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        <name>DISH DBS Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Shell plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Exxon Mobil Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>TransDigm, Inc.</name>
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        <name>Celanese US Holdings LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>HP, Inc.</name>
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        <title>HP, Inc.</title>
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          <maturityDt>2029-04-15</maturityDt>
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        <name>Citigroup Global Markets Holdings, Inc. into Alphabet, Inc.</name>
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        <name>Crown Castle, Inc.</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>HCA, Inc.</name>
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        <name>Carrier Global Corp.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Barrick Gold Corp.</name>
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        <name>1375209 BC Ltd.</name>
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        <name>General Motors Co.</name>
        <lei>54930070NSV60J38I987</lei>
        <title>General Motors Co.</title>
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        <name>Bausch Health Cos., Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos., Inc.</title>
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        <name>Utah Acquisition Sub, Inc.</name>
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      <invstOrSec>
        <name>Mizuho Markets Cayman LP into Microchip Technology, Inc.</name>
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      <invstOrSec>
        <name>Merrill Lynch International &amp; Co. CV into Broadcom, Inc.</name>
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      <invstOrSec>
        <name>CommScope, Inc.</name>
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      <invstOrSec>
        <name>Merrill Lynch International &amp; Co. CV into Union Pacific Corp.</name>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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        <name>Edison International</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Delta Air Lines, Inc. / SkyMiles IP Ltd.</name>
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        <name>Johnson &amp; Johnson</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <invCountry>US</invCountry>
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        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co.</title>
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        <invCountry>US</invCountry>
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        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp.</name>
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        <invCountry>US</invCountry>
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        <name>CHS/Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems, Inc.</title>
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        <name>Pfizer, Inc.</name>
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        <name>Calpine Corp.</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
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        <name>Ford Motor Co.</name>
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        <title>Ford Motor Co.</title>
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        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CHS/Community Health Systems, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas Issuance BV into Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
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        <name>Medline Borrower LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United Parcel Service, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-15</maturityDt>
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        <name>Merrill Lynch International &amp; Co. CV into Amazon.com, Inc.</name>
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        <invCountry>CW</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
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        <title>U.S. Treasury Bonds</title>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Royal Bank of Canada into Walt Disney Co. (The)</name>
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        <name>CHS/Community Health Systems, Inc.</name>
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        <title>CHS/Community Health Systems, Inc.</title>
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        <name>US Bancorp</name>
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        <name>Home Depot, Inc. (The)</name>
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        <name>CommScope Technologies LLC</name>
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        <title>CommScope Technologies LLC</title>
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        <name>MPT Operating Partnership LP / MPT Finance Corp.</name>
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        <title>MPT Operating Partnership LP / MPT Finance Corp.</title>
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        <name>Amazon.com, Inc.</name>
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        <title>Amazon.com, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
        <lei>549300DNGHXL0OMHW304</lei>
        <title>Mauser Packaging Solutions Holding Co.</title>
        <cusip>12429TAE4</cusip>
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        <valUSD>18935901.74000000</valUSD>
        <pctVal>0.612137286963</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp.</name>
        <lei>N/A</lei>
        <title>Calumet Specialty Products Partners LP / Calumet Finance Corp.</title>
        <cusip>131477AV3</cusip>
        <identifiers>
          <isin value="US131477AV34"/>
          <other otherDesc="Inhouse Asset ID" value="1185649"/>
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        <balance>8820000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8257725.00000000</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>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC Holdings LLC</title>
        <cusip>126307AQ0</cusip>
        <identifiers>
          <isin value="US126307AQ03"/>
          <other otherDesc="Inhouse Asset ID" value="645303"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12615395.85000000</valUSD>
        <pctVal>0.407815497546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barclays Bank plc into JPMorgan Chase &amp; Co.</name>
        <lei>N/A</lei>
        <title>Barclays Bank plc into JPMorgan Chase &amp; Co.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1210495"/>
        </identifiers>
        <balance>187500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23991090.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mizuho Markets Cayman LP into Microchip Technology, Inc.</name>
        <lei>549300KHUXLS6Q30KT26</lei>
        <title>Mizuho Markets Cayman LP into Microchip Technology, Inc.</title>
        <cusip>6068FP877</cusip>
        <identifiers>
          <isin value="US6068FP8773"/>
          <other otherDesc="Inhouse Asset ID" value="1217760"/>
