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        <name>Apollo Commercial Real Estate Finance, Inc.</name>
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        <name>Ardagh Metal Packaging Finance PLC / Ardagh Metal Packaging Finance USA LLC</name>
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        <name>Atlantica Sustainable Infrastructure Ltd.</name>
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        <name>Atlas Luxco 4 S A R L / Allied Universal Holdco Llc / Allied Universal Finance Corporation</name>
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        <title>UNSEAM 4 5/8 06/01/28</title>
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        <name>Avis Budget Car Rental LLC/Avis Budget Finance Inc.</name>
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        <name>Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance Inc.</name>
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        <title>BRP 7 1/8 05/15/31</title>
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        <name>Banijay Entertainment S.A.S.</name>
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        <name>Baytex Energy Corp.</name>
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        <name>Belo Corp.</name>
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        <name>Blackstone Mortgage Trust, Inc</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>BXMT 7 3/4 12/01/29</title>
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        <name>Brinker International, Inc.</name>
        <lei>52990067JY6PBGJNTG76</lei>
        <title>EAT 8 1/4 07/15/30</title>
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        <name>Caesars Entertainment Inc.</name>
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        <name>Cleveland-Cliffs Inc</name>
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        <name>Clydesdale Acquisition Holdings Inc.</name>
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        <name>Clydesdale Acquisition Holdings Inc.</name>
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        <name>Cobra Acquisitionco LLC</name>
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        <name>Cogent Communications Group LLC</name>
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        <name>Cogent Communications Group LLC / Cogent Finance Inc.</name>
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        <name>Commercial Metals Company</name>
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        <name>Comstock Resources, Inc.</name>
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        <name>Concentra Health Services Inc.</name>
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        <name>Connect Finco SARL/Connect US Finco LLC</name>
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        <name>Consolidated Energy Finance S.A.</name>
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        <title>CONSEN 5 5/8 10/15/28</title>
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        <name>Covanta Holding Corporation</name>
        <lei>40XIFLS8XDQGGHGPGC04</lei>
        <title>CVA 5 09/01/30</title>
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        <name>Delek Logistics Partners Lp</name>
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        <name>Deluxe Corporation</name>
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        <name>Edgewell Personal Care Co</name>
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        <name>Equipmentshare Com Inc.</name>
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        <name>EZCORP Inc.</name>
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      <invstOrSec>
        <name>Firstcash Inc</name>
        <lei>549300V2X3UU7K0DG350</lei>
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        <curCd>USD</curCd>
        <valUSD>423237.67000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Firstcash Inc</name>
        <lei>549300V2X3UU7K0DG350</lei>
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        <cusip>33767DAD7</cusip>
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        <balance>330000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>337024.70000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Focus Financial Partners LLC</name>
        <lei>5493007L0E0VKRC2CP39</lei>
        <title>FOCS 6 3/4 08/15/31</title>
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          <isin value="US34417VAA52"/>
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        <balance>985000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>990041.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
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      <invstOrSec>
        <name>Fortress Intermediate 3 Inc.</name>
        <lei>N/A</lei>
        <title>PSDO 7 1/2 06/01/31</title>
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          <isin value="US34966MAA09"/>
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        <balance>480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>491162.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Boost Newco Borrower LLC</name>
        <lei>254900S8RE1OL7TTCU64</lei>
        <title>WRLDPY 7 1/2 01/15/31</title>
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          <isin value="US36268NAA81"/>
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        <balance>310000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>327379.53000000</valUSD>
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        <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>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Garda World Security Corporation</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>GWCN 6 06/01/29</title>
        <cusip>36485MAL3</cusip>
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          <isin value="US36485MAL37"/>
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        <balance>730000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>684092.66000000</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>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Garda World Security Corporation</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>GWCN 8 3/8 11/15/32</title>
        <cusip>36485MAP4</cusip>
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          <isin value="US36485MAP41"/>
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        <balance>148000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>146149.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</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>916651.87000000</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>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
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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>117063.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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        <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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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-15</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Magnera Corp.</name>
        <lei>549300LDQLQBT38QDY28</lei>
        <title>MAGN 4 3/4 11/15/29</title>
        <cusip>377320AA4</cusip>
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        <balance>850000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>GoEasy Limited</name>
        <lei>5493009DJVZG2P8YV435</lei>
        <title>GSYCN 7 5/8 07/01/29</title>
