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      <invstOrSec>
        <name>EDGEWELL PERSO 4.125% 04/01/29</name>
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      <invstOrSec>
        <name>SPECIALTY BUILD 7.75% 10/15/29</name>
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          <isin value="US84749AAC18"/>
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        <name>SERVICE PROPER 8.625% 11/15/31</name>
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          <isin value="US81761LAC63"/>
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          <isin value="US857691AJ89"/>
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          <isin value="US185899AR28"/>
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        <name>HOWDEN UK REFIN 7.25% 02/15/31</name>
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        <name>ALBERTSONS COS/S 3.5% 03/15/29</name>
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        <name>VMED O2 UK FINA 4.75% 07/15/31</name>
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        <name>DELUXE CORP 8.125% 09/15/29</name>
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        <name>MURPHY OIL USA  3.75% 02/15/31</name>
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        <name>SIRIUS XM RADIO LL 4% 07/15/28</name>
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        <name>UNIVISION COMMUN 8.5% 07/31/31</name>
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        <name>TRAVEL + LEISURE 4.5% 12/01/29</name>
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        <name>OPEN TEXT CORP 3.875% 12/01/29</name>
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      <invstOrSec>
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        <cusip>143658BN1</cusip>
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      <invstOrSec>
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        <cusip>17888HAD5</cusip>
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      <invstOrSec>
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          <isin value="US143658BW12"/>
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        <lei>N/A</lei>
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        <valUSD>428649.70000000</valUSD>
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        <name>TALOS PRODUCTI 9.375% 02/01/31</name>
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        <cusip>87485LAE4</cusip>
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        <name>DELUXE CORP 8% 06/01/29</name>
        <lei>KWGNKB8TX9LE5TV29231</lei>
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        <cusip>248019AU5</cusip>
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          <isin value="US248019AU57"/>
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          <isin value="US33767DAD75"/>
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        <name>ENTEGRIS INC 5.95% 06/15/30</name>
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        <name>ROGERS COMMUNICAT V/R 04/15/55</name>
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        <name>WALKER &amp; DUNLO 6.625% 04/01/33</name>
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        <name>NRG ENERGY INC 6.25% 11/01/34</name>
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      <invstOrSec>
        <name>KOHL'S CORPORA 5.125% 05/01/31</name>
        <lei>549300JF6LPRTRJ0FH50</lei>
        <title>KOHL'S CORPORATION REGD 5.12500000</title>
        <cusip>500255AX2</cusip>
        <identifiers>
          <isin value="US500255AX28"/>
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        <balance>1417000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>911799.14000000</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>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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        <curCd>USD</curCd>
        <valUSD>242299.02000000</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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        <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>905000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>765644.33000000</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>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>STAR LEASING C 7.625% 02/15/30</name>
        <lei>549300WXKNX4PT3HSN71</lei>
        <title>STAR LEASING CO LLC REGD 144A P/P 7.62500000</title>
        <cusip>854938AA5</cusip>
        <identifiers>
          <isin value="US854938AA54"/>
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        <balance>670000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>631051.04000000</valUSD>
        <pctVal>0.464714346089</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>7.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>PA</units>
        <curCd>USD</curCd>
        <valUSD>389363.58000000</valUSD>
        <pctVal>0.286732498643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <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>PA</units>
        <curCd>USD</curCd>
        <valUSD>484308.73000000</valUSD>
        <pctVal>0.356651364946</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>
          <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>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>PA</units>
        <curCd>USD</curCd>
        <valUSD>201000.07000000</valUSD>
        <pctVal>0.148019114418</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>
        <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>PA</units>
        <curCd>USD</curCd>
        <valUSD>248799.84000000</valUSD>
        <pctVal>0.183219498303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JONES DESLAURIER 8.5% 03/15/30</name>
        <lei>549300JQIWNFU00E5424</lei>
