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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.</name>
        <lei>549300RHSHNRWI5LLA86</lei>
        <title>BCULC 6.125 06/15/29 144A</title>
        <cusip>68245XAR0</cusip>
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          <isin value="US68245XAR08"/>
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        <curCd>USD</curCd>
        <valUSD>5185323.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Transocean International Ltd.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>RIG 8.25 05/15/29 144A</title>
        <cusip>893830BY4</cusip>
        <identifiers>
          <isin value="US893830BY45"/>
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        <balance>1650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1705900.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLARIOS GLOBAL LP</name>
        <lei>549300474L1ZLXZY2P98</lei>
        <title>POWSOL 6.75 09/15/32 144A</title>
        <cusip>18060TAE5</cusip>
        <identifiers>
          <isin value="US18060TAE55"/>
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        <balance>4870000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4912028.10000000</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>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Coronado Finance Pty Limited</name>
        <lei>549300NS5FS0W548RE27</lei>
        <title>CRNAU 9.25 10/01/29 144A</title>
        <cusip>21979LAB2</cusip>
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          <isin value="US21979LAB27"/>
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        <balance>4700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4251082.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RHP Hotel Properties LP / RHP Finance Corporation</name>
        <lei>549300SJMSMA2471GA96</lei>
        <title>RHP 5.75 03/15/34 144A</title>
        <cusip>74984CAA6</cusip>
        <identifiers>
          <isin value="US74984CAA62"/>
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        <balance>940000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>928385.08000000</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>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sinclair Television Group, Inc.</name>
        <lei>549300CQGEN0CH65UD62</lei>
        <title>SBGI 8.125 02/15/33 144A</title>
        <cusip>829259BH2</cusip>
        <identifiers>
          <isin value="US829259BH26"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4070000.00000000</valUSD>
        <pctVal>0.469185393075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Axon Enterprise Inc</name>
        <lei>549300QP2IEEGFE16681</lei>
        <title>AXON 6.25 03/15/33 144A</title>
        <cusip>05464CAD3</cusip>
        <identifiers>
          <isin value="US05464CAD39"/>
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        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2298579.75000000</valUSD>
        <pctVal>0.264977897670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</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>
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      <invstOrSec>
        <name>WYNN RESORTS FINANCE LLC</name>
        <lei>N/A</lei>
        <title>WYNFIN 7.125 02/15/31 144A</title>
        <cusip>983133AC3</cusip>
        <identifiers>
          <isin value="US983133AC37"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4195180.00000000</valUSD>
        <pctVal>0.483616014083</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>7.12500000</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>
        <name>Bausch Plus Lomb Corp.</name>
        <lei>549300NY6OZM39SO6475</lei>
        <title>BLCOCN 8.375 10/01/28 144A</title>
        <cusip>071705AA5</cusip>
        <identifiers>
          <isin value="US071705AA56"/>
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        <balance>4100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4238375.00000000</valUSD>
        <pctVal>0.488595489035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EMRLD Borrower LP / Emerald Co-Issuer Inc.</name>
        <lei>5493000GJYE7GAQCUC61</lei>
        <title>EMECLI 6.625 12/15/30 144A</title>
        <cusip>29103CAA6</cusip>
        <identifiers>
          <isin value="US29103CAA62"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1120139.90000000</valUSD>
        <pctVal>0.129128569847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Genmab AS And Genmab Finance LLC</name>
        <lei>529900MTJPDPE4MHJ122</lei>
        <title>GMABDC 7.25 12/15/33 144A</title>
        <cusip>37230JAB8</cusip>
        <identifiers>
          <isin value="US37230JAB89"/>
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        <balance>4250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4452495.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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      <invstOrSec>
        <name>Royal Caribbean Group</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>RCL 6 02/01/33 144A</title>
        <cusip>780153BV3</cusip>
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          <isin value="US780153BV38"/>
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        <balance>3300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3333782.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hilcorp Energy I L.P/Hilcorp Finance Co</name>
        <lei>549300ITPIHLG0LHEC09</lei>
        <title>HILCRP 6.875 05/15/34 144A</title>
        <cusip>431318BE3</cusip>
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          <isin value="US431318BE31"/>
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        <balance>2700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2643219.27000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <name>Tenet Healthcare Corporation</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>THC 6.125 06/15/30</title>
