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      <invstOrSec>
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        <name>AUNA SA / ONCOS 8.75% 11/06/32</name>
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        <name>AUTONATION INC 2.4% 08/01/31</name>
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        <name>AZULE ENERGY F 8.125% 01/23/30</name>
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        <name>AZULE ENERGY FI 8.25% 01/22/31</name>
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        <name>AZULE ENERGY F 8.625% 01/22/33</name>
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        <name>BACARDI-MARTIN DISC 03/05/26</name>
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        <name>BANCO DAVIVIENDA  V/R 07/02/35</name>
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        <name>BANCO BTG PACTUA 5.5% 01/27/31</name>
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        <name>BANCO MERCANTIL DE  V/R /PERP/</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>CHARLES RIVER LABO 4% 03/15/31</name>
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      <invstOrSec>
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        <name>ESAB CORP 6.25% 04/15/29</name>
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        <name>FORTESCUE TREA 6.125% 04/15/32</name>
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        <name>INVEPAR A-1 0% 12/30/2028</name>
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        <name>FIVE POINT OPERATI 8% 10/01/30</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GENERAL MILLS  4.875% 01/30/30</name>
        <lei>2TGYMUGI08PO8X8L6150</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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          <isin value="US37185LAR33"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GENWORTH HOLDING 6.5% 06/15/34</name>
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          <isin value="US37247DAB29"/>
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        <curCd>USD</curCd>
        <valUSD>935278.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>GENWORTH HOLDINGS V/R 11/15/36</name>
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          <isin value="US37247DAG16"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GETTY IMAGES I 11.25% 02/21/30</name>
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        <curCd>USD</curCd>
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        <name>GETTY IMAGES INC 14% 03/01/28</name>
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          <isin value="US374276AP80"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GO DADDY OPCO/F 5.25% 12/01/27</name>
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        <identifiers>
          <isin value="US38016LAA35"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>GOAT HOLDCO LLC 6.75% 02/01/32</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>GOLAR LNG LTD 7.5% 10/02/30</name>
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        <invCountry>BM</invCountry>

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      <invstOrSec>
        <name>GRUBHUB HOLDINGS  13% 07/31/30</name>
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        <name>HLF FIN SARL L 12.25% 04/15/29</name>
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        <name>HCA INC DISC 03/10/26</name>
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        <name>HA SUSTAINABLE IN V/R 06/01/56</name>
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        <curCd>USD</curCd>
        <valUSD>1053370.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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      <invstOrSec>
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        <lei>2221002FZ55AMAUX4G64</lei>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HILCORP ENERGY 6.875% 05/15/34</name>
        <lei>N/A</lei>
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        <cusip>431318BE3</cusip>
        <identifiers>
          <isin value="US431318BE31"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HILCORP ENERGY  7.25% 02/15/35</name>
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        <cusip>431318BG8</cusip>
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          <isin value="US431318BG88"/>
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        <valUSD>297129.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HILLENBRAND INC 6.25% 02/15/29</name>
        <lei>U246OE781574J2BUD366</lei>
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        <cusip>431571AF5</cusip>
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          <isin value="US431571AF58"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HOWARD HUGHES  4.125% 02/01/29</name>
        <lei>549300BVHY25JZC1KI49</lei>
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        <cusip>44267DAE7</cusip>
        <identifiers>
          <isin value="US44267DAE76"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>580947.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HOWARD HUGHES  4.375% 02/01/31</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>HOWARD HUGHES CORP REGD 144A P/P 4.37500000</title>
        <cusip>44267DAF4</cusip>
        <identifiers>
          <isin value="US44267DAF42"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>856001.07000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>HUNTSMAN INTERNA 5.7% 10/15/34</name>
        <lei>N/A</lei>
        <title>HUNTSMAN INTERNATIONAL L REGD 5.70000000</title>
        <cusip>44701QBG6</cusip>
        <identifiers>
          <isin value="US44701QBG64"/>
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        <balance>1715000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1640529.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>IHO VERWALTUNGS 7.75% 11/15/30</name>
        <lei>N/A</lei>
        <title>IHO VERWALTUNGS GMBH REGD 144A P/P 7.75000000</title>
        <cusip>44963BAF5</cusip>
        <identifiers>
          <isin value="US44963BAF58"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>420409.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>IHO VERWALTUNGS GM 8% 11/15/32</name>
