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        <name>CHS/Community Health Systems Inc</name>
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      <invstOrSec>
        <name>Standard Building Solutions Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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          <maturityDt>2034-04-15</maturityDt>
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      <invstOrSec>
        <name>FXI Holdings Inc</name>
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        <title>FXIHLD 14 11/15/29 144A</title>
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        <curCd>USD</curCd>
        <valUSD>185796.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
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        <name>Sunoco LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-15</maturityDt>
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        <name>Chord Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-15</maturityDt>
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        <name>Service Corporation International</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>SCI 7.5 04/01/27</title>
        <cusip>817565BT0</cusip>
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        <balance>1750000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-01</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>NEW COTAI PARTICIPATION CL B</name>
        <lei>N/A</lei>
        <title>NEW COTAI PARTICIPATION CL B</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>3</fairValLevel>
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        <name>Neptune BidCo US Inc.</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NLSN 9.29 04/15/29 144A</title>
        <cusip>640695AA0</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Windstream Services LLC / Windstream Escrow Finance Corp.</name>
        <lei>549300KT9GVEBYCD2N29</lei>
        <title>WIN 8.25 10/01/31 144A</title>
        <cusip>97381AAA0</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>WBI Operations LLC</name>
        <lei>254900A83461EGRMOV11</lei>
        <title>WBI 6.25 10/15/30 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CP Atlas Buyer Inc.</name>
        <lei>2549006ZZ07G0NDDCR36</lei>
        <title>AMBATH 9.75 07/15/30 144A</title>
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        <name>Brightstar Lottery PLC / Brightstar Global Solutions Corp.</name>
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        <title>BRSL 5.75 01/15/33 144A</title>
        <cusip>108922AA3</cusip>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MEN'S WEARHOUSE LLC (THE)</name>
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        <title>Men's Wearhouse LLC/The</title>
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        <name>Goodyear Tire &amp; Rubber Co. The</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>GT 6.625 07/15/30</title>
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        <name>Gulfport Energy Operating Corp.</name>
        <lei>549300FJX18IDUFPHD40</lei>
        <title>GPOR 6.75 09/01/29 144A</title>
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        <name>AMERICAN AIRLINES INC</name>
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        <name>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FMCN 8 03/01/33 144A</title>
        <cusip>335934AW5</cusip>
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        <balance>1000000.00000000</balance>
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        <name>Clear Channel Outdoor Holdings Inc.</name>
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        <name>Jazz Securities Designated Activity Co.</name>
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        <name>Olin Corporation</name>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <name>Marriott Ownership Resorts Inc</name>
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        <name>NRG Energy, Inc.</name>
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        <name>Whirlpool Corp.</name>
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        <name>FXI Holdings Inc</name>
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        <name>Standard Building Solutions Inc.</name>
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        <name>ESAB Corp.</name>
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        <name>Michaels Companies Inc.</name>
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        <name>Adient Global Holdings Ltd</name>
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        <name>Albion Financing 1 S.a.r.l.</name>
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        <name>Energy Transfer LP</name>
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      <invstOrSec>
        <name>Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC)</name>
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        <name>Trivium Packaging Finance BV</name>
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        <name>The Gap Inc.</name>
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        <name>BlackRock Liquidity Funds</name>
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        <title>BlackRock Liquidity Funds FEDFUND INSTL</title>
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          <ticker value="TFDXX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>CCO HOLDINGS LLC</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bombardier Inc.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BBDBCN 6.75 06/15/33 144A</title>
        <cusip>097751CD1</cusip>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1032764.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Venture Global LNG Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENLNG V9 PERP 144a</title>
        <cusip>92332YAF8</cusip>
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          <isin value="US92332YAF88"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1493115.63000000</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>N/A</maturityDt>
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          <annualizedRt>9.00000000</annualizedRt>
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        <name>Builders Firstsource, Inc.</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BLDR 6.75 05/15/35 144A</title>
        <cusip>12008RAT4</cusip>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1497589.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>OneMain Financial Corporation</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OMF 6.75 09/15/33</title>
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        <balance>1000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Medline Borrower LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDIND 5.25 10/01/29 144A</title>
        <cusip>62482BAB8</cusip>
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        <balance>1500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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        <name>Clear Channel Outdoor Holdings Inc.</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CCO 7.5 03/15/33 144A</title>
        <cusip>18453HAH9</cusip>
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        <name>Light &amp; Wonder International Inc.</name>
