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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BRUNDAGE-BONE CONCRETE PUMPING HOLDING INC</name>
        <lei>N/A</lei>
        <title>BBCP 7.5 02/01/32 144A</title>
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          <isin value="US66981QAB23"/>
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        <curCd>USD</curCd>
        <valUSD>50522.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Park River Holdings Inc</name>
        <lei>254900PGY077KWCROT75</lei>
        <title>PRIMBP 8 03/15/31 144A</title>
        <cusip>70082LAC1</cusip>
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          <isin value="US70082LAC19"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49769.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>GLP Capital L.P. and GLP Financing II, Inc.</name>
        <lei>2549005PXW31DRW8EC44</lei>
        <title>GLPI 5.625 03/01/36</title>
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          <isin value="US361841AX75"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97259.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>Novelis Corporation</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>HNDLIN 4.75 01/30/30 144A</title>
        <cusip>670001AE6</cusip>
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          <isin value="US670001AE60"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Tenet Healthcare Corporation</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>THC 6.125 06/15/30</title>
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          <isin value="US88033GDQ01"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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        <name>Ryan Specialty LLC</name>
        <lei>549300K52N7QBO3PYY45</lei>
        <title>RYASPE 5.875 08/01/32 144A</title>
        <cusip>78351GAA3</cusip>
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          <isin value="US78351GAA31"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74127.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Wholesale Mortgage LLC</name>
        <lei>549300HW662MN1WU8550</lei>
        <title>UWMLLC 5.75 06/15/27 144A</title>
        <cusip>913229AC4</cusip>
        <identifiers>
          <isin value="US913229AC47"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>73815.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Global Atlantic Finance Co.</name>
        <lei>98450051B2E65CAA7E94</lei>
        <title>GBLATL V7.25 03/01/56 144A</title>
        <cusip>37959GAH0</cusip>
        <identifiers>
          <isin value="US37959GAH02"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>47128.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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      <invstOrSec>
        <name>XPLORE INC</name>
        <lei>254900V3NB5MGOZS4O08</lei>
        <title>XPLORE INC</title>
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        <balance>29232.05000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18452.73000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>United Wholesale Mortgage LLC</name>
        <lei>549300HW662MN1WU8550</lei>
        <title>UWMLLC 5.5 04/15/29 144A</title>
        <cusip>913229AA8</cusip>
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          <isin value="US913229AA80"/>
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        <curCd>USD</curCd>
        <valUSD>46799.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Calderys Financing LLC</name>
        <lei>254900ZIKDM74XNEFV84</lei>
        <title>CALDER 11.25 06/01/28 144A</title>
        <cusip>128786AA8</cusip>
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          <isin value="US128786AA80"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.25000000</annualizedRt>
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        <name>XPLORE INC</name>
        <lei>254900V3NB5MGOZS4O08</lei>
        <title>XPLORE INC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Hess Midstream Operations LP</name>
        <lei>N/A</lei>
        <title>HESM 5.875 03/01/28 144A</title>
        <cusip>428102AH0</cusip>
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          <isin value="US428102AH01"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <name>CVR Energy Inc.</name>
        <lei>529900SOYZIXZBTXB558</lei>
        <title>CVI 7.5 02/15/31 144A</title>
        <cusip>12662PAH1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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        <name>ADT Security Corp.</name>
        <lei>5493009JEEDYLVRA0J13</lei>
        <title>ADT 5.875 10/15/33 144A</title>
        <cusip>00109LAB9</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Enviri Corp.</name>
        <lei>KAO98FK89NPNNPQGUZ43</lei>
        <title>NVRI 5.75 07/31/27 144A</title>
        <cusip>415864AM9</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Hilton Domestic Operating Co Inc.</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HLT 5.5 03/31/34 144A</title>
        <cusip>432833AT8</cusip>
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          <isin value="US432833AT88"/>
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        <balance>75000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-31</maturityDt>
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        <name>Crocs Inc</name>
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        <name>Venture Global Plaquemines Lng LLC</name>
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        <name>CSC Holdings, LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
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        <name>Pelican Products</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Park River Holdings Inc</name>
        <lei>254900PGY077KWCROT75</lei>
        <title>PRIMBP 8.75 12/31/30 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Upbound Group Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Performance Food Group Inc</name>
        <lei>549300OMUOGBYK0FFO76</lei>
        <title>PFGC 5.625 03/01/34 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>EMRLD Borrower LP / Emerald Co-Issuer Inc.</name>
        <lei>5493000GJYE7GAQCUC61</lei>
        <title>EMECLI 6.625 12/15/30 144A</title>
        <cusip>29103CAA6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Clearway Energy Operating LLC</name>