        <lei>N/A</lei>
        <title>IHO VERWALTUNGS GMBH REGD 144A P/P 8.00000000</title>
        <cusip>44963BAG3</cusip>
        <identifiers>
          <isin value="US44963BAG32"/>
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        <curCd>USD</curCd>
        <valUSD>533358.50000000</valUSD>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.00000000</annualizedRt>
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        <name>INEOS FINANCE PL 7.5% 04/15/29</name>
        <lei>N/A</lei>
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          <isin value="US44984WAJ62"/>
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        <valUSD>178569.80000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ICAHN ENTERPRISES 10% 11/15/29</name>
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          <isin value="US451102CK14"/>
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        <name>IMOLA MERGER CO 4.75% 05/15/29</name>
        <lei>N/A</lei>
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          <isin value="US45258LAA52"/>
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        <curCd>USD</curCd>
        <valUSD>5069616.18000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2029-05-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>CRESCENT ENERG 7.625% 04/01/32</name>
        <lei>54930061FUL6DBLFUW14</lei>
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        <name>CRESCENT ENERG 7.375% 01/15/33</name>
        <lei>54930061FUL6DBLFUW14</lei>
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          <isin value="US456142AA68"/>
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        <name>INDUSTRIAL SUBORD V/R 04/15/36</name>
        <lei>254900WSJBB5525DL518</lei>
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      <invstOrSec>
        <name>LADDER CAP FIN  4.25% 02/01/27</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LAMAR MEDIA COR 3.75% 02/15/28</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CRESCENT ENERG 7.875% 04/15/32</name>
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      <invstOrSec>
        <name>LEAFLY HLDGS WT EX 01/17/2027</name>
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          <isin value="US52178J1135"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>M/I HOMES INC 4.95% 02/01/28</name>
        <lei>5299005M71FH9CCSFB69</lei>
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        <cusip>55305BAS0</cusip>
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          <isin value="US55305BAS07"/>
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      <invstOrSec>
        <name>MACY'S RETAIL  5.125% 01/15/42</name>
        <lei>N/A</lei>
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          <isin value="US55616XAG25"/>
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        <valUSD>706132.83000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MACY'S RETAIL  7.375% 08/01/33</name>
        <lei>N/A</lei>
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        <cusip>55617LAS1</cusip>
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          <isin value="US55617LAS16"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DISCOVERY HOLD 4.279% 03/15/32</name>
        <lei>N/A</lei>
        <title>DISCOVERY HOLDINGS INC REGD SER * 4.27900000</title>
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        <identifiers>
          <isin value="US55903VBQ59"/>
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        <fairValLevel>2</fairValLevel>
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        <name>DISCOVERY HOLD 5.141% 03/15/52</name>
        <lei>N/A</lei>
        <title>DISCOVERY HOLDINGS INC REGD SER * 5.14100000</title>
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          <isin value="US55903VBU61"/>
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        <valUSD>949750.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MANITOWOC COMPA 9.25% 10/01/31</name>
        <lei>2RTSLGQ89VMY18RHX631</lei>
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          <isin value="US56625AAA25"/>
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        <fairValLevel>2</fairValLevel>
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        <name>MARKS &amp; SPENCE 7.125% 12/01/37</name>
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          <isin value="US57069PAA03"/>
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        <name>RITHM CAPITAL CORP 8% 07/15/30</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>RITHM CAPITAL CORP REGD 144A P/P 8.00000000</title>
        <cusip>64828TAC6</cusip>
        <identifiers>
          <isin value="US64828TAC62"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>301383.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>XPLR INFRAST OPE 4.5% 09/15/27</name>
        <lei>N/A</lei>
        <title>XPLR INFRAST OPERATING REGD 144A P/P 4.50000000</title>
        <cusip>65342QAB8</cusip>
        <identifiers>
          <isin value="US65342QAB86"/>
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        <balance>1050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1045508.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>XPLR INFRAST OP 7.25% 01/15/29</name>
        <lei>N/A</lei>
        <title>XPLR INFRAST OPERATING REGD 144A P/P 7.25000000</title>
        <cusip>65342QAM4</cusip>
        <identifiers>
          <isin value="US65342QAM42"/>
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        <balance>850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>882258.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NISSAN MOTOR CO 4.81% 09/17/30</name>
        <lei>353800DRBDH1LUTNAY26</lei>
        <title>NISSAN MOTOR CO REGD 144A P/P 4.81000000</title>
        <cusip>654744AD3</cusip>
        <identifiers>
          <isin value="US654744AD34"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>427642.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.81000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NORDSTROM INC 5% 01/15/44</name>
        <lei>549300S3IZB5P35KNV16</lei>
        <title>NORDSTROM INC REGD 5.00000000</title>
        <cusip>655664AR1</cusip>
        <identifiers>
          <isin value="US655664AR15"/>
