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      <invstOrSec>
        <name>CHORD ENERGY CORP</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
        <title>CHRD 6 10/01/30 144A</title>
        <cusip>674215AQ1</cusip>
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          <isin value="US674215AQ11"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>90336.60000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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      <invstOrSec>
        <name>TRANSDIGM INC</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TDG 7.125 12/01/31 144A</title>
        <cusip>893647BT3</cusip>
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          <isin value="US893647BT37"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>72288.30000000</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>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>TEINE ENERGY LTD</name>
        <lei>894500JBC83AX7PYEU16</lei>
        <title>TEINEN 6.875 04/15/29 144A</title>
        <cusip>879068AB0</cusip>
        <identifiers>
          <isin value="US879068AB03"/>
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        <balance>345000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>345287.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>DBR LAND HOLDINGS LLC</name>
        <lei>N/A</lei>
        <title>LB 6.25 12/01/30 144A</title>
        <cusip>24024BAA5</cusip>
        <identifiers>
          <isin value="US24024BAA52"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75694.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>DIRECTV FINANCING LLC / DIRECTV FINANCING CO-OBLIGOR INC</name>
        <lei>N/A</lei>
        <title>DTV 8.875 02/01/30 144a</title>
        <cusip>254945AA6</cusip>
        <identifiers>
          <isin value="US254945AA66"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35678.27000000</valUSD>
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        <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>8.87500000</annualizedRt>
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      <invstOrSec>
        <name>CIMPRESS PLC</name>
        <lei>549300X1IFD75XISOR81</lei>
        <title>CMPR 7.375 09/15/32 144A</title>
        <cusip>17186HAH5</cusip>
        <identifiers>
          <isin value="US17186HAH57"/>
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        <balance>255000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256051.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HILCORP ENERGY I LP / HILCORP FINANCE CO</name>
        <lei>N/A</lei>
        <title>HILCRP 5.75 02/01/29 144A</title>
        <cusip>431318AU8</cusip>
        <identifiers>
          <isin value="US431318AU81"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>349539.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>NEWELL BRANDS INC</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NWL 6.375 09/15/27</title>
        <cusip>651229BC9</cusip>
        <identifiers>
          <isin value="US651229BC91"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60369.60000000</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>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>CHARLES RIVER LABORATORIES INTERNATIONAL INC</name>
        <lei>549300BSQ0R4UZ5KX287</lei>
        <title>CRL 4.25 05/01/28 144A</title>
        <cusip>159864AE7</cusip>
        <identifiers>
          <isin value="US159864AE78"/>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>103086.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>TELEFLEX INC</name>
        <lei>UUL85LWXB4NGSWWXIQ25</lei>
        <title>TFX 5.875 01/15/32 144A</title>
        <cusip>879369AH9</cusip>
        <identifiers>
          <isin value="US879369AH94"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94297.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>NEW HOME COMPANY INC (THE)</name>
        <lei>549300PLCE8TB3TVRQ85</lei>
        <title>NWHM 9.25 10/01/29 144A</title>
        <cusip>645370AF4</cusip>
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          <isin value="US645370AF49"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>137004.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
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        <name>PHOENIX AVIATION CAPITAL LTD</name>
        <lei>8945008YQAKXZQ3VYJ15</lei>
        <title>PHOAVI 9.25 07/15/30 144A</title>
        <cusip>71910DAA9</cusip>
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          <isin value="US71910DAA90"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>176148.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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          <annualizedRt>9.25000000</annualizedRt>
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        <name>NEWELL BRANDS INC</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NWL 6.625 09/15/29</title>
        <cusip>651229BD7</cusip>
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          <isin value="US651229BD74"/>
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        <balance>174000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>176205.10000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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        <name>F&amp;G ANNUITIES &amp; LIFE INC</name>
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        <title>FG 6.5 06/04/29</title>
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          <isin value="US30190AAF12"/>
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        <name>XPLR INFRASTRUCTURE OPERATING PARTNERS LP</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>XIFR 8.375 01/15/31 144A</title>
        <cusip>98380MAA3</cusip>
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          <isin value="US98380MAA36"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>47849.27000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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        <name>GRAY MEDIA INC</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GTN 7.25 08/15/33 144A</title>
        <cusip>389375AP1</cusip>
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          <isin value="US389375AP13"/>
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        <balance>55000.00000000</balance>
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        <valUSD>54454.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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      <invstOrSec>