        <lei>549300Z3NFMM54NWBB87</lei>
        <title>CWENA 5.75 01/15/34 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Whirlpool Corp.</name>
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        <title>WHR 6.5 06/15/33</title>
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        <name>Match Group Holdings II LLC</name>
        <lei>5493003RFFE030RC9167</lei>
        <title>MTCHII 3.625 10/01/31 144A</title>
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        <name>Deuce Finco PLC</name>
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        <name>Newell Brands Inc.</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NWL 8.5 06/01/28 144A</title>
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        <name>AMERITEX HOLDCO INTERMEDIATE LLC</name>
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        <name>Amsted Industries Incorporated</name>
        <lei>N2VLGYMEEBIU3PFSUY86</lei>
        <title>AMSIND 4.625 05/15/30 144A</title>
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        <name>MIWD Holdco II LLC &amp; MIWD Finance Corp.</name>
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        <title>MIWIDO 5.5 02/01/30 144A</title>
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        <name>Graham Holdings Co</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>GHC 5.625 12/01/33 144A</title>
        <cusip>384637AC8</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HUB International Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Motel One GmbH</name>
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          <isin value="XS2811764476"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-02</maturityDt>
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      <invstOrSec>
        <name>Rb Global Holdings Inc.</name>
        <lei>254900LH3N0EGB1LQ203</lei>
        <title>RBACN 7.75 03/15/31 144A</title>
        <cusip>76774LAC1</cusip>
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          <isin value="US76774LAC19"/>
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        <curCd>USD</curCd>
        <valUSD>155370.15000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
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          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>Petsmart LLC / Petsmart Financial Corp.</name>
        <lei>894500NGJMHSFNESGA67</lei>
        <title>PETM 7.5 09/15/32</title>
        <cusip>71677KAC2</cusip>
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          <isin value="US71677KAC27"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>251217.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Asurion LLC / Asurion Co-Issuer Inc.</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>ASUCOR 8 12/31/32 144A</title>
        <cusip>045941AA9</cusip>
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          <isin value="US045941AA96"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51872.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Brightstar Lottery PLC / Brightstar Global Solutions Corp.</name>
        <lei>549300UQ6KHRCZDRGZ76</lei>
        <title>BRSL 5.75 01/15/33 144A</title>
        <cusip>108922AA3</cusip>
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          <isin value="US108922AA38"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>121509.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>JB Poindexter &amp; Co Inc</name>
        <lei>549300W6P81HOZZGPQ16</lei>
        <title>JBPOIN 8.75 12/15/31 144A</title>
        <cusip>465965AC5</cusip>
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          <isin value="US465965AC53"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>126696.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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      <invstOrSec>
        <name>Tenet Healthcare Corporation</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>THC 6 11/15/33 144A</title>
        <cusip>88033GDV9</cusip>
        <identifiers>
          <isin value="US88033GDV95"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50592.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Clearwater Paper Corporation</name>
        <lei>549300HCVV19GXN4P292</lei>
        <title>CLW 4.75 08/15/28 144A</title>
        <cusip>18538RAJ2</cusip>
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          <isin value="US18538RAJ23"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108125.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>CCO HOLDINGS LLC</name>
        <lei>N/A</lei>
        <title>CHTR 4.5 06/01/33 144A</title>
        <cusip>1248EPCL5</cusip>
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          <isin value="US1248EPCL57"/>
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        <balance>125000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>New Enterprise Stone &amp; Lime Co., Inc.</name>
        <lei>549300O5DQ5Y61B8VF38</lei>
        <title>NEENST 9.75 07/15/28 144A</title>
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        <balance>200000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Tenet Healthcare Corporation</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>THC 6.75 05/15/31</title>
        <cusip>88033GDU1</cusip>
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        <balance>75000.00000000</balance>
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        <name>Global Partners LP / GLP Finance Corp.</name>
        <lei>549300PCHWTW9P4DU444</lei>
        <title>GLP 8.25 01/15/32 144A</title>
        <cusip>37954FAK0</cusip>
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        <name>CCO HOLDINGS LLC</name>
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        <title>CHTR 4.25 01/15/34 144A</title>
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        <name>United Rentals (North America), Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>URI 5.375 11/15/33 144A</title>
        <cusip>911365BS2</cusip>
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        <balance>175000.00000000</balance>
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          <maturityDt>2033-11-15</maturityDt>
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        <name>Voc Escrow Ltd</name>
        <lei>N/A</lei>
        <title>VIKCRU 5 02/15/28 144A</title>
        <cusip>91832VAA2</cusip>