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        <balance>1900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1447187.25000000</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>2044-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NORDSTROM INC 4.375% 04/01/30</name>
        <lei>549300S3IZB5P35KNV16</lei>
        <title>NORDSTROM INC REGD 4.37500000</title>
        <cusip>655664AT7</cusip>
        <identifiers>
          <isin value="US655664AT70"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>433277.51000000</valUSD>
        <pctVal>0.061699714707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NORDSTROM INC 4.25% 08/01/31</name>
        <lei>549300S3IZB5P35KNV16</lei>
        <title>NORDSTROM INC REGD SER WI 4.25000000</title>
        <cusip>655664AY6</cusip>
        <identifiers>
          <isin value="US655664AY65"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>93184.26000000</valUSD>
        <pctVal>0.013269653108</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>4.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NORTHERN OIL &amp; 7.875% 10/15/33</name>
        <lei>OKFF0PIZDDMNH4UCYE51</lei>
        <title>NORTHERN OIL &amp; GAS INC REGD 144A P/P 7.87500000</title>
        <cusip>665531AL3</cusip>
        <identifiers>
          <isin value="US665531AL37"/>
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        <balance>1256000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1284035.18000000</valUSD>
        <pctVal>0.182849565120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</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>BRUNDAGE-BONE CO 7.5% 02/01/32</name>
        <lei>N/A</lei>
        <title>BRUNDAGE-BONE CONCRETE REGD 144A P/P 7.50000000</title>
        <cusip>66981QAB2</cusip>
        <identifiers>
          <isin value="US66981QAB23"/>
        </identifiers>
        <balance>896000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>912725.95000000</valUSD>
        <pctVal>0.129974276118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</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>P/O UBER TECHNOLOG FEB 72.000</name>
        <lei>N/A</lei>
        <title>PUT OPTION ON 100SHS           UBER TECHNOLOGIES  FEB 72.000 0.00000000</title>
        <cusip>66B99NCF5</cusip>
        <identifiers>
          <ticker value="UBER260227P00072000"/>
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        <balance>-86.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-258.00000000</valUSD>
        <pctVal>-0.00003673979</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>RAYMOND JAMES AND ASSOCIATES</counterpartyName>
              <counterpartyLei>U4ONQX15J3RO8XCKE979</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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              <otherRefInst>
                <issuerName>P/O UBER TECHNOLOG FEB 72.000</issuerName>
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                  <cusip value="90353T100"/>
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            <exercisePrice>72.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-02-27</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>11696.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOVELIS CORP 4.75% 01/30/30</name>
        <lei>N/A</lei>
        <title>NOVELIS CORP REGD 144A P/P 4.75000000</title>
        <cusip>670001AE6</cusip>
        <identifiers>
          <isin value="US670001AE60"/>
        </identifiers>
        <balance>1050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1017559.94000000</valUSD>
        <pctVal>0.144902877593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOVELIS CORP 3.875% 08/15/31</name>
        <lei>N/A</lei>
        <title>NOVELIS CORP REGD 144A P/P 3.87500000</title>
        <cusip>670001AH9</cusip>
        <identifiers>
          <isin value="US670001AH91"/>
        </identifiers>
        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1005288.57000000</valUSD>
        <pctVal>0.143155406260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>
        <name>ON SEMICONDUCT 3.875% 09/01/28</name>
        <lei>ZV20P4CNJVT8V1ZGJ064</lei>
        <title>ON SEMICONDUCTOR CORP REGD 144A P/P 3.87500000</title>
        <cusip>682189AQ8</cusip>
        <identifiers>
          <isin value="US682189AQ81"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48945.43000000</valUSD>
        <pctVal>0.006969941890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ONEMAIN FINANC 7.875% 03/15/30</name>
        <lei>N/A</lei>
        <title>ONEMAIN FINANCE CORP REGD 7.87500000</title>
        <cusip>682691AE0</cusip>
        <identifiers>
          <isin value="US682691AE03"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52297.75000000</valUSD>
        <pctVal>0.007447319974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</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>ONEMAIN FINANCE 6.75% 03/15/32</name>
        <lei>N/A</lei>
        <title>ONEMAIN FINANCE CORP REGD 6.75000000</title>
        <cusip>682691AJ9</cusip>
        <identifiers>
          <isin value="US682691AJ99"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>302328.90000000</valUSD>
        <pctVal>0.043052331236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>ONEMAIN FINANC 7.125% 09/15/32</name>
        <lei>N/A</lei>
        <title>ONEMAIN FINANCE CORP REGD 7.12500000</title>
        <cusip>682691AK6</cusip>
        <identifiers>
          <isin value="US682691AK62"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255664.40000000</valUSD>
        <pctVal>0.036407199027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</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>
      <invstOrSec>
        <name>ORACLE CORP /PFD/ /CONV/</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP /PREFERRED/       /CONVERTIBLE/ 0.00000000</title>
        <cusip>68389X204</cusip>
        <identifiers>
          <isin value="US68389X2045"/>
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        <balance>5849.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>268995.51000000</valUSD>
        <pctVal>0.038305579776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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      <invstOrSec>
