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        <name>Advance Auto Parts, Inc.</name>
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        <name>NCL Corp. Ltd.</name>
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        <name>Sealed Air Corp.</name>
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        <name>Navient Corp.</name>
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        <name>Navient Corp.</name>
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        <name>Adient Global Holdings Ltd.</name>
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        <name>Service Corp. International</name>
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        <name>Ford Motor Co.</name>
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        <name>KB Home</name>
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        <name>Pilgrim's Pride Corp.</name>
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        <name>Owens-Brockway Glass Container Inc.</name>
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        <name>Brandywine Operating Partnership, L.P.</name>
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        <name>Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.</name>
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        <name>GEO Group, Inc. (The)</name>
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        <name>Arcosa, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Paramount Global</name>
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        <name>United Rentals (North America), Inc.</name>
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        <name>Sinclair Television Group, Inc.</name>
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        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
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        <name>Elanco Animal Health Inc.</name>
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        <name>Twilio Inc.</name>
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        <name>Regal Rexnord Corp.</name>
        <lei>QH78R09VCJGQKPBPYU33</lei>
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        <name>NCL Corp. Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
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        <name>Newell Brands Inc.</name>
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        <name>Cleveland-Cliffs Steel Corp.</name>
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        <name>Kaiser Aluminum Corp.</name>
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        <name>StoneX Group Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Axalta Coating Systems Dutch Holding B B.V.</name>
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        <name>Ashland Inc.</name>
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        <name>Six Flags Entertainment Corp.</name>
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        <name>Atkore Inc.</name>
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        <name>Iron Mountain Information Management Services, Inc.</name>
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        <name>TopBuild Corp.</name>
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        <name>CNX Resources Corp.</name>
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        <name>Huntsman International LLC</name>
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        <name>Xerox Holdings Corp.</name>
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        <name>ATI Inc.</name>
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        <name>Builders FirstSource, Inc.</name>
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        <name>Griffon Corp.</name>
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        <name>Acadia Healthcare Co., Inc.</name>
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        <name>Block, Inc.</name>
        <lei>549300OHIIUWSTIZME52</lei>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>Whirlpool Corp.</name>
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        <name>TransDigm, Inc.</name>
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        <name>Silgan Holdings Inc.</name>
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        <name>Cinemark USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
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        <name>Permian Resources Operating, LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Shift4 Payments LLC / Shift4 Payments Finance Sub Inc.</name>
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        <name>Lamar Media Corp.</name>
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        <name>Antero Midstream Partners L.P./ Antero Midstream Finance Corp.</name>
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        <name>Clue Opco LLC</name>
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        <name>Valaris Ltd.</name>
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        <name>Crocs, Inc.</name>
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        <name>Graphic Packaging International, LLC</name>
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        <name>Century Communities, Inc.</name>
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        <name>PG&amp;E Corp.</name>
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        <name>Dana Inc.</name>
        <lei>KVWHW7YLZPFJM8QYNJ51</lei>
        <title>Dana Inc.</title>
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        <name>Carnival Corp.</name>
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        <name>GXO Logistics, Inc.</name>
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        <name>Lamb Weston Holdings, Inc.</name>
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        <name>Entegris, Inc.</name>
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        <name>Macy's Retail Holdings, LLC</name>
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        <name>Skyworks Solutions, Inc.</name>
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        <name>Centene Corp.</name>
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        <name>Sealed Air Corp.</name>
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        <name>ADT Security Corp. (The)</name>
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        <name>Nordstrom, Inc.</name>
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        <name>IHS Holding Ltd.</name>
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        <name>Newell Brands Inc.</name>
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        <name>Celanese US Holdings LLC</name>
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        <name>Valvoline Inc.</name>
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        <name>Brinker International, Inc.</name>