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        <balance>75000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STWD 7.25 04/01/29 144A</title>
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        <name>Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC)</name>
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        <name>Nassau Companies Of New York</name>
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        <name>Sunoco LP</name>
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        <name>Ball Corporation</name>
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        <name>TransDigm, Inc.</name>
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        <name>Venture Global LNG Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENLNG 7 01/15/30 144A</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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        <name>Pennymac Financial Services Inc</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PFSI 6.75 02/15/34 144A</title>
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        <name>Acushnet Co</name>
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        <title>GOLF 5.625 12/01/33 144A</title>
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        <name>HUB International Ltd.</name>
        <lei>549300JQT6ATTUNS5E06</lei>
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        <name>WALKER &amp; DUNLOP INC</name>
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        <title>WD 6.625 04/01/33 144A</title>
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        <name>Capstone Borrower Inc.</name>
        <lei>254900YSP2BAI3YKIX08</lei>
        <title>CVT 8 06/15/30 144A</title>
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        <name>Venture Global Plaquemines Lng LLC</name>
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        <name>Crown Americas LLC</name>
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        <name>YAK BLOCKER 2 LLC SERIES C-2</name>
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        <name>Standard Building Solutions Inc.</name>
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        <title>BMCAUS 6.5 08/15/32 144A</title>
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        <name>Intralot Capital Luxembourg S.A.</name>
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        <name>PERIMETER HOLDINGS LLC</name>
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        <name>TransMontaigne Partners LLC</name>
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        <name>Axon Enterprise Inc</name>
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        <name>VMED O2 UK Financing I PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BLUE RIBBON LLC</name>
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        <title>Blue Ribbon Llc</title>
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        <fairValLevel>3</fairValLevel>
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        <name>Buckeye Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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        <name>Michael Baker International</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-29</maturityDt>
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        <name>Vail Resorts, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WW International Inc</name>
        <lei>SGT8R1MU6ESIC7UJC518</lei>
        <title>WW International Inc COM NEW</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Buckeye Partners LP</name>
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        <name>Waste Pro USA Inc</name>
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        <title>WASPRO 7 02/01/33 144A</title>
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        <name>JH North America Holdings Inc.</name>
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        <title>JHXAU 5.875 01/31/31 144A</title>
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        <name>Sunrise Finco I BV</name>
        <lei>213800MNFBDEQRS6HZ22</lei>
        <title>SUNN 4.875 07/15/31 144A</title>
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        <name>MANNINGTON MILLS 1L TLB CL</name>
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        <name>US SHIPPING CORP PFD</name>
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        <name>MIDWEST PHYSICIAN ADMINISTRATIVE SERVICES LLC</name>
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        <title>MIDWEST PHYSICIAN ADMINS</title>
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        <name>Block Inc</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>XYZ 6 08/15/33 144A</title>
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        <name>Sirius Xm Radio LLC</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRI 5.875 04/15/32 144A</title>
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        <name>WW INTERNATIONAL INC</name>
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        <name>SLM CORP (SALLIE MAE)</name>
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        <name>UWM HOLDINGS LLC</name>
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        <name>Clean Harbors, Inc.</name>
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        <name>CPI CG Inc.</name>
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        <name>AAR Corp.</name>
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        <name>ITT Holdings LLC</name>
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        <name>Altice France SAS</name>
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        <name>Amentum Escrow Corp.</name>
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        <name>Jones Deslauriers Insurance Management Inc.</name>
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        <name>JPMorgan Chase Bank, National Association</name>
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        <name>American National Group Inc.</name>
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        <name>Allwyn Entertainment Financing (UK) PLC</name>
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        <name>Builders Firstsource, Inc.</name>
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        <name>Grifols S.A.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sunoco LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Builders Firstsource, Inc.</name>
