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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EDGEWELL PERSO 4.125% 04/01/29</name>
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      <invstOrSec>
        <name>ECHOSTAR CORP 3.875% 11/30/30</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>ALLEN MEDIA LLC 10.5% 02/15/28</name>
        <lei>N/A</lei>
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        <cusip>01771YAA8</cusip>
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        <name>TRINSEO OP / T 5.125% 04/01/29</name>
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      <invstOrSec>
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        <name>SALLY HOLDINGS/ 6.75% 03/01/32</name>
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        <name>TALLGRASS NRG PRTN 6% 12/31/30</name>
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        <name>AMERICAN AXLE &amp; MF 5% 10/01/29</name>
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      <invstOrSec>
        <name>T/L MRI SOFTWARE 0% 02/10/2026</name>
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        <cusip>N/A</cusip>
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        <balance>31173.16000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31251.09000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STATION CASINO 6.625% 03/15/32</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CLEAN HARBORS  6.375% 02/01/31</name>
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        <cusip>184496AQ0</cusip>
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      <invstOrSec>
        <name>SIZZLING PLATT/F 8.5% 11/28/25</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>DELEK LOG PART 8.625% 03/15/29</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CLEVELAND-CLIF 7.375% 05/01/33</name>
        <lei>549300TM2WLI2BJMDD86</lei>
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        <identifiers>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>GARDA WORLD SECURI 6% 06/01/29</name>
        <lei>N/A</lei>
        <title>GARDA WORLD SECURITY REGD 144A P/P 6.00000000</title>
        <cusip>36485MAL3</cusip>
        <identifiers>
          <isin value="US36485MAL37"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OCCIDENTAL PET 8.875% 07/15/30</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>OCCIDENTAL PETROLEUM COR REGD 8.87500000</title>
        <cusip>674599EA9</cusip>
        <identifiers>
          <isin value="US674599EA94"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OAKC 2022-11A D1 V/R 07/19/37</name>
        <lei>N/A</lei>
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          <isin value="US67115VAW28"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>181962.54000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>HOWDEN UK REFIN 7.25% 02/15/31</name>
        <lei>N/A</lei>
        <title>HOWDEN UK REFINANCE / US REGD 144A P/P 7.25000000</title>
        <cusip>44287GAA4</cusip>
        <identifiers>
          <isin value="US44287GAA40"/>
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        <balance>350000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>354264.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
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      <invstOrSec>
        <name>FORD MOTOR CRED 7.35% 03/06/30</name>
        <lei>N/A</lei>
        <title>FORD MOTOR CREDIT CO LLC REGD 7.35000000</title>
        <cusip>345397C68</cusip>
        <identifiers>
          <isin value="US345397C684"/>
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        <balance>410000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>440034.85000000</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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          <couponKind>Fixed</couponKind>
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        <name>CAESARS ENTERTAI 6.5% 02/15/32</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTERTAIN INC REGD 144A P/P 6.50000000</title>
        <cusip>12769GAC4</cusip>
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          <isin value="US12769GAC42"/>
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        <curCd>USD</curCd>
        <valUSD>129645.54000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RR DONNELLEY  10.875% 08/01/29</name>
        <lei>SU4X0P4WWRGOQDTSV032</lei>
        <title>RR DONNELLEY &amp; SONS CO REGD 144A P/P 10.87500000</title>
        <cusip>257867BK6</cusip>
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          <isin value="US257867BK60"/>
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        <valUSD>296021.21000000</valUSD>
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        <name>MEDLINE BORROW 3.875% 04/01/29</name>
        <lei>254900QT3R363TVK6F09</lei>
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        <cusip>62482BAA0</cusip>
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          <isin value="US62482BAA08"/>
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        <valUSD>503792.80000000</valUSD>
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      <invstOrSec>
        <name>UNITED RENTALS 6.125% 03/15/34</name>
        <lei>N/A</lei>
        <title>UNITED RENTALS NORTH AM REGD 144A P/P 6.12500000</title>
        <cusip>911365BR4</cusip>
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          <isin value="US911365BR47"/>
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        <name>ALTICE FRANCE SA 5.5% 10/15/29</name>
        <lei>N/A</lei>
        <title>ALTICE FRANCE SA REGD 144A P/P 5.50000000</title>
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          <isin value="US02156LAH42"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>VMED O2 UK FINA 4.75% 07/15/31</name>
        <lei>N/A</lei>
        <title>VMED O2 UK FINAN REGD 144A P/P 4.75000000</title>
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          <isin value="US92858RAB69"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DELUXE CORP 8.125% 09/15/29</name>
        <lei>KWGNKB8TX9LE5TV29231</lei>
        <title>DELUXE CORP REGD 144A P/P 8.12500000</title>
        <cusip>248019AW1</cusip>
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          <isin value="US248019AW14"/>
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        <valUSD>45652.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>OCTR 2020-9A DR V/R 10/15/34</name>
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      <invstOrSec>
        <name>ELASTIC NV 4.125% 07/15/29</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OPEN TEXT CORP 3.875% 12/01/29</name>
        <lei>549300HP7ONDQODZJV16</lei>
        <title>OPEN TEXT CORP REGD 144A P/P 3.87500000</title>
        <cusip>683715AD8</cusip>
        <identifiers>
          <isin value="US683715AD87"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>F1OF2ZSX47CR0BCWA982</lei>
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        <cusip>143658BN1</cusip>
        <identifiers>
          <isin value="US143658BN13"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>MELCO RESORTS  5.375% 12/04/29</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US58547DAD12"/>
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        <invCountry>HK</invCountry>
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        <name>ARCOSA INC 6.875% 08/15/32</name>
        <lei>549300WFHLTCZV7D6V29</lei>
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        <cusip>039653AC4</cusip>
        <identifiers>
          <isin value="US039653AC46"/>
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        <curCd>USD</curCd>
        <valUSD>103327.90000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>CHORD ENERGY CORP</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
        <title>CHORD ENERGY CORP 0.00000000</title>
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          <isin value="US6742152076"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STENA INTERNATI 7.25% 01/15/31</name>
        <lei>N/A</lei>
        <title>STENA INTERNATIONAL SA REGD 144A P/P 7.25000000</title>
        <cusip>85858EAD5</cusip>
        <identifiers>
          <isin value="US85858EAD58"/>
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        <valUSD>206901.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>ACURIS FIN US/ACUR 5% 05/01/28</name>
        <lei>N/A</lei>
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        <cusip>00511BAA5</cusip>
        <identifiers>
          <isin value="US00511BAA52"/>
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        <curCd>USD</curCd>
        <valUSD>181899.30000000</valUSD>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NUSTAR LOGISTIC 5.75% 10/01/25</name>
        <lei>N/A</lei>
        <title>NUSTAR LOGISTICS LP REGD 5.75000000</title>
        <cusip>67059TAG0</cusip>
        <identifiers>
          <isin value="US67059TAG04"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39958.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CARNIVAL CORP 7% 08/15/29</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
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        <identifiers>
          <isin value="US143658BW12"/>
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      <invstOrSec>
        <name>JB POINDEXTER &amp; 8.75% 12/15/31</name>
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          <isin value="US465965AC53"/>
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        <lei>N/A</lei>
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          <isin value="US92328MAE30"/>
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        <name>FIVE POINT OP CO S/UP 01/15/28</name>
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        <name>TALOS PRODUCTI 9.375% 02/01/31</name>
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        <name>STUDIO CITY FINANC 5% 01/15/29</name>
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          <isin value="US86389QAG73"/>
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        <issuerCat>CORP</issuerCat>