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          <isin value="US69318FAL22"/>
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        <name>PARK-OHIO INDUST 8.5% 08/01/30</name>
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        <name>PEPSICO INC 5% 02/07/35</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
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          <isin value="US713448GC65"/>
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        <name>PERUSAHAAN LIS 4.125% 05/15/27</name>
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        <name>PERUSAHAAN LIS 3.875% 07/17/29</name>
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      <invstOrSec>
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        <lei>549300FSD8T39P5Q0O47</lei>
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      <invstOrSec>
        <name>RAKUTEN GROUP  11.25% 02/15/27</name>
        <lei>529900IMXUCQKUL1H943</lei>
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          <isin value="US75102WAG33"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
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        <lei>529900IMXUCQKUL1H943</lei>
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        <lei>N/A</lei>
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        <invCountry>LU</invCountry>

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        <lei>N/A</lei>
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      <invstOrSec>
        <name>SABRE FINANCI 11.125% 06/15/29</name>
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        <lei>N/A</lei>
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      <invstOrSec>
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        <name>TTM TECHNOLOGIES I 4% 03/01/29</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TAYLOR MORRISON 5.75% 01/15/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TEAM SERVICES HLDG 9% 02/15/33</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>TELECOM ITALIA C 7.2% 07/18/36</name>
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          <isin value="US87927VAR96"/>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TERMOCANDELARIA 7.75% 09/17/31</name>
        <lei>549300YDORW43JL6G659</lei>
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        <cusip>88087AAA6</cusip>
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        <invCountry>CO</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>TERRAFORM POWER 4.75% 01/15/30</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TIDEWATER INC 9.125% 07/15/30</name>
        <lei>2549000JA5GRUPLMUH98</lei>
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        <cusip>88642RAE9</cusip>
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        <name>TOTAL PLAY TE 11.125% 12/31/32</name>
        <lei>N/A</lei>
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        <invCountry>MX</invCountry>
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        <name>TRANSDIGM INC 6.375% 03/01/29</name>
        <lei>N/A</lei>
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        <name>TRULIEVE CANNAB 10.5% 12/17/30</name>
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        <name>UBER TECHNOLOGIE 4.5% 08/15/29</name>
        <lei>549300B2FTG34FILDR98</lei>
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        <name>GOLD FIELDS OR 6.125% 05/15/29</name>
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        <name>EURONET W 1.375% 05/22/26/EUR/</name>
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        <name>MILLICOM INTL C 6.25% 03/25/29</name>
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      <invstOrSec>
        <name>MOBICO GR 3.625% 11/20/28/GBP/</name>
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        <name>EMPRESA ELECTRIC 5.5% 05/14/27</name>
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        <name>PRUMO PARTICIPAC 7.5% 12/31/31</name>
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        <name>NBM US HOLDING 6.625% 08/06/29</name>
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          <isin value="USU63768AB83"/>
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        <name>ADANI ELECTRIC 3.949% 02/12/30</name>
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        <cusip>Y0R1SDAA1</cusip>
        <identifiers>
          <isin value="XS2109438205"/>
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        <name>ADANIREN KODSO 4.625% 10/15/39</name>
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        <cusip>Y0R1LYAB0</cusip>
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        <name>ADANI TRANS STE 4.25% 05/21/36</name>
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        <cusip>Y0R15UGV6</cusip>
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        <name>FLAMINGO LUX  5% 03/31/29/EUR/</name>
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        <name>WHEEL BID 9.875% 09/15/29/GBP/</name>
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        <name>SECOP GROUP  V/R 12/29/26/EUR/</name>
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        <name>MINSUR SA 4.5% 10/28/31</name>
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        <name>CHAMPION IRON LTD /CAD/</name>
        <lei>894500WQI96G4T75O202</lei>
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          <isin value="XS3276212035"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BELLIS AC 8.125% 05/14/30/GBP/</name>
        <lei>N/A</lei>
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        <cusip>G30074BA8</cusip>
        <identifiers>
          <isin value="XS2811958839"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>888 ACQUI 10.75% 05/15/30/GBP/</name>
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        <cusip>X1957XAE2</cusip>
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          <isin value="XS2817891984"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RAC BOND C 5.25% 11/04/27/GBP/</name>
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        <cusip>G73354AD7</cusip>
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          <isin value="XS2401582999"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IMPALA GROUP 12% 10/30/27/SEK/</name>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>KOLIBRI BGMB V/R 02/13/29/EUR/</name>