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        <name>CARRIAGE SERVICES INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>XPLORE INC - CVR</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>Albion Financing 1 S.a.r.l.</name>
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          <isin value="US01330AAA43"/>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Illuminate Buyer Llc / Illuminate Holdings IV Inc</name>
        <lei>549300K1Y0YC1YC1H809</lei>
        <title>LUMMUS 9 07/01/28 144A</title>
        <cusip>45232TAA9</cusip>
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          <isin value="US45232TAA97"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Composecure Holdings LLC</name>
        <lei>N/A</lei>
        <title>COMPOS 5.625 02/01/33 144A</title>
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          <isin value="US20459XAC56"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BLUE RIBBON LLC</name>
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        <title>BLUE RIBBON LLC</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Gen Digital Inc</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>GEN 6.25 04/01/33 144A</title>
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        <name>CSC Holdings, LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSCHLD 3.375 02/15/31 144A</title>
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        <name>CLARIOS GLOBAL LP</name>
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        <title>POWSOL 4.75 06/15/31 144A</title>
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        <name>Surgery Center Holdings, Inc.</name>
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        <name>Velocity Vehicle Group LLC</name>
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        <name>Station Casinos LLC</name>
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        <title>RRR 4.625 12/01/31 144A</title>
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        <name>Wolverine World Wide, Inc.</name>
        <lei>549300OVC7PK14LQ8D87</lei>
        <title>WWW 4 08/15/29 144A</title>
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        <name>Pennymac Financial Services Inc</name>
        <lei>549300W1D516HBDEU871</lei>
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        <name>NCL Corporation Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCLH 5.875 01/15/31 144A</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Allison Transmission Inc.</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>124233.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Hilton Domestic Operating Co Inc.</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HLT 5.75 09/15/33 144A</title>
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          <isin value="US432833AS06"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>124435.63000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Xerox Corp.</name>
        <lei>4KF48RN45X1OO8UBLY20</lei>
        <title>XRX 10.25 10/15/30 144A</title>
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          <isin value="US984121CS05"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
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          <annualizedRt>10.25000000</annualizedRt>
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      <invstOrSec>
        <name>NEW FLYER HOLDINGS INC</name>
        <lei>N/A</lei>
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          <isin value="US64438WAA53"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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      <invstOrSec>
        <name>MIRABELA NICKEL LTD</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <isin value="XS1078200430"/>
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        <balance>390085.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>AU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2019-06-24</maturityDt>
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          <annualizedRt>9.50000000</annualizedRt>
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      <invstOrSec>
        <name>Planview</name>
        <lei>549300SEALM1D9FKMA32</lei>
        <title>Planview First-lien Term Loan 350 2027-12-01</title>
        <cusip>72751PAJ3</cusip>
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          <isin value="US72751PAJ30"/>
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        <balance>54039.56750000</balance>
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        <valUSD>39888.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-17</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TDG 6 01/15/33 144A</title>
        <cusip>893647BW6</cusip>
        <identifiers>
          <isin value="US893647BW65"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49971.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC)</name>
        <lei>549300YKWOC0AOR16R51</lei>
        <title>ACI 5.625 03/31/32 144A</title>
        <cusip>01309QAE8</cusip>
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          <isin value="US01309QAE89"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49225.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>Betclic Everest Group SAS</name>
        <lei>96950037FKVH5JOEKU82</lei>
        <title>BTCLIC 5.125 12/10/31 144A</title>
        <cusip>000000000</cusip>
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          <isin value="XS3266494494"/>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-10</maturityDt>
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        <name>Darling Ingredients, Inc</name>
        <lei>L1N0SPPKS7EXZYUMZ898</lei>
        <title>DAR 6 06/15/30 144A</title>
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          <isin value="US237266AJ06"/>
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        <curCd>USD</curCd>
        <valUSD>151048.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ASPHALT ATD HOLDCO LLC</name>
        <lei>N/A</lei>
        <title>ASPHALT ATD HOLDCO LLC</title>
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        <balance>417.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>TRANSNETWORK LLC</name>
        <lei>549300QF18JL5NEFRT47</lei>