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        <name>Life Time, Inc.</name>
        <lei>549300PALKE96VYH4X17</lei>
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        <name>Hilton Domestic Operating Co. Inc.</name>
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        <name>Churchill Downs Inc.</name>
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        <name>Service Corp. International</name>
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        <name>LGI Homes, Inc.</name>
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        <name>Brundage-Bone Concrete Pumping Holdings, Inc.</name>
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        <name>Zebra Technologies Corp.</name>
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        <name>Hudson Pacific Properties, L.P.</name>
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        <name>Carnival Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>IQVIA Inc.</name>
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        <name>Chemours Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kohl's Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-17</maturityDt>
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        <name>Fortrea Holdings Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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        <name>Discovery Communications, LLC</name>
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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>2028-03-20</maturityDt>
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      <invstOrSec>
        <name>Steelcase Inc.</name>
        <lei>GIE4CCPBJDI8SMV1OX95</lei>
        <title>Steelcase Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-18</maturityDt>
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      <invstOrSec>
        <name>Lamar Media Corp.</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>VFH Parent LLC / Valor Co-Issuer Inc.</name>
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        <title>VFH Parent LLC / Valor Co-Issuer Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-15</maturityDt>
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        <name>Walker &amp; Dunlop, Inc.</name>
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        <name>Sabra Health Care L.P.</name>
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        <name>CoStar Group, Inc.</name>
        <lei>984500Q1D53D08E2E698</lei>
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        <name>Wayfair LLC</name>
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        <name>Bath &amp; Body Works, Inc.</name>
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        <name>Seagate HDD Cayman</name>
        <lei>529900BD50TRWEG1SF63</lei>
        <title>Seagate HDD Cayman</title>
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        <invCountry>KY</invCountry>

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        <name>Light and Wonder International, Inc.</name>
        <lei>RLTHESQ0RNFQJWPBJN60</lei>
        <title>Light and Wonder International, Inc.</title>
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        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Blackstone Mortgage Trust, Inc.</name>
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        <name>Hillenbrand, Inc.</name>
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        <name>XPO, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sirius XM Radio LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cleveland-Cliffs Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-01</maturityDt>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>WarnerMedia Holdings, Inc.</name>
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        <name>YUM! Brands, Inc.</name>
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        <name>Hillenbrand, Inc.</name>
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        <name>PHINIA Inc.</name>
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        <name>Vornado Realty, L.P.</name>
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        <name>Sensata Technologies, Inc.</name>
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        <name>United Rentals (North America), Inc.</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
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        <name>United Airlines, Inc.</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
        <title>United Airlines, Inc.</title>
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        <name>AppLovin Corp.</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>AppLovin Corp.</title>
        <cusip>03831WAB4</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Station Casinos LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>M/I Homes, Inc.</name>
        <lei>5299005M71FH9CCSFB69</lei>
        <title>M/I Homes, Inc.</title>
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          <isin value="US55305BAS07"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>International Game Technology PLC</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Level 3 Financing, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Tenet Healthcare Corp.</name>
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        <title>Tenet Healthcare Corp.</title>
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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>Hexcel Corp.</name>
        <lei>S6Q7LW43WUBUHXY2QP69</lei>
        <title>Hexcel Corp.</title>
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          <isin value="US428291AN87"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-15</maturityDt>
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      <invstOrSec>
        <name>Western Digital Corp.</name>
        <lei>549300QQXOOYEF89IC56</lei>
        <title>Western Digital Corp.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fluor Corp.</name>
        <lei>CQ7WZ4NOFWT7FAE6Q943</lei>
        <title>Fluor Corp.</title>
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          <isin value="US343412AF90"/>
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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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Magnolia Oil &amp; Gas Operating LLC / Magnolia Oil &amp; Gas Finance Corp.</name>
        <lei>984500CG376B0B99F016</lei>
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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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          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Somnigroup International Inc.</name>
        <lei>549300HFEKVR3US71V91</lei>
        <title>Somnigroup International Inc.</title>