        <cusip>88033GDQ0</cusip>
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          <isin value="US88033GDQ01"/>
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        <balance>2245000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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        <name>Novelis Corporation</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>HNDLIN 6.875 01/30/30 144A</title>
        <cusip>670001AL0</cusip>
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          <isin value="US670001AL04"/>
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        <balance>1400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1413231.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Venture Global Plaquemines Lng LLC</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VEGLPL 7.75 05/01/35 144A</title>
        <cusip>922966AB2</cusip>
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          <isin value="US922966AB20"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1682104.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Watco Companies, L.L.C. / Watco Finance Corp.</name>
        <lei>549300UK74AMHGBXZG45</lei>
        <title>WATCOS 7.125 08/01/32 144A</title>
        <cusip>941130AD8</cusip>
        <identifiers>
          <isin value="US941130AD86"/>
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        <balance>6210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6383848.95000000</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>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>Encore Capital Group Inc.</name>
        <lei>5493000UVC6H49CIH830</lei>
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      <invstOrSec>
        <name>ESAB Corp.</name>
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        <name>Davita Inc</name>
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        <name>ViaSat, Inc.</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Jefferson Capital Holdings LLC</name>
        <lei>N/A</lei>
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          <isin value="US472481AB63"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Qnity Electronics Inc.</name>
        <lei>254900RSUG4J9TFFZX53</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>PRA Group Inc.</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRAA 8.875 01/31/30 144A</title>
        <cusip>69354NAF3</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>ALTICE FRANCE SA CONT RTS</name>
        <lei>N/A</lei>
        <title>ALTICE FRANCE SA CONT RTS</title>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Smyrna Ready Mix Concrete LLC</name>
        <lei>549300S7RFWHQFOIOY93</lei>
        <title>SMYREA 8.875 11/15/31 144A</title>
        <cusip>83283WAE3</cusip>
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          <isin value="US83283WAE30"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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        <name>Opal Bidco SAS</name>
        <lei>969500R96XT7XY2UJ564</lei>
        <title>OPALBD 6.5 03/31/32 144A</title>
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        <name>Wayfair LLC</name>
        <lei>549300CTUWTZGOXMYI40</lei>
        <title>W 6.75 11/15/32 144A</title>
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        <name>Genmab AS And Genmab Finance LLC</name>
        <lei>529900MTJPDPE4MHJ122</lei>
        <title>GMABDC 6.25 12/15/32 144A</title>
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        <invCountry>DK</invCountry>
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        <name>ASHTON WOODS USA LLC</name>
        <lei>N/A</lei>
        <title>ASHWOO 4.625 04/01/30 144A</title>
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        <name>XPO Inc</name>
        <lei>54930096DB9LCLPN7H13</lei>
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        <name>LGI Homes Inc</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGIH 8.75 12/15/28 144A</title>
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        <name>Firstcash Inc</name>
        <lei>549300V2X3UU7K0DG350</lei>
        <title>FCFS 4.625 09/01/28 144A</title>
        <cusip>33767DAB1</cusip>
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        <name>Tenet Healthcare Corporation</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>THC 6.75 05/15/31</title>
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        <invCountry>US</invCountry>
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        <name>MARTIN MIDSTREAM PARTNERS LP</name>
        <lei>N/A</lei>
        <title>MMLP 11.5 02/15/28 144A</title>
        <cusip>573334AK5</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oak-Eagle AcquireCo Inc.</name>
        <lei>6488ICS9P20290MA1H31</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Froneri Lux Finco S.a r.l.</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
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      <invstOrSec>
        <name>ASHTON WOODS USA LLC</name>
        <lei>N/A</lei>
        <title>ASHWOO 6.875 08/01/33 144A</title>
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          <isin value="US045086AR68"/>
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        <curCd>USD</curCd>
        <valUSD>2632937.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <name>Atlantica Sustainable Infrastructure Group PLC</name>
        <lei>254900V5SMQ1UP1CLC26</lei>
        <title>AY 6.375 02/15/32 144A</title>
        <cusip>13005HAA8</cusip>
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          <isin value="US13005HAA86"/>
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        <balance>6340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6198455.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
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        <name>Wesco Distribution, Inc.</name>