        <title>TRANSNETWORK LLC</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="BL4805448"/>
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        <balance>49244.33080000</balance>
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        <curCd>USD</curCd>
        <valUSD>44319.90000000</valUSD>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>UWM HOLDINGS LLC</name>
        <lei>N/A</lei>
        <title>UWMC 6.625 02/01/30 144A</title>
        <cusip>903522AA8</cusip>
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          <isin value="US903522AA85"/>
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        <balance>100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Compass Minerals International Inc.</name>
        <lei>2549008X9G8XP7YJGC47</lei>
        <title>CMP 8 07/01/30 144A</title>
        <cusip>20451NAJ0</cusip>
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        <balance>50000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Post Holdings Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST 4.625 04/15/30 144A</title>
        <cusip>737446AQ7</cusip>
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        <balance>75000.00000000</balance>
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      <invstOrSec>
        <name>Service Corporation International</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>SCI 5.75 10/15/32</title>
        <cusip>817565CH5</cusip>
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          <isin value="US817565CH52"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49903.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-15</maturityDt>
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      <invstOrSec>
        <name>Osaic Holdings Inc.</name>
        <lei>549300XL60BDV6UW5C86</lei>
        <title>ADVGRO 6.75 08/01/32 144A</title>
        <cusip>00791GAB3</cusip>
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          <isin value="US00791GAB32"/>
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        <balance>50000.00000000</balance>
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        <valUSD>50006.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Nidda Healthcare Holding GmbH</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Boots Group Finco LP/ The Boots Group Luxco S.a.r.l.</name>
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        <name>MEDIQ INC</name>
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        <name>Life Time Fitness</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>Iron Mountain Inc.</name>
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        <name>PAR HEALTH</name>
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        <name>Perimeter Holdings LLC</name>
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        <name>GRAFTECH GLOBAL ENTERPRI</name>
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        <name>Citigroup Inc.</name>
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        <name>Oak-Eagle AcquireCo Inc.</name>
        <lei>6488ICS9P20290MA1H31</lei>
        <title>EA 7.25 07/01/33 144A</title>
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        <name>Sealed Air Corp. / Sealed Air Corp. US</name>
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        <name>Sammontana Italia S.p.A.</name>
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        <name>ESAB Corp.</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
        <title>ESAB 5.625 04/01/31 144A</title>
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        <name>Sunoco LP</name>
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        <name>CrossCountry Intermediate HoldCo LLC</name>
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        <title>CROSIN 6.5 10/01/30 144A</title>
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        <name>Venture Global LNG Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENLNG 8.125 06/01/28 144A</title>
        <cusip>92332YAA9</cusip>
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        <balance>75000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Commercial Metals Company</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
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          <isin value="US201723AV52"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Advanced Drainage System Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BP HOLDCO LLC (ASPECT)</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Ardonagh Finco Ltd.</name>
        <lei>254900D2T84O1K03BA28</lei>
        <title>ARDGRP 7.75 02/15/31 144A</title>
        <cusip>039853AA4</cusip>
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          <isin value="US039853AA46"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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      <invstOrSec>
        <name>Superior Plus LP</name>
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        <title>SPBCN 4.25 05/18/28 144A</title>
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          <isin value="CA86828QAK72"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-18</maturityDt>
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        <name>CLARIOS GLOBAL LP</name>
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        <title>POWSOL 6.75 05/15/28 144A</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
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        <name>Global Partners LP / GLP Finance Corp.</name>
        <lei>549300PCHWTW9P4DU444</lei>
        <title>GLP 7.125 07/01/33 144A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lindblad Expeditions LLC</name>
        <lei>549300MPUWOG67Y2R254</lei>
        <title>LIND 7 09/15/30 144A</title>
        <cusip>53523LAB6</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GrafTech Finance Inc.</name>
        <lei>1Z010BU876CF2HDBIN43</lei>
        <title>EAF 4.625 12/23/29 144A</title>
        <cusip>384311AC0</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-23</maturityDt>
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      <invstOrSec>
        <name>Essendi SA</name>
        <lei>2221000MD2YP7WLTNC52</lei>
        <title>ACCINV 6.375 10/15/29 144A</title>
        <cusip>000000000</cusip>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>SGH2 LLC</name>
        <lei>N/A</lei>