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        <cusip>D4025AAA4</cusip>
        <identifiers>
          <isin value="NO0013461384"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SIM ACQUISITION CORP I-A</name>
        <lei>N/A</lei>
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        <cusip>G8431T101</cusip>
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          <isin value="KYG8431T1013"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CSN RESOURCES  5.875% 04/08/32</name>
        <lei>N/A</lei>
        <title>CSN RESOURCES SA REGD REG S 5.87500000</title>
        <cusip>L21779AK6</cusip>
        <identifiers>
          <isin value="USL21779AK60"/>
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        <curCd>USD</curCd>
        <valUSD>1281321.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-08</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SILVERBOX CORP IV-A</name>
        <lei>N/A</lei>
        <title>SILVERBOX CORP IV-A 0.00000000</title>
        <cusip>G81354105</cusip>
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          <isin value="KYG813541052"/>
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        <curCd>USD</curCd>
        <valUSD>780370.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SMAVA GMBH V/R 05/22/29/EUR/</name>
        <lei>391200AMJZMMPWQ6SA29</lei>
        <title>SMAVA GMB /EUR/ REGD V/R REG S 9.02400000</title>
        <cusip>D6995ZAA0</cusip>
        <identifiers>
          <isin value="NO0013531590"/>
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        <balance>443000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84631009"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>EMERIA SAS 7.75% 03/31/28/EUR/</name>
        <lei>969500SA2FHM81LPJ311</lei>
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        <cusip>F32968AA1</cusip>
        <identifiers>
          <isin value="XS2582774225"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.84631009"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FORTEBANK JSC V/R /PERP/</name>
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        <cusip>Y2497PAV5</cusip>
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        <invCountry>KZ</invCountry>
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        <name>VIVION INV 8.25% 08/31/28/EUR/</name>
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        <cusip>L9673UAF4</cusip>
        <identifiers>
          <isin value="XS2658230094"/>
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        <invCountry>LU</invCountry>
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        <name>VIVION INVE 8% 02/28/29/EUR/</name>
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        <cusip>L9673UAE7</cusip>
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          <isin value="XS2663653140"/>
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        <name>BERTO ACQUISITION CORP</name>
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          <isin value="KYG1051H1011"/>
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        <assetCat>EC</assetCat>
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        <name>GLOBA TERRA ACQUISITION CO-A</name>
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        <name>NEO BIDCO AB V/R 07/11/28/SEK/</name>
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        <name>NYNAS AB 11.75% 06/17/28</name>
        <lei>5493007VGEKBZGZ6PC69</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>EVOCA SPA V/R 04/09/29/EUR/</name>
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      <invstOrSec>
        <name>ZOPA GROUP P V/R 11/25/33/GBP/</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEWCO HOL EUR 11% 02/20/30</name>
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      <invstOrSec>
        <name>GRUPPO SAN  6.5% 10/31/31/EUR/</name>
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      <invstOrSec>
        <name>ADANI TRANS STEP-O 4% 08/03/26</name>
        <lei>N/A</lei>
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          <isin value="XS1391575161"/>
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        <fairValLevel>2</fairValLevel>
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        <name>BPRL INTERNATI 4.375% 01/18/27</name>
        <lei>N/A</lei>
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          <isin value="XS1548865911"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CENCOSUD SA 4.375% 07/17/27</name>
        <lei>549300NLTGCFV7482429</lei>
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          <isin value="USP2205JAQ33"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ONGC VIDESH VAN 3.75% 07/27/26</name>
        <lei>N/A</lei>
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        <cusip>Y6478NAA0</cusip>
        <identifiers>
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      <invstOrSec>
        <name>AI CANDELARIA - 5.75% 06/15/33</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federated Investors, Inc.</name>
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        <title>Federated Government Obligations Fund</title>
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        <name>AGRICULTURE AND NATURAL</name>
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        <name>BIOCEANICO SOVERE ZCP 06/05/34</name>
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        <name>ENQUEST PLC 11.625% 11/01/27</name>
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        <name>LIMA METRO LIN 5.875% 07/05/34</name>
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        <name>MARB BONDCO PLC 3.95% 01/29/31</name>
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        <name>3T GLOBAL BIDC 11.25% 05/22/28</name>
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        <name>RUTAS 2 &amp; 7 FINAN ZCP 09/30/36</name>
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        <name>WE SODA INV HO 9.375% 02/14/31</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ACU PETROLEO LUX 7.5% 01/13/32</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>B&amp;M EUROP 8.125% 11/15/30/GBP/</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <name>CHILE ELECTRICI 6.01% 01/20/33</name>