        <lei>549300I2CEZJG9N4AH67</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>OneMain Financial Corporation</name>
        <lei>5493008I795YYBFWFU90</lei>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>965058.00000000</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>2029-11-15</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Sunoco LP</name>
        <lei>5493006LL0CKP8WQW329</lei>
        <title>SUN 5.625 07/15/34 144A</title>
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        <curCd>USD</curCd>
        <valUSD>1956010.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>GPD COMPANIES INC</name>
        <lei>N/A</lei>
        <title>NEXEOP 12.5 12/31/29 144A</title>
        <cusip>36260VAB6</cusip>
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          <isin value="US36260VAB62"/>
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        <curCd>USD</curCd>
        <valUSD>1123183.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Qnity Electronics Inc.</name>
        <lei>254900RSUG4J9TFFZX53</lei>
        <title>QNTELE 6.25 08/15/33 144A</title>
        <cusip>74743LAB6</cusip>
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          <isin value="US74743LAB62"/>
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        <curCd>USD</curCd>
        <valUSD>3690150.62000000</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>
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      <invstOrSec>
        <name>Jane Street Group LLC / JSG Finance Inc.</name>
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        <title>JANEST 6.75 05/01/33 144A</title>
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        <curCd>USD</curCd>
        <valUSD>3401181.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>NEXSTAR MEDIA GROUP INC</name>
        <lei>52990083ZRR5UT591988</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-15</maturityDt>
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        <name>Pebblebrook Hotel LP/ PEB Finance Corp.</name>
        <lei>549300DXEFK267TXZ832</lei>
        <title>PEB 6.375 10/15/29 144A</title>
        <cusip>70510LAA7</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
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        <name>OneSky Flight LLC</name>
        <lei>549300PM6NEPXGG5B882</lei>
        <title>FLXJET 8.875 12/15/29 144A</title>
        <cusip>68278CAA3</cusip>
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          <isin value="US68278CAA36"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
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        <name>Allwyn Entertainment Financing (UK) PLC</name>
        <lei>315700J7ZTIN8XGCX365</lei>
        <title>SAZKAG 7.875 04/30/29 144A</title>
        <cusip>02007VAA8</cusip>
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          <isin value="US02007VAA89"/>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Venture Global LNG Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENLNG 9.5 02/01/29 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Pearl Compute LLC</name>
        <lei>N/A</lei>
        <title>BLKPRL 6.125 02/15/31 144A</title>
        <cusip>09216NAA8</cusip>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Nissan Motor Co Ltd.</name>
        <lei>353800DRBDH1LUTNAY26</lei>
        <title>NSANY 8.125 07/17/35 144A</title>
        <cusip>654922AD5</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Univision Communications Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>DIAMOND SPORTS G 05/25/26</name>
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        <name>Zegona Finance PLC</name>
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        <name>Cerdia Finanz Gmbh</name>
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        <name>NRG Energy, Inc.</name>
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        <name>CACI International Inc.</name>
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        <name>Venture Global LNG Inc.</name>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <name>CCO HOLDINGS LLC</name>
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        <name>TreeHouse Foods, Inc.</name>
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        <name>Cleveland-Cliffs Inc</name>
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        <name>Wayfair LLC</name>
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        <name>Grand Canyon University</name>
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        <name>Neptune BidCo US Inc.</name>
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        <name>SEAGATE DATA STORAGE TECHNOLOGY PTE LTD</name>
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        <name>TransDigm, Inc.</name>
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        <name>Crescent Energy Finance LLC</name>
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        <name>Transocean International Ltd.</name>
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        <name>Carnival Corporation</name>
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        <name>Kodiak Gas Services LLC</name>
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        <name>Boeing Co.</name>
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        <name>Commercial Metals Company</name>
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        <name>Kodiak Gas Services LLC</name>
        <lei>549300ZQBRWEUOVOM131</lei>
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        <name>CITIBANK NA</name>
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        <name>Insulet Corporation</name>
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        <name>CrossCountry Intermediate HoldCo LLC</name>
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        <name>Mohegan Escrow Issuer LLC</name>
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        <name>Iron Mountain Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hexion Holdings 03/15/30</name>