        <title>Scenic Term Loan B 450 2032-07-06</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Herc Holdings Inc</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HRI 6 03/15/34 144A</title>
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        <name>OneMain Financial Corporation</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OMF 6.75 09/15/33</title>
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        <name>SCIENTIFIC GAMES US FINCO INC</name>
        <lei>N/A</lei>
        <title>SCGALO 6.625 03/01/30 144A</title>
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        <name>Assurant Inc.</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
        <title>AIZ V7 03/27/48</title>
        <cusip>04621XAK4</cusip>
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          <maturityDt>2048-03-27</maturityDt>
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      <invstOrSec>
        <name>Williams Scotsman Inc.</name>
        <lei>549300DAKDS8SCO1OT57</lei>
        <title>WLSC 7.375 10/01/31 144A</title>
        <cusip>96949VAL7</cusip>
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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>Keenova</name>
        <lei>N/A</lei>
        <title>Keenova</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <name>MITER BRANDS ACQUISITION HOLDCO INC</name>
        <lei>N/A</lei>
        <title>MIWIDO 6.75 04/01/32 144A</title>
        <cusip>60672JAA7</cusip>
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          <isin value="US60672JAA79"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>Six Flags Entertainment Corp.</name>
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        <name>Bausch Health Companies Inc.</name>
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        <name>VFH Parent LLC &amp; Valor Co-Issuer Inc.</name>
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        <name>Williams Scotsman Inc.</name>
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        <title>WLSC 6.625 04/15/30 144A</title>
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        <name>Gee Automotive Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Usi Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MODENA BUYER LLC</name>
        <lei>254900B0G2IU0VBDOY26</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hightower Holding LLC</name>
        <lei>254900MKOSB7RTMA9K12</lei>
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          <isin value="US43118DAB64"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-31</maturityDt>
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        <name>LUXCO3</name>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Fair Isaac Corporation</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
        <title>FAIRIC 6.25 09/15/34 144A</title>
        <cusip>303250AJ3</cusip>
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          <isin value="US303250AJ38"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49176.63000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CCO HOLDINGS LLC</name>
        <lei>N/A</lei>
        <title>CHTR 7.375 02/01/36 144A</title>
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          <isin value="US1248EPCV30"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JEFFERIES FINANCE LLC / JFIN CO-ISSUER CORP</name>
        <lei>N/A</lei>
        <title>JEFFIN 5 08/15/28</title>
        <cusip>47232MAF9</cusip>
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          <isin value="US47232MAF95"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>186372.34000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Balrog Acquisition Inc.</name>
        <lei>25490017XQ2US9FIMN58</lei>
        <title>Balrog Acquisition Inc.</title>
        <cusip>05878UAE1</cusip>
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          <isin value="US05878UAE10"/>
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        <curCd>USD</curCd>
        <valUSD>6988.21000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-05</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Herc Holdings Inc</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HRI 7.25 06/15/33 144A</title>
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        <balance>35000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Wyndham Hotels &amp; Resorts Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ASPHALT ATD HOLDCO LLC</name>
        <lei>N/A</lei>
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        <name>Brinks Company</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
        <title>BCO 6.75 06/15/32 144A</title>
        <cusip>109696AD6</cusip>
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        <balance>75000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V6.625 PERP</title>
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        <name>FG PARENT LLC</name>
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        <title>FG PARENT LLC</title>
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        <name>AMN Healthcare Inc.</name>
        <lei>549300H27NUKBFFQEE84</lei>
        <title>AMN 6.5 01/15/31 144A</title>
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        <name>AMC Networks Inc</name>
        <lei>549300VGG9K75226LR46</lei>
        <title>AMCX 4.25 02/15/29</title>
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        <name>The Scotts Miracle-Gro Company</name>
        <lei>2TH9E0JTOUXOEGI2R879</lei>
        <title>SMG 4.375 02/01/32</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Newell Brands Inc.</name>
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        <name>Kane Bidco Ltd.</name>
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        <name>Cerved Group S.p.A.</name>
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        <name>INEOS Finance PLC</name>
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        <name>Bank of America, National Association</name>
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        <name>SunSource Holdings</name>
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        <name>Perrigo Finance Unlimited Co.</name>
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        <title>PRGO 6.125 09/30/32 USD</title>
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        <name>Starwood Property Trust, Inc.</name>
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        <title>STWD 6.5 10/15/30 144A</title>