        <name>LADDER CAPITAL FINANCE HOLDINGS LLLP / LADDER CAPITAL FINANCE CORP</name>
        <lei>N/A</lei>
        <title>LADR 4.25 02/01/27 144A</title>
        <cusip>505742AM8</cusip>
        <identifiers>
          <isin value="US505742AM88"/>
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        <balance>235000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>234471.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CONSENSUS CLOUD SOLUTIONS INC</name>
        <lei>N/A</lei>
        <title>CCSI 6.5 10/15/28 144A</title>
        <cusip>20848VAB1</cusip>
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          <isin value="US20848VAB18"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>185318.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>DIRECTV FINANCING LLC / DIRECTV FINANCING CO-OBLIGOR INC</name>
        <lei>N/A</lei>
        <title>DTV 9.25 06/01/32 144A</title>
        <cusip>25461LAE2</cusip>
        <identifiers>
          <isin value="US25461LAE20"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20485.20000000</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>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FINANCE CORP</name>
        <lei>N/A</lei>
        <title>IEP 10 11/15/29 144A</title>
        <cusip>451102CK1</cusip>
        <identifiers>
          <isin value="US451102CK14"/>
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        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>175506.63000000</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>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MAGNOLIA OIL &amp; GAS OPERATING LLC / MAGNOLIA OIL &amp; GAS FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>MGY 6.875 12/01/32 144A</title>
        <cusip>559665AB0</cusip>
        <identifiers>
          <isin value="US559665AB08"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>91579.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>HELIX ENERGY SOLUTIONS GROUP INC</name>
        <lei>416AP2JOUTCWEGSOZW41</lei>
        <title>HLX 9.75 03/01/29 144A</title>
        <cusip>42330PAL1</cusip>
        <identifiers>
          <isin value="US42330PAL13"/>
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        <balance>305000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>320964.31000000</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>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VALIDUS ENERGY II MIDCON LLC</name>
        <lei>9845007486CEF8045D94</lei>
        <title>VALENG 8 08/01/31 144A</title>
        <cusip>91917UAA2</cusip>
        <identifiers>
          <isin value="US91917UAA25"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4980.79000000</valUSD>
        <pctVal>0.015852060034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MERIDIAN ARC HOLDCO LLC</name>
        <lei>N/A</lei>
        <title>MERIDI 6.25 04/30/31 144A</title>
        <cusip>58990CAA1</cusip>
        <identifiers>
          <isin value="US58990CAA18"/>
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        <balance>85000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>81753.24000000</valUSD>
        <pctVal>0.260191107934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OUTFRONT MEDIA CAPITAL LLC/OUTFRONT MEDIA CAPITAL CORP</name>
        <lei>N/A</lei>
        <title>OUT 7.375 02/15/31 144A</title>
        <cusip>69007TAG9</cusip>
        <identifiers>
          <isin value="US69007TAG94"/>
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        <balance>155000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>160462.67000000</valUSD>
        <pctVal>0.510694865297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALBERTSONS COMPANIES INC / SAFEWAY INC / NEW ALBERTSONS LP / ALBERTSONS LLC</name>
        <lei>N/A</lei>
        <title>ACI 5.5 03/31/31 144A</title>
        <cusip>01309QAC2</cusip>
        <identifiers>
          <isin value="US01309QAC24"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76969.73000000</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>2031-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TREKOR METALS LTD</name>
        <lei>549300XKUO1JSLU7KX54</lei>
        <title>TKOCN 8.25 05/01/30 144A</title>
        <cusip>876511AG1</cusip>
        <identifiers>
          <isin value="US876511AG15"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>166461.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BOND US BIDCO 1 INC/BOND US BIDCO 2 INC/BOND US BIDCO 3 INC/BOND GERMAN BIDCO 1 GMBH/BOND GERMAN BIDCO 2 GMBH</name>
        <lei>N/A</lei>
        <title>BSCOAT 7.125 06/15/33 144a</title>
        <cusip>097947AA3</cusip>
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          <isin value="US097947AA34"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75509.33000000</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>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>TRIVIUM PACKAGING FINANCE BV</name>
        <lei>724500GMZWW3PVYET548</lei>
        <title>TRIVIU 8.25 07/15/30 144A</title>
        <cusip>89686QAD8</cusip>
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          <isin value="US89686QAD88"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>105770.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>MCGRAW-HILL EDUCATION INC</name>
        <lei>254900U6YJ9QZ4IQOR26</lei>
        <title>MHED 5.75 08/01/28 144A</title>
        <cusip>57767XAA8</cusip>
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          <isin value="US57767XAA81"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>228389.71000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>VENTURE GLOBAL LNG INC</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENLNG 7 01/15/30 144A</title>
        <cusip>92332YAE1</cusip>
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          <isin value="US92332YAE14"/>
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        <balance>245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249014.57000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP</name>
        <lei>N/A</lei>
        <title>CHTR 7.375 03/01/31 144A</title>
        <cusip>1248EPCT8</cusip>
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          <isin value="US1248EPCT83"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74774.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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      <invstOrSec>