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        <balance>144400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9704273.75000000</valUSD>
        <pctVal>0.313708208187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bausch Health Cos., Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos., Inc.</title>
        <cusip>071734107</cusip>
        <identifiers>
          <isin value="CA0717341071"/>
          <other otherDesc="Inhouse Asset ID" value="203865"/>
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        <balance>750000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4710000.00000000</valUSD>
        <pctVal>0.152259272422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG into Fidelity National Information Services, Inc.</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>UBS AG into Fidelity National Information Services, Inc.</title>
        <cusip>90278V362</cusip>
        <identifiers>
          <isin value="US90278V3621"/>
          <other otherDesc="Inhouse Asset ID" value="1216652"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7043597.22000000</valUSD>
        <pctVal>0.227697025043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.</name>
        <lei>N/A</lei>
        <title>Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.</title>
        <cusip>31556TAA7</cusip>
        <identifiers>
          <isin value="US31556TAA79"/>
          <other otherDesc="Inhouse Asset ID" value="1185259"/>
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        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5932745.00000000</valUSD>
        <pctVal>0.191786717020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Notes</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1220133"/>
          <other otherDesc="Future Ticker" value="TYH3 Comdty"/>
        </identifiers>
        <balance>550.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-261448.00000000</valUSD>
        <pctVal>-0.00845177967</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury 10 Year Notes</issueTitle>
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                  <ticker value="TYH3 Comdty"/>
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            <expDate>2023-03-22</expDate>
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            <curCd>USD</curCd>
            <unrealizedAppr>-261448.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967KU4</cusip>
        <identifiers>
          <isin value="US172967KU42"/>
          <other otherDesc="Inhouse Asset ID" value="640849"/>
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        <balance>12500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11657987.88000000</valUSD>
        <pctVal>0.376865552551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>National Bank of Canada into NextEra Energy, Inc.</name>
        <lei>N/A</lei>
        <title>National Bank of Canada into NextEra Energy, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US63306A6275"/>
          <other otherDesc="Inhouse Asset ID" value="1200712"/>
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        <balance>102000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8019568.77000000</valUSD>
        <pctVal>0.259247071350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series R</title>
        <cusip>48126HAA8</cusip>
        <identifiers>
          <isin value="US48126HAA86"/>
          <other otherDesc="Inhouse Asset ID" value="555481"/>
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        <balance>3200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3137920.00000000</valUSD>
        <pctVal>0.101438941851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="162281.83000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>General Motors Co.</name>
        <lei>54930070NSV60J38I987</lei>
        <title>General Motors Co.</title>
        <cusip>37045VAP5</cusip>
        <identifiers>
          <isin value="US37045VAP58"/>
          <other otherDesc="Inhouse Asset ID" value="673734"/>
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        <balance>7500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6497254.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series AA</title>
        <cusip>060505EN0</cusip>
        <identifiers>
          <isin value="US060505EN03"/>
          <other otherDesc="Inhouse Asset ID" value="599541"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7725560.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Southern Co. (The)</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. (The)</title>
        <cusip>842587107</cusip>
        <identifiers>
          <isin value="US8425871071"/>
          <other otherDesc="Inhouse Asset ID" value="1134"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28564000.00000000</valUSD>
        <pctVal>0.923382984602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Royal Bank of Canada into Bank of America Corp.</name>
        <lei>N/A</lei>
        <title>Royal Bank of Canada into Bank of America Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1206118"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14936422.11000000</valUSD>
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        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967424</cusip>
        <identifiers>
          <isin value="US1729674242"/>
          <other otherDesc="Inhouse Asset ID" value="4476"/>
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        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11307500.00000000</valUSD>
        <pctVal>0.365535397647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHS/Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems, Inc.</title>
        <cusip>12543DBE9</cusip>
        <identifiers>
          <isin value="US12543DBE94"/>
          <other otherDesc="Inhouse Asset ID" value="1024439"/>
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        <balance>20000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9694100.00000000</valUSD>
        <pctVal>0.313379323310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.24700000</annualizedRt>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8805963.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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      <invstOrSec>
        <name>Vistra Corp.</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>Vistra Corp.</title>
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          <isin value="US92840MAC64"/>
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        <balance>12500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11392227.63000000</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>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
        <cusip>23918KAT5</cusip>
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          <isin value="US23918KAT51"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1871387.50000000</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>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Glencore Funding LLC</name>
        <lei>213800STG1QDNBY87K49</lei>
        <title>Glencore Funding LLC</title>
        <cusip>378272AY4</cusip>
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          <isin value="US378272AY43"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8139780.70000000</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>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ArcelorMittal SA</name>
