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        <name>Banijay Entertainment S.A.S.</name>
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        <name>Bell Canada</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bell Canada</name>
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      <invstOrSec>
        <name>Belo Corp.</name>
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        <name>Biomarin Pharmaceutical Inc.</name>
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        <name>Blackstone Mortgage Trust, Inc</name>
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        <name>Brinker International, Inc.</name>
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        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <name>Atlantica Sustainable Infrastructure Group PLC</name>
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        <name>Capstone Copper Corp</name>
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        <name>Capstone Borrower Inc.</name>
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        <name>Carnival Corporation</name>
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        <name>Clean Harbors, Inc.</name>
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        <name>Cleveland-Cliffs Inc</name>
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        <name>Commercial Metals Company</name>
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      <invstOrSec>
        <name>Focus Financial Partners LLC</name>
        <lei>5493007L0E0VKRC2CP39</lei>
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        <balance>985000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1009058.63000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>GFL Environmental Holdings (US) Inc.</name>
        <lei>N/A</lei>
        <title>GFLCN 5 1/2 02/01/34</title>
        <cusip>36273TAA8</cusip>
        <identifiers>
          <isin value="US36273TAA88"/>
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        <balance>715000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>717517.59000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Garda World Security Corporation</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>GWCN 6 1/2 01/15/31</title>
        <cusip>36485MAQ2</cusip>
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          <isin value="US36485MAQ24"/>
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        <balance>1190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1221765.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Genesis Energy LP &amp; Genesis Energy Finance Corp.</name>
        <lei>549300VJ5D6MDK138782</lei>
        <title>GEL 8 7/8 04/15/30</title>
        <cusip>37185LAN2</cusip>
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          <isin value="US37185LAN29"/>
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        <balance>899000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>946903.22000000</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>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Genesis Energy LP &amp; Genesis Energy Finance Corp.</name>
        <lei>549300VJ5D6MDK138782</lei>
        <title>GEL 7 7/8 05/15/32</title>
        <cusip>37185LAQ5</cusip>
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          <isin value="US37185LAQ59"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>125293.44000000</valUSD>
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        <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>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>Genesis Energy LP &amp; Genesis Energy Finance Corp.</name>
        <lei>549300VJ5D6MDK138782</lei>
        <title>GEL 8 05/15/33</title>
        <cusip>37185LAR3</cusip>
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          <isin value="US37185LAR33"/>
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        <balance>880000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>918792.16000000</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>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GoEasy Limited</name>
        <lei>5493009DJVZG2P8YV435</lei>
        <title>GSYCN 7 5/8 07/01/29</title>
        <cusip>380355AJ6</cusip>
        <identifiers>
          <isin value="US380355AJ63"/>
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        <balance>328000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>325026.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GoEasy Limited</name>
        <lei>5493009DJVZG2P8YV435</lei>
        <title>GSYCN 6 7/8 05/15/30</title>
        <cusip>380355AM9</cusip>
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          <isin value="US380355AM92"/>
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        <balance>940000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>894928.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>GoEasy Limited</name>
        <lei>5493009DJVZG2P8YV435</lei>
        <title>GSYCN 6 7/8 02/15/31</title>
        <cusip>380355AR8</cusip>
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          <isin value="US380355AR89"/>
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        <balance>540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>508037.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Greystar Real Estate Partners LLC</name>
        <lei>254900HGC806SXAS4M46</lei>
        <title>GRSTAR 7 3/4 09/01/30</title>
        <cusip>39807UAD8</cusip>
        <identifiers>
          <isin value="US39807UAD81"/>
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        <balance>988000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1043328.99000000</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>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>Grubhub Holdings Inc</name>
        <lei>N/A</lei>
        <title>GRUB 13 07/31/30</title>
        <cusip>40010PAC2</cusip>
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        <balance>1264655.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1041236.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.00000000</annualizedRt>
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      <invstOrSec>
        <name>HLF Financing SaRL LLC and Herbalife International Inc.</name>
        <lei>ST81INWBFR1E54KGC135</lei>
        <title>HLF 4 7/8 06/01/29</title>
        <cusip>40390DAC9</cusip>
        <identifiers>
          <isin value="US40390DAC92"/>
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        <balance>1873000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1779393.08000000</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>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>HLF Financing SaRL LLC and Herbalife International Inc.</name>
        <lei>549300VKVJUV5OGV2R51</lei>
        <title>HLF 12 1/4 04/15/29</title>
        <cusip>40390DAD7</cusip>
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          <isin value="US40390DAD75"/>
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        <balance>1055000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>12.25000000</annualizedRt>
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        <name>HA Sustainable Infrastructure Capital Inc</name>
        <lei>254900ZZRL7MWL1X8E92</lei>
        <title>HASI 8 06/01/56</title>
        <cusip>41068XAG5</cusip>