        <name>MAUSER PACKAGING SOLUTIONS HOLDING COMPANY</name>
        <lei>549300DNGHXL0OMHW304</lei>
        <title>BWY 7.875 04/15/30 144A</title>
        <cusip>57763RAE7</cusip>
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          <isin value="US57763RAE71"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>204125.00000000</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>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP</name>
        <lei>N/A</lei>
        <title>GEL 8.875 04/15/30</title>
        <cusip>37185LAN2</cusip>
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          <isin value="US37185LAN29"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>334215.04000000</valUSD>
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        <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>
          <isDefault>N</isDefault>
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        <name>SINCLAIR TELEVISION GROUP INC</name>
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        <name>PEDIATRIX MEDICAL GROUP INC</name>
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        <name>LUMMUS TECHNOLOGY HOLDINGS V LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AZORRA FINANCE LTD</name>
        <lei>254900MC1HXDAVUUP395</lei>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>GRAY MEDIA INC</name>
        <lei>529900TM5726KDN7UU35</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>JH NORTH AMERICA HOLDINGS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MILLROSE PROPERTIES INC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SV RNO PROPERTY OWNER 1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED AIRLINES HOLDINGS INC</name>
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        <name>KODIAK GAS SERVICES LLC</name>
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        <name>GRIFOLS SA</name>
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        <name>CORONADO FINANCE PTY LTD</name>
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        <name>OPAL BIDCO SAS</name>
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        <name>QXO BUILDING PRODUCTS INC</name>
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        <name>HUB INTERNATIONAL LTD</name>
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        <name>CLEVELAND-CLIFFS INC</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLF 7.625 01/15/34 144A</title>
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        <name>FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC</name>
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        <name>PR RNO PROPERTY OWNER 1 LLC</name>
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        <name>UNIVISION COMMUNICATIONS INC</name>
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        <name>USA COMPRESSION PARTNERS LP / USA COMPRESSION FINANCE CORP</name>
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        <name>DAVITA INC</name>
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        <name>DIRECTV FINANCING LLC / DIRECTV FINANCING CO-OBLIGOR INC</name>
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        <name>PRIME HEALTHCARE SERVICES INC</name>
        <lei>N/A</lei>
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        <name>MIDCAP FINANCIAL ISSUER TRUST</name>
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        <name>NISSAN MOTOR ACCEPTANCE COMPANY LLC</name>
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        <name>ALLIANCE RESOURCE OPERATING PARTNERS LP / ALLIANCE RESOURCE FINANCE CORP</name>
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        <name>PRIMO WATER HOLDINGS INC / TRITON WATER HOLDINGS INC</name>
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        <name>CRC INSURANCE GROUP LLC</name>
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        <name>SOLARIS ENERGY INFRASTRUCTURE LLC</name>
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        <name>U.S. ACUTE CARE SOLUTIONS LLC</name>
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        <name>HERC HOLDINGS INC</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HRI 5.75 03/15/31 144A</title>
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        <name>KODIAK GAS SERVICES LLC</name>
        <lei>549300ZQBRWEUOVOM131</lei>
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        <name>ONEMAIN FINANCE CORP</name>
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          <maturityDt>2030-03-15</maturityDt>
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        <name>APOLLO DEBT SOLUTIONS BDC</name>
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        <title>APODS 6.9 04/13/29</title>
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          <isin value="US03770DAB91"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>SCIENCE APPLICATIONS INTERNATIONAL CORP</name>
        <lei>549300LZPNZIXQGZPZ48</lei>
        <title>SAIC 4.875 04/01/28 144A</title>
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          <isin value="US808625AA58"/>
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        <valUSD>83848.24000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BLACKSTONE MORTGAGE TRUST INC</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>BXMT 7.75 12/01/29 144A</title>
        <cusip>09257WAF7</cusip>
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          <isin value="US09257WAF77"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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        <name>QXO INC</name>
        <lei>N/A</lei>
        <title>BECN 6.75 04/30/32 144A</title>
        <cusip>74825NAA5</cusip>
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          <isin value="US74825NAA54"/>
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        <valUSD>76662.02000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DIRECTV FINANCING LLC / DIRECTV FINANCING CO-OBLIGOR INC</name>
        <lei>N/A</lei>
        <title>DTV 5.875 08/15/27 144A</title>
        <cusip>25461LAA0</cusip>
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          <isin value="US25461LAA08"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20002.77000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-15</maturityDt>
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        <name>ARSENAL AIC PARENT LLC</name>