        <lei>2EULGUTUI56JI9SAL165</lei>
        <title>ArcelorMittal SA</title>
        <cusip>03938LBF0</cusip>
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          <isin value="US03938LBF04"/>
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        <balance>12000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11967647.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.80000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Calpine Corp.</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>Calpine Corp.</title>
        <cusip>131347CM6</cusip>
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          <isin value="US131347CM64"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4470916.00000000</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>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VICI Properties LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI Properties LP</title>
        <cusip>925650AD5</cusip>
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          <isin value="US925650AD55"/>
          <other otherDesc="Inhouse Asset ID" value="1196827"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9278750.00000000</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>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>International Flavors &amp; Fragrances, Inc.</name>
        <lei>BZLRL03D3GPGMOGFO832</lei>
        <title>International Flavors &amp; Fragrances, Inc.</title>
        <cusip>459506AQ4</cusip>
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          <isin value="US459506AQ49"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7956669.90000000</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>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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        <name>CommScope, Inc.</name>
        <lei>549300Z6K4JXMFE8QY54</lei>
        <title>CommScope, Inc.</title>
        <cusip>20338QAA1</cusip>
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          <isin value="US20338QAA13"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7765800.00000000</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>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp.</name>
        <lei>N/A</lei>
        <title>Calumet Specialty Products Partners LP / Calumet Finance Corp.</title>
        <cusip>131477AU5</cusip>
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          <isin value="US131477AU50"/>
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        <balance>5185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5272600.58000000</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>2024-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
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      <invstOrSec>
        <name>Sprint LLC</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>Sprint LLC</title>
        <cusip>85207UAH8</cusip>
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          <isin value="US85207UAH86"/>
          <other otherDesc="Inhouse Asset ID" value="590231"/>
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        <balance>8200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8378268.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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        <name>SCIH Salt Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>SCIH Salt Holdings, Inc.</title>
        <cusip>78433BAB4</cusip>
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        <balance>10000000.00000000</balance>
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        <valUSD>8067794.80000000</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>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Global Markets Holdings, Inc. into Ford Motor Co.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings, Inc. into Ford Motor Co.</title>
        <cusip>17329T377</cusip>
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        <valUSD>10344213.10000000</valUSD>
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        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.50000000</annualizedRt>
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      <invstOrSec>
        <name>AstraZeneca plc</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca plc</title>
        <cusip>046353108</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
        <cusip>89788NAA8</cusip>
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          <isin value="US89788NAA81"/>
          <other otherDesc="Inhouse Asset ID" value="1207490"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3763678.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.91600000</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>Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.</name>
        <lei>N/A</lei>
        <title>Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.</title>
        <cusip>03969AAN0</cusip>
        <identifiers>
          <isin value="US03969AAN00"/>
          <other otherDesc="Inhouse Asset ID" value="1000063"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4341315.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>FNMA</name>
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        <name>FMG Resources August 2006 Pty. Ltd.</name>
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      <invstOrSec>
        <name>Barclays plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas Issuance BV into AbbVie, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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        <name>Broadcom, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chesapeake Energy Corp.</name>
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        <title>Chesapeake Energy Corp., Escrow Account</title>
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        <name>NextEra Energy, Inc.</name>
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        <title>NextEra Energy, Inc.</title>
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        <name>Medtronic plc</name>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Directv Financing LLC / Directv Financing Co-Obligor, Inc.</name>
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        <title>Directv Financing LLC / Directv Financing Co-Obligor, Inc.</title>
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        <name>Royal Bank of Canada into Analog Devices, Inc.</name>
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        <name>Philip Morris International, Inc.</name>
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        <name>BCE, Inc.</name>
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        <title>BCE, Inc.</title>
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        <name>American Airlines Inc/AAdvantage Loyalty IP Ltd.</name>
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        <name>Raytheon Technologies Corp.</name>
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        <title>Raytheon Technologies Corp.</title>
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        <name>Boyd Gaming Corp.</name>
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        <title>Boyd Gaming Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp., Class A</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Goldman Sachs International Bank into Intel Corp.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Goldman Sachs International Bank into Intel Corp.</title>