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        <name>VOC ESCROW LTD 5% 02/15/28</name>
        <lei>N/A</lei>
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          <isin value="US91832VAA26"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>DELUXE CORP 8% 06/01/29</name>
        <lei>KWGNKB8TX9LE5TV29231</lei>
        <title>DELUXE CORP REGD 144A P/P 8.00000000</title>
        <cusip>248019AU5</cusip>
        <identifiers>
          <isin value="US248019AU57"/>
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        <balance>432000.00000000</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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      <invstOrSec>
        <name>FIRSTCASH INC 6.875% 03/01/32</name>
        <lei>549300V2X3UU7K0DG350</lei>
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          <isin value="US33767DAD75"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CARNIVAL HLDG 10.375% 05/01/28</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US14366RAA77"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PERMIAN RESOUR 5.875% 07/01/29</name>
        <lei>N/A</lei>
        <title>PERMIAN RESOURC OPTG LLC REGD 144A P/P 5.87500000</title>
        <cusip>19416MAB5</cusip>
        <identifiers>
          <isin value="US19416MAB54"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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      <invstOrSec>
        <name>ENTEGRIS INC 5.95% 06/15/30</name>
        <lei>IYX6OWO7BT5DKO3BYG52</lei>
        <title>ENTEGRIS INC REGD 144A P/P 5.95000000</title>
        <cusip>29365BAB9</cusip>
        <identifiers>
          <isin value="US29365BAB99"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>320849.92000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>METHANEX CORP 5.125% 10/15/27</name>
        <lei>549300TSJHRXT9QXRD13</lei>
        <title>METHANEX CORP REGD 5.12500000</title>
        <cusip>59151KAM0</cusip>
        <identifiers>
          <isin value="US59151KAM09"/>
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        <balance>215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>211341.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>LIFE TIME INC 6% 11/15/31</name>
        <lei>N/A</lei>
        <title>LIFE TIME INC REGD 144A P/P 6.00000000</title>
        <cusip>53190FAE5</cusip>
        <identifiers>
          <isin value="US53190FAE51"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>90105.12000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SEAWORLD PARKS  5.25% 08/15/29</name>
        <lei>N/A</lei>
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        <cusip>81282UAG7</cusip>
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          <isin value="US81282UAG76"/>
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        <curCd>USD</curCd>
        <valUSD>427938.66000000</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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          <couponKind>Fixed</couponKind>
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        <name>MINERAL RESOUR 8.125% 05/01/27</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>MINERAL RESOURCES LTD REGD 144A P/P 8.12500000</title>
        <cusip>603051AA1</cusip>
        <identifiers>
          <isin value="US603051AA15"/>
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        <curCd>USD</curCd>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BERRY PETROLEUM CO 7% 02/15/26</name>
        <lei>N/A</lei>
        <title>BERRY PETROLEUM CO LLC REGD 144A P/P 7.00000000</title>
        <cusip>08580BAA4</cusip>
        <identifiers>
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        <balance>410000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>409102.80000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>ACADEMY LTD 6% 11/15/27</name>
        <lei>N/A</lei>
        <title>ACADEMY LTD REGD 144A P/P 6.00000000</title>
        <cusip>00401YAA8</cusip>
        <identifiers>
          <isin value="US00401YAA82"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69895.11000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>ARCHROCK PARTNE 6.25% 04/01/28</name>
        <lei>N/A</lei>
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        <cusip>03959KAC4</cusip>
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          <isin value="US03959KAC45"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>PSTAT 2022-3A CR V/R 04/15/31</name>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>DIRECTV FIN LL 5.875% 08/15/27</name>
        <lei>N/A</lei>
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        <cusip>25461LAA0</cusip>
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        <name>GEO GROUP INC/ 10.25% 04/15/31</name>
        <lei>54930024XOXET7NQVZ63</lei>
        <title>GEO GROUP INC/THE REGD SER WI 10.25000000</title>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>ILIAD HOLDING SA 8.5% 04/15/31</name>
        <lei>9695009PXA7OI9NXN582</lei>
        <title>ILIAD HOLDING SAS REGD 144A P/P 8.50000000</title>
        <cusip>449691AF1</cusip>
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          <isin value="US449691AF14"/>
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        <valUSD>213105.89000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <fairValLevel>2</fairValLevel>
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        <name>CARGO AIRCRAFT  4.75% 02/01/28</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>PARAMOUNT GLOBAL V/R 02/28/57</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LIFEPOINT HEALTH  11% 10/15/30</name>
        <lei>N/A</lei>
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        <name>T/L VIAPATH TECHN ZCP 08/06/29</name>
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        <name>CHAMPIONS FINAN 8.75% 02/15/29</name>
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        <cusip>15870LAA6</cusip>
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        <name>VENTURE GLOBAL 4.125% 08/15/31</name>
        <lei>N/A</lei>
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        <lei>5299003FJVBETSFKE990</lei>
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        <name>NRG ENERGY INC 6.25% 11/01/34</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>PRIME SECSRVC B 6.25% 01/15/28</name>
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        <lei>N/A</lei>
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        <name>ANA INTL/ANA HOLD 10% 08/15/26</name>
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        <lei>N/A</lei>
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        <name>OBRAC 2024-1A D1 V/R 01/20/38</name>
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        <name>ROCKETMTGE CO- 3.875% 03/01/31</name>
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        <name>JANE STREET GR 7.125% 04/30/31</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>T/L ASURION LLC 0% 08/17/28</name>
        <lei>N/A</lei>
        <title>T/L ASURION LLC REGD 0.00000000</title>
        <cusip>N/A</cusip>
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          <other otherDesc="LOANX" value="LX207236"/>
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        <curCd>USD</curCd>
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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>2028-08-17</maturityDt>
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      <invstOrSec>
        <name>CSC HOLDINGS L 11.25% 05/15/28</name>
        <lei>N/A</lei>
        <title>CSC HOLDINGS LLC REGD 144A P/P 11.25000000</title>
        <cusip>126307BM8</cusip>
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          <isin value="US126307BM89"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GARRETT MOTION  7.75% 05/31/32</name>
        <lei>N/A</lei>
        <title>GARRETT MOTION HLD/SARL REGD 144A P/P 7.75000000</title>
        <cusip>366504AA6</cusip>
        <identifiers>
          <isin value="US366504AA61"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>161436.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-31</maturityDt>
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      <invstOrSec>
        <name>TRANSDIGM INC 6.625% 03/01/32</name>
        <lei>N/A</lei>
        <title>TRANSDIGM INC REGD 144A P/P 6.62500000</title>
        <cusip>893647BV8</cusip>
        <identifiers>
          <isin value="US893647BV82"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41021.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AVIS BUDGET CA 5.375% 03/01/29</name>
        <lei>N/A</lei>
        <title>AVIS BUDGET CAR/FINANCE REGD P/P 5.37500000</title>
        <cusip>053773BF3</cusip>
        <identifiers>
          <isin value="US053773BF30"/>
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        <balance>181000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>171897.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FIRSTCASH INC 4.625% 09/01/28</name>
        <lei>549300V2X3UU7K0DG350</lei>
        <title>FIRSTCASH INC REGD 144A P/P 4.62500000</title>
        <cusip>33767DAB1</cusip>
        <identifiers>
          <isin value="US33767DAB10"/>
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        <balance>432000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>414904.07000000</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>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>MURPHY OIL USA  4.75% 09/15/29</name>
        <lei>N/A</lei>
        <title>MURPHY OIL USA INC REGD 4.75000000</title>
        <cusip>626738AE8</cusip>
        <identifiers>
          <isin value="US626738AE88"/>
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        <balance>225000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>217247.69000000</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>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CUSHMAN &amp; WAKE 8.875% 09/01/31</name>
        <lei>N/A</lei>
        <title>CUSHMAN &amp; WAKEFIELD US REGD 144A P/P 8.87500000</title>
        <cusip>23166MAC7</cusip>
        <identifiers>
          <isin value="US23166MAC73"/>
