maturityDt>
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        <name>PRPM LLC</name>
        <lei>N/A</lei>
        <title>PRPM LLC, Series 2025-2, Class A2</title>
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          <isin value="US69382HAB15"/>
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        <balance>350000.00000000</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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          <maturityDt>2030-05-25</maturityDt>
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      <invstOrSec>
        <name>PBF Holding Co. LLC</name>
        <lei>N/A</lei>
        <title>PBF Holding Co. LLC</title>
        <cusip>69318FAJ7</cusip>
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          <isin value="US69318FAJ75"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>318544.77000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Venture Global LNG, Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>Venture Global LNG, Inc.</title>
        <cusip>92332YAA9</cusip>
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          <isin value="US92332YAA91"/>
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        <balance>1391000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1422604.91000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
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      <invstOrSec>
        <name>Sunrun Atlas Issuer LLC</name>
        <lei>N/A</lei>
        <title>Sunrun Atlas Issuer LLC, Series 2019-2, Class A</title>
        <cusip>86772FAA9</cusip>
        <identifiers>
          <isin value="US86772FAA93"/>
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        <balance>512101.06000000</balance>
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        <curCd>USD</curCd>
        <valUSD>494024.97000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-01</maturityDt>
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          <annualizedRt>3.61000000</annualizedRt>
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      <invstOrSec>
        <name>Taylor Morrison Communities, Inc.</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>Taylor Morrison Communities, Inc.</title>
        <cusip>87724RAB8</cusip>
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          <isin value="US87724RAB87"/>
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        <balance>344000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>344888.55000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Open Text Corp.</name>
        <lei>549300HP7ONDQODZJV16</lei>
        <title>Open Text Corp.</title>
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        <balance>910000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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        <name>WBI Operating LLC</name>
        <lei>254900POBWB4RX0ODY78</lei>
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        <cusip>92944BAA9</cusip>
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        <balance>622000.00000000</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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          <maturityDt>2030-10-15</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>OWN Equipment Fund III LLC</name>
        <lei>N/A</lei>
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        <cusip>69122AAC9</cusip>
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          <isin value="US69122AAC99"/>
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        <balance>482486.94000000</balance>
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        <curCd>USD</curCd>
        <valUSD>488868.89000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-27</maturityDt>
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        <name>United Rentals North America, Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America, Inc.</title>
        <cusip>911365BG8</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Six Flags Entertainment Corp.</name>
        <lei>N/A</lei>
        <title>Six Flags Entertainment Corp.</title>
        <cusip>150190AK2</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>United Airlines Holdings, Inc.</name>
        <lei>98450079DA0B78DD6764</lei>
        <title>United Airlines Holdings, Inc.</title>
        <cusip>910047AM1</cusip>
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        <balance>678000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Darktrace Finco US LLC</name>
        <lei>N/A</lei>
        <title>Darktrace Finco US LLC, First Lien Term Loan</title>
        <cusip>52526CAB5</cusip>
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          <isin value="US52526CAB54"/>
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        <balance>69648.24120000</balance>
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        <curCd>USD</curCd>
        <valUSD>66523.12000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.89814000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ZF North America Capital, Inc.</name>
        <lei>529900JYGMS9CW9IQX78</lei>
        <title>ZF North America Capital, Inc.</title>
        <cusip>98877DAD7</cusip>
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          <isin value="US98877DAD75"/>
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        <balance>630000.00000000</balance>
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        <curCd>USD</curCd>
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        <name>Hilton Worldwide Finance LLC</name>
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        <name>APH Somerset Investor 2 LLC</name>
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      <invstOrSec>
        <name>Block, Inc.</name>
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        <name>BPR Trust</name>
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        <name>GS Mortgage Securities Corp. Trust</name>
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        <name>Expand Energy Corp.</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
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      <invstOrSec>
        <name>Fair Isaac Corp.</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
        <title>Fair Isaac Corp.</title>
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        <name>TriNet Group, Inc.</name>
        <lei>5299003FJVBETSFKE990</lei>
        <title>TriNet Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Carmax Select Receivables Trust</name>
        <lei>N/A</lei>
        <title>Carmax Select Receivables Trust, Series 2025-B, Class E</title>
        <cusip>14320BAG4</cusip>
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        <name>Quikrete Holdings, Inc.</name>
        <lei>5493007KIN86DIZWZT22</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NYMT Loan Trust</name>
        <lei>254900Q6RDCV3HGA6340</lei>
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        <name>SCIL IV LLC</name>
        <lei>984500E0P46NA78BDF93</lei>
        <title>SCIL IV LLC, First Lien Term Loan B2</title>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Carvana Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust, Series 2025-P2, Class D</title>
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      <invstOrSec>
        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co.</title>
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        <name>1011778 BC ULC</name>
        <lei>N/A</lei>
        <title>1011778 BC ULC</title>
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      <invstOrSec>
        <name>Open Text Corp.</name>
        <lei>549300HP7ONDQODZJV16</lei>
        <title>Open Text Corp.</title>
        <cusip>683715AC0</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Molina Healthcare, Inc.</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>Molina Healthcare, Inc.</title>
        <cusip>60855RAJ9</cusip>
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        <balance>1630000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
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          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WAVE LLC</name>
        <lei>N/A</lei>
        <title>WAVE LLC, Series 2019-1, Class A</title>
        <cusip>94354KAA8</cusip>
        <identifiers>
          <isin value="US94354KAA88"/>
        </identifiers>
        <balance>201023.30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>197191.80000000</valUSD>
        <pctVal>0.245395097225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.59700000</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>Acrisure LLC</name>
        <lei>N/A</lei>
        <title>Acrisure LLC</title>
        <cusip>00489LAF0</cusip>
        <identifiers>
          <isin value="US00489LAF04"/>
        </identifiers>
        <balance>530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500235.04000000</valUSD>
        <pctVal>0.622516891048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</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>Navient Corp.</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp.</title>
        <cusip>63938CAJ7</cusip>
        <identifiers>
          <isin value="US63938CAJ71"/>
        </identifiers>
        <balance>689000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>690632.93000000</valUSD>
        <pctVal>0.859457315183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Nationwide Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>David Majewski</ncom:signature>
      <ncom:signerName>David Majewski</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