        <lei>N/A</lei>
        <title>Hexion Holdings 03/15/30</title>
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        <assetCat>LON</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Axon Enterprise Inc</name>
        <lei>549300QP2IEEGFE16681</lei>
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          <isin value="US05464CAC55"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>152856.90000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gray Media Inc.</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GTN 5.375 11/15/31 144A</title>
        <cusip>389286AA3</cusip>
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      <invstOrSec>
        <name>Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc.</name>
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        <title>FRTITA 4.625 01/15/29 144A</title>
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        <name>CITIBANK NA</name>
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        <title>KEDRIM 6.5 09/01/29 144A</title>
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        <name>Weekley Homes LLC/Weekley Finance Corp.</name>
        <lei>5493009MTTQO8ZN53F13</lei>
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        <name>Hilcorp Energy I L.P/Hilcorp Finance Co</name>
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        <name>NCL Corporation Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCLH 6.75 02/01/32 144A</title>
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        <invCountry>BM</invCountry>

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        <name>Gates Corp.</name>
        <lei>984500F43C791F4C7894</lei>
        <title>GTES 6.875 07/01/29 144A</title>
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        <name>Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc.</name>
        <lei>984500A0805D8V551D35</lei>
        <title>FRTITA 6.75 01/15/30 144A</title>
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        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>TLN 6.25 02/01/34 144A</title>
        <cusip>87422VAM0</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Borr IHC Ltd / Borr Finance LLC/ Borr Natt Inc/ Borr West Africa Assets Inc/ Prospector Rig 5 Contracting Co Ltd.</name>
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        <name>Expand Energy Corp.</name>
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        <name>CHS/Community Health Systems Inc</name>
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        <name>Osaic Holdings Inc.</name>
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        <name>Iron Mountain Inc.</name>
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        <name>Cipher Compute LLC</name>
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          <maturityDt>2030-11-15</maturityDt>
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        <name>Calderys Financing LLC</name>
        <lei>254900ZIKDM74XNEFV84</lei>
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        <name>ESAB Corp.</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
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        <name>MITER BRANDS ACQUISITION HOLDCO INC</name>
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        <name>Transocean International Ltd.</name>
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        <name>Mineral Resources Ltd.</name>
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        <name>Venture Global Plaquemines Lng LLC</name>
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        <name>Venture Global Plaquemines Lng LLC</name>
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        <name>Viking Cruises, Ltd.</name>
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        <name>NCL Corporation Ltd.</name>
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        <name>NCL Corporation Ltd.</name>
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        <name>Banijay Entertainment S.A.S.</name>
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        <name>NRG Energy, Inc.</name>
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        <name>Dexko Global Inc</name>
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        <name>R.R. Donnelley &amp; Sons Co.</name>
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        <name>Chobani LLC / Chobani Finance Corporation Inc</name>
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          <maturityDt>2029-07-01</maturityDt>
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        <name>Block Communications, Inc.</name>
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        <name>Discovery Global Holdings Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>WBD 5.05 03/15/42 *</title>
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          <maturityDt>2042-03-15</maturityDt>
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        <name>Constellium SE</name>
        <lei>724500KRJEMC79KAAU28</lei>
        <title>CSTM 6.375 08/15/32 144a</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-15</maturityDt>
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        <name>OneMain Financial Corporation</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OMF 7.125 11/15/31</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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        <name>ILIAD HOLDING SAS</name>
        <lei>9695009BGMXB527HV965</lei>
        <title>ILIADH 7 04/15/32 144A</title>
        <cusip>449691AG9</cusip>
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        <name>Arcosa Inc</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>ACA 4.375 04/15/29 144A</title>
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        <name>Arcosa Inc</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>ACA 6.875 08/15/32 144A</title>