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        <balance>416000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>449679.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
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      <invstOrSec>
        <name>C&amp;S GROUP ENTERPRI 5% 12/15/28</name>
        <lei>N/A</lei>
        <title>C&amp;S GROUP ENTERPRISES LL REGD 144A P/P 5.00000000</title>
        <cusip>12467AAF5</cusip>
        <identifiers>
          <isin value="US12467AAF57"/>
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        <balance>723000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>594459.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TITAN INTERNATIONA 7% 04/30/28</name>
        <lei>254900CXRGBE7C4B5A06</lei>
        <title>TITAN INTERNATIONAL INC REGD SER WI 7.00000000</title>
        <cusip>88830MAM4</cusip>
        <identifiers>
          <isin value="US88830MAM47"/>
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        <balance>192000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>188874.20000000</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>2028-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>CLEAR CHANNEL OU 7.5% 06/01/29</name>
        <lei>N/A</lei>
        <title>CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.50000000</title>
        <cusip>18453HAD8</cusip>
        <identifiers>
          <isin value="US18453HAD89"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>177226.40000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PRIME SECSRVC  3.375% 08/31/27</name>
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        <title>PRIME SECSRVC BRW/FINANC REGD 144A P/P 3.37500000</title>
        <cusip>74166MAF3</cusip>
        <identifiers>
          <isin value="US74166MAF32"/>
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        <valUSD>217405.33000000</valUSD>
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        <name>VFH PARENT / VAL 7.5% 06/15/31</name>
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        <title>VFH PARENT / VALOR CO REGD 144A P/P 7.50000000</title>
        <cusip>91824YAA6</cusip>
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          <isin value="US91824YAA64"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>FIRSTCASH INC 5.625% 01/01/30</name>
        <lei>549300V2X3UU7K0DG350</lei>
        <title>FIRSTCASH INC REGD 144A P/P 5.62500000</title>
        <cusip>31944TAA8</cusip>
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          <isin value="US31944TAA88"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CHS/COMMUNITY 10.875% 01/15/32</name>
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          <isin value="US12543DBN93"/>
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      <invstOrSec>
        <name>BRUNDAGE-BONE CONC 6% 02/01/26</name>
        <lei>N/A</lei>
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        <cusip>66981QAA4</cusip>
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          <isin value="US66981QAA40"/>
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        <valUSD>281562.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>EQM MIDSTREAM PA 5.5% 07/15/28</name>
        <lei>N/A</lei>
        <title>EQM MIDSTREAM PARTNERS L REGD SER 10Y 5.50000000</title>
        <cusip>26885BAC4</cusip>
        <identifiers>
          <isin value="US26885BAC46"/>
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        <balance>48000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48820.10000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LLOYDS BANKING GROU V/R /PERP/</name>
        <lei>549300PPXHEU2JF0AM85</lei>
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        <cusip>53944YAV5</cusip>
        <identifiers>
          <isin value="US53944YAV56"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>418436.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2173-06-27</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>GEN DIGITAL INC 6.75% 09/30/27</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>GEN DIGITAL INC REGD 144A P/P 6.75000000</title>
        <cusip>668771AK4</cusip>
        <identifiers>
          <isin value="US668771AK49"/>
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        <balance>101000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>103160.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MOLINA HEALTHC 3.875% 11/15/30</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>MOLINA HEALTHCARE INC REGD 144A P/P 3.87500000</title>
        <cusip>60855RAK6</cusip>
        <identifiers>
          <isin value="US60855RAK68"/>
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        <balance>310000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>282308.92000000</valUSD>
        <pctVal>0.206641704733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>
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      <invstOrSec>
        <name>KOHL'S CORPORA 4.625% 05/01/31</name>
        <lei>549300JF6LPRTRJ0FH50</lei>
        <title>KOHL'S CORPORATION REGD 4.62500000</title>
        <cusip>500255AX2</cusip>
        <identifiers>
          <isin value="US500255AX28"/>
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        <balance>552000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>446940.79000000</valUSD>
        <pctVal>0.327147320603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.62500000</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>
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      </invstOrSec>
      <invstOrSec>
        <name>NCL CORPORATIO 8.125% 01/15/29</name>
        <lei>N/A</lei>
        <title>NCL CORPORATION LTD REGD 144A P/P 8.12500000</title>
        <cusip>62886HBN0</cusip>
        <identifiers>
          <isin value="US62886HBN08"/>
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        <balance>230000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>244259.24000000</valUSD>
        <pctVal>0.178790474457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</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>
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      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL AUTO HO/ 8.75% 01/15/32</name>
        <lei>N/A</lei>
        <title>GLOBAL AUTO HO/AAG FH UK REGD 144A P/P 8.75000000</title>
        <cusip>00033GAB1</cusip>
        <identifiers>
          <isin value="US00033GAB14"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>177397.60000000</valUSD>
        <pctVal>0.129849749273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</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>COBRA ACQUISIT 6.375% 11/01/29</name>
        <lei>N/A</lei>
        <title>COBRA ACQUISITIONCO LLC REGD 144A P/P 6.37500000</title>
        <cusip>19106CAA4</cusip>
        <identifiers>
          <isin value="US19106CAA45"/>
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        <balance>318000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>270754.29000000</valUSD>
        <pctVal>0.198184060388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</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>CNTRL PARENT/CD 7.25% 06/15/29</name>
        <lei>N/A</lei>
        <title>CNTRL PARENT/CDK GLB INC REGD 144A P/P 7.25000000</title>
        <cusip>15477CAA3</cusip>
        <identifiers>
          <isin value="US15477CAA36"/>
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        <balance>210000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>211281.84000000</valUSD>
        <pctVal>0.154652001774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</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>
        <name>BOMBARDIER INC 7.25% 07/01/31</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC REGD 144A P/P 7.25000000</title>
        <cusip>097751CB5</cusip>
        <identifiers>
          <isin value="US097751CB51"/>
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        <balance>210000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>217172.54000000</valUSD>
        <pctVal>0.158963818383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</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>
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      <invstOrSec>
        <name>FORD MOTOR COMPA 6.1% 08/19/32</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>FORD MOTOR COMPANY REGD 6.10000000</title>
        <cusip>345370DB3</cusip>
        <identifiers>
          <isin value="US345370DB39"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10207.45000000</valUSD>
        <pctVal>0.007471548787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLOUD SOFTWARE  8.25% 06/30/32</name>
        <lei>N/A</lei>
        <title>CLOUD SOFTWARE GRP INC REGD 144A P/P 8.25000000</title>
        <cusip>18912UAC6</cusip>
        <identifiers>
          <isin value="US18912UAC62"/>
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        <balance>370000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>385954.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>US RENAL CARE 10.625% 06/28/28</name>
        <lei>N/A</lei>
        <title>US RENAL CARE INC REGD P/P 10.62500000</title>
        <cusip>90355YAA5</cusip>
        <identifiers>
          <isin value="US90355YAA55"/>
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        <balance>115500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>98608.13000000</valUSD>
        <pctVal>0.072178208480</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-28</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PERMIAN RESOURC 6.25% 02/01/33</name>
        <lei>N/A</lei>
        <title>PERMIAN RESOURC OPTG LLC REGD 144A P/P 6.25000000</title>
        <cusip>71424VAB6</cusip>
        <identifiers>
          <isin value="US71424VAB62"/>
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        <balance>90000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>90736.47000000</valUSD>
        <pctVal>0.066416388268</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>HUDBAY MINERAL 6.125% 04/01/29</name>
        <lei>549300WI524AL577IX21</lei>
        <title>HUDBAY MINERALS INC REGD 144A P/P 6.12500000</title>
        <cusip>443628AH5</cusip>