        <cusip>83370G607</cusip>
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        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <annualizedRt>10.00000000</annualizedRt>
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      <invstOrSec>
        <name>United Rentals North America, Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America, Inc.</title>
        <cusip>911365BQ6</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bausch Health Cos., Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tenet Healthcare Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs International Bank into Honeywell International, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US Bancorp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DISH Network Corp.</name>
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      <invstOrSec>
        <name>Societe Generale SA into Pfizer, Inc.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA into Pfizer, Inc.</title>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Workday, Inc.</name>
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        <valUSD>8855318.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>3.80000000</annualizedRt>
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      <invstOrSec>
        <name>Mizuho Markets Cayman LP into International Paper Co.</name>
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        <title>Mizuho Markets Cayman LP into International Paper Co.</title>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>10.50000000</annualizedRt>
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      <invstOrSec>
        <name>Freeport-McMoRan, Inc.</name>
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        <invCountry>US</invCountry>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Merrill Lynch International &amp; Co. CV into Chevron Corp.</name>
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        <name>MPH Acquisition Holdings LLC</name>
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        <name>Weatherford International Ltd.</name>
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        <invCountry>BM</invCountry>

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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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        <name>TotalEnergies SE</name>
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        <name>Micron Technology, Inc.</name>
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        </securityLending>
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        <name>Broadcom, Inc.</name>
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        <name>MetLife, Inc.</name>
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        <name>Mizuho Markets Cayman LP into Bristol-Myers Squibb Co.</name>
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        <name>Verizon Communications, Inc.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Cleveland-Cliffs, Inc.</name>
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        <name>Clear Channel Outdoor Holdings, Inc.</name>
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        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
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        <name>Tenet Healthcare Corp.</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp.</title>
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        <name>Rocket Software, Inc.</name>
        <lei>549300PVG26ISP5X1556</lei>
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        <name>Bank of America Corp.</name>
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        <name>Ford Motor Co.</name>
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        <name>United States of America</name>
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        <name>Bank of America Corp.</name>
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        <name>Netflix, Inc.</name>
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        <name>Target Corp.</name>
        <lei>8WDDFXB5T1Z6J0XC1L66</lei>
        <title>Target Corp.</title>
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        <name>Institutional Fiduciary Trust Money Market Portfolio</name>
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        <name>Stagwell Global LLC</name>
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      <invstOrSec>
        <name>Caesars Entertainment, Inc.</name>
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        <title>Caesars Entertainment, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Raytheon Technologies Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Warnermedia Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sprint LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>J.P. Morgan Structured Products BV into Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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        <valUSD>18585150.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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        <valUSD>4141400.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>APX Group, Inc.</name>
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        <cusip>00213MAW4</cusip>
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        <curCd>USD</curCd>
        <valUSD>12442302.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
        <cusip>23918KAS7</cusip>
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        <balance>20000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16130833.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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        <name>Sempra Energy</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra Energy</title>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13908600.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Barclays Bank plc into Cisco Systems, Inc.</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>Barclays Bank plc into Cisco Systems, Inc.</title>
        <cusip>06748B612</cusip>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <name>Camelot Return Merger Sub, Inc.</name>
        <lei>N/A</lei>
        <title>Camelot Return Merger Sub, Inc.</title>
        <cusip>13323NAA0</cusip>
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          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QBMZ8</cusip>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2049-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CommScope, Inc.</name>
        <lei>549300Z6K4JXMFE8QY54</lei>
        <title>CommScope, Inc.</title>
        <cusip>203372AV9</cusip>
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        <balance>7141000.00000000</balance>
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        <valUSD>5116482.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
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          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
        <cusip>26441C204</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Univision Communications, Inc.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>Univision Communications, Inc.</title>