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          <isin value="US88023UAJ07"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>FirstCash, Inc.</name>
        <lei>549300V2X3UU7K0DG350</lei>
        <title>FirstCash, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Sensata Technologies, Inc.</name>
        <lei>5493002MMDDCUNV7NY90</lei>
        <title>Sensata Technologies, Inc.</title>
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        <name>ATI Inc.</name>
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        <name>Invesco Private Prime Fund</name>
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        <assetCat>STIV</assetCat>
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        <name>Carpenter Technology Corp.</name>
        <lei>DX6I6ZD3X5WNNCDJKP85</lei>
        <title>Carpenter Technology Corp.</title>
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        <name>CROWN Americas LLC</name>
        <lei>RPPGGRL1J75WGF2DFO04</lei>
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      <invstOrSec>
        <name>AppLovin Corp.</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>AppLovin Corp.</title>
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        <invCountry>US</invCountry>
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        <name>DPL Inc.</name>
        <lei>549300DCB0ZJQBPCO827</lei>
        <title>DPL Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>Advance Auto Parts, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DaVita Inc.</name>
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        <name>Coty Inc./HFC Prestige Products Inc./HFC Prestige International US LLC</name>
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      <invstOrSec>
        <name>Olin Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Coinbase Global, Inc.</name>
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        <name>Qorvo, Inc.</name>
        <lei>254900YAUJV2EUEVBR11</lei>
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        <name>Block, Inc.</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>Block, Inc.</title>
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        <balance>986000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1008295.43000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>Scotts Miracle-Gro Co. (The)</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>Murphy Oil USA, Inc.</name>
        <lei>N32S6DTR2ZZ5222WHV58</lei>
        <title>Murphy Oil USA, Inc.</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
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        <name>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>Celanese US Holdings LLC</title>
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        <balance>971000.00000000</balance>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WEX Inc.</name>
        <lei>T9M5IGROL1TL1G5OV478</lei>
        <title>WEX Inc.</title>
        <cusip>96208TAD6</cusip>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>JetBlue Airways Corp. / JetBlue Loyalty L.P.</name>
        <lei>54930070J9H97ZO93T57</lei>
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        <cusip>476920AA1</cusip>
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          <isin value="US476920AA15"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>Global Net Lease Inc / Global Net Lease Operating Partnership L.P.</name>
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        <title>Global Net Lease Inc / Global Net Lease Operating Partnership L.P.</title>
        <cusip>37892AAA8</cusip>
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        <name>AmeriGas Partners L.P./ AmeriGas Finance Corp.</name>
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        <name>Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance</name>
        <lei>5493004GCDREAQPPYG20</lei>
        <title>Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance</title>
        <cusip>05825XAA7</cusip>
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        <name>CCO Holdings, LLC/CCO Holdings Capital Corp.</name>
        <lei>N/A</lei>
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        <name>Newmark Group, Inc.</name>
        <lei>N/A</lei>
        <title>Newmark Group, Inc.</title>
        <cusip>65158NAD4</cusip>
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        <balance>786000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Murphy Oil Corp.</name>
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        <name>V.F. Corp.</name>
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        <name>Dana Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Service Properties Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Amkor Technology, Inc.</name>
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        <title>Amkor Technology, Inc.</title>
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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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        <name>Huntsman International LLC</name>
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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>2031-06-15</maturityDt>
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          <annualizedRt>2.95000000</annualizedRt>
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        <name>Under Armour, Inc.</name>
        <lei>549300D4549QKWETZ406</lei>
        <title>Under Armour, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-15</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Service Properties Trust</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>Service Properties Trust</title>
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          <isin value="US81761LAB80"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Ally Financial Inc.</name>
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        <title>Ally Financial Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-20</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>GXO Logistics, Inc.</name>
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        <title>GXO Logistics, Inc.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-07-15</maturityDt>
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        <name>Taylor Morrison Communities, Inc.</name>
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        <name>Performance Food Group, Inc.</name>
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        <name>Hilton Domestic Operating Co. Inc.</name>
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        <title>Hilton Domestic Operating Co. Inc.</title>
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        <name>Charter Communications Operating LLC/Charter Communications Operating Capital Corp.</name>
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        <name>Gen Digital Inc.</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>Gen Digital Inc.</title>