        <identifiers>
          <isin value="US443628AH54"/>
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        <balance>482000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>486736.63000000</valUSD>
        <pctVal>0.356276687889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</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>
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      <invstOrSec>
        <name>FORD MOTOR COMP 3.25% 02/12/32</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>FORD MOTOR COMPANY REGD 3.25000000</title>
        <cusip>345370DA5</cusip>
        <identifiers>
          <isin value="US345370DA55"/>
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        <balance>110000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>93876.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>SEAGATE HDD CA 4.091% 06/01/29</name>
        <lei>N/A</lei>
        <title>SEAGATE HDD CAYMAN REGD 4.09100000</title>
        <cusip>81180WBC4</cusip>
        <identifiers>
          <isin value="US81180WBC47"/>
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        <balance>210000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>198639.46000000</valUSD>
        <pctVal>0.145398156890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.09100000</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>AMERICAN AIRLINE 8.5% 05/15/29</name>
        <lei>N/A</lei>
        <title>AMERICAN AIRLINES INC REGD 144A P/P 8.50000000</title>
        <cusip>023771T40</cusip>
        <identifiers>
          <isin value="US023771T402"/>
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        <balance>240000.00000000</balance>
        <units>NS</units>
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      <invstOrSec>
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        <title>JONES DESLAURIERS INSURA REGD 144A P/P 8.50000000</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ITT HOLDINGS LLC 6.5% 08/01/29</name>
        <lei>N/A</lei>
        <title>ITT HOLDINGS LLC REGD 144A P/P 6.50000000</title>
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          <isin value="US45074JAA25"/>
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      <invstOrSec>
        <name>MADISON IAQ LL 4.125% 06/30/28</name>
        <lei>549300IXDNBXNHUPBU73</lei>
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        <cusip>55760LAA5</cusip>
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          <isin value="US55760LAA52"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AHEAD DB HOLDI 6.625% 05/01/28</name>
        <lei>254900L07WFL833JX193</lei>
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        <cusip>00867FAA6</cusip>
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          <isin value="US00867FAA66"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAPSTONE BORROWER  8% 06/15/30</name>
        <lei>254900YSP2BAI3YKIX08</lei>
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        <cusip>140944AA7</cusip>
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          <isin value="US140944AA76"/>
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        <curCd>USD</curCd>
        <valUSD>349085.08000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>STANDARD INDUS 3.375% 01/15/31</name>
        <lei>N/A</lei>
        <title>STANDARD INDUSTRIES INC REGD 144A P/P 3.37500000</title>
        <cusip>853496AH0</cusip>
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          <isin value="US853496AH04"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>131861.61000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TUTOR PERINI  11.875% 04/30/29</name>
        <lei>549300FHXYVPW8LJ6D98</lei>
        <title>TUTOR PERINI CORP REGD 144A P/P 11.87500000</title>
        <cusip>901109AG3</cusip>
        <identifiers>
          <isin value="US901109AG35"/>
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        <balance>290000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>323192.05000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-30</maturityDt>
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          <annualizedRt>11.87500000</annualizedRt>
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      <invstOrSec>
        <name>CAESARS ENTERTAIN  7% 02/15/30</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTERTAIN INC REGD 144A P/P 7.00000000</title>
        <cusip>12769GAB6</cusip>
        <identifiers>
          <isin value="US12769GAB68"/>
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        <balance>230000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>237389.37000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>STANDARD INDUSTRIE 5% 02/15/27</name>
        <lei>N/A</lei>
        <title>STANDARD INDUSTRIES INC REGD 144A P/P 5.00000000</title>
        <cusip>853496AC1</cusip>
        <identifiers>
          <isin value="US853496AC17"/>
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        <balance>252000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>247879.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>GENESIS ENERGY  8.25% 01/15/29</name>
        <lei>N/A</lei>
        <title>GENESIS ENERGY LP/FIN REGD 8.25000000</title>
        <cusip>37185LAP7</cusip>
        <identifiers>
          <isin value="US37185LAP76"/>
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        <balance>426000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>435743.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HILCORP ENERGY  6.25% 04/15/32</name>
        <lei>N/A</lei>
        <title>HILCORP ENERGY I/HILCORP REGD 144A P/P 6.25000000</title>
        <cusip>431318AZ7</cusip>
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          <isin value="US431318AZ78"/>
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        <balance>170000.00000000</balance>
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        <valUSD>161809.03000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WYNN RESORTS F 7.125% 02/15/31</name>
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        <cusip>983133AC3</cusip>
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          <isin value="US983133AC37"/>
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        <fairValLevel>2</fairValLevel>
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        <name>OCTR 2014-5A DRR V/R 10/13/31</name>
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        <title>OCEAN TRAILS CLO V SER 2014-5A CL DRR V/R REGD 144A P/P 8.36751000</title>
        <cusip>67515EAX4</cusip>
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          <isin value="US67515EAX40"/>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
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        <name>ATHENAHEALTH GRO 6.5% 02/15/30</name>
        <lei>254900AA3KZN4Q7A5Z33</lei>
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        <cusip>60337JAA4</cusip>
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          <isin value="US60337JAA43"/>
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        <fairValLevel>2</fairValLevel>
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        <name>DCP MIDSTREAM O 6.75% 09/15/37</name>
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          <isin value="US23311RAA41"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNIVISION COMM 7.375% 06/30/30</name>
        <lei>N/A</lei>
        <title>UNIVISION COMMUNICATIONS REGD 144A P/P 7.37500000</title>
        <cusip>914906AX0</cusip>
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          <isin value="US914906AX08"/>
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        <balance>112000.00000000</balance>
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        <valUSD>108077.71000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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        <name>PANTHER ESCROW 7.125% 06/01/31</name>
        <lei>N/A</lei>
        <title>PANTHER ESCROW ISSUER REGD 144A P/P 7.12500000</title>
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      <invstOrSec>
        <name>CCO HLDGS LLC/ 6.375% 09/01/29</name>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <name>ROCKETMTGE CO-ISSU 4% 10/15/33</name>
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        <name>CONCENTRA ESCR 6.875% 07/15/32</name>
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      <invstOrSec>
        <name>MEG ENERGY COR 5.875% 02/01/29</name>
        <lei>5493002WXPTG5ZC1T326</lei>
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        <invCountry>CA</invCountry>
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        <name>VIASAT INC 7.5% 05/30/31</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
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        <name>SUBURBAN PROPANE P 5% 06/01/31</name>
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        <name>CITIGROUP INC V/R /PERP/</name>
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        <name>ROYAL CARIBBEAN 6.25% 03/15/32</name>
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        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MIWD HLDCO II/MI 5.5% 02/01/30</name>
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          <isin value="US55337PAA03"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NRG ENERGY INC 5.25% 06/15/29</name>
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        <cusip>126307BN6</cusip>
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          <isin value="US126307BN62"/>
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      <invstOrSec>
        <name>ALTICE FINANCING S 5% 01/15/28</name>
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          <isin value="US02154CAF05"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ALTICE FRANCE H 10.5% 05/15/27</name>
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        <cusip>02156TAB0</cusip>
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          <isin value="US02156TAB08"/>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MICHAELS COS IN 5.25% 05/01/28</name>
        <lei>549300H9LWMBP7HYLR98</lei>