        <cusip>380355AJ6</cusip>
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        <balance>328000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GoEasy Limited</name>
        <lei>5493009DJVZG2P8YV435</lei>
        <title>GSYCN 6 7/8 05/15/30</title>
        <cusip>380355AM9</cusip>
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        <name>Greystar Real Estate Partners LLC</name>
        <lei>254900HGC806SXAS4M46</lei>
        <title>GRSTAR 7 3/4 09/01/30</title>
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        <name>Grubhub Holdings Inc</name>
        <lei>N/A</lei>
        <title>GRUB 5 1/2 07/01/27</title>
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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>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.87500000</annualizedRt>
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        <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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        <balance>870000.00000000</balance>
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        <valUSD>927929.82000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.25000000</annualizedRt>
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      <invstOrSec>
        <name>Harvest Midstream I LP</name>
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        <name>Kohl's Corp.</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>Methanex Corporation</name>
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      <invstOrSec>
        <name>MoneyGram International Inc.</name>
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        <name>Molina Healthcare, Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Molina Healthcare, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Medline Borrower LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDIND 3 7/8 04/01/29</title>
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        <valUSD>941499.05000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-01</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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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>
        <lei>549300YKTY8JX1DV2R67</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NCL Corporation Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCLH 7 3/4 02/15/29</title>
        <cusip>62886HBG5</cusip>
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        <balance>936000.00000000</balance>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NCL Corporation Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCLH 6 3/4 02/01/32</title>
        <cusip>62886HBR1</cusip>
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        <balance>340000.00000000</balance>
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        <valUSD>332621.25000000</valUSD>
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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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          <annualizedRt>6.75000000</annualizedRt>
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        <name>NGL Energy Operating LLC/ NGL Energy Finance Corp</name>
        <lei>N/A</lei>
        <title>NGL 8 1/8 02/15/29</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.12500000</annualizedRt>
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        <name>NGL Energy Operating LLC/ NGL Energy Finance Corp</name>
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        <fairValLevel>2</fairValLevel>
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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>Nabors Industries, Inc.</name>
        <lei>549300VFQWRKICUFNU92</lei>
        <title>NBR 7 3/8 05/15/27</title>
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        <name>Neptune BidCo US Inc.</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NLSN 9.29 04/15/29</title>
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        <name>XPLR Infrastructure Operating Partners LP</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>NEP 7 1/4 01/15/29</title>
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        <name>Gen Digital Inc</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>GEN 7 1/8 09/30/30</title>
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        <name>Novelis Corporation</name>
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        <name>Novelis Corporation</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>HNDLIN 6 7/8 01/30/30</title>
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        <name>OneMain Financial Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>OneMain Financial Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Ontario Gaming GTA LP / OTG Co Issuer Inc.</name>
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        <title>ONGAME 8 08/01/30</title>
        <cusip>68306MAA7</cusip>
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          <isin value="US68306MAA71"/>
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        <curCd>USD</curCd>
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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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        <name>Open Text Corp</name>
        <lei>549300HP7ONDQODZJV16</lei>
        <title>OTEXCN 3 7/8 12/01/29</title>
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          <isin value="US683715AD87"/>
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        <balance>636000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>587082.57000000</valUSD>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <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>
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        <title>OGN 5 1/8 04/30/31</title>
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          <isin value="US68622TAB70"/>
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        <balance>989000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>830784.40000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <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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          <isin value="US69867RAA59"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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        <name>Park River Holdings Inc</name>
        <lei>254900PGY077KWCROT75</lei>
        <title>PRIMBP 6 3/4 08/01/29</title>
        <cusip>70082LAB3</cusip>
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          <isin value="US70082LAB36"/>
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        <balance>1065000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>843278.50000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>Pattern Energy Operations LP / Pattern Energy Operations Inc</name>
        <lei>254900P898KPCM50SP51</lei>
        <title>PEGI 4 1/2 08/15/28</title>
        <cusip>70339PAA7</cusip>
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          <isin value="US70339PAA75"/>
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        <balance>1325000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Performance Food Group Inc</name>
        <lei>N/A</lei>
        <title>PFGC 4 1/4 08/01/29</title>
        <cusip>71376LAE0</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Planet Financial Group LLC</name>
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          <annualizedRt>10.50000000</annualizedRt>