        <lei>RLTHESQ0RNFQJWPBJN60</lei>
        <title>LNW 6.25 10/01/33 144A</title>
        <cusip>531968AB1</cusip>
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        <name>SMURFIT-STONE ESCROW EQUITY</name>
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        <assetCat>EC</assetCat>
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        <name>Herc Holdings Inc</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HRI 7.25 06/15/33 144A</title>
        <cusip>42704LAG9</cusip>
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        <name>Jefferson Capital Holdings LLC</name>
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        <name>Macys Retail Holdings LLC</name>
        <lei>549300JMONK27O4SQQ19</lei>
        <title>M 4.5 12/15/34</title>
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        <invCountry>US</invCountry>
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        <name>Block Inc</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>XYZ 6 08/15/33 144A</title>
        <cusip>852234AU7</cusip>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Open Text Corp</name>
        <lei>549300HP7ONDQODZJV16</lei>
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          <isin value="US683715AF36"/>
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        <curCd>USD</curCd>
        <valUSD>692643.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.90000000</annualizedRt>
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      <invstOrSec>
        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CCL 5.75 08/01/32 144A</title>
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          <isin value="US143658CA82"/>
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        <curCd>USD</curCd>
        <valUSD>999730.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Arcosa Inc</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>ACA 6.875 08/15/32 144A</title>
        <cusip>039653AC4</cusip>
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          <isin value="US039653AC46"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1535970.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commercial Metals Company</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>CMC 6 12/15/35 144A</title>
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          <isin value="US201723AV52"/>
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        <curCd>USD</curCd>
        <valUSD>985503.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Encompass Health Corporation</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>EHC 4.75 02/01/30</title>
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          <isin value="US29261AAB61"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1954863.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>K Hovnanian Enterprises Inc</name>
        <lei>549300JJCQ0KAI7CJG32</lei>
        <title>HOV 8.375 10/01/33 144A</title>
        <cusip>48251UAQ1</cusip>
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          <isin value="US48251UAQ13"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1285188.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Viking Baked Goods Acquisition Corp</name>
        <lei>254900DBFD2H1FJK0893</lei>
        <title>RISBAK 8.625 11/01/31 144A</title>
        <cusip>92676AAA5</cusip>
        <identifiers>
          <isin value="US92676AAA51"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>989233.50000000</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>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Columbus McKinnon Corp.</name>
        <lei>549300W3HQB0HO1F3G69</lei>
        <title>CMCO 7.125 02/01/33 144A</title>
        <cusip>199333AK1</cusip>
        <identifiers>
          <isin value="US199333AK12"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>994763.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIESTA PURCHASER INC</name>
        <lei>N/A</lei>
        <title>SHEARE 7.875 03/01/31 144A</title>
        <cusip>31659AAA4</cusip>
        <identifiers>
          <isin value="US31659AAA43"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1526238.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>Prime Healthcare Services Inc</name>
        <lei>N/A</lei>
        <title>PRIHEA 9.375 09/01/29 144A</title>
        <cusip>74165HAC2</cusip>
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          <isin value="US74165HAC25"/>
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        <curCd>USD</curCd>
        <valUSD>1555815.00000000</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>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.37500000</annualizedRt>
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      <invstOrSec>
        <name>Celanese US Holdings Llc</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>CE 7.375 02/15/34</title>
        <cusip>15089QBD5</cusip>
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          <isin value="US15089QBD51"/>
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        <curCd>USD</curCd>
        <valUSD>1024183.00000000</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>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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      <invstOrSec>
        <name>Asurion LLC / Asurion Co-Issuer Inc.</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>ASUCOR 8.375 02/01/34 144A</title>
        <cusip>045941AB7</cusip>
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          <isin value="US045941AB79"/>
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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>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CLARIOS GLOBAL LP</name>
        <lei>549300474L1ZLXZY2P98</lei>
        <title>POWSOL 6.75 02/15/30 144A</title>
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          <isin value="US18060TAD72"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Capstone Copper Corp</name>
        <lei>549300III6KGKKC42W63</lei>
        <title>CAPCOP 6.75 03/31/33 144A</title>
        <cusip>14071LAA6</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-31</maturityDt>
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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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-15</maturityDt>
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      <invstOrSec>
        <name>Crescent Energy Finance LLC</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>CRGYFN 7.375 01/15/33 144A</title>
        <cusip>45344LAE3</cusip>
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          <isin value="US45344LAE39"/>
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        <valUSD>999697.90000000</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>7.37500000</annualizedRt>
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      <invstOrSec>
        <name>Service Corporation International</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>SCI 4 05/15/31</title>
        <cusip>817565CG7</cusip>
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        <balance>1500000.00000000</balance>
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        <valUSD>1397248.20000000</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>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Amkor Technology, Inc.</name>