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        <name>Oak-Eagle AcquireCo Inc.</name>
        <lei>6488ICS9P20290MA1H31</lei>
        <title>EA 7.25 07/01/33 144A</title>
        <cusip>67124CAA1</cusip>
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        <name>Clear Channel Outdoor Holdings Inc.</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CCO 7.5 03/15/33 144A</title>
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        <name>Kinetik Holdings LP</name>
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        <name>IHO Verwaltungs GmbH</name>
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        <title>IHOVER 8 11/15/32 144A</title>
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        <name>Magnera Corp.</name>
        <lei>549300LDQLQBT38QDY28</lei>
        <title>MAGN 4.75 11/15/29 144A</title>
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        <name>Clearway Energy Operating LLC</name>
        <lei>549300Z3NFMM54NWBB87</lei>
        <title>CWENA 5.75 01/15/34 144A</title>
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      <invstOrSec>
        <name>WRANGLER HOLDCO CORP</name>
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        <name>Equipmentshare Com Inc.</name>
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        <name>Novelis Corporation</name>
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        <name>StoneX Escrow Issuer LLC</name>
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        <name>VM Consolidated Inc.</name>
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        <name>Novelis Corporation</name>
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        <name>Viking Cruises, Ltd.</name>
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        <name>MPH Acquisition Holdings LLC</name>
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        <name>MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (THE) (AZ)</name>
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        <name>Neptune BidCo US Inc.</name>
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        <name>Forvia SE</name>
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        <name>DSG TOPCO INC.</name>
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        <name>Dream Finders Homes Inc</name>
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        <name>Clear Channel Outdoor Holdings Inc.</name>
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        <name>ALTICE FRANCE SAS</name>
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        <name>Jane Street Group LLC / JSG Finance Inc.</name>
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        <name>Global Net Lease Inc / Global Net Lease Operating Partnership LP</name>
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        <name>Clydesdale Acquisition Holdings Inc.</name>
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        <name>Avient Corporation</name>
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        <name>Concentra Health Services Inc.</name>
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        <name>Institutional Fidu</name>
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        <title>Institutional Fidu US GOVT MNY MRKT</title>
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        <name>Tenet Healthcare Corporation</name>
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        <name>Encore Capital Group Inc.</name>
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        <name>Leeward Renewable Energy Operations LLC</name>
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        <name>Fortress Intermediate 3 Inc.</name>
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        <name>Equipmentshare Com Inc.</name>
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        <name>Wesco Distribution, Inc.</name>
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        <name>Venture Global Plaquemines Lng LLC</name>
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        <name>Quikrete Holdings Inc</name>
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        <name>Chobani Holdco II LLC</name>
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        <name>SV RNO Property Owner 1 LLC</name>
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        <name>Crescent Energy Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TTM Technologies Inc</name>
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        <name>Jefferson Capital Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nabors Industries, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FMC Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-01</maturityDt>
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        <name>Tenet Healthcare Corporation</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>THC 6 11/15/33 144A</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer Inc</name>
        <lei>5493006Q26653NF8SI73</lei>
        <title>ALIANT 7 01/15/31 144A</title>
        <cusip>01883LAF0</cusip>
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          <isin value="US01883LAF04"/>
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        <balance>1900000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Great CDN Gaming Corp/Raptor Co-Issuer LLC</name>
        <lei>549300FU60SSFLTE0M84</lei>
        <title>GCCN 8.75 11/15/29 144A</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <title>VENTGL 3.875 08/15/29 144A</title>
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          <isin value="US92328MAA18"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Weatherford International Ltd Bermuda</name>
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        <title>WFRD 6.75 10/15/33 144A</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>IHO Verwaltungs GmbH</name>