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          <isin value="US41068XAG51"/>
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        <balance>705000.00000000</balance>
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        <valUSD>739585.19000000</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>2056-06-01</maturityDt>
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        <name>Harvest Midstream I LP</name>
        <lei>549300DW5M17KJOXCY66</lei>
        <title>HARMID 7 1/2 09/01/28</title>
        <cusip>417558AA1</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <name>Harvest Midstream I LP</name>
        <lei>549300DW5M17KJOXCY66</lei>
        <title>HARMID 7 1/2 05/15/32</title>
        <cusip>417558AB9</cusip>
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        <balance>625000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>HAT Holdings I LLC and HAT Holdings II LLC</name>
        <lei>254900YE1WH1XG7Y4E44</lei>
        <title>HASI 3 3/4 09/15/30</title>
        <cusip>418751AD5</cusip>
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        <balance>1425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1329799.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>Maya S.A.S.</name>
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        <name>Ingram Micro Inc.</name>
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        <name>Jane Street Group LLC / JSG Finance Inc.</name>
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        <name>Kodiak Gas Services LLC</name>
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        <name>Kohl's Corp.</name>
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        <name>Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.</name>
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        <name>Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.</name>
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      <invstOrSec>
        <name>Minerals Technologies Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MoneyGram International Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Medline Borrower LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Medline Borrower LP</name>
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        <cusip>62482BAB8</cusip>
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          <isin value="US62482BAB80"/>
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        <balance>725000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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        <name>Murphy Oil Corporation</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-15</maturityDt>
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        <name>Murphy Oil USA Inc</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
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        <name>NCR Voyix Corporation</name>
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        <balance>248000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>244650.25000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>NCL Corporation Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCLH 7 3/4 02/15/29</title>
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        <valUSD>1000775.08000000</valUSD>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
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          <annualizedRt>7.75000000</annualizedRt>
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        <name>NCL Corporation Ltd.</name>
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        <title>NCLH 6 3/4 02/01/32</title>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-01</maturityDt>
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        <name>NCL Corporation Ltd.</name>
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        <invCountry>BM</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>NCL Corporation Ltd.</name>
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        <invCountry>BM</invCountry>

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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG 3 5/8 02/15/31</title>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>Neptune BidCo US Inc.</name>
        <lei>549300VG15T3VCYZ4531</lei>
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        <name>Northern Oil And Gas, Inc.</name>
        <lei>OKFF0PIZDDMNH4UCYE51</lei>
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        <name>Gen Digital Inc</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Gen Digital Inc</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
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          <isin value="US668771AM05"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Novelis Corporation</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-15</maturityDt>
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        <name>Nustar Logistics, L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ontario Gaming GTA LP / OTG Co Issuer Inc.</name>
        <lei>894500EC9KLZLOC3V025</lei>
        <title>ONGAME 8 08/01/30</title>
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          <isin value="US68306MAA71"/>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Open Text Corp</name>
        <lei>549300HP7ONDQODZJV16</lei>
        <title>OTEXCN 3 7/8 12/01/29</title>
        <cusip>683715AD8</cusip>
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        <balance>636000.00000000</balance>
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        <valUSD>590671.61000000</valUSD>
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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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      <invstOrSec>
        <name>Organon &amp; Co</name>
        <lei>549300AMCKY57OK2CO56</lei>
        <title>OGN 5 1/8 04/30/31</title>
        <cusip>68622TAB7</cusip>
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        <balance>964000.00000000</balance>
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        <valUSD>876032.83000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-30</maturityDt>
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        <name>Truist Insurance Holdings LLC &amp; Panther Co-Issuer Inc.</name>
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        <title>TIHLLC 7 1/8 06/01/31</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Park River Holdings Inc</name>
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        <title>PRIMBP 8 03/15/31</title>
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        <name>Park River Holdings Inc</name>
        <lei>254900PGY077KWCROT75</lei>
        <title>PRIMBP 8 3/4 12/31/30</title>
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        <name>Pattern Energy Operations LP / Pattern Energy Operations Inc</name>
        <lei>254900P898KPCM50SP51</lei>
        <title>PEGI 4 1/2 08/15/28</title>
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        <name>Performance Food Group Inc</name>
        <lei>549300OMUOGBYK0FFO76</lei>
        <title>PFGC 4 1/4 08/01/29</title>
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        <name>Perrigo Finance Unlimited Co.</name>
        <lei>549300E86RB6YCTMRM83</lei>
        <title>PRGO 6 1/8 09/30/32</title>