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          <isin value="USL15669AA91"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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        <name>CHILE ELECTRIC 5.672% 10/20/35</name>
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        <name>TIERRA MOJADA L 5.75% 12/01/40</name>
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          <isin value="USL3500LAA72"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>GUARA NORTE SA 5.198% 06/15/34</name>
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          <isin value="USL4R02QAA86"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
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          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>MILLICOM INTL  5.125% 01/15/28</name>
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        <cusip>L6388GAB6</cusip>
        <identifiers>
          <isin value="USL6388GAB60"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>MILLICOM INTL CE 4.5% 04/27/31</name>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>MOVIDA EUROPE S 7.85% 04/11/29</name>
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          <isin value="USL65266AC91"/>
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        <invCountry>LU</invCountry>

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        <name>NEXA RESOURCES S 6.5% 01/18/28</name>
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        <cusip>L67359AA4</cusip>
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          <isin value="USL67359AA48"/>
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        <invCountry>BR</invCountry>
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        <name>RAIZEN FUELS FI 6.45% 03/05/34</name>
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        <name>RAIZEN FUELS FIN 5.7% 01/17/35</name>
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        <name>T/L AUDACY CAPITA ZCP 10/01/29</name>
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        <title>YINSON BERGENIA PRODUCTI REGD REG S 8.49800000</title>
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          <isin value="USN97336AA49"/>
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        <curCd>USD</curCd>
        <valUSD>419182.13000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>AGROSUPER SA 4.6% 01/20/32</name>
        <lei>N/A</lei>
        <title>AGROSUPER SA REGD REG S 4.60000000</title>
        <cusip>P01020AK5</cusip>
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          <isin value="USP01020AK52"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>146455.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BANCO BBVA PERU S V/R 06/07/34</name>
        <lei>549300H1JNU0HLNFU552</lei>
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        <cusip>P07760AH7</cusip>
        <identifiers>
          <isin value="USP07760AH74"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FIEMEX ENERGIA  7.25% 01/31/41</name>
        <lei>N/A</lei>
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        <cusip>P0R12RAA8</cusip>
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          <isin value="USP0R12RAA88"/>
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        <balance>693355.17000000</balance>
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        <curCd>USD</curCd>
        <valUSD>722767.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BANCO GNB SUDAMER V/R 04/16/31</name>
        <lei>N/A</lei>
        <title>BANCO GNB SUDAMERIS SA REGD V/R REG S 7.50000000</title>
        <cusip>P1265VAH5</cusip>
        <identifiers>
          <isin value="USP1265VAH52"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANCO INTERNAC DE V/R 04/30/35</name>
        <lei>N/A</lei>
        <title>BANCO INTERNAC DEL PERU REGD V/R REG S 6.39700000</title>
        <cusip>P13435AG0</cusip>
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          <isin value="USP13435AG03"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2595125.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-30</maturityDt>
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          <annualizedRt>6.39700000</annualizedRt>
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      <invstOrSec>
        <name>BANCO SANTANDE 5.621% 12/10/29</name>
        <lei>N/A</lei>
        <title>BANCO SANTANDER MEXICO REGD REG S 5.62100000</title>
        <cusip>P1507SAL1</cusip>
        <identifiers>
          <isin value="USP1507SAL18"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>208900.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62100000</annualizedRt>
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      <invstOrSec>
        <name>BBVA MEX BANCA GR V/R 01/18/33</name>
        <lei>N/A</lei>
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        <cusip>P16259AM8</cusip>
        <identifiers>
          <isin value="USP16259AM84"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>796928.00000000</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>2033-01-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>BBVA MEX BANCA GR V/R 09/13/34</name>
        <lei>N/A</lei>
        <title>BBVA MEX BANCA GRUPO TX REGD V/R 5.87500000</title>
        <cusip>P16259AN6</cusip>
        <identifiers>
          <isin value="USP16259AN67"/>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2426575.39000000</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>2034-09-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <name>CEMEX SAB DE CV V/R /PERP/</name>
        <lei>549300RIG2CXWN6IV731</lei>
        <title>CEMEX SAB DE CV REGD V/R /PERP/ REG S 5.12500000</title>
        <cusip>P2253TJS9</cusip>
        <identifiers>
          <isin value="USP2253TJS98"/>
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        <balance>3600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3594171.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAP SA 3.9% 04/27/31</name>
        <lei>54930079GPG23NTBB003</lei>
        <title>CAP SA REGD REG S 3.90000000</title>
        <cusip>P2316YAA1</cusip>
        <identifiers>