        <lei>254900G9F9HA5EP57J39</lei>
        <title>ARNC 8 10/01/30 144A</title>
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        <name>FORD MOTOR CO</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>F 3.25 02/12/32</title>
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          <maturityDt>2032-02-12</maturityDt>
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        <name>SM ENERGY COMPANY</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM 7 08/01/32 144A</title>
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        <name>SOLSTICE ADVANCED MATERIALS INC</name>
        <lei>2138004GZ4H9TW6HK435</lei>
        <title>SOLADV 5.625 09/30/33 144A</title>
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        <name>CVS HEALTH CORP</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS V7 03/10/55</title>
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        <name>HILTON GRAND VACATIONS BORROWER ESCROW LLC</name>
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        <title>HGVLLC 5 06/01/29 144A</title>
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        <name>LINDBLAD EXPEDITIONS LLC</name>
        <lei>549300MPUWOG67Y2R254</lei>
        <title>LIND 7 09/15/30 144A</title>
        <cusip>53523LAB6</cusip>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-15</maturityDt>
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      <invstOrSec>
        <name>ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FINANCE CORP</name>
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        <title>IEP 5.25 05/15/27</title>
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        <name>STARWOOD PROPERTY TRUST INC</name>
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        <name>TRANSOCEAN INTERNATIONAL LTD</name>
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        <name>ALPHA GENERATION LLC</name>
        <lei>254900K5V62L4YGVKF49</lei>
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        <name>AMWINS GROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STELLANTIS FINANCIAL SERVICES US CORP</name>
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        <name>TAYLOR MORRISON COMMUNITIES INC</name>
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        <name>HERC HOLDINGS INC</name>
        <lei>549300TP80QLITMSBP82</lei>
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        <name>BLUE RACER MIDSTREAM LLC</name>
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        <name>AVIS BUDGET CAR RENT LLC / AVIS BUDGET FINANCE INC</name>
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        <name>OAK-EAGLE ACQUIRECO INC</name>
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        <name>ONEMAIN FINANCE CORP</name>
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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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        <fairValLevel>2</fairValLevel>
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        <name>SEMPRA</name>
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        <name>QUIKRETE HOLDINGS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ONTARIO GAMING GTA LP / OTG CO-ISSUER INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROCKET COMPANIES INC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GLOBAL INFRASTRUCTURE SOLUTIONS INC</name>
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        <title>GOINSO 5.625 06/01/29 144A</title>
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          <isin value="US37960XAA54"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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        <name>NRG ENERGY INC</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG 4.955 04/30/31 144A</title>
        <cusip>629377DE9</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-28</maturityDt>
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        <title>AMNPHA 6.875 08/01/32 144A</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <title>FOCS 6.75 09/15/31 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MEDLINE BORROWER LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDIND 5.25 10/01/29 144A</title>
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        <name>AES CORP (THE)</name>
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        <name>BLUE OWL CREDIT INCOME CORP</name>
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        <name>SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD</name>
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        <title>SOBOCN V7.625 03/01/55</title>
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        <name>ORGANON &amp; COMPANY</name>
        <lei>549300AMCKY57OK2CO56</lei>
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        <name>INEOS FINANCE PLC</name>
        <lei>2138002D68XDR4LZCG32</lei>
        <title>INEGRP 7.5 04/15/29 144a</title>
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        <issuerCat>CORP</issuerCat>
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        <name>POST HOLDINGS INC</name>
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        <name>HILTON DOMESTIC OPERATING COMPANY INC</name>
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        <title>HLT 4 05/01/31 144A</title>
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        <name>CATURUS ENERGY LLC</name>
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        <name>DENTSPLY SIRONA INC</name>
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        <title>XRAY V8.375 09/12/55</title>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN ELECTRIC POWER COMPANY INC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-15</maturityDt>
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        <name>MAXAM PRILL SARL</name>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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        <name>CLOUD SOFTWARE GROUP INC</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>TIBX 9 09/30/29 144A</title>
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        <name>UNITED AIRLINES HOLDINGS INC</name>
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        <name>CENTERPOINT ENERGY INC</name>
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        <name>HILTON DOMESTIC OPERATING COMPANY INC</name>
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        <title>HLT 5.875 04/01/29 144A</title>
