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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Tower Corp.</name>
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        <title>American Tower Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ArcelorMittal SA</name>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ardagh Group SA</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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      <invstOrSec>
        <name>Ashtead Capital, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Asurion LLC and Asurion Co-Issuer, Inc.</name>
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          <isin value="US045941AA96"/>
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        <balance>4000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-31</maturityDt>
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      <invstOrSec>
        <name>Asurion LLC and Asurion Co-Issuer, Inc.</name>
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        <title>Asurion LLC and Asurion Co-Issuer, Inc.</title>
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          <isin value="US045941AB79"/>
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        <balance>4000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-01</maturityDt>
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      <invstOrSec>
        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
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          <isin value="US054989AB41"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-02</maturityDt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America 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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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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          <isin value="US06051GMB22"/>
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        <balance>50000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <balance>4000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays plc</name>
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        <invCountry>GB</invCountry>
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        <name>Beach Acquisition Bidco LLC</name>
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        <invCountry>US</invCountry>
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        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <title>CCO Holdings LLC / CCO Holdings Capital Corp.</title>
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      <invstOrSec>
        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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      <invstOrSec>
        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
        <lei>N/A</lei>
        <title>CCO Holdings LLC / CCO Holdings Capital Corp.</title>
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        <assetCat>DBT</assetCat>
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      </invstOrSec>
      <invstOrSec>
        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHS/Community Health Systems, Inc.</name>
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        <title>CHS/Community Health Systems, Inc.</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>CHS/Community Health Systems, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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        <name>CHS/Community Health Systems, Inc.</name>
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        <name>CVS Health Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-10</maturityDt>
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        <name>CVS Health Corp.</name>
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        <balance>5000000.00000000</balance>
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        <valUSD>5262045.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-10</maturityDt>
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        <name>Caesars Entertainment, Inc.</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>Caesars Entertainment, Inc.</title>
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        <balance>4500000.00000000</balance>
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        <valUSD>4615893.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <name>Caesars Entertainment, Inc.</name>
        <lei>549300FA4CTCW903Y781</lei>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7826931.44000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-15</maturityDt>
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      <invstOrSec>
        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp.</name>
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        <balance>3000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Carnival Corp.</name>
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      <invstOrSec>
        <name>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>Celanese US Holdings LLC</title>
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        <invCountry>US</invCountry>
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        <name>Celanese US Holdings LLC</name>
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      <invstOrSec>
        <name>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cheniere Corpus Christi Holdings LLC</name>
        <lei>549300I7CIEWU1BBLQ53</lei>
        <title>Cheniere Corpus Christi Holdings LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cleveland-Cliffs, Inc.</name>
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          <maturityDt>2033-05-01</maturityDt>
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        <name>Cleveland-Cliffs, Inc.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
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        <name>Cloud Software Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Clydesdale Acquisition Holdings, Inc.</name>
        <lei>254900QKSDYFR3K5YD98</lei>
        <title>Clydesdale Acquisition Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Connect Holding II LLC</name>
        <lei>254900LCX7S2QHYUOI31</lei>
        <title>Connect Holding II LLC</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-03</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>CoreWeave, Inc.</name>
        <lei>984500511DP2B6186053</lei>
        <title>CoreWeave, Inc.</title>
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        <valUSD>7353673.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>9.25000000</annualizedRt>
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        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>RR Donnelley &amp; Sons Co.</name>
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        <title>RR Donnelley &amp; Sons Co.</title>
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        <name>Dornoch Debt Merger Sub, Inc.</name>
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        <name>EMRLD Borrower LP / Emerald Co-Issuer, Inc.</name>
        <lei>5493000GJYE7GAQCUC61</lei>
        <title>EMRLD Borrower LP / Emerald Co-Issuer, Inc.</title>
        <cusip>29103CAA6</cusip>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VAU4</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
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        <name>Endo Finance Holdings LP</name>
        <lei>N/A</lei>
        <title>Endo Finance Holdings LP</title>
        <cusip>29281RAA7</cusip>
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        <balance>2000000.00000000</balance>
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        <valUSD>2126856.00000000</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>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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        <name>Fortescue Treasury Pty. Ltd.</name>
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        <name>FHLMC Pool</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>HP, Inc.</name>
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        <title>HP, Inc.</title>
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      <invstOrSec>
        <name>Herc Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hewlett Packard Enterprise Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilcorp Energy I LP / Hilcorp Finance Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hilcorp Energy I LP / Hilcorp Finance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JBS NV / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. Holdings</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JetBlue Airways Corp. / JetBlue Loyalty LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kedrion SpA</name>
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        <invCountry>IT</invCountry>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Macquarie Airfinance Holdings Ltd.</name>
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        <invCountry>GB</invCountry>
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        <name>Matador Resources Co.</name>
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        <title>Matador Resources Co.</title>
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        <name>Mauser Packaging Solutions Holding Co.</name>
        <lei>549300DNGHXL0OMHW304</lei>
        <title>Mauser Packaging Solutions Holding Co.</title>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>McAfee Corp.</name>
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        <title>McAfee Corp.</title>
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        <name>Micron Technology, Inc.</name>
        <lei>B3DXGBC8GAIYWI2Z0172</lei>
        <title>Micron Technology, Inc.</title>
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        <name>Stagwell Global LLC</name>