          <isin value="USP2316YAA12"/>
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        <balance>3700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3081842.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>COMISION FEDER 3.348% 02/09/31</name>
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        <title>COMISION FEDERAL DE ELEC REGD REG S 3.34800000</title>
        <cusip>P29595AD0</cusip>
        <identifiers>
          <isin value="USP29595AD08"/>
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        <curCd>USD</curCd>
        <valUSD>551581.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>COMETA ENERGIA 6.375% 04/24/35</name>
        <lei>5493007L8UH7TYXKI505</lei>
        <title>COMETA ENERGIA SA REGD REG S 6.37500000</title>
        <cusip>P29853AA9</cusip>
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          <isin value="USP29853AA99"/>
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        <balance>882000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CODELCO INC 3% 09/30/29</name>
        <lei>N/A</lei>
        <title>CODELCO INC REGD REG S 3.00000000</title>
        <cusip>P3143NBE3</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>DOMINICAN REPUB 5.95% 01/25/27</name>
        <lei>N/A</lei>
        <title>DOMINICAN REPUBLIC REGD REG S 5.95000000</title>
        <cusip>P3579EBV8</cusip>
        <identifiers>
          <isin value="USP3579EBV85"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>505610.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>DO</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DOMINICAN REPUBL 4.5% 01/30/30</name>
        <lei>N/A</lei>
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        <cusip>P3579ECF2</cusip>
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          <isin value="USP3579ECF27"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>DO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>DOMINICAN REPUBL 5.5% 02/22/29</name>
        <lei>N/A</lei>
        <title>DOMINICAN REPUBLIC REGD REG S 5.50000000</title>
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          <isin value="USP3579ECP09"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>DO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>EMPRESA ELECTR 4.875% 05/25/29</name>
        <lei>N/A</lei>
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        <name>FERMACA ENTERP 6.375% 03/30/38</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FIDEICOMISO PA  8.25% 01/15/35</name>
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      <invstOrSec>
        <name>GNL QUINTERO S 4.634% 07/31/29</name>
        <lei>549300JJJIQXE6E1QY27</lei>
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        <cusip>P4909LAA8</cusip>
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      <invstOrSec>
        <name>GRUPO AEROMEXIC 8.25% 11/15/29</name>
        <lei>N/A</lei>
        <title>GRUPO AEROMEXICO SA REGD REG S 8.25000000</title>
        <cusip>P4955JAB4</cusip>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>GRUPO AEROMEXI 8.625% 11/15/31</name>
        <lei>N/A</lei>
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        <cusip>P4955JAC2</cusip>
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          <isin value="USP4955JAC29"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FRIGORIFICO CONC 7.7% 07/21/28</name>
        <lei>529900Q6VZVL47QJCQ91</lei>
        <title>FRIGORIFICO CONCEPCION REGD REG S 7.70000000</title>
        <cusip>P4R54KAA4</cusip>
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          <isin value="USP4R54KAA49"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>164153.67000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.70000000</annualizedRt>
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      <invstOrSec>
        <name>REPUBLIC OF GUA 5.25% 08/10/29</name>
        <lei>N/A</lei>
        <title>REPUBLIC OF GUATEMALA REGD REG S 5.25000000</title>
        <cusip>P5015VAP1</cusip>
        <identifiers>
          <isin value="USP5015VAP15"/>
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        <balance>1800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1832976.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>GT</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>INRETAIL CONSUM 3.25% 03/22/28</name>
        <lei>N/A</lei>
        <title>INRETAIL CONSUMER REGD REG S 3.25000000</title>
        <cusip>P56236AB1</cusip>
        <identifiers>
          <isin value="USP56236AB16"/>
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        <balance>2100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2048426.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ORBIA ADVANCE C 6.75% 09/19/42</name>
        <lei>549300MVHZ20SBIOEQ79</lei>
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        <cusip>P57908AE8</cusip>
        <identifiers>
          <isin value="USP57908AE83"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>526914.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-09-19</maturityDt>
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        <name>ORBIA ADVANCE  5.875% 09/17/44</name>
        <lei>549300MVHZ20SBIOEQ79</lei>
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        <cusip>P57908AF5</cusip>
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          <isin value="USP57908AF58"/>
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        <balance>200000.00000000</balance>
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        <valUSD>162028.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MEXICO GENERADOR 5.5% 12/06/32</name>
        <lei>N/A</lei>
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        <cusip>P66208AA0</cusip>
        <identifiers>
          <isin value="USP66208AA02"/>
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        <balance>3065758.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3106488.19000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>REPUBLIC OF PARA 4.7% 03/27/27</name>
        <lei>N/A</lei>
        <title>REPUBLIC OF PARAGUAY REGD REG S 4.70000000</title>
        <cusip>P75744AE5</cusip>
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          <isin value="USP75744AE59"/>