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        <invCountry>IE</invCountry>

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        <name>Petco Health and Wellness Company Inc</name>
        <lei>2549007TYGV6RVSE9M61</lei>
        <title>WOOF 8 1/4 02/01/31</title>
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        <name>Petsmart LLC / Petsmart Financial Corp.</name>
        <lei>894500NGJMHSFNESGA67</lei>
        <title>PETM 7 1/2 09/15/32</title>
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        <name>Shift4 Payments Llc / Shift4 Payments Finance Subordinated Incorporated</name>
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        <name>Silgan Holdings Inc.</name>
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        <name>Sotera Health Holdings LLC</name>
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        <name>Block Inc</name>
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        <name>Block Inc</name>
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        <name>Standard Building Solutions Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Star Leasing Co LLC</name>
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        <name>Starwood Property Trust, Inc.</name>
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        <name>Station Casinos LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Stonepeak Nile Parent LLC</name>
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        <name>Sunoco LP</name>
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        <name>TTM Technologies Inc</name>
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        <name>Talen Energy Supply LLC</name>
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        <name>Talen Energy Supply LLC</name>
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        <name>Talos Prodtn Inc</name>
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        <name>United Air Lines, Inc.</name>
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        <name>Univision Communications Inc.</name>
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        <name>Venture Global LNG Inc.</name>
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        <name>Verde Purchaser LLC</name>
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        <name>ViaSat, Inc.</name>
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        <name>Paramount Global</name>
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        <name>Paramount Global</name>
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        <name>Virgin Media Finance PLC</name>
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        <name>Walker &amp; Dunlop Inc.</name>
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        <name>Warrior Met Coal Inc</name>
        <lei>549300152B1S9YKBYV79</lei>
        <title>HCC 7 7/8 12/01/28</title>
        <cusip>93627CAB7</cusip>
        <identifiers>
          <isin value="US93627CAB72"/>
        </identifiers>
        <balance>255000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>260505.45000000</valUSD>
        <pctVal>0.108696569177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="261842.68000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wayfair LLC</name>
        <lei>549300CTUWTZGOXMYI40</lei>
        <title>W 6 3/4 11/15/32</title>
        <cusip>94419NAC1</cusip>
        <identifiers>
          <isin value="US94419NAC11"/>
        </identifiers>
        <balance>1190000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1230834.85000000</valUSD>
        <pctVal>0.513569007553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</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>
      <invstOrSec>
        <name>Wesco Distribution, Inc.</name>
        <lei>549300I2CEZJG9N4AH67</lei>
        <title>WCC 6 3/8 03/15/33</title>
        <cusip>95081QAS3</cusip>
        <identifiers>
          <isin value="US95081QAS30"/>
        </identifiers>
        <balance>762000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>793827.98000000</valUSD>
        <pctVal>0.331226766821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</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>WEX Inc</name>
        <lei>T9M5IGROL1TL1G5OV478</lei>
        <title>WEX 6 1/2 03/15/33</title>
        <cusip>96208TAD6</cusip>
        <identifiers>
          <isin value="US96208TAD63"/>
        </identifiers>
        <balance>1289000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1316458.28000000</valUSD>
        <pctVal>0.549295603991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WildFire Intermediate Holdings LLC</name>
        <lei>5493003RHEMQJZEXIR02</lei>
        <title>WILDFI 7 1/2 10/15/29</title>
        <cusip>96812HAA6</cusip>
        <identifiers>
          <isin value="US96812HAA68"/>
        </identifiers>
        <balance>924000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>938979.89000000</valUSD>
        <pctVal>0.391791774680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XPLR Infrastructure Operating Partners LP</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>XIFR 7 3/4 04/15/34</title>
        <cusip>98379YAA0</cusip>
        <identifiers>
          <isin value="US98379YAA01"/>
        </identifiers>
        <balance>506000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>515848.80000000</valUSD>
        <pctVal>0.215239238849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>XPLR Infrastructure Operating Partners LP</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>XIFR 8 3/8 01/15/31</title>
        <cusip>98380MAA3</cusip>
        <identifiers>
          <isin value="US98380MAA36"/>
        </identifiers>
        <balance>279000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>293192.73000000</valUSD>
        <pctVal>0.122335420846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="294105.68000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zayo Group Holdings Inc</name>
        <lei>529900Z6OTS7RT0V0I47</lei>
        <title>ZAYO 9 1/4 03/09/30</title>
        <cusip>98919VAC9</cusip>
        <identifiers>
          <isin value="US98919VAC90"/>
        </identifiers>
        <balance>181802.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>176919.71000000</valUSD>
        <pctVal>0.073820204133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</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>Zayo Group Holdings Inc</name>
        <lei>529900Z6OTS7RT0V0I47</lei>
        <title>ZAYO 13 3/4 09/09/30</title>
        <cusip>98919VAD7</cusip>
        <identifiers>
          <isin value="US98919VAD73"/>
        </identifiers>
        <balance>1227054.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1127748.52000000</valUSD>
        <pctVal>0.470555971165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1185138.51000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MOUNT VERNON LIQUID ASSETS PORTFOLIO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CASHCOLLREINV"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="REINVESTED COLLATERAL" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="37086039.81000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Dunham Funds</ncom:nameOfApplicant>
      <ncom:signature>James Colantino</ncom:signature>
      <ncom:signerName>James Colantino</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