        <title>JONES DESLAURIERS INSURA REGD 144A P/P 8.50000000</title>
        <cusip>48020RAB1</cusip>
        <identifiers>
          <isin value="US48020RAB15"/>
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        <balance>557000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>585220.96000000</valUSD>
        <pctVal>0.430964468015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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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>
        <cusip>45074JAA2</cusip>
        <identifiers>
          <isin value="US45074JAA25"/>
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        <balance>1220000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1139834.41000000</valUSD>
        <pctVal>0.839389160174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>CAPSTONE BORROWER  8% 06/15/30</name>
        <lei>254900YSP2BAI3YKIX08</lei>
        <title>CAPSTONE BORROWER INC REGD 144A P/P 8.00000000</title>
        <cusip>140944AA7</cusip>
        <identifiers>
          <isin value="US140944AA76"/>
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        <balance>635000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>656492.85000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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        <name>STANDARD INDUS 3.375% 01/15/31</name>
        <lei>N/A</lei>
        <title>STANDARD INDUSTRI INC/NY REGD 144A P/P 3.37500000</title>
        <cusip>853496AH0</cusip>
        <identifiers>
          <isin value="US853496AH04"/>
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        <balance>615000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>544623.95000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>HERC HOLDINGS E 7.25% 06/15/33</name>
        <lei>N/A</lei>
        <title>HERC HOLDINGS ESCROW INC REGD 144A P/P 7.25000000</title>
        <cusip>42703NAB7</cusip>
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          <isin value="US42703NAB73"/>
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        <balance>455000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>468732.87000000</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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        <name>STANDARD INDUSTRI  5% 02/15/27</name>
        <lei>N/A</lei>
        <title>STANDARD INDUSTRI INC/NY REGD 144A P/P 5.00000000</title>
        <cusip>853496AC1</cusip>
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          <isin value="US853496AC17"/>
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        <balance>252000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250436.94000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>GENESIS ENERGY  8.25% 01/15/29</name>
        <lei>N/A</lei>
        <title>GENESIS ENERGY LP/FIN REGD 8.25000000</title>
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          <isin value="US37185LAP76"/>
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        <balance>349000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>361457.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <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>
        <identifiers>
          <isin value="US431318AZ78"/>
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        <balance>590000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>536022.43000000</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>
          <annualizedRt>6.25000000</annualizedRt>
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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>
        <identifiers>
          <isin value="US914906AX08"/>
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        <balance>112000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>104782.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>ARDAGH METAL PACKA 6% 06/15/27</name>
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        <title>ARDAGH METAL PACKAGING REGD 144A P/P 6.00000000</title>
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        <identifiers>
          <isin value="US03969YAC21"/>
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      <invstOrSec>
        <name>GOEASY LTD 6.875% 05/15/30</name>
        <lei>5493009DJVZG2P8YV435</lei>
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        <cusip>380355AM9</cusip>
        <identifiers>
          <isin value="US380355AM92"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MATCH GROUP HL 3.625% 10/01/31</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US57667JAA07"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VIRGIN MEDIA FINAN 5% 07/15/30</name>
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        <cusip>92769VAJ8</cusip>
        <identifiers>
          <isin value="US92769VAJ89"/>
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        <balance>817000.00000000</balance>
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        <valUSD>741476.95000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>ESC CB144A P 7.5% 04/01/27</name>
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        <title>ESC CB144A PAR PHARMAC REGD    144A P/P 7.50000000</title>
        <cusip>698ESCAA8</cusip>
        <identifiers>
          <isin value="US698ESCAA82"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CUSHMAN &amp; WAKEF 6.75% 05/15/28</name>
        <lei>N/A</lei>
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        <cusip>23166MAA1</cusip>
        <identifiers>
          <isin value="US23166MAA18"/>
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        <balance>338000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>339686.58000000</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>CLEVELAND-CLIFF 6.25% 10/01/40</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS INC REGD 6.25000000</title>