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        <cusip>55916AAA2</cusip>
        <identifiers>
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        <balance>310000.00000000</balance>
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        <valUSD>225309.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
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      <invstOrSec>
        <name>CHS/COMMUNITY  6.125% 04/01/30</name>
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        <cusip>12543DBL3</cusip>
        <identifiers>
          <isin value="US12543DBL38"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44462.55000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NCL FINANCE LT 6.125% 03/15/28</name>
        <lei>N/A</lei>
        <title>NCL FINANCE LTD REGD 144A P/P 6.12500000</title>
        <cusip>62888HAA7</cusip>
        <identifiers>
          <isin value="US62888HAA77"/>
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        <balance>180000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>182466.54000000</valUSD>
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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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      <invstOrSec>
        <name>T/L DCERT BUYER 0% 02/19/29</name>
        <lei>N/A</lei>
        <title>T/L DCERT BUYER INC REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOANX" value="LX192846"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>152399.70000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-19</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>11.57258000</annualizedRt>
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      <invstOrSec>
        <name>ALLY FINANCIAL I 6.7% 02/14/33</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY FINANCIAL INC REGD 6.70000000</title>
        <cusip>02005NBS8</cusip>
        <identifiers>
          <isin value="US02005NBS80"/>
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        <balance>482000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>497354.07000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HARVEST MIDSTREA 7.5% 05/15/32</name>
        <lei>549300DW5M17KJOXCY66</lei>
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        <cusip>417558AB9</cusip>
        <identifiers>
          <isin value="US417558AB90"/>
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        <balance>125000.00000000</balance>
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        <name>ENOVA INTERNAT 9.125% 08/01/29</name>
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        <cusip>29357KAK9</cusip>
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        <name>ATLAS LUXCO 4  4.625% 06/01/28</name>
        <lei>N/A</lei>
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        <cusip>019579AA9</cusip>
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          <isin value="US019579AA90"/>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>PETROBRAS GLOBA 5.75% 02/01/29</name>
        <lei>N/A</lei>
        <title>PETROBRAS GLOBAL FINANCE REGD 5.75000000</title>
        <cusip>71647NAZ2</cusip>
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          <isin value="US71647NAZ24"/>
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        <valUSD>20116.42000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>COINBASE GLOBA 3.625% 10/01/31</name>
        <lei>5493004G3J2SC154DU06</lei>
        <title>COINBASE GLOBAL INC REGD 144A P/P 3.62500000</title>
        <cusip>19260QAD9</cusip>
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          <isin value="US19260QAD97"/>
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        <valUSD>156414.78000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
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          <annualizedRt>3.62500000</annualizedRt>
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      <invstOrSec>
        <name>VOYA 2017-3A DR V/R 04/20/34</name>
        <lei>N/A</lei>
        <title>VOYA CLO 2017-3 LTD SER 2017-3A CL DR V/R REGD 144A P/P 11.82901000</title>
        <cusip>92916PAF1</cusip>
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          <isin value="US92916PAF18"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>350101.82000000</valUSD>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>ADTALEM GLOBAL E 5.5% 03/01/28</name>
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      <invstOrSec>
        <name>IMOLA MERGER CO 4.75% 05/15/29</name>
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        <name>IHEARTCOMMUNICA 5.25% 08/15/27</name>
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          <isin value="US45174HBE62"/>
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      <invstOrSec>
        <name>BOMBARDIER INC 7.875% 04/15/27</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
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        <cusip>097751BT7</cusip>
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          <isin value="US097751BT78"/>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>CLOUD SOFTWARE GRP 9% 09/30/29</name>
        <lei>N/A</lei>
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          <isin value="US18912UAA07"/>
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        <name>TRAVEL + LEISURE C 6% 04/01/27</name>
        <lei>T4VNTWMFQ7JQB65L7T35</lei>
        <title>TRAVEL + LEISURE CO REGD 6.00000000</title>
        <cusip>98310WAN8</cusip>
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          <isin value="US98310WAN83"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRANSDIGM INC 7.125% 12/01/31</name>
        <lei>N/A</lei>
        <title>TRANSDIGM INC REGD 144A P/P 7.12500000</title>
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          <isin value="US893647BT37"/>
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        <balance>100000.00000000</balance>
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        <name>CLYDESDALE ACQU 8.75% 04/15/30</name>
        <lei>254900QKSDYFR3K5YD98</lei>
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        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PROPERTIES TRUST REGD 8.37500000</title>
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          <isin value="US81761LAD47"/>
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        <name>TEVA PHARM FIN  6.15% 02/01/36</name>
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        <name>GRAY TELEVISIO 5.375% 11/15/31</name>
        <lei>529900TM5726KDN7UU35</lei>
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        <cusip>389286AA3</cusip>
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        <name>ENOVA INTERNAT 11.25% 12/15/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COMSTOCK RESOUR 6.75% 03/01/29</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>COMSTOCK RESOURCES INC REGD 144A P/P 6.75000000</title>
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          <isin value="US205768AS39"/>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
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      <invstOrSec>
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        <name>ALBERTSONS COS 5.875% 02/15/28</name>
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        <name>RACKSPACE FINANC 3.5% 05/15/28</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FERTITTA ENTERT 6.75% 01/15/30</name>
        <lei>N/A</lei>
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        <name>BCC 2020-3A DRR V/R 10/23/34</name>
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        <name>VIKING CRUISES LTD 7% 02/15/29</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>CLOUD SOFTWARE G 6.5% 03/31/29</name>
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        <name>SUPERIOR PLUS/GE 4.5% 03/15/29</name>
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        <name>CAESARS ENTERTAIN  6% 10/15/32</name>
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        <name>VENTURE GLOBAL 9.875% 02/01/32</name>
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      <invstOrSec>
        <name>TORONTO-DOMINION  V/R 07/31/84</name>
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        <name>MAGNE 2023-39A E V/R 01/25/37</name>
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        <name>ARES 2017-44A CR V/R 04/15/34</name>
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        <name>SUMMIT MIDSTRE 8.625% 10/31/29</name>
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        <name>T/L COTIVITI 0% 02/21/31 /USD/</name>
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        <name>PERFORMANCE FOOD 5.5% 10/15/27</name>
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        <name>CHARLES SCHWAB CORP V/R /PERP/</name>
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        <name>SELECT MEDICAL  6.25% 08/15/26</name>
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        <name>CARVL 2024-3A D1 V/R 10/20/37</name>
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        <name>KODIAK GAS SERV 7.25% 02/15/29</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALTICE FRANCE  8.125% 02/01/27</name>
        <lei>N/A</lei>
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          <isin value="US02156LAA98"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>DISH DBS CORP 5.75% 12/01/28</name>
        <lei>N/A</lei>
        <title>DISH DBS CORP REGD 144A P/P 5.75000000</title>
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          <isin value="US25470XBF15"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CLEVELAND-CLIF 5.875% 06/01/27</name>
        <lei>549300TM2WLI2BJMDD86</lei>
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        <cusip>185899AH4</cusip>
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          <isin value="US185899AH46"/>
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        <curCd>USD</curCd>
        <valUSD>80219.84000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T/L EYECARE PARTNE 0% 11/30/28</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CARNIVAL CORP 10.5% 06/01/30</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