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        <valUSD>1413944.00000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>PY</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>PERU LNG SRL 5.375% 03/22/30</name>
        <lei>254900F70J1LOALV5K70</lei>
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        <cusip>P7721BAE1</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>TOTAL PLAY TELE 10.5% 12/31/28</name>
        <lei>N/A</lei>
        <title>TOTAL PLAY TELECOM REGD REG S 10.50000000</title>
        <cusip>P9190PAG3</cusip>
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          <isin value="USP9190PAG39"/>
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          <couponKind>Fixed</couponKind>
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        <name>EMPRESAS PUBLI 4.375% 02/15/31</name>
        <lei>N/A</lei>
        <title>EMPRESAS PUBLIC MEDELLIN REGD REG S 4.37500000</title>
        <cusip>P9379RBC0</cusip>
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          <isin value="USP9379RBC09"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>
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          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>WOM CHILE HOLDCO S 5% 04/01/32</name>
        <lei>N/A</lei>
        <title>WOM CHILE HOLDCO SPA REGD CONVERTIBLE 5.00000000</title>
        <cusip>P9883KAA9</cusip>
        <identifiers>
          <isin value="USP9883KAA99"/>
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        <balance>91344.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>83693.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ADANI ELECTRIC 3.867% 07/22/31</name>
        <lei>N/A</lei>
        <title>ADANI ELECTRICITY MUMBAI REGD REG S 3.86700000</title>
        <cusip>Y0R1SDAB9</cusip>
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          <isin value="XS2367109803"/>
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        <balance>600000.00000000</balance>
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        <valUSD>554990.41000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DBS GROUP HOLDING V/R 03/10/31</name>
        <lei>5493007FKT78NKPM5V55</lei>
        <title>DBS GROUP HOLDINGS LTD REGD V/R EMTN SER GMTN 1.82200000</title>
        <cusip>Y20246J57</cusip>
        <identifiers>
          <isin value="XS2310058891"/>
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        <balance>2900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2897279.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JSW INFRASTRUCT 4.95% 01/21/29</name>
        <lei>N/A</lei>
        <title>JSW INFRASTRUCTURE REGD REG S EMTN 4.95000000</title>
        <cusip>Y4470XAA1</cusip>
        <identifiers>
          <isin value="USY4470XAA10"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>902243.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-21</maturityDt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>JSW HYDRO ENER 4.125% 05/18/31</name>
        <lei>N/A</lei>
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        <cusip>Y4S71YAA2</cusip>
        <identifiers>
          <isin value="USY4S71YAA27"/>
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        <balance>2849500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2692030.39000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>MEDCO LAUREL TR 6.95% 11/12/28</name>
        <lei>N/A</lei>
        <title>MEDCO LAUREL TREE REGD REG S 6.95000000</title>
        <cusip>Y59500AA9</cusip>
        <identifiers>
          <isin value="USY59500AA95"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>803608.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-12</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MISC CAPITAL TW 3.75% 04/06/27</name>
        <lei>N/A</lei>
        <title>MISC CAPITAL TWO LABUAN REGD REG S EMTN 3.75000000</title>
        <cusip>Y6080GAB3</cusip>
        <identifiers>
          <isin value="USY6080GAB33"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>398654.01000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NAVIOS SOUTH A 8.875% 07/14/30</name>
        <lei>N/A</lei>
        <title>NAVIOS SOUTH AMERICAN L REGD P/P 8.87500000</title>
        <cusip>Y62270AA4</cusip>
        <identifiers>
          <isin value="NO0013606418"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1249611.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>UY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
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      <invstOrSec>
        <name>OVERSEA-CHINESE B V/R 06/15/32</name>
        <lei>5493007O3QFXCPOGWK22</lei>
        <title>OVERSEA-CHINESE BANKING REGD V/R REG S 4.60200000</title>
        <cusip>Y65738T58</cusip>
        <identifiers>
          <isin value="XS2490811168"/>
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        <balance>2900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2915712.20000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-15</maturityDt>
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      <invstOrSec>
        <name>FREEPORT INDON 4.763% 04/14/27</name>
        <lei>549300T4HTQHRKLNE619</lei>
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        <cusip>Y7141BAA1</cusip>
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          <isin value="USY7141BAA18"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200520.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RELIANCE INDUS 3.667% 11/30/27</name>
        <lei>5493003UOETFYRONLG31</lei>
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        <cusip>Y72570AN7</cusip>
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          <isin value="USY72570AN72"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>745380.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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    <explntrNotes>
      <explntrNote note="ISO country code not reported for forwards, swaps or supranationals." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Brinker Capital Destinations Trust</ncom:nameOfApplicant>
      <ncom:signature>Brian Ferko</ncom:signature>
      <ncom:signerName>Brian Ferko</ncom:signerName>
      <ncom:title>Chief Operating Officer and Chief Compliance Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