        <lei>529900JL0HDVGZMUJF32</lei>
        <title>IHOVER 7.75 11/15/30 144A</title>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MPT Operating Partnership LP / MPT Finance Corporation</name>
        <lei>WUQXXXF7PXTUPGROE843</lei>
        <title>MPW 8.5 02/15/32 144a</title>
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        <name>Gray Media Inc.</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GTN 9.625 07/15/32 144A</title>
        <cusip>389375AN6</cusip>
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        <name>Gen Digital Inc</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>GEN 6.25 04/01/33 144A</title>
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        <name>StoneX Group Inc</name>
        <lei>549300JUF07L8VF02M60</lei>
        <title>SNEX 7.875 03/01/31 144A</title>
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        <name>PROG Holdings Inc.</name>
        <lei>549300DHYTLBOVRXIG52</lei>
        <title>PRG 6 11/15/29 144A</title>
        <cusip>74319RAA9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
        <lei>5493004T21MOAFINJP35</lei>
        <title>TEVA 4.75 05/09/27</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Freedom Mortgage Holdings LLC</name>
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          <isin value="US35641AAD00"/>
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        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ARC FALCON I INC</name>
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          <isin value="US03881HAA86"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-01</maturityDt>
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      <invstOrSec>
        <name>Venture Global Calcasieu Pass LLC</name>
        <lei>549300GKHS6RS20NLH85</lei>
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          <isin value="US92328MAB90"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
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        <name>VZ Secured Financing BV</name>
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          <isin value="US91845AAB17"/>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-15</maturityDt>
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        <name>CRESCENT ENERGY CO</name>
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        <fairValLevel>2</fairValLevel>
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              <title>Crescent Energy Co</title>
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        <name>RIVERS ENTERPRISE BORROWER LLC</name>
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        <name>Asurion LLC / Asurion Co-Issuer Inc.</name>
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      <invstOrSec>
        <name>Newell Brands Inc.</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NWL 8.5 06/01/28 144A</title>
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        <name>Freedom Mortgage Holdings LLC</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>FREMOR 8.375 04/01/32 144A</title>
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        <name>Vistra Operations Co LLC</name>
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        <name>Crescent Energy Finance LLC</name>
        <lei>54930061FUL6DBLFUW14</lei>
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        <name>Acrisure Llc / Acrisure Fin Inc</name>
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        <title>ACRISU 8.5 06/15/29 144A</title>
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        <name>Flutter Treasury Designated Activity Co.</name>
        <lei>635400JE8VLL9UFVIC38</lei>
        <title>FLTR 5.875 06/04/31 144A</title>
        <cusip>344045AB5</cusip>
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        <balance>4400000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp</name>
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        <valUSD>1426250.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
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      <invstOrSec>
        <name>McGraw-Hill Education Inc.</name>
        <lei>254900U6YJ9QZ4IQOR26</lei>
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          <isin value="US58064LAA26"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-01</maturityDt>
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        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
        <lei>5493004T21MOAFINJP35</lei>
        <title>TEVA 8.125 09/15/31</title>
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          <isin value="US88167AAR23"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>559585.00000000</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>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
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      <invstOrSec>
        <name>Freedom Mortgage Holdings LLC</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>FREMOR 6.875 05/01/31 144A</title>
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          <isin value="US35641AAE82"/>
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        <balance>1300000.00000000</balance>
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        <valUSD>1216648.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>ARCHROCK SERVICES LP</name>
        <lei>N/A</lei>
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        <cusip>03958CAA7</cusip>
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          <isin value="US03958CAA71"/>
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        <balance>5140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5092753.43000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>MILLROSE PROPERTIES INC</name>
        <lei>N/A</lei>
        <title>MRP 6.25 09/15/32 144A</title>
        <cusip>601137AB8</cusip>
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          <isin value="US601137AB81"/>