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        <cusip>143658BS0</cusip>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>NUSTAR LOGISTI 6.375% 10/01/30</name>
        <lei>N/A</lei>
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        <cusip>67059TAH8</cusip>
        <identifiers>
          <isin value="US67059TAH86"/>
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        <curCd>USD</curCd>
        <valUSD>245315.71000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CCO HLDGS LLC/CA 4.5% 05/01/32</name>
        <lei>N/A</lei>
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        <cusip>1248EPCN1</cusip>
        <identifiers>
          <isin value="US1248EPCN14"/>
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        <balance>680000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>601340.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>T/L DIGICERT HOLDI 0% 10/16/26</name>
        <lei>N/A</lei>
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        <cusip>24022KAB5</cusip>
        <identifiers>
          <isin value="US24022KAB52"/>
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        <balance>195150.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>191698.77000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CIVITAS RESOURC 8.75% 07/01/31</name>
        <lei>IIVIHPH28S64K95M2381</lei>
        <title>CIVITAS RESOURCES INC REGD 144A P/P 8.75000000</title>
        <cusip>17888HAB9</cusip>
        <identifiers>
          <isin value="US17888HAB96"/>
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        <balance>231000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>245173.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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      <invstOrSec>
        <name>GOEASY LTD 7.625% 07/01/29</name>
        <lei>5493009DJVZG2P8YV435</lei>
        <title>GOEASY LTD REGD 144A P/P 7.62500000</title>
        <cusip>380355AJ6</cusip>
        <identifiers>
          <isin value="US380355AJ63"/>
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        <balance>316000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>328152.27000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
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      <invstOrSec>
        <name>DIVERSIFIED HEA 9.75% 06/15/25</name>
        <lei>N/A</lei>
        <title>DIVERSIFIED HEALTHCARE T REGD 9.75000000</title>
        <cusip>25525PAA5</cusip>
        <identifiers>
          <isin value="US25525PAA57"/>
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        <balance>114000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>114057.84000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BOMBARDIER INC 7% 06/01/32</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC REGD 144A P/P 7.00000000</title>
        <cusip>097751CC3</cusip>
        <identifiers>
          <isin value="US097751CC35"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30650.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>T/L GANNETT HOLD 0% 09/24/29</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <curCd>USD</curCd>
        <valUSD>180228.24000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEWELL BRANDS  6.375% 05/15/30</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NEWELL BRANDS INC REGD 6.37500000</title>
        <cusip>651229BF2</cusip>
        <identifiers>
          <isin value="US651229BF23"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>112321.68000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>SILGAN HOLDING 4.125% 02/01/28</name>
        <lei>KAF673KJXD92C8KSLU49</lei>
        <title>SILGAN HOLDINGS INC REGD 4.12500000</title>
        <cusip>827048AW9</cusip>
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          <isin value="US827048AW93"/>
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        <balance>287000.00000000</balance>
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        <valUSD>276247.26000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>IRON MOUNTAIN INFO 5% 07/15/32</name>
        <lei>N/A</lei>
        <title>IRON MOUNTAIN INFO MGMT REGD 144A P/P 5.00000000</title>
        <cusip>46285MAA8</cusip>
        <identifiers>
          <isin value="US46285MAA80"/>
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        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>117837.05000000</valUSD>
        <pctVal>0.086253204088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>
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      <invstOrSec>
        <name>ONEMAIN FINANC 6.625% 05/15/29</name>
        <lei>N/A</lei>
        <title>ONEMAIN FINANCE CORP REGD 6.62500000</title>
        <cusip>682691AH3</cusip>
        <identifiers>
          <isin value="US682691AH34"/>
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        <balance>119000.00000000</balance>
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        <name>MPT OPER PARTNER 3.5% 03/15/31</name>
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        <name>PLMRS 2022-3A D1 V/R 07/20/37</name>
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        <name>LADDER CAP FIN  4.25% 02/01/27</name>
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        <name>TRNTS 2023-26A D V/R 01/20/35</name>
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      <invstOrSec>
        <name>CSC HOLDINGS LL 5.75% 01/15/30</name>
        <lei>N/A</lei>
        <title>CSC HOLDINGS LLC REGD 144A P/P 5.75000000</title>
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          <isin value="US126307BA42"/>
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        <curCd>USD</curCd>
        <valUSD>589851.61000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RXO INC 7.5% 11/15/27</name>
        <lei>549300KL8CA6GP8XPM30</lei>
        <title>RXO INC REGD 144A P/P 7.50000000</title>
        <cusip>98379JAA3</cusip>
        <identifiers>
          <isin value="US98379JAA34"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51741.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>BALDWIN INSUR  7.125% 05/15/31</name>
        <lei>N/A</lei>
        <title>BALDWIN INSUR GRP/FIN REGD 144A P/P 7.12500000</title>
        <cusip>05825XAA7</cusip>
        <identifiers>
          <isin value="US05825XAA72"/>
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        <balance>255000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>262630.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>T/L CLARIOS GLO 0% 5/6/30</name>
        <lei>N/A</lei>
        <title>T/L CLARIOS GLOBAL LP  REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOANX" value="LX235337"/>
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        <balance>109725.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>110594.02000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-06</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>HILTON GRAND V 4.875% 07/01/31</name>
        <lei>N/A</lei>
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        <cusip>43284MAB4</cusip>
        <identifiers>
          <isin value="US43284MAB46"/>
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        <balance>306000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>276319.69000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CSC HOLDINGS LLC 4.5% 11/15/31</name>
        <lei>N/A</lei>
        <title>CSC HOLDINGS LLC REGD 144A P/P 4.50000000</title>
        <cusip>126307BH9</cusip>
        <identifiers>
          <isin value="US126307BH94"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150992.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CNX MIDSTREAM P 4.75% 04/15/30</name>
        <lei>N/A</lei>
        <title>CNX MIDSTREAM PART LP REGD 144A P/P 4.75000000</title>
        <cusip>12654AAA9</cusip>
        <identifiers>
          <isin value="US12654AAA97"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>186503.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>ARD FINANCE SA 6.5% 06/30/27</name>
        <lei>N/A</lei>
        <title>ARD FINANCE SA REGD 144A P/P 6.50000000</title>
        <cusip>00191AAD8</cusip>
        <identifiers>
          <isin value="US00191AAD81"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42520.00000000</valUSD>
        <pctVal>0.031123371111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VENTURE GLOBAL 3.875% 11/01/33</name>
        <lei>N/A</lei>
        <title>VENTURE GLOBAL CALCASIEU REGD 144A P/P 3.87500000</title>
        <cusip>92328MAC7</cusip>
        <identifiers>
          <isin value="US92328MAC73"/>
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        <balance>110000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>95831.99000000</valUSD>
        <pctVal>0.070146156846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>MEDLINE BORROWE 6.25% 04/01/29</name>
        <lei>N/A</lei>
        <title>MEDLINE BORROWER/MEDL CO REGD 144A P/P 6.25000000</title>
        <cusip>58506DAA6</cusip>
        <identifiers>
          <isin value="US58506DAA63"/>
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        <balance>285000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>290647.97000000</valUSD>
        <pctVal>0.212745640478</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>ZF NA CAPITAL 7.125% 04/14/30</name>
        <lei>N/A</lei>
        <title>ZF NA CAPITAL REGD 144A P/P 7.12500000</title>
        <cusip>98877DAE5</cusip>
        <identifiers>
          <isin value="US98877DAE58"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>149062.50000000</valUSD>
        <pctVal>0.109109301653</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>BRINKER INTERNA 8.25% 07/15/30</name>
        <lei>52990067JY6PBGJNTG76</lei>
        <title>BRINKER INTERNATIONAL IN REGD 144A P/P 8.25000000</title>
        <cusip>109641AK6</cusip>
        <identifiers>
          <isin value="US109641AK67"/>
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        <balance>90000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>95761.82000000</valUSD>