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        <name>Talos Production Inc.</name>
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        <title>Talos Production Inc.</title>
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        <name>Select Medical Corp.</name>
        <lei>549300X05KS0JKR8CB50</lei>
        <title>Select Medical Corp.</title>
        <cusip>816196AV1</cusip>
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        <balance>926000.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>PBF Holding Co. LLC / PBF Finance Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
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          <isin value="US517834AF40"/>
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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>2029-08-08</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Windsor Holdings III, LLC</name>
        <lei>254900IXUJZ9H146T437</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>MPT Operating Partnership L.P./ MPT Finance Corp.</name>
        <lei>N/A</lei>
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          <isin value="US55342UAQ76"/>
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        <balance>1556000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Insight Enterprises, Inc.</name>
        <lei>529900S8991TYW6YP792</lei>
        <title>Insight Enterprises, Inc.</title>
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          <isin value="US45765UAC71"/>
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        <balance>1413000.00000000</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>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>Taylor Morrison Communities, Inc.</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>Taylor Morrison Communities, Inc.</title>
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          <isin value="US87724RAJ14"/>
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        <balance>772000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>753246.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Kosmos Energy Ltd.</name>
        <lei>213800YDFJ3OT9B5P157</lei>
        <title>Kosmos Energy Ltd.</title>
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        <identifiers>
          <isin value="US500688AJ56"/>
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        <balance>987000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>761834.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Insulet Corp.</name>
        <lei>549300TZTYD2PYN92D43</lei>
        <title>Insulet Corp.</title>
        <cusip>45784PAL5</cusip>
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          <isin value="US45784PAL58"/>
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        <balance>654000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>673012.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>Post Holdings, Inc.</title>
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        <balance>1552000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Outfront Media Capital LLC / Outfront Media Capital Corp.</name>
        <lei>N/A</lei>
        <title>Outfront Media Capital LLC / Outfront Media Capital Corp.</title>
        <cusip>69007TAG9</cusip>
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        <balance>1005000.00000000</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>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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      <invstOrSec>
        <name>Vornado Realty, L.P.</name>
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        <title>Vornado Realty, L.P.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WESCO Distribution Inc.</name>
        <lei>549300I2CEZJG9N4AH67</lei>
        <title>WESCO Distribution Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Sally Holdings LLC / Sally Capital Inc.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Boyd Gaming Corp.</name>
        <lei>254900787YGRYS2A1Z35</lei>
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        <name>TriNet Group, Inc.</name>
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        <name>SBA Communications Corp.</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA Communications Corp.</title>
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        <name>MGM Resorts International</name>
        <lei>54930066VBP7DZEGGJ87</lei>
        <title>MGM Resorts International</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Teleflex Inc.</name>
        <lei>UUL85LWXB4NGSWWXIQ25</lei>
        <title>Teleflex Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bath &amp; Body Works, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Tri Pointe Homes, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Seagate HDD Cayman</name>
        <lei>529900BD50TRWEG1SF63</lei>
        <title>Seagate HDD Cayman</title>
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        <balance>1103000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp.</title>
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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>2031-03-01</maturityDt>
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      <invstOrSec>
        <name>Churchill Downs Inc.</name>
        <lei>529900FODTBQC8MIS994</lei>
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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>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Seagate HDD Cayman</name>
        <lei>529900BD50TRWEG1SF63</lei>
        <title>Seagate HDD Cayman</title>
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        <balance>960740.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1091213.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chemours Co. (The)</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>Chemours Co. (The)</title>
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        <balance>732000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>638908.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Invesco Government &amp; Agency Portfolio</name>
        <lei>5493007T1J7WZ5QI1A47</lei>
        <title>Invesco Government &amp; Agency Portfolio, Institutional Class</title>
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          <isin value="US8252528851"/>
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        <balance>4845887.79000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4845887.79000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
        <cusip>893647BV8</cusip>
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          <isin value="US893647BV82"/>
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        <balance>1238000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1266170.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>Olin Corp.</name>