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        <balance>1830000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1798767.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Waste Pro USA Inc</name>
        <lei>549300BY1QXU5BI3UF28</lei>
        <title>WASPRO 7 02/01/33 144A</title>
        <cusip>94107JAC7</cusip>
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          <isin value="US94107JAC71"/>
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        <balance>4550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4612567.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>RHP Hotel Properties LP / RHP Finance Corporation</name>
        <lei>549300SJMSMA2471GA96</lei>
        <title>RHP 7.25 07/15/28 144A</title>
        <cusip>749571AJ4</cusip>
        <identifiers>
          <isin value="US749571AJ42"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2043220.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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      <invstOrSec>
        <name>Cogent Communications Group LLC / Cogent Finance Inc.</name>
        <lei>549300KFWFYF8Q1U0Y26</lei>
        <title>CCOI 6.5 07/01/32 144A</title>
        <cusip>19240WAB5</cusip>
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          <isin value="US19240WAB54"/>
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        <balance>5950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5194584.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>TLN 8.625 06/01/30 144A</title>
        <cusip>87422VAK4</cusip>
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          <isin value="US87422VAK44"/>
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        <balance>2320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2434925.84000000</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>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
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      <invstOrSec>
        <name>Connect Finco SARL/Connect US Finco LLC</name>
        <lei>2594001KNYIQ456J2792</lei>
        <title>ISATLN 9 09/15/29 144A</title>
        <cusip>20752TAB0</cusip>
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          <isin value="US20752TAB08"/>
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        <balance>7300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
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      <invstOrSec>
        <name>Discovery Global Holdings Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>WBD 4.054 03/15/29 *</title>
        <cusip>55903VBY8</cusip>
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        <balance>2350000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Osaic Holdings Inc.</name>
        <lei>549300XL60BDV6UW5C86</lei>
        <title>ADVGRO 8 08/01/33 144A</title>
        <cusip>00791GAC1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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        <name>Apollo Commercial Real Estate Finance, Inc.</name>
        <lei>549300E0AN7M2AQHSY29</lei>
        <title>ARI 4.625 06/15/29 144A</title>
        <cusip>03762UAD7</cusip>
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        <balance>5700000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>OneMain Financial Corporation</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OMF 6.625 05/15/29</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>RHP Hotel Properties LP / RHP Finance Corporation</name>
        <lei>549300SJMSMA2471GA96</lei>
        <title>RHP 6.5 04/01/32 144A</title>
        <cusip>749571AK1</cusip>
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        <balance>2550000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>KEENOVA THERAPEUTICS PLC</name>
        <lei>N/A</lei>
        <title>KEENOVA THERAPEUTICS PLC</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Transocean International Ltd.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>RIG 7.875 10/15/32 144A</title>
        <cusip>893814AA1</cusip>
        <identifiers>
          <isin value="US893814AA10"/>
        </identifiers>
        <balance>1195000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1277682.05000000</valUSD>
        <pctVal>0.147289866057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</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>Commercial Metals Company</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>CMC 5.75 11/15/33 144A</title>
        <cusip>201723AS2</cusip>
        <identifiers>
          <isin value="US201723AS24"/>
        </identifiers>
        <balance>1025000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1015182.04000000</valUSD>
        <pctVal>0.117029136235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>DIRECTV FINANCING LLC</name>
        <lei>N/A</lei>
        <title>DTV 8.875 02/01/30 144a</title>
        <cusip>254945AA6</cusip>
        <identifiers>
          <isin value="US254945AA66"/>
        </identifiers>
        <balance>5900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5894249.27000000</valUSD>
        <pctVal>0.679482963299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</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>Wayfair LLC</name>
        <lei>549300CTUWTZGOXMYI40</lei>
        <title>W 7.75 09/15/30 144A</title>
        <cusip>94419NAB3</cusip>
        <identifiers>
          <isin value="US94419NAB38"/>
        </identifiers>
        <balance>2600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2708958.20000000</valUSD>
        <pctVal>0.312285901201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</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>
    </invstOrSecs>
    <explntrNotes>



      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Templeton ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer Controller, US Fund Administration and Oversight</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
