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        <name>PHARMING NV</name>
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        <name>AVANTOR FUNDING INC</name>
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        <title>Avantor Funding, Inc.</title>
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        <name>HEIMSTADEN AB</name>
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        <name>NOVA AUSTRAL SA</name>
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        <fairValLevel>3</fairValLevel>
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        <name>TRIUMPH GROUP INC</name>
        <lei>5493007L6S47Q14SL582</lei>
        <title>Triumph Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
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        <name>PRA GROUP INC</name>
        <lei>549300Q5HW3JSSB86K27</lei>
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        <fairValLevel>2</fairValLevel>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TURNING POINT BRANDS INC</name>
        <lei>549300IYG00QF0VVP302</lei>
        <title>Turning Point Brands, Inc.</title>
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          <isin value="US90041LAF22"/>
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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>2026-02-15</maturityDt>
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      <invstOrSec>
        <name>SAMHALLSBYGGNADSBOLAGET</name>
        <lei>549300HX9MRFY47AH564</lei>
        <title>Samhallsbyggnadsbolaget i Norden AB</title>
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          <isin value="XS2114871945"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-12</maturityDt>
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      <invstOrSec>
        <name>NOVA AUSTRAL S.A.</name>
        <lei>213800FU5HJ5AXKACP98</lei>
        <title>Nova Austral SA</title>
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          <isin value="NO0013250548"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>CL</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2099-12-31</maturityDt>
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      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
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          <isin value="US00123Q8078"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CRUISE YACHT UPPER HOLDC</name>
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        <title>Cruise Yacht Upper HoldCo Ltd.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BOOZ ALLEN HAMILTON INC</name>
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        <title>Booz Allen Hamilton, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BORR IHC LTD / BORR FIN</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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        <name>FLOATEL INTERNATIONAL LT</name>
        <lei>549300WL84OZOSWF0U42</lei>
        <title>Floatel International Ltd.</title>
        <cusip>000000000</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CUSHMAN &amp; WAKEFIELD US</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NOVA AUSTRAL S.A.</name>
        <lei>213800FU5HJ5AXKACP98</lei>
        <title>Nova Austral SA</title>
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        <name>CES ENERGY SOLUTIONS</name>
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        <title>CES Energy Solutions Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>UPSTART HOLDINGS INC</name>
        <lei>549300WNB47JRNENIC75</lei>
        <title>Upstart Holdings, Inc.</title>
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        <issuerCat>CORP</issuerCat>
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            <dbtSecRefInstrument>
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              <title>Upstart Holdings Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GREYSTAR REAL ESTATE PAR</name>
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        <name>HEIMSTADEN AB</name>
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        <name>ANYWHERE RE GRP/REALOGY</name>
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        <name>STERICYCLE INC</name>
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        <name>NEOGEN FOOD SAFE CORP</name>
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        <name>NOVA AUSTRAL SA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Transocean Inc</name>
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        <name>ALTERA SHUTTLE TANKERS</name>
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      <invstOrSec>
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        <name>SELECT MEDICAL CORP</name>
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        <name>NOVA AUSTRAL S.A</name>
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        <name>TELEFLEX INC</name>
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        <name>Goldman Sachs &amp; Co. LLC</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CORECIVIC INC</name>
        <lei>529900JFA3K6PTLT8B15</lei>
        <title>CoreCivic, Inc.</title>
        <cusip>21871NAC5</cusip>
        <identifiers>
          <isin value="US21871NAC56"/>
        </identifiers>
        <balance>21595000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22779248.21000000</valUSD>
        <pctVal>1.397719450600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</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>BOYD GAMING CORP</name>
        <lei>254900787YGRYS2A1Z35</lei>
        <title>Boyd Gaming Corp.</title>
        <cusip>103304BV2</cusip>
        <identifiers>
          <isin value="US103304BV23"/>
        </identifiers>
        <balance>28548000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26861612.54000000</valUSD>
        <pctVal>1.648210598327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>SECURE ENERGY SERVICES I</name>
        <lei>549300EZKELHYBQO9X11</lei>
        <title>Secure Energy Services, Inc.</title>
        <cusip>81373CAF9</cusip>
        <identifiers>
          <isin value="CA81373CAF91"/>
        </identifiers>
        <balance>18365000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.34765000"/>
        <valUSD>13763699.77000000</valUSD>
        <pctVal>0.844531421906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-22</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>HEIMSTADEN BOSTAD TRESRY</name>