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        <name>Sirius Xm Radio LLC</name>
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        <name>Crown Americas LLC</name>
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        <name>W. R. Grace Holdings Llc</name>
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        <name>Oak-Eagle AcquireCo Inc.</name>
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        <name>Paradigm Parent LLC / Paradigm Parent Co-Issuer Inc.</name>
        <lei>254900EDT9YE5UFH3458</lei>
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        <name>Boyd Gaming Corporation</name>
        <lei>254900787YGRYS2A1Z35</lei>
        <title>BYD 4.75 06/15/31 144A</title>
        <cusip>103304BV2</cusip>
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        <balance>1500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-15</maturityDt>
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        <name>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
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        <invCountry>CA</invCountry>

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        <name>Elanco Animal Health Inc</name>
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        <name>AMNEAL PHARMACEUTICALS LLC</name>
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        <name>Bath &amp; Body Works Inc</name>
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        <name>MPT Operating Partnership LP / MPT Finance Corporation</name>
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        <name>METHANEX US OPERATIONS INC</name>
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        <name>Solstice Advanced Materials Inc.</name>
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        <title>SOLADV 5.625 09/30/33 144A</title>
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        <name>Vistra Operations Co LLC</name>
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        <name>Williams Scotsman International Inc</name>
        <lei>549300V3TCHCBOBTGH07</lei>
        <title>WLSC 4.625 08/15/28 144A</title>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gray Media Inc.</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GTN 10.5 07/15/29 144A</title>
        <cusip>389375AM8</cusip>
        <identifiers>
          <isin value="US389375AM81"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>956098.82000000</valUSD>
        <pctVal>0.783819606052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.50000000</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>Forvia SE</name>
        <lei>969500F0VMZLK2IULV85</lei>
        <title>EOFP 6.75 09/15/33 144A</title>
        <cusip>31209DAC9</cusip>
        <identifiers>
          <isin value="US31209DAC92"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>975577.90000000</valUSD>
        <pctVal>0.799788755362</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>William Carter Company</name>
        <lei>TGI2A0HXEYNQPU7TYV27</lei>
        <title>CRI 7.375 02/15/31 144A</title>
        <cusip>96926JAG2</cusip>
        <identifiers>
          <isin value="US96926JAG22"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1019744.00000000</valUSD>
        <pctVal>0.835996576540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Acrisure Llc / Acrisure Fin Inc</name>
        <lei>549300R0Z1Q47XRTGO22</lei>
        <title>ACRISU 6.75 07/01/32 144A</title>
        <cusip>004961AA6</cusip>
        <identifiers>
          <isin value="US004961AA64"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>963909.60000000</valUSD>
        <pctVal>0.790222963503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Permian Resources Operating, LLC</name>
        <lei>5493004CTVUMQLRPOE23</lei>
        <title>PR 6.25 02/01/33 144A</title>
        <cusip>71424VAB6</cusip>
        <identifiers>
          <isin value="US71424VAB62"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1528062.00000000</valUSD>
        <pctVal>1.252720879693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>Energizer Holdings Inc</name>
        <lei>5493000D6NN0V57UME20</lei>
        <title>ENR 6 09/15/33 144A</title>
        <cusip>29272WAG4</cusip>
        <identifiers>
          <isin value="US29272WAG42"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>935800.40000000</valUSD>
        <pctVal>0.767178753417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>Clean Harbors, Inc.</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>CLH 6.375 02/01/31 144A</title>
        <cusip>184496AQ0</cusip>
        <identifiers>
          <isin value="US184496AQ03"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1522674.00000000</valUSD>
        <pctVal>1.248303742103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</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>Surgery Center Holdings, Inc.</name>
        <lei>54930054EVI5HWPPW113</lei>
        <title>SURCEN 7.25 04/15/32 144A</title>
        <cusip>86881WAF9</cusip>
        <identifiers>
          <isin value="US86881WAF95"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1467701.40000000</valUSD>
        <pctVal>1.203236641533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</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>Insulet Corporation</name>
        <lei>549300TZTYD2PYN92D43</lei>
        <title>PODD 6.5 04/01/33 144A</title>
        <cusip>45784PAL5</cusip>
        <identifiers>
          <isin value="US45784PAL58"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1018265.00000000</valUSD>
        <pctVal>0.834784077191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCO HOLDINGS LLC</name>
        <lei>N/A</lei>
        <title>CHTR 5.125 05/01/27 144A</title>
        <cusip>1248EPBT9</cusip>
        <identifiers>
          <isin value="US1248EPBT92"/>
        </identifiers>
        <balance>515000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>514395.08000000</valUSD>
        <pctVal>0.421706355584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TDG 6 01/15/33 144A</title>
        <cusip>893647BW6</cusip>
        <identifiers>
          <isin value="US893647BW65"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1499774.55000000</valUSD>
        <pctVal>1.229530538431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>Alumina Pty Ltd.</name>
        <lei>2138002VD9MW2WT8HR38</lei>
        <title>AA 6.375 09/15/32 144A</title>
        <cusip>02220AAB3</cusip>
        <identifiers>
          <isin value="US02220AAB35"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2054508.00000000</valUSD>
        <pctVal>1.684306702932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</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>Lightning Power LLC</name>
        <lei>254900BWCHJ03XRL8K59</lei>
        <title>LIGPLL 7.25 08/15/32 144A</title>
        <cusip>53229KAA7</cusip>
        <identifiers>
          <isin value="US53229KAA79"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1039380.00000000</valUSD>
        <pctVal>0.852094370474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Penn Series Funds Inc</ncom:nameOfApplicant>
      <ncom:signature>Steven Viola</ncom:signature>
      <ncom:signerName>Steven Viola</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
