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        <name>KANE BIDCO LTD</name>
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        <name>SHEARWATER GEOSERVICES</name>
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        <name>FLUTTER TREASURY DAC</name>
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        <name>HEIMSTADEN AB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PRA GROUP INC</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRA Group, Inc.</title>
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          <isin value="US69354NAD84"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRANSOCEAN INC</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>Transocean, Inc.</title>
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          <isin value="US893830BL24"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VIRIDIEN</name>
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          <isin value="US12531QAA31"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
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      <invstOrSec>
        <name>IRON MOUNTAIN INFO MGMT</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
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      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp.</title>
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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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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MOMOX HOLDING SE</name>
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        <title>Momox Holding AG</title>
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          <isin value="NO0013414524"/>
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        <balance>8900000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88070800"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-16</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CRUISE YACHT UPPER HOLDC</name>
        <lei>984500DE088QEE80G074</lei>
        <title>Cruise Yacht Upper HoldCo Ltd.</title>
        <cusip>000000000</cusip>
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          <isin value="NO0013270314"/>
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        <balance>20400000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-05</maturityDt>
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      <invstOrSec>
        <name>BOOZ ALLEN HAMILTON INC</name>
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        <title>Booz Allen Hamilton, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VALARIS LTD</name>
        <lei>N/A</lei>
        <title>Valaris Ltd.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-30</maturityDt>
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      <invstOrSec>
        <name>BORR IHC LTD / BORR FIN</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
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        <title>Future</title>
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        <name>LIFE TIME INC</name>
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        <title>Life Time, Inc.</title>
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        <name>SECURE WASTE INFRA CORP</name>
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        <title>Secure Waste Infrastructure Corp.</title>
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        <name>TGS ASA</name>
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        <title>TGS ASA</title>
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        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FLOATEL INTERNATIONAL LT</name>
        <lei>549300WL84OZOSWF0U42</lei>
        <title>Floatel International Ltd.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>QVC INC</name>
        <lei>549300WBLU5NKPX5X472</lei>
        <title>QVC, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NOBLE FINANCE II LLC</name>
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        <name>STATION CASINOS LLC</name>
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        <name>SEADRILL FINANCE LTD</name>
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        <name>ANNALY CAPITAL MGMT</name>
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        <title>Annaly Capital Management, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BOYD GAMING CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NOVA CONTINGENT TRANCHE</name>
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        <fairValLevel>3</fairValLevel>
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        <name>BORR DRILLING LTD</name>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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        <name>EURONAV LUXEMBOURG SA</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HEIMSTADEN BOSTAD AB</name>
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          <isin value="XS2294155739"/>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-01</maturityDt>
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      <invstOrSec>
        <name>BOOZ ALLEN HAMILTON INC</name>
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        <title>Booz Allen Hamilton, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
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        <name>TURNING POINT BRANDS INC</name>
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        <title>Turning Point Brands, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
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        <name>GEO GROUP INC/THE</name>
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        <title>GEO Group, Inc.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
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          <annualizedRt>10.25000000</annualizedRt>
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        <name>SHELF DRILL HOLD LTD</name>
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        <title>Shelf Drilling Holdings Ltd.</title>
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        <curCd>USD</curCd>
        <valUSD>22117032.86000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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        <name>ENCORE CAPITAL GROUP INC</name>
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        <title>Encore Capital Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Transocean Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MINERVA LUXEMBOURG SA</name>
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        <name>EZCORP INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PARATUS ENERGY SERVICES</name>
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        <invCountry>BM</invCountry>

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        <title>TTM Technologies, Inc.</title>
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        <name>ENCORE CAPITAL GROUP INC</name>
        <lei>5493000UVC6H49CIH830</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANNALY CAPITAL MGMT</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management, Inc.</title>
        <cusip>035710847</cusip>
        <identifiers>
          <isin value="US0357108473"/>
        </identifiers>
        <balance>198139.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5058488.67000000</valUSD>
        <pctVal>0.274284803506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>16840000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16415578.11000000</valUSD>
        <pctVal>0.890096609892</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>GO DADDY OPCO/FINCO</name>
        <lei>N/A</lei>
        <title>Go Daddy Operating Co. LLC/GD Finance Co., Inc.</title>
        <cusip>38016LAC9</cusip>
        <identifiers>
          <isin value="US38016LAC90"/>
        </identifiers>
        <balance>12435000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11607575.47000000</valUSD>
        <pctVal>0.629393829792</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>3.50000000</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>CONCENTRA HEALTH SERVICE</name>
        <lei>984500GB84105F75DE32</lei>
        <title>Concentra Health Services, Inc.</title>
        <cusip>20600DAA1</cusip>
        <identifiers>
          <isin value="US20600DAA19"/>
        </identifiers>
        <balance>20324000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20909879.95000000</valUSD>
        <pctVal>1.133789692451</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>2025-06-27</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>
  <documents>XXXX</documents>
</edgarSubmission>