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        <name>XPLORE INC - SYNDICATED LNS</name>
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        <invCountry>CA</invCountry>
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        <name>Asbury Automotive Group, Inc.</name>
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        <title>ABG 5 02/15/32 144A</title>
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        <name>Secretariat Advisors</name>
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        <name>Davita Inc</name>
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        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CCL 5.125 05/01/29 144A</title>
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        <name>Trinity Industries, Inc.</name>
        <lei>R1JB4KXN77XFCXOQKV49</lei>
        <title>TRN 7.75 07/15/28 144A</title>
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        <name>W. R. Grace Holdings Llc</name>
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        <name>Viking Cruises, Ltd.</name>
        <lei>549300IJP90T4MV2GL84</lei>
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        <name>Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer Inc</name>
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        <title>ALIANT 6.5 10/01/31 144A</title>
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        <name>Astrion (Engineering Research and Consulting)</name>
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        <name>Teamsystem S.p.A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Outfront Media Capital LLC / Outfront Media Capital Corp</name>
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        <name>Hunt Companies, Inc.</name>
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          <isin value="US445587AE85"/>
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          <couponKind>Fixed</couponKind>
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        <name>Builders Firstsource, Inc.</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BLDR 6.75 05/15/35 144A</title>
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          <isin value="US12008RAT41"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-15</maturityDt>
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        <name>Great Lakes Dredge &amp; Dock Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CCO HOLDINGS LLC</name>
        <lei>N/A</lei>
        <title>CHTR 4.5 05/01/32</title>
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          <isin value="US1248EPCN14"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>OneMain Financial Corporation</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OMF 4 09/15/30</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Quikrete Holdings Inc</name>
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        <title>QUIKHO 6.375 03/01/32 144A</title>
        <cusip>74843PAA8</cusip>
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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>Women's Care</name>
        <lei>N/A</lei>
        <title>Women's Care First-lien Term Loan 450 2028-01-03</title>
        <cusip>97815UAH7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Jane Street Group LLC / JSG Finance Inc.</name>
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        <title>JANEST 4.5 11/15/29 144A</title>
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        <name>Outfront Media Capital LLC / Outfront Media Capital Corp</name>
        <lei>5493005WC7J0FDMW0610</lei>
        <title>OUT 7.375 02/15/31 144A</title>
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        <name>Post Holdings Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST 6.5 03/15/36 144A</title>
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        <name>HealthChannels</name>
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        <title>HealthChannels Term Loan B 450 2025-03-04</title>
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        <name>McGraw-Hill Education Inc.</name>
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        <name>NCL Corporation Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCLH 6.25 09/15/33 144A</title>
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        <name>BCP V Modular Services Finance II PLC</name>
        <lei>213800227GGD6UI7PI97</lei>
        <title>MODULA 4.75 11/30/28 144A</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-30</maturityDt>
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        <name>Fair Isaac Corporation</name>
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        <name>Enpro Inc</name>
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        <name>Medline Borrower LP</name>
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        <name>TransDigm, Inc.</name>
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        <title>TDG 6.875 12/15/30 144A</title>
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        <name>Jane Street Group LLC / JSG Finance Inc.</name>
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        <cusip>47077WAD0</cusip>
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        <name>KAISER ALUMINUM CORP</name>
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        <name>AMC Networks Inc</name>
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        <name>Focus Financial Partners LLC</name>
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        <name>Quikrete Holdings Inc</name>
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        <name>Cloud Software Group Inc.</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>Acadia Healthcare Company, Inc.</name>
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        <name>Azuria Water Solutions (fka Aegion Corporation)</name>
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        <name>Minerals Technologies Inc.</name>
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        <title>MTX 5 07/01/28 144A</title>
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        <name>Somnigroup International Inc.</name>
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        <title>SGI 3.875 10/15/31 144A</title>
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        <name>Lithia Motors Incorporated</name>