        <cusip>18683KAC5</cusip>
        <identifiers>
          <isin value="US18683KAC53"/>
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        <balance>48000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34902.89000000</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>HOWARD MIDSTRE 7.375% 07/15/32</name>
        <lei>N/A</lei>
        <title>HOWARD MIDSTREAM ENERGY REGD 144A P/P 7.37500000</title>
        <cusip>442722AC8</cusip>
        <identifiers>
          <isin value="US442722AC80"/>
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        <balance>775000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>802700.83000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KENNEDY-WILSON  4.75% 03/01/29</name>
        <lei>N/A</lei>
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          <isin value="US489399AL90"/>
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        <balance>925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>850474.60000000</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>CCO HLDGS LLC/ 6.375% 09/01/29</name>
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        <cusip>1248EPCS0</cusip>
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          <isin value="US1248EPCS01"/>
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        <balance>509000.00000000</balance>
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        <name>VISTRA OPERATION 4.3% 07/15/29</name>
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        <name>SOTERA HEALTH  7.375% 06/01/31</name>
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        <name>NRG ENERGY INC 5.75% 01/15/28</name>
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        <name>CONCENTRA HEAL 6.875% 07/15/32</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STONEPEAK NILE  7.25% 03/15/32</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <lei>529900IS770AG1K9QG27</lei>
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          <isin value="US81761LAE20"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
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        <name>RFNA LP 7.875% 02/15/30</name>
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        <cusip>74984AAA0</cusip>
        <identifiers>
          <isin value="US74984AAA07"/>
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        <name>HAT HOLDINGS I 3.375% 06/15/26</name>
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        <name>TELESAT CANADA 4.875% 06/01/27</name>
        <lei>N/A</lei>
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        <name>MINERAL RESOURC 9.25% 10/01/28</name>
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        <cusip>603051AE3</cusip>
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        <name>IMOLA MERGER CO 4.75% 05/15/29</name>
        <lei>N/A</lei>
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        <cusip>45258LAA5</cusip>
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          <isin value="US45258LAA52"/>
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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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        <fairValLevel>2</fairValLevel>
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        <name>TRAVEL + LEISURE C 6% 04/01/27</name>
        <lei>T4VNTWMFQ7JQB65L7T35</lei>
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        <cusip>98310WAN8</cusip>
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        <curCd>USD</curCd>
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        <name>CLYDESDALE ACQU 8.75% 04/15/30</name>
        <lei>254900QKSDYFR3K5YD98</lei>
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        <cusip>18972EAB1</cusip>
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          <isin value="US18972EAB11"/>
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        <name>SERVICE PROPER 8.375% 06/15/29</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PROPERTIES TRUST REGD 8.37500000</title>
        <cusip>81761LAD4</cusip>
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          <isin value="US81761LAD47"/>
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        <name>HILCORP ENERGY 8.375% 11/01/33</name>
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        <cusip>431318BC7</cusip>
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        <name>ANTERO MIDSTREA 5.75% 01/15/28</name>
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        <name>EXCELERATE ENERGY  8% 05/15/30</name>
        <lei>LGL4IE90TNTFYJ55BK06</lei>
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        <valUSD>553034.43000000</valUSD>
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        <name>ONT GAMING GTA/OTG 8% 08/01/30</name>
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      <invstOrSec>
        <name>PARAMOUNT GLOBAL V/R 03/30/62</name>
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        <name>TTM TECHNOLOGIES I 4% 03/01/29</name>
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      <invstOrSec>
        <name>APOLLO CMMRL R 4.625% 06/15/29</name>
        <lei>549300E0AN7M2AQHSY29</lei>
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        <cusip>03762UAD7</cusip>
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        <name>PERFORMANCE FOOD 5.5% 10/15/27</name>
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          <isin value="US69346VAA70"/>
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        <name>KODIAK GAS SERV 7.25% 02/15/29</name>
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        <name>CROWN AMERICAS 5.875% 06/01/33</name>
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        <lei>5493009DJVZG2P8YV435</lei>