        <cusip>914906AS1</cusip>
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        <balance>7140000.00000000</balance>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>Clear Channel Outdoor Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Clear Channel Outdoor Holdings, Inc.</title>
        <cusip>18453HAC0</cusip>
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        <balance>2800000.00000000</balance>
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        <valUSD>2047652.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ashtead Capital, Inc.</name>
        <lei>213800J1134IW58IC398</lei>
        <title>Ashtead Capital, Inc.</title>
        <cusip>045054AL7</cusip>
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        <name>United Rentals North America, Inc.</name>
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        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
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        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
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          <isin value="US06738ECA10"/>
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        <balance>15000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14212624.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-09</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas Issuance BV into Comcast Corp.</name>
        <lei>7245009UXRIGIRYOBR48</lei>
        <title>BNP Paribas Issuance BV into Comcast Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2406098439"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25145852.33000000</valUSD>
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        <assetCat>SN</assetCat>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Medline Borrower LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>Medline Borrower LP</title>
        <cusip>62482BAB8</cusip>
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          <isin value="US62482BAB80"/>
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        <balance>18000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14328990.00000000</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>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
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          <isin value="US58013MFS89"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7847679.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Instruments, Inc.</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>Texas Instruments, Inc.</title>
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          <isin value="US8825081040"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Altice France SA</name>
        <lei>5493001ZMCICV4N02J21</lei>
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          <isin value="US02156LAH42"/>
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        <balance>11500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8789622.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CFQ96"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9972265.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-31</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
        <cusip>907818GB8</cusip>
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          <isin value="US907818GB82"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7848212.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ROBLOX Corp.</name>
        <lei>N/A</lei>
        <title>ROBLOX Corp.</title>
        <cusip>771049AA1</cusip>
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          <isin value="US771049AA15"/>
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        <balance>9100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7184450.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Goldman Sachs International Bank into Cummins, Inc.</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>Goldman Sachs International Bank into Cummins, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1269150550"/>
          <other otherDesc="Inhouse Asset ID" value="1187428"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14498336.35000000</valUSD>
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        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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          <isin value="US68389XBN49"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4600786.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp.</title>
        <cusip>15135BAT8</cusip>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9160908.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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        <name>Penn Entertainment, Inc.</name>
        <lei>N/A</lei>
        <title>Penn Entertainment, Inc.</title>
        <cusip>707569AV1</cusip>
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          <isin value="US707569AV14"/>
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        <balance>8000000.00000000</balance>
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        <valUSD>6330429.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <name>Bausch Health Cos., Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos., Inc.</title>
        <cusip>071734AC1</cusip>
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          <isin value="US071734AC18"/>
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        <balance>10000000.00000000</balance>
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        <valUSD>6822200.00000000</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>2027-08-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>American Tower Corp.</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
        <cusip>03027XBA7</cusip>
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          <isin value="US03027XBA72"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6792409.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>MPT Operating Partnership LP / MPT Finance Corp.</name>
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        <cusip>55342UAH7</cusip>
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        <balance>8750000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.</name>
        <lei>N/A</lei>
        <title>JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.</title>
        <cusip>46590XAH9</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1201373"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7650240.00000000</valUSD>
        <pctVal>0.247307850585</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>5.75000000</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>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
        <cusip>06738ECE3</cusip>
        <identifiers>
          <isin value="US06738ECE32"/>
          <other otherDesc="Inhouse Asset ID" value="1221362"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10508600.20000000</valUSD>
        <pctVal>0.339709516057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.43700000</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>2023-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Templeton Variable Insurance Products Trust</ncom:nameOfApplicant>
      <ncom:signature>Ryan Wheeler</ncom:signature>
      <ncom:signerName>Ryan Wheeler</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