        <pctVal>0.070094794500</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>ADVANCED DRAIN 6.375% 06/15/30</name>
        <lei>6QQTOZ5MF5DHM7K92I60</lei>
        <title>ADVANCED DRAINAGE SYSTEM REGD 144A P/P 6.37500000</title>
        <cusip>00790RAB0</cusip>
        <identifiers>
          <isin value="US00790RAB06"/>
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        <balance>90000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>90822.61000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>UNITED AIRLINE 4.375% 04/15/26</name>
        <lei>N/A</lei>
        <title>UNITED AIRLINES INC REGD 144A P/P 4.37500000</title>
        <cusip>90932LAG2</cusip>
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          <isin value="US90932LAG23"/>
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        <balance>106000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>104561.82000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-15</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>VISTRA OPERATIO 7.75% 10/15/31</name>
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        <cusip>92840VAP7</cusip>
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          <isin value="US92840VAP76"/>
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        <curCd>USD</curCd>
        <valUSD>180732.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>FIRST QUANTUM  9.375% 03/01/29</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FIRST QUANTUM MINERALS L REGD 144A P/P 9.37500000</title>
        <cusip>335934AV7</cusip>
        <identifiers>
          <isin value="US335934AV79"/>
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        <balance>700000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>750548.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.37500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PERMIAN RESOUR 9.875% 07/15/31</name>
        <lei>N/A</lei>
        <title>PERMIAN RESOURC OPTG LLC REGD 144A P/P 9.87500000</title>
        <cusip>27034RAC7</cusip>
        <identifiers>
          <isin value="US27034RAC79"/>
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        <balance>190000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>210769.85000000</valUSD>
        <pctVal>0.154277240373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WINDSOR HOLDINGS 8.5% 06/15/30</name>
        <lei>254900IXUJZ9H146T437</lei>
        <title>WINDSOR HOLDINGS III LLC REGD 144A P/P 8.50000000</title>
        <cusip>97360AAA5</cusip>
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          <isin value="US97360AAA51"/>
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        <curCd>USD</curCd>
        <valUSD>288246.17000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KENNEDY-WILSON  4.75% 02/01/30</name>
        <lei>N/A</lei>
        <title>KENNEDY-WILSON INC REGD 4.75000000</title>
        <cusip>489399AN5</cusip>
        <identifiers>
          <isin value="US489399AN56"/>
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        <balance>41000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37220.44000000</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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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LABL INC 9.5% 11/01/28</name>
        <lei>N/A</lei>
        <title>LABL INC REGD 144A P/P 9.50000000</title>
        <cusip>50168QAE5</cusip>
        <identifiers>
          <isin value="US50168QAE52"/>
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        <balance>127000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>128475.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MINERAL RESOURCE 8.5% 05/01/30</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>MINERAL RESOURCES LTD REGD 144A P/P MTN 8.50000000</title>
        <cusip>603051AD5</cusip>
        <identifiers>
          <isin value="US603051AD53"/>
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        <balance>239000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>244465.39000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>ATLANTICA SUST 4.125% 06/15/28</name>
        <lei>549300ITBBGKJ651R879</lei>
        <title>ATLANTICA SUSTAIN INFRA REGD 144A P/P 4.12500000</title>
        <cusip>04916WAA2</cusip>
        <identifiers>
          <isin value="US04916WAA27"/>
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        <balance>343000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>324656.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CROWN AMERICAS  5.25% 04/01/30</name>
        <lei>N/A</lei>
        <title>CROWN AMERICAS LLC REGD 5.25000000</title>
        <cusip>228180AB1</cusip>
        <identifiers>
          <isin value="US228180AB14"/>
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        <balance>249000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>246028.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FORESTAR GROUP  3.85% 05/15/26</name>
        <lei>N/A</lei>
        <title>FORESTAR GROUP INC REGD 144A P/P 3.85000000</title>
        <cusip>346232AF8</cusip>
        <identifiers>
          <isin value="US346232AF83"/>
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        <balance>120000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>117677.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>VISTRA OPERATI 6.875% 04/15/32</name>
        <lei>N/A</lei>
        <title>VISTRA OPERATIONS CO LLC REGD 144A P/P 6.87500000</title>
        <cusip>92840VAR3</cusip>
        <identifiers>
          <isin value="US92840VAR33"/>
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        <balance>320000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>332277.89000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>PATTERN ENERGY O 4.5% 08/15/28</name>
        <lei>N/A</lei>
        <title>PATTERN ENERGY OP LP/PAT REGD 144A P/P 4.50000000</title>
        <cusip>70339PAA7</cusip>
        <identifiers>
          <isin value="US70339PAA75"/>
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        <balance>435000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>415098.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>BEACON ROOFING S 6.5% 08/01/30</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>BEACON ROOFING SUPPLY IN REGD 144A P/P 6.50000000</title>
        <cusip>073685AK5</cusip>
        <identifiers>
          <isin value="US073685AK54"/>
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        <balance>90000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>92336.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>SUNNOVA ENERGY 5.875% 09/01/26</name>
        <lei>N/A</lei>
        <title>SUNNOVA ENERGY CORP REGD 144A P/P 5.87500000</title>
        <cusip>86745GAF0</cusip>
        <identifiers>
          <isin value="US86745GAF00"/>
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        <balance>190000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>164009.24000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VIKING CRUISES 9.125% 07/15/31</name>
        <lei>N/A</lei>
        <title>VIKING CRUISES LTD REGD 144A P/P 9.12500000</title>
        <cusip>92676XAG2</cusip>
        <identifiers>
          <isin value="US92676XAG25"/>
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        <balance>420000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>454998.60000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMMSCOPE TECH LLC 6% 06/15/25</name>
        <lei>N/A</lei>
        <title>COMMSCOPE TECH LLC REGD P/P 6.00000000</title>
        <cusip>20337YAA5</cusip>
        <identifiers>
          <isin value="US20337YAA55"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>195886.41000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-15</maturityDt>
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        <name>MAGNERA CORP 4.75% 11/15/29</name>
        <lei>549300LDQLQBT38QDY28</lei>
        <title>MAGNERA CORP REGD 144A P/P 4.75000000</title>
        <cusip>377320AA4</cusip>
        <identifiers>
          <isin value="US377320AA45"/>
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        <balance>316000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>284329.46000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
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        <name>HOWARD MIDSTRE 8.875% 07/15/28</name>
        <lei>N/A</lei>
        <title>HOWARD MIDSTREAM ENERGY REGD 144A P/P 8.87500000</title>
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          <isin value="US442722AB08"/>
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        <valUSD>127499.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
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        <name>TENET HEALTHCAR 4.25% 06/01/29</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE CORP REGD 4.25000000</title>
        <cusip>88033GDM9</cusip>
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          <isin value="US88033GDM96"/>
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        <valUSD>226810.70000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>HERTZ CORP/THE 4.625% 12/01/26</name>
        <lei>N/A</lei>
        <title>HERTZ CORP/THE REGD 144A P/P 4.62500000</title>
        <cusip>428040DA4</cusip>
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          <isin value="US428040DA42"/>
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        <balance>587000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>508359.42000000</valUSD>
        <pctVal>0.372103924899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>BAUSCH HEALTH  6.125% 02/01/27</name>
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        <name>MVW 2015-9A CR V/R 07/15/31</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NCL CORPORATIO 3.625% 12/15/24</name>
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          <isin value="US62886HAP64"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HAT HOLDINGS I LLC 8% 06/15/27</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ROYAL CARIBBEAN CR 6% 02/01/33</name>
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          <isin value="US780153BV38"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RYAN SPECIALTY 5.875% 08/01/32</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US78351GAA31"/>