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        <name>T/L GANNETT HOLD 0% 09/24/29</name>
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        <lei>KAF673KJXD92C8KSLU49</lei>
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          <isin value="US18539UAE55"/>
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        <name>BELL CANADA V/R 09/15/55</name>
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        <name>ZAYO GROUP HOL 6.125% 03/01/28</name>
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        <name>JANE STREET GR 6.125% 11/01/32</name>
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          <isin value="US47077WAD02"/>
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        <name>ION TRADING TEC 5.75% 05/15/28</name>
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          <isin value="US46205YAA91"/>
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        <invCountry>LU</invCountry>
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          <isin value="US50203TAA43"/>
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        <name>HLF FIN SARL L 4.875% 06/01/29</name>
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      <invstOrSec>
        <name>ILIAD HOLDING SAS 7% 10/15/28</name>
        <lei>9695009PXA7OI9NXN582</lei>
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          <isin value="US449691AC82"/>
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        <name>TEVA PHARMACEUTICA 6% 12/01/32</name>
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        <name>WILDFIRE INTERME 7.5% 10/15/29</name>
        <lei>5493003RHEMQJZEXIR02</lei>
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        <cusip>96812HAA6</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GEN DIGITAL INC 6.25% 04/01/33</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
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        <cusip>668771AM0</cusip>
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        <name>CSC HOLDINGS LL 5.75% 01/15/30</name>
        <lei>N/A</lei>
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        <cusip>126307BA4</cusip>
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          <isin value="US126307BA42"/>
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        <name>BELL CANADA V/R 09/15/55</name>
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        <invCountry>CA</invCountry>
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        <name>HILTON GRAND V 4.875% 07/01/31</name>
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        <name>CSC HOLDINGS LLC 4.5% 11/15/31</name>
        <lei>N/A</lei>
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        <name>MEDLINE BORROWE 6.25% 04/01/29</name>
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        <name>ARDAGH METAL PA 3.25% 09/01/28</name>
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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>
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        <valUSD>667079.91000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VENTURE GLOBAL 8.375% 06/01/31</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENTURE GLOBAL LNG INC REGD 144A P/P 8.37500000</title>
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          <isin value="US92332YAB74"/>
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        <valUSD>1061482.79000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <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>
        <identifiers>
          <isin value="US90932LAG23"/>
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        <balance>106000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>104813.09000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>VISTRA OPERATIO 7.75% 10/15/31</name>
        <lei>N/A</lei>
        <title>VISTRA OPERATIONS CO LLC REGD 144A P/P 7.75000000</title>
        <cusip>92840VAP7</cusip>
        <identifiers>
          <isin value="US92840VAP76"/>
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        <balance>170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>180370.85000000</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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      <invstOrSec>
        <name>GEN DIGITAL IN 7.125% 09/30/30</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>GEN DIGITAL INC REGD 144A P/P 7.12500000</title>
        <cusip>668771AL2</cusip>
        <identifiers>
          <isin value="US668771AL22"/>
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        <balance>198000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>204517.57000000</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>7.12500000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CONNECT FINCO SARL 9% 09/15/29</name>
        <lei>N/A</lei>
        <title>CONNECT FINCO SARL/CONNE REGD 144A P/P 9.00000000</title>
        <cusip>20752TAB0</cusip>
        <identifiers>
          <isin value="US20752TAB08"/>
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        <balance>715000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>682285.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LADDER CAP FIN LLL 7% 07/15/31</name>
        <lei>N/A</lei>
        <title>LADDER CAP FIN LLLP/CORP REGD 144A P/P 7.00000000</title>
        <cusip>505742AR7</cusip>
        <identifiers>
          <isin value="US505742AR75"/>
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        <balance>340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>352751.70000000</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>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SABLE INTL FIN 7.125% 10/15/32</name>
        <lei>N/A</lei>
        <title>SABLE INTL FINANCE LTD REGD 144A P/P 7.12500000</title>