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        <name>FLUTTER TREASURY DAC</name>
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        <name>ALBERTSONS COMPANIES INC / SAFEWAY INC / NEW ALBERTSONS LP / ALBERTSONS LLC</name>
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        <name>ESAB CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ALLIANT HOLDINGS INTERMEDIATE LLC / ALLIANT HOLDINGS CO-ISSUER INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lannett Company Inc Common Stock</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>3</fairValLevel>
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        <name>VISTRA OPERATIONS COMPANY LLC</name>
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        <title>VST 6.875 04/15/32 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CITADEL FINANCE LLC</name>
        <lei>549300BQL283NCR7P163</lei>
        <title>CITADL 5.15 02/14/31 144A</title>
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          <isin value="US17287HAF73"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-14</maturityDt>
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        <name>CAESARS ENTERTAINMENT INC</name>
        <lei>549300FA4CTCW903Y781</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
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        <name>PRAIRIE ACQUIROR LP</name>
        <lei>254900Q6KU2LVSIISH22</lei>
        <title>TGE 9 08/01/29 144A</title>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
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        <name>CIPHER COMPUTE LLC</name>
        <lei>N/A</lei>
        <title>CIFR 7.125 11/15/30 144A</title>
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          <isin value="US17253NAA54"/>
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        <balance>100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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        <name>WESCO DISTRIBUTION INC</name>
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        <title>WCC 5.25 04/15/31 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CITADEL FINANCE LLC</name>
        <lei>549300BQL283NCR7P163</lei>
        <title>CITADL 4.75 02/14/29 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP</name>
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        <title>CHTR 6.375 09/01/29 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SPIRE INC (US)</name>
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        <name>NEXSTAR MEDIA GROUP INC</name>
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        <name>TENET HEALTHCARE CORP</name>
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        <name>SYNERGY INFRASTRUCTURE HOLDINGS LLC</name>
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        <name>FORVIA SE</name>
        <lei>969500F0VMZLK2IULV85</lei>
        <title>EOFP 8 06/15/30 144A</title>
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        <invCountry>FR</invCountry>
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        <name>STANDARD INDUSTRIES LTD</name>
        <lei>N/A</lei>
        <title>BMCAUS 4.75 01/15/28 144A</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ESAB CORP</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
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        <name>RIVERS ENTERPRISE BORROWER LLC / RIVERS ENTERPRISE FINANCE CORP</name>
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        <curCd>USD</curCd>
        <valUSD>95462.84000000</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>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FERRELLGAS ESCROW LLC</name>
        <lei>N/A</lei>
        <title>FGP 5.875 04/01/29 144A</title>
        <cusip>315289AC2</cusip>
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          <isin value="US315289AC26"/>
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        <curCd>USD</curCd>
        <valUSD>198195.74000000</valUSD>
        <pctVal>0.630785632209</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>APTIV PLC / APTIV GLOBAL FINANCING DAC</name>
        <lei>N/A</lei>
        <title>APTV V6.875 12/15/54</title>
        <cusip>03837AAD2</cusip>
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          <isin value="US03837AAD28"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>162364.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TRANSCANADA PIPELINES LTD</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
        <title>TRPCN V6.125 10/17/56 .</title>
        <cusip>89352HBK4</cusip>
        <identifiers>
          <isin value="US89352HBK41"/>
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        <balance>85000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84979.93000000</valUSD>
        <pctVal>0.270460499656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN AXLE &amp; MANUFACTURING INC</name>
        <lei>RY5TAKFOBLDUGX31MS24</lei>
        <title>AXL 5 10/01/29</title>
        <cusip>02406PBB5</cusip>
        <identifiers>
          <isin value="US02406PBB58"/>
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        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43508.56000000</valUSD>
        <pctVal>0.138472070722</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROCKET SOFTWARE INC</name>
        <lei>549300PVG26ISP5X1556</lei>
        <title>ROCSOF 9 11/28/28 144A</title>
        <cusip>77314EAB4</cusip>
        <identifiers>
          <isin value="US77314EAB48"/>
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        <balance>185000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>183258.54000000</valUSD>
        <pctVal>0.583245906353</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IQVIA INC</name>
        <lei>549300PLWY28YB00C717</lei>
        <title>IQV 6.25 06/01/32 144A</title>
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          <isin value="US46266TAG31"/>
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        <balance>180000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>182539.98000000</valUSD>
        <pctVal>0.580958988764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-09-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Virtus ETF Trust II</ncom:nameOfApplicant>
      <ncom:signature>Brinton W. Frith</ncom:signature>
      <ncom:signerName>Brinton W. Frith</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