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        <fairValLevel>2</fairValLevel>
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        <name>EQM MIDSTREAM PA 6.5% 07/15/48</name>
        <lei>N/A</lei>
        <title>EQM MIDSTREAM PARTNERS L REGD SER 30Y 6.50000000</title>
        <cusip>26885BAE0</cusip>
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          <isin value="US26885BAE02"/>
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        <fairValLevel>2</fairValLevel>
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        <name>RYAN SPECIALTY 4.375% 02/01/30</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EQM MIDSTREAM PA 7.5% 06/01/27</name>
        <lei>N/A</lei>
        <title>EQM MIDSTREAM PARTNERS L REGD 144A P/P 7.50000000</title>
        <cusip>26885BAM2</cusip>
        <identifiers>
          <isin value="US26885BAM28"/>
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        <balance>27000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27759.22000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>TEVA PHARMACEU 5.125% 05/09/29</name>
        <lei>N/A</lei>
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        <cusip>88167AAQ4</cusip>
        <identifiers>
          <isin value="US88167AAQ40"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>245487.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-09</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>METHANEX US OPE 6.25% 03/15/32</name>
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        <cusip>59151LAA4</cusip>
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          <isin value="US59151LAA44"/>
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        <name>BAUSCH HEALTH C 5.25% 01/30/30</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
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        <cusip>071734AJ6</cusip>
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        <invCountry>CA</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>HESS MIDSTREAM  4.25% 02/15/30</name>
        <lei>N/A</lei>
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        <cusip>428102AE7</cusip>
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          <isin value="US428102AE79"/>
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        <valUSD>235246.49000000</valUSD>
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        <name>DRAFTKINGS HOLDIN ZCP 03/15/28</name>
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        <name>CHORD ENERGY C 6.375% 06/01/26</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
        <title>CHORD ENERGY CORP REGD 144A P/P 6.37500000</title>
        <cusip>674215AL2</cusip>
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      <invstOrSec>
        <name>MEDLINE BORROWE 5.25% 10/01/29</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDLINE BORROWER LP REGD 144A P/P 5.25000000</title>
        <cusip>62482BAB8</cusip>
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          <isin value="US62482BAB80"/>
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        <curCd>USD</curCd>
        <valUSD>224734.15000000</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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      <invstOrSec>
        <name>VIASAT INC 5.625% 04/15/27</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
        <title>VIASAT INC REGD 144A P/P 5.62500000</title>
        <cusip>92552VAL4</cusip>
        <identifiers>
          <isin value="US92552VAL45"/>
        </identifiers>
        <balance>73000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>69717.50000000</valUSD>
        <pctVal>0.051031129479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREYSTAR REAL E 7.75% 09/01/30</name>
        <lei>254900HGC806SXAS4M46</lei>
        <title>GREYSTAR REAL ESTATE PAR REGD 144A P/P 7.75000000</title>
        <cusip>39807UAD8</cusip>
        <identifiers>
          <isin value="US39807UAD81"/>
        </identifiers>
        <balance>210000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>222473.23000000</valUSD>
        <pctVal>0.162843765279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>UNITI GROUP/CSL  6.5% 02/15/29</name>
        <lei>N/A</lei>
        <title>UNITI GROUP/CSL CAPITAL REGD 144A P/P 6.50000000</title>
        <cusip>91327BAA8</cusip>
        <identifiers>
          <isin value="US91327BAA89"/>
        </identifiers>
        <balance>310000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>272190.14000000</valUSD>
        <pctVal>0.199235059739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>T/L SEDGWICK CLA 0% 07/31/31</name>
        <lei>N/A</lei>
        <title>T/L SEDGWICK CLAIMS MANAGEMENT SERVICES INC REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOANX" value="LX211038"/>
        </identifiers>
        <balance>240000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>241983.60000000</valUSD>
        <pctVal>0.177124773887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.58537000</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>MATTAMY GROUP  4.625% 03/01/30</name>
        <lei>5493008TNY7A82WCXU31</lei>
        <title>MATTAMY GROUP CORP REGD 144A P/P 4.62500000</title>
        <cusip>57701RAM4</cusip>
        <identifiers>
          <isin value="US57701RAM43"/>
        </identifiers>
        <balance>130000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>122840.80000000</valUSD>
        <pctVal>0.089915799765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LBM ACQUISITION 6.25% 01/15/29</name>
        <lei>549300FAEB3VWZL4NI86</lei>
        <title>LBM ACQUISITION LLC REGD 144A P/P 6.25000000</title>
        <cusip>05552BAA4</cusip>
        <identifiers>
          <isin value="US05552BAA44"/>
        </identifiers>
        <balance>610000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>571333.94000000</valUSD>
        <pctVal>0.418199394243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</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>EQUIPMENTSHARE.COM 8% 03/15/33</name>
        <lei>254900PWJK48CGPKPI80</lei>
        <title>EQUIPMENTSHARE.COM INC REGD 144A P/P 8.00000000</title>
        <cusip>29450YAC3</cusip>
        <identifiers>
          <isin value="US29450YAC30"/>
        </identifiers>
        <balance>240000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>245905.92000000</valUSD>
        <pctVal>0.179995795077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</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>ROLLER BEARING 4.375% 10/15/29</name>
        <lei>N/A</lei>
        <title>ROLLER BEARING CO OF AME REGD 144A P/P 4.37500000</title>
        <cusip>775631AD6</cusip>
        <identifiers>
          <isin value="US775631AD66"/>
        </identifiers>
        <balance>230000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>217012.66000000</valUSD>
        <pctVal>0.158846790994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HELIOS SOFT/IO 4.625% 05/01/28</name>
        <lei>N/A</lei>
        <title>HELIOS SOFT/ION CORP SOL REGD 144A P/P 4.62500000</title>
        <cusip>42329HAA6</cusip>
        <identifiers>
          <isin value="US42329HAA68"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>420549.98000000</valUSD>
        <pctVal>0.307830035242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BREAD FINANCIAL 9.75% 03/15/29</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>BREAD FINANCIAL HLDGS REGD 144A P/P 9.75000000</title>
        <cusip>018581AP3</cusip>
        <identifiers>
          <isin value="US018581AP34"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>322383.89000000</valUSD>
        <pctVal>0.235975386849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</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>EQM MIDSTREAM PA 7.5% 06/01/30</name>
        <lei>N/A</lei>
        <title>EQM MIDSTREAM PARTNERS L REGD 144A P/P 7.50000000</title>
        <cusip>26885BAN0</cusip>
        <identifiers>
          <isin value="US26885BAN01"/>
        </identifiers>
        <balance>254000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>275033.49000000</valUSD>
        <pctVal>0.201316307087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORTRESS INTERME 7.5% 06/01/31</name>
        <lei>N/A</lei>
        <title>FORTRESS INTERMEDIATE REGD 144A P/P 7.50000000</title>
        <cusip>34966MAA0</cusip>
        <identifiers>
          <isin value="US34966MAA09"/>
        </identifiers>
        <balance>260000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>269773.14000000</valUSD>
        <pctVal>0.197465887868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VISTAJET MALTA 7.875% 05/01/27</name>
        <lei>N/A</lei>
        <title>VISTAJET MALTA/VM HOLDS REGD 144A P/P 7.87500000</title>
        <cusip>92840JAD1</cusip>
        <identifiers>
          <isin value="US92840JAD19"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>78728.39000000</valUSD>
        <pctVal>0.057626832055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARDAGH METAL PACKA 4% 09/01/29</name>
        <lei>N/A</lei>
        <title>ARDAGH METAL PACKAGING REGD 144A P/P 4.00000000</title>
        <cusip>03969YAB4</cusip>
        <identifiers>
          <isin value="US03969YAB48"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>217336.82000000</valUSD>
        <pctVal>0.159084066440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MCAFEE CORP 7.375% 02/15/30</name>
        <lei>2549009UKR8UEZYVCR93</lei>
        <title>MCAFEE CORP REGD 144A P/P 7.37500000</title>
        <cusip>579063AB4</cusip>
        <identifiers>
          <isin value="US579063AB46"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>632596.87000000</valUSD>
        <pctVal>0.463042030786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Morgan Stanley Pathway Funds</ncom:nameOfApplicant>
      <ncom:signature>Francis Smith</ncom:signature>
      <ncom:signerName>Francis Smith</ncom:signerName>
      <ncom:title>Chief Financial Officer </ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