        <lei>549300ORG6UYMJBCV938</lei>
        <title>Heimstaden Bostad Treasury BV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2435603571"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90465000"/>
        <valUSD>3715497.71000000</valUSD>
        <pctVal>0.227980457039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</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>EURONAV LUXEMBOURG SA</name>
        <lei>5493007W8CBMOPUMCE82</lei>
        <title>Euronav Luxembourg SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0011091290"/>
        </identifiers>
        <balance>26450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25788750.00000000</valUSD>
        <pctVal>1.582380469688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-14</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>HEIMSTADEN BOSTAD AB</name>
        <lei>549300TJR3PR8EXILG79</lei>
        <title>Heimstaden Bostad AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2294155739"/>
        </identifiers>
        <balance>8620000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90465000"/>
        <valUSD>7103531.75000000</valUSD>
        <pctVal>0.435867962076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</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>BOOZ ALLEN HAMILTON INC</name>
        <lei>549300D7XCH2480XU542</lei>
        <title>Booz Allen Hamilton, Inc.</title>
        <cusip>09951LAA1</cusip>
        <identifiers>
          <isin value="US09951LAA17"/>
        </identifiers>
        <balance>5971000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5743589.09000000</valUSD>
        <pctVal>0.352422789081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>GEO GROUP INC/THE</name>
        <lei>54930024XOXET7NQVZ63</lei>
        <title>GEO Group, Inc.</title>
        <cusip>36162JAH9</cusip>
        <identifiers>
          <isin value="US36162JAH95"/>
        </identifiers>
        <balance>25850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27310062.54000000</valUSD>
        <pctVal>1.675727190703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.25000000</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>SHELF DRILL HOLD LTD</name>
        <lei>54930078ZJ3XP4MRYB68</lei>
        <title>Shelf Drilling Holdings Ltd.</title>
        <cusip>822538AH7</cusip>
        <identifiers>
          <isin value="US822538AH74"/>
        </identifiers>
        <balance>21015000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19790012.53000000</valUSD>
        <pctVal>1.214301946482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.62500000</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>ENCORE CAPITAL GROUP INC</name>
        <lei>5493000UVC6H49CIH830</lei>
        <title>Encore Capital Group, Inc.</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2346128320"/>
        </identifiers>
        <balance>13790000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76144100"/>
        <valUSD>16180463.95000000</valUSD>
        <pctVal>0.992822457272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</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>Transocean Inc</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>Transocean, Inc.</title>
        <cusip>893830AF6</cusip>
        <identifiers>
          <isin value="US893830AF64"/>
        </identifiers>
        <balance>24535000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23478459.11000000</valUSD>
        <pctVal>1.440622564259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</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>MINERVA LUXEMBOURG SA</name>
        <lei>222100NM3G3RCPGZ2Z17</lei>
        <title>Minerva Luxembourg SA</title>
        <cusip>603374AH2</cusip>
        <identifiers>
          <isin value="US603374AH26"/>
        </identifiers>
        <balance>21390000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23091745.62000000</valUSD>
        <pctVal>1.416894082888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARATUS ENERGY SERVICES</name>
        <lei>549300XB7T5BX418QX67</lei>
        <title>Paratus Energy Services Ltd.</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0013256099"/>
        </identifiers>
        <balance>27600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27468900.00000000</valUSD>
        <pctVal>1.685473351124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</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>TTM TECHNOLOGIES INC</name>
        <lei>549300SC4BDOIS008048</lei>
        <title>TTM Technologies, Inc.</title>
        <cusip>87305RAK5</cusip>
        <identifiers>
          <isin value="US87305RAK59"/>
        </identifiers>
        <balance>25001000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23594241.23000000</valUSD>
        <pctVal>1.447726877784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>Annaly Capital Management Inc</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management, Inc.</title>
        <cusip>035710839</cusip>
        <identifiers>
          <isin value="US0357108390"/>
        </identifiers>
        <balance>338932.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6832869.12000000</valUSD>
        <pctVal>0.419260283938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENCOMPASS HEALTH CORP</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>Encompass Health Corp.</title>
        <cusip>29261AAB6</cusip>
        <identifiers>
          <isin value="US29261AAB61"/>
        </identifiers>
        <balance>16965000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16450371.81000000</valUSD>
        <pctVal>1.009383823227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>CONCENTRA ESCROW ISSUER</name>
        <lei>N/A</lei>
        <title>Concentra Escrow Issuer Corp.</title>
        <cusip>20600DAA1</cusip>
        <identifiers>
          <isin value="US20600DAA19"/>
        </identifiers>
        <balance>21240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22226300.64000000</valUSD>
        <pctVal>1.363790957148</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>6.87500000</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>2024-09-16</ncom:dateSigned>
      <ncom:nameOfApplicant>AMERICAN BEACON FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Sonia Bates</ncom:signature>
      <ncom:signerName>Sonia Bates</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