        <cusip>785712AK6</cusip>
        <identifiers>
          <isin value="US785712AK68"/>
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        <balance>535000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>526139.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CSC HOLDINGS LLC 6.5% 02/01/29</name>
        <lei>N/A</lei>
        <title>CSC HOLDINGS LLC REGD 144A P/P 6.50000000</title>
        <cusip>126307AZ0</cusip>
        <identifiers>
          <isin value="US126307AZ02"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>159800.52000000</valUSD>
        <pctVal>0.117679219982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TEVA PHARM FIN  5.75% 12/01/30</name>
        <lei>N/A</lei>
        <title>TEVA PHARM FIN IV REGD 5.75000000</title>
        <cusip>881937AA4</cusip>
        <identifiers>
          <isin value="US881937AA41"/>
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        <balance>325000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>328436.10000000</valUSD>
        <pctVal>0.241864695197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>WESCO DISTRIBU 6.375% 03/15/33</name>
        <lei>N/A</lei>
        <title>WESCO DISTRIBUTION INC REGD 144A P/P 6.37500000</title>
        <cusip>95081QAS3</cusip>
        <identifiers>
          <isin value="US95081QAS30"/>
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        <balance>504000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>513716.62000000</valUSD>
        <pctVal>0.378307724741</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>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>ALLIANT HOLD / C 6.5% 10/01/31</name>
        <lei>N/A</lei>
        <title>ALLIANT HOLD / CO-ISSUER REGD 144A P/P 6.50000000</title>
        <cusip>01883LAG8</cusip>
        <identifiers>
          <isin value="US01883LAG86"/>
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        <balance>590000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>595471.66000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>FMG RESOURCES  4.375% 04/01/31</name>
        <lei>N/A</lei>
        <title>FMG RESOURCES AUG 2006 REGD 144A P/P 4.37500000</title>
        <cusip>30251GBC0</cusip>
        <identifiers>
          <isin value="US30251GBC06"/>
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        <balance>1160000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1063392.65000000</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>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36425.43000000</valUSD>
        <pctVal>0.026824169220</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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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>639000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>633510.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>638000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>612532.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      </invstOrSec>
      <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>474000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>472496.05000000</valUSD>
        <pctVal>0.347952350899</pctVal>
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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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>CIVITAS RESOUR 8.625% 11/01/30</name>
        <lei>IIVIHPH28S64K95M2381</lei>
        <title>CIVITAS RESOURCES INC REGD 144A P/P 8.62500000</title>
        <cusip>17888HAC7</cusip>
        <identifiers>
          <isin value="US17888HAC79"/>
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        <balance>397000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>391916.34000000</valUSD>
        <pctVal>0.288612384926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <lei>ZW1LRE7C3H17O2ZN9B45</lei>
        <title>ATI INC REGD 5.12500000</title>
        <cusip>01741RAM4</cusip>
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      <invstOrSec>
        <name>NCR VOYIX CORP 5.125% 04/15/29</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR VOYIX CORP REGD 144A P/P 5.12500000</title>
        <cusip>62886EBA5</cusip>
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          <isin value="US62886EBA55"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VOYAGER PARENT  9.25% 07/01/32</name>
        <lei>2549002DYVI4ACSV4V71</lei>
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        <cusip>92921EAA0</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAESARS ENTERT 4.625% 10/15/29</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTERTAIN INC REGD 144A P/P 4.62500000</title>
        <cusip>12769GAA8</cusip>
        <identifiers>
          <isin value="US12769GAA85"/>
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        <curCd>USD</curCd>
        <valUSD>145972.34000000</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 LLC 4.75% 09/01/29</name>
        <lei>N/A</lei>
        <title>COMMSCOPE LLC REGD 144A P/P 4.75000000</title>
        <cusip>203372AX5</cusip>
        <identifiers>
          <isin value="US203372AX50"/>
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        <curCd>USD</curCd>
        <valUSD>1917.83000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>XPLR INFRAST OPE 4.5% 09/15/27</name>
        <lei>N/A</lei>
        <title>XPLR INFRAST OPERATING REGD 144A P/P 4.50000000</title>
        <cusip>65342QAB8</cusip>
        <identifiers>
          <isin value="US65342QAB86"/>
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        <curCd>USD</curCd>
        <valUSD>430648.88000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HERTZ CORP/TH 12.625% 07/15/29</name>
        <lei>N/A</lei>
        <title>HERTZ CORP/THE REGD 144A P/P 12.62500000</title>
        <cusip>428040DC0</cusip>