        <lei>984500904E015Z0C1F82</lei>
        <title>Stagwell Global LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Millrose Properties, Inc.</name>
        <lei>N/A</lei>
        <title>Millrose Properties, Inc.</title>
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        <name>Post Holdings, Inc.</name>
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        <name>Qnity Electronics, Inc.</name>
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        <name>Quikrete Holdings, Inc.</name>
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        <name>Rain Carbon, Inc.</name>
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        <name>Regal Rexnord Corp.</name>
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        <name>Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC</name>
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        <name>SCIH Salt Holdings, Inc.</name>
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        <name>Charles Schwab Corp. (The)</name>
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        <name>Delta Air Lines, Inc. / SkyMiles IP Ltd.</name>
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        <name>Tenet Healthcare Corp.</name>
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        <name>Tenet Healthcare Corp.</name>
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        <name>Tenet Healthcare Corp.</name>
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        <name>Cloud Software Group, Inc.</name>
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        <title>Cloud Software Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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        <name>TransDigm, Inc.</name>
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        <name>Transocean International Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tronox, Inc.</name>
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        <title>Tronox, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Tronox, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MPH Acquisition Holdings LLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>X Corp.</name>
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        <name>Clydesdale Acquisition Holdings, Inc.</name>
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        <invCountry>US</invCountry>
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        <name>United Rentals North America, Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America, Inc.</title>
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        <name>Univision Communications, Inc.</name>
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        <name>Venture Global Plaquemines LNG LLC</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>Venture Global Plaquemines LNG LLC</title>
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        <invCountry>US</invCountry>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <title>Venture Global Plaquemines LNG LLC</title>
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        <invCountry>US</invCountry>
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        <name>Venture Global Plaquemines LNG LLC</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>Venture Global Plaquemines LNG LLC</title>
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        <invCountry>US</invCountry>
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        <name>Venture Global LNG, Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>Venture Global LNG, Inc.</title>
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        <name>Venture Global LNG, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VICI Properties LP / VICI Note Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>Vistra Corp.</name>
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        <title>Vistra Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Vistra Operations Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vistra Operations Co. LLC</name>
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        <valUSD>4209960.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
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      <invstOrSec>
        <name>Weatherford International Ltd.</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>Weatherford International Ltd.</title>
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        <balance>2384000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2457942.14000000</valUSD>
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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>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
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        <name>Weatherford International Ltd.</name>
        <lei>549300A2JKMG5PGOGF82</lei>
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        <curCd>USD</curCd>
        <valUSD>2092028.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-15</maturityDt>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <balance>4000000.00000000</balance>
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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>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>OPAL US LLC</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="1532403"/>
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        <balance>1995000.00000000</balance>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-28</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Williams Cos., Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos., Inc. (The)</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Hologic, Inc.</name>
        <lei>N/A</lei>
        <title>Hologic, Inc., First Lien, CME Term Loan, B</title>
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        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1561904"/>
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        <balance>3000000.00000000</balance>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-14</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Hologic, Inc.</name>
        <lei>N/A</lei>
        <title>Hologic, Inc., First Lien, CME Term Loan</title>
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        <balance>7000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2033-01-14</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>WULF Compute LLC</name>
        <lei>N/A</lei>
        <title>WULF Compute LLC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.</name>
        <lei>N/A</lei>
        <title>Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.</title>
        <cusip>983133AC3</cusip>
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        <curCd>USD</curCd>
        <valUSD>10804250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHS/Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems, Inc.</title>
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        <identifiers>
          <isin value="US12543DBP42"/>
          <other otherDesc="Inhouse Asset ID" value="1466072"/>
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        <balance>17500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18745212.50000000</valUSD>
        <pctVal>2.389597413142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.75000000</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>American Airlines, Inc. / AAdvantage Loyalty IP Ltd.</name>
        <lei>N/A</lei>
        <title>American Airlines, Inc. / AAdvantage Loyalty IP Ltd.</title>
        <cusip>00253XAA9</cusip>
        <identifiers>
          <isin value="US00253XAA90"/>
          <other otherDesc="Inhouse Asset ID" value="1137772"/>
        </identifiers>
        <balance>250000.50600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250499.01000000</valUSD>
        <pctVal>0.031933048840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Global Markets Holdings, Inc. into Halliburton Co.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings, Inc. into Halliburton Co.</title>
        <cusip>17333P122</cusip>
        <identifiers>
          <isin value="US17333P1223"/>
          <other otherDesc="Inhouse Asset ID" value="1560009"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>203144.12000000</valUSD>
        <pctVal>0.025896354263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Keenova Therapeutics plc</name>
        <lei>549300LMDE3RUP8Z3L60</lei>
        <title>Keenova Therapeutics plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1502646"/>
        </identifiers>
        <balance>1196.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>109314.40000000</valUSD>
        <pctVal>0.013935153173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
        <cusip>629377CW0</cusip>
        <identifiers>
          <isin value="US629377CW01"/>
          <other otherDesc="Inhouse Asset ID" value="1405260"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3074170.53000000</valUSD>
        <pctVal>0.391888325941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
        <cusip>629377CX8</cusip>
        <identifiers>
          <isin value="US629377CX83"/>
          <other otherDesc="Inhouse Asset ID" value="1405259"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3104080.80000000</valUSD>
        <pctVal>0.395701219704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ardagh Group SA</name>
        <lei>6354006L1NWUUOPYX274</lei>
        <title>Ardagh Group SA</title>
        <cusip>039959AA9</cusip>
        <identifiers>
          <isin value="US039959AA98"/>
          <other otherDesc="Inhouse Asset ID" value="1538589"/>
        </identifiers>
        <balance>7315000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7927464.32000000</valUSD>
        <pctVal>1.010575272585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Strategic Series</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