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        <name>Prime Securities Services Borrower, LLC and Prime Finance, Inc.</name>
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        <title>PRSESE 6 1/4 01/15/28</title>
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        <name>Prime Securities Services Borrower, LLC and Prime Finance, Inc.</name>
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        <name>Queen MergerCo Inc.</name>
        <lei>N/A</lei>
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        <name>Quikrete Holdings Inc</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>QUIKHO 6 3/8 03/01/32</title>
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        <name>Quikrete Holdings Inc</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>QUIKHO 6 3/4 03/01/33</title>
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        <name>Rfna LP</name>
        <lei>2549002A4GSOTYKKHR45</lei>
        <title>RFNALP 7 7/8 02/15/30</title>
        <cusip>74984AAA0</cusip>
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        <name>Block Inc</name>
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        <name>Standard Building Solutions Inc.</name>
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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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        <name>Stonepeak Nile Parent LLC</name>
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        <name>Strathcona Resources Ltd.</name>
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        <name>TTM Technologies Inc</name>
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        <name>Telesat Canada /Telesat LLC</name>
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        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
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        <name>Tibco Software Inc</name>
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        <name>Travel Plus Leisure Co</name>
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        <name>Trinseo Luxco Finance Spv S.a.r.l. &amp; Trinseo NA Finance Spv LLC</name>
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        <name>Sunrise Finco l B.V</name>
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        <name>Univision Communications Inc.</name>
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        <name>VFH Parent LLC &amp; Valor Co-Issuer Inc.</name>
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        <name>VM Consolidated Inc.</name>
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        <name>Valaris Ltd.</name>
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        <name>Venture Global Plaquemines Lng LLC</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>ViaSat, Inc.</name>
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        <name>Paramount Global</name>
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        <name>Paramount Global</name>
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        <name>Victra Holdings LLC / Victra Finance Corp.</name>
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        <title>VICTRA 8 3/4 09/15/29</title>
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        <name>Virgin Media Finance PLC</name>
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        <title>VMED 5 07/15/30</title>
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        <invCountry>GB</invCountry>

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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="479590.54000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vistra Operations Co LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VST 7 3/4 10/15/31</title>
        <cusip>92840VAP7</cusip>
        <identifiers>
          <isin value="US92840VAP76"/>
        </identifiers>
        <balance>885000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>936391.95000000</valUSD>
        <pctVal>0.549314659489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</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>VMED O2 UK Financing I PLC</name>
        <lei>213800MRR46ECNGZ7L69</lei>
        <title>VMED 7 3/4 04/15/32</title>
        <cusip>92858RAD2</cusip>
        <identifiers>
          <isin value="US92858RAD26"/>
        </identifiers>
        <balance>739000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>746288.76000000</valUSD>
        <pctVal>0.437794618033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</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>Walker &amp; Dunlop Inc.</name>
        <lei>N/A</lei>
        <title>WD 6 5/8 04/01/33</title>
        <cusip>93148PAA0</cusip>
        <identifiers>
          <isin value="US93148PAA03"/>
        </identifiers>
        <balance>720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>733053.60000000</valUSD>
        <pctVal>0.430030489552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</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>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>257529.86000000</valUSD>
        <pctVal>0.151074480461</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Weatherford International Ltd Bermuda</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>WFRD 8 5/8 04/30/30</title>
        <cusip>947075AU1</cusip>
        <identifiers>
          <isin value="US947075AU14"/>
        </identifiers>
        <balance>828000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>820870.61000000</valUSD>
        <pctVal>0.481546493022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</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>771678.68000000</valUSD>
        <pctVal>0.452689081040</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>824000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>802060.01000000</valUSD>
        <pctVal>0.470511649831</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>1126000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1033105.00000000</valUSD>
        <pctVal>0.606049337877</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>Zayo Group Holdings Inc</name>
        <lei>529900Z6OTS7RT0V0I47</lei>
        <title>ZAYO 6 1/8 03/01/28</title>
        <cusip>98919VAB1</cusip>
        <identifiers>
          <isin value="US98919VAB18"/>
        </identifiers>
        <balance>1195000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>975354.58000000</valUSD>
        <pctVal>0.572171267591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="983841.51000000"/>
        </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="29544825.25000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AESI 5 01/31/26</name>
        <lei>N/A</lei>
        <title>AESI 5 01/31/26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="AESINOTES"/>
        </identifiers>
        <balance>69687.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67178.91000000</valUSD>
        <pctVal>0.039409095808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Reinvested Coll" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HI-CRUSH INC</name>
        <lei>N/A</lei>
        <title>HI-CRUSH</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="HICRUSDMY"/>
        </identifiers>
        <balance>50.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>284700.00000000</valUSD>
        <pctVal>0.167013272120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="Reinvested Coll" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <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>2025-05-28</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>
</edgarSubmission>