        <lei>549300GKK294V7W57P06</lei>
        <title>Olin Corp.</title>
        <cusip>680665AN6</cusip>
        <identifiers>
          <isin value="US680665AN65"/>
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        <balance>823000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>Mylan Inc.</name>
        <lei>30ZMPDNA1RHIBH89C294</lei>
        <title>Mylan Inc.</title>
        <cusip>628530BK2</cusip>
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        <balance>2765000.00000000</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>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Travel + Leisure Co.</name>
        <lei>T4VNTWMFQ7JQB65L7T35</lei>
        <title>Travel + Leisure Co.</title>
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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>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>RHP Hotel Properties L.P./ RHP Finance Corp.</name>
        <lei>529900GCCWW9SRMPJR11</lei>
        <title>RHP Hotel Properties L.P./ RHP Finance Corp.</title>
        <cusip>749571AF2</cusip>
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        <balance>476000.00000000</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>2027-10-15</maturityDt>
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        <name>Asbury Automotive Group, Inc.</name>
        <lei>549300JH4DTA7U42GL91</lei>
        <title>Asbury Automotive Group, Inc.</title>
        <cusip>043436AV6</cusip>
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          <isin value="US043436AV64"/>
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        <balance>1833000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>Cleveland-Cliffs Inc.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>Cleveland-Cliffs Inc.</title>
        <cusip>185899AR2</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>RHP Hotel Properties L.P./ RHP Finance Corp.</name>
        <lei>N/A</lei>
        <title>RHP Hotel Properties L.P./ RHP Finance Corp.</title>
        <cusip>749571AK1</cusip>
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        <balance>460000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Vail Resorts, Inc.</name>
        <lei>529900PSZHRNU9HKH870</lei>
        <title>Vail Resorts, Inc.</title>
        <cusip>91879QAP4</cusip>
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        <balance>1240000.00000000</balance>
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        <valUSD>1271029.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>SM Energy Co.</name>
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        <name>Invesco Private Government Fund</name>
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        <name>United States Cellular Corp.</name>
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        <name>Walgreens Boots Alliance, Inc.</name>
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        <name>Kennedy-Wilson, Inc.</name>
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        <name>Sonic Automotive, Inc.</name>
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        <name>Northern Oil and Gas, Inc.</name>
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        <name>Diamond Foreign Asset Co. / Diamond Finance LLC</name>
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        <name>JELD-WEN, Inc.</name>
        <lei>549300XWE6NM0N1HFW16</lei>
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        <name>Ally Financial Inc.</name>
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        <name>OneMain Finance Corp.</name>
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        <name>Regal Rexnord Corp.</name>
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        <name>Patrick Industries Inc.</name>
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        <name>Western Digital Corp.</name>
        <lei>549300QQXOOYEF89IC56</lei>
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        <name>Terex Corp.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Nationstar Mortgage Holdings Inc.</name>
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        <name>Albertsons Cos Inc / Safeway Inc / New Albertsons L.P./ Albertsons LLC</name>
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        <name>Alcoa Nederland Holding B.V.</name>
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        <name>Neogen Food Safety Corp.</name>
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        <name>Goodyear Tire &amp; Rubber Co. (The)</name>
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        <name>PennyMac Financial Services, Inc.</name>
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        <name>Caesars Entertainment, Inc.</name>
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        <name>Kohl's Corp.</name>
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        <name>MGM Resorts International</name>
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        <name>Nordstrom, Inc.</name>
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        <name>Skyworks Solutions, Inc.</name>
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        <name>Ball Corp.</name>
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        <name>CrowdStrike Holdings, Inc.</name>
        <lei>549300YBY08K9KM4HX32</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Chord Energy Corp.</name>
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        <title>Chord Energy Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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        <name>Brink's Co. (The)</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Steel Corp.</name>
        <lei>JNLUVFYJT1OZSIQ24U47</lei>
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        <valUSD>2066624.59000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Sabra Health Care L.P.</name>
        <lei>549300OVKLRFSIQG0H81</lei>
        <title>Sabra Health Care L.P.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>Starwood Property Trust, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isDefault>N</isDefault>
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        <securityLending>
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      <invstOrSec>
        <name>Snap Inc.</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
        <title>Snap Inc.</title>
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        <valUSD>942960.48000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Encompass Health Corp.</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>Encompass Health Corp.</title>
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        <curCd>USD</curCd>
        <valUSD>1243060.27000000</valUSD>
        <pctVal>0.367823169093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1051541.87000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