        <lei>SE8N1EZEHPZQBCBVKD53</lei>
        <title>LAD 5.5 10/01/30 144A</title>
        <cusip>536797AJ2</cusip>
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        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73494.78000000</valUSD>
        <pctVal>0.278306409753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carpenter Technology Corporation</name>
        <lei>DX6I6ZD3X5WNNCDJKP85</lei>
        <title>CRS 5.625 03/01/34 144A</title>
        <cusip>144285AN3</cusip>
        <identifiers>
          <isin value="US144285AN39"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>118894.68000000</valUSD>
        <pctVal>0.450224512946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cidron Atrium SE</name>
        <lei>2549004YHD7GOLT9Y166</lei>
        <title>ALLOHE 5.625 02/15/33 144A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3286656387"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86527645"/>
        <valUSD>109791.50000000</valUSD>
        <pctVal>0.415753039691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>McGraw-Hill Education Inc.</name>
        <lei>254900U6YJ9QZ4IQOR26</lei>
        <title>MHED 8 08/01/29 144A</title>
        <cusip>57767XAB6</cusip>
        <identifiers>
          <isin value="US57767XAB64"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99851.64000000</valUSD>
        <pctVal>0.378113267859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Standard Building Solutions Inc.</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>BMCAUS 5.875 03/15/34 144A</title>
        <cusip>853192AA0</cusip>
        <identifiers>
          <isin value="US853192AA08"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72314.18000000</valUSD>
        <pctVal>0.273835771874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WRANGLER HOLDCO CORP</name>
        <lei>N/A</lei>
        <title>GFLCN 6.625 04/01/32 144A</title>
        <cusip>37441QAA9</cusip>
        <identifiers>
          <isin value="US37441QAA94"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77226.09000000</valUSD>
        <pctVal>0.292435950515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Central Garden &amp; Pet Company</name>
        <lei>5493004DVZLD37DJ0H83</lei>
        <title>CENT 4.125 04/30/31 144A</title>
        <cusip>153527AP1</cusip>
        <identifiers>
          <isin value="US153527AP10"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69880.29000000</valUSD>
        <pctVal>0.264619237208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WYNN RESORTS FINANCE LLC</name>
        <lei>N/A</lei>
        <title>WYNFIN 6.25 03/15/33 144A</title>
        <cusip>983133AD1</cusip>
        <identifiers>
          <isin value="US983133AD10"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74219.96000000</valUSD>
        <pctVal>0.281052485627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KAISER ALUMINUM CORP</name>
        <lei>N/A</lei>
        <title>KALU 4.5 06/01/31 144A</title>
        <cusip>483007AL4</cusip>
        <identifiers>
          <isin value="US483007AL48"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47236.84000000</valUSD>
        <pctVal>0.178874137027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Herc Holdings Inc</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HRI 7 06/15/30 144A</title>
        <cusip>42704LAF1</cusip>
        <identifiers>
          <isin value="US42704LAF13"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51268.45000000</valUSD>
        <pctVal>0.194140839024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAMAR MEDIA CORP (DELAWARE)</name>
        <lei>N/A</lei>
        <title>LAMR 5.375 11/01/33 144A</title>
        <cusip>513075CA7</cusip>
        <identifiers>
          <isin value="US513075CA73"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48936.19000000</valUSD>
        <pctVal>0.185309151832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Graphic Packaging International LLC</name>
        <lei>SO75N4VY5NXGQSK8YQ65</lei>
        <title>GPK 6.375 07/15/32 144A</title>
        <cusip>38869AAE7</cusip>
        <identifiers>
          <isin value="US38869AAE73"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99528.21000000</valUSD>
        <pctVal>0.376888519079</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Installed Building Products Inc</name>
        <lei>549300I95Y9P9YM5FI86</lei>
        <title>IBP 5.625 02/01/34 144A</title>
        <cusip>45780RAB7</cusip>
        <identifiers>
          <isin value="US45780RAB78"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48789.80000000</valUSD>
        <pctVal>0.184754809397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FUSION BUYER LLC</name>
        <lei>N/A</lei>
        <title>FUSION BUYER LLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BGH9Z32U4"/>
        </identifiers>
        <balance>1170.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40218.75000000</valUSD>
        <pctVal>0.152298379793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YAK BLOCKER 2 LLC SERIES C-1</name>
        <lei>N/A</lei>
        <title>YAK BLOCKER 2 LLC SERIES C-1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BGH8BLB08"/>
        </identifiers>
        <balance>913.53000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>815.56000000</valUSD>
        <pctVal>0.003088322402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trinet Group Inc</name>
        <lei>5299003FJVBETSFKE990</lei>
        <title>TNET 7.125 08/15/31 144A</title>
        <cusip>896288AC1</cusip>
        <identifiers>
          <isin value="US896288AC18"/>
        </identifiers>
        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>169820.53000000</valUSD>
        <pctVal>0.643068011180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dye &amp; Durham Corp.</name>
        <lei>549300XUQDPIC5QRY347</lei>
        <title>DNDCN 8.625 04/15/29 144A</title>
        <cusip>267486AA6</cusip>
        <identifiers>
          <isin value="US267486AA63"/>
        </identifiers>
        <balance>184000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>154008.00000000</valUSD>
        <pctVal>0.583189902103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Guggenheim Variable Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>James Howley</ncom:signature>
      <ncom:signerName>James Howley</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