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          <isin value="US428040DC08"/>
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        <balance>315000.00000000</balance>
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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>CRESCENT ENERG 7.625% 04/01/32</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>CRESCENT ENERGY FINANCE REGD 144A P/P 7.62500000</title>
        <cusip>45344LAD5</cusip>
        <identifiers>
          <isin value="US45344LAD55"/>
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        <balance>387000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>365146.61000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GRUBHUB HOLDINGS 5.5% 07/01/27</name>
        <lei>N/A</lei>
        <title>GRUBHUB HOLDINGS INC REGD 144A P/P 5.50000000</title>
        <cusip>40010PAA6</cusip>
        <identifiers>
          <isin value="US40010PAA66"/>
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        <balance>784000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>724875.82000000</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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      <invstOrSec>
        <name>AIRCASTLE LTD V/R /PERP/</name>
        <lei>549300PNK8AKY3OIKP58</lei>
        <title>AIRCASTLE LTD REGD V/R /PERP/ 144A P/P 5.25000000</title>
        <cusip>00928QAW1</cusip>
        <identifiers>
          <isin value="US00928QAW15"/>
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        <balance>735000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>731708.74000000</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>COGENT COMM GROUP  7% 06/15/27</name>
        <lei>N/A</lei>
        <title>COGENT COMM GROUP LLC REGD 144A P/P 7.00000000</title>
        <cusip>19240CAE3</cusip>
        <identifiers>
          <isin value="US19240CAE30"/>
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        <balance>210000.00000000</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>HAT HOLDINGS I LLC 8% 06/15/27</name>
        <lei>N/A</lei>
        <title>HAT HOLDINGS I LLC/HAT REGD 144A P/P 8.00000000</title>
        <cusip>418751AL7</cusip>
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          <isin value="US418751AL75"/>
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        <balance>575000.00000000</balance>
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        <valUSD>592507.60000000</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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        <name>ROYAL CARIBBEAN CR 6% 02/01/33</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
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        <cusip>780153BV3</cusip>
        <identifiers>
          <isin value="US780153BV38"/>
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        <valUSD>737718.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <name>METHANEX US OPE 6.25% 03/15/32</name>
        <lei>N/A</lei>
        <title>METHANEX US OPERATIONS REGD 144A P/P 6.25000000</title>
        <cusip>59151LAA4</cusip>
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          <isin value="US59151LAA44"/>
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        <valUSD>774861.60000000</valUSD>
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        <name>VENTURE GLOBAL  7.75% 05/01/35</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GLOBAL PLAQUE REGD 144A P/P 7.75000000</title>
        <cusip>922966AB2</cusip>
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          <isin value="US922966AB20"/>
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        <name>GENESIS ENERGY LP/ 8% 05/15/33</name>
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          <isin value="US37185LAR33"/>
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        <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>
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        <valUSD>526105.31000000</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>
          <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>371000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>349428.95000000</valUSD>
        <pctVal>0.257324108052</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>686000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>551481.92000000</valUSD>
        <pctVal>0.406118591980</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>395000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>406187.19000000</valUSD>
        <pctVal>0.299121627928</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>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>PA</units>
        <curCd>USD</curCd>
        <valUSD>428553.18000000</valUSD>
        <pctVal>0.315592239271</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>CLYDESDALE ACQU 6.75% 04/15/32</name>
        <lei>254900QKSDYFR3K5YD98</lei>
        <title>CLYDESDALE ACQUISITION REGD 144A P/P 6.75000000</title>
        <cusip>18972EAD7</cusip>
        <identifiers>
          <isin value="US18972EAD76"/>
        </identifiers>
        <balance>105000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>106142.51000000</valUSD>
        <pctVal>0.078164750551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>6.75000000</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>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>345000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>368074.64000000</valUSD>
        <pctVal>0.271055041188</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>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>520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>538075.20000000</valUSD>
        <pctVal>0.396245705758</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-06-30</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>
