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        <name>CELANESE US HLDGS. 6.50%</name>
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        <name>1261229 BC LTD 10.00%</name>
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        <name>OT MIDCO LTD 10.00%</name>
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        <name>WEX INC 6.50%</name>
        <lei>T9M5IGROL1TL1G5OV478</lei>
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        <name>ALVOGEN PHARMA PIK TL</name>
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        <name>AXON ENT. INC 6.25%</name>
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        <name>CAPSTONE COPPER COR 6.75%</name>
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        <name>XPLR INFRA. OPERAT 8.375%</name>
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        <name>ENCORE CAP. GRP. IN 9.25%</name>
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        <name>BAYTEX ENERGY CORP 7.375%</name>
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        <name>BRINK S CO/THE 6.50%</name>
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        <name>WILLIAMS SCOTSMAN 6.625%</name>
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        <title>WILLIAMS SCOTSMAN 6.625%</title>
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        <name>CONSTELLIUM SE 6.375%</name>
        <lei>724500KRJEMC79KAAU28</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>MANITOWOC CO INC/TH 9.25%</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GEE AUTOMOTIVE HLDG 7.25%</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SM ENERGY CO 6.625%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>MOOG INC 5.50%</name>
        <lei>549300WM2I4U7OBAHG07</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CYPRIUM CORP / CYP 6.125%</name>
        <lei>254900V7LN9S9W17X250</lei>
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        <cusip>23292NAA6</cusip>
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          <ticker value="VGNT"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-04-15</maturityDt>
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      <invstOrSec>
        <name>BOMBARDIER INC 7.25%</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC 7.25%</title>
        <cusip>097751CB5</cusip>
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          <isin value="US097751CB51"/>
          <ticker value="BBDBCN"/>
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        <balance>2595000</balance>
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        <valUSD>2719344.62</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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      <invstOrSec>
        <name>GRAY TELEVISION IN 10.50%</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY TELEVISION IN 10.50%</title>
        <cusip>389375AM8</cusip>
        <identifiers>
          <isin value="US389375AM81"/>
          <ticker value="GTN"/>
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        <balance>4742000</balance>
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        <curCd>USD</curCd>
        <valUSD>5039088.58</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>2029-07-15</maturityDt>
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      <invstOrSec>
        <name>ENOVA INTL. INC 9.125%</name>
        <lei>549300O8XOCQSB49UO63</lei>
        <title>ENOVA INTL. INC 9.125%</title>
        <cusip>29357KAK9</cusip>
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          <ticker value="ENVA"/>
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        <balance>8305000</balance>
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        <curCd>USD</curCd>
        <valUSD>8496712.62</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>2029-08-01</maturityDt>
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      <invstOrSec>
        <name>ARCOSA INC 6.875%</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>ARCOSA INC 6.875%</title>
        <cusip>039653AC4</cusip>
        <identifiers>
          <isin value="US039653AC46"/>
          <ticker value="ACA"/>
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        <balance>2656000</balance>
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        <curCd>USD</curCd>
        <valUSD>2721451.81</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>2032-08-15</maturityDt>
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        <name>LIGHTNING POWER LLC 7.25%</name>
        <lei>254900BWCHJ03XRL8K59</lei>
        <title>LIGHTNING POWER LLC 7.25%</title>
        <cusip>53229KAA7</cusip>
        <identifiers>
          <isin value="US53229KAA79"/>
          <ticker value="LIGPLL"/>
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        <balance>3670000</balance>
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        <curCd>USD</curCd>
        <valUSD>3814883.34</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>2032-08-15</maturityDt>
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          <annualizedRt>7.25</annualizedRt>
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      <invstOrSec>
        <name>NCL CORP LTD 6.25%</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL CORP LTD 6.25%</title>
        <cusip>62886HBP5</cusip>
        <identifiers>
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          <ticker value="NCLH"/>
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        <balance>4400000</balance>
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        <curCd>USD</curCd>
        <valUSD>4367391.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.25</annualizedRt>
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        <name>TRANSDIGM INC 6.00%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.00%</title>
        <cusip>893647BW6</cusip>
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          <isin value="US893647BW65"/>
          <ticker value="TDG"/>
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        <valUSD>1633082.67</valUSD>
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          <annualizedRt>6</annualizedRt>
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        <name>GFL ENVIRON. HLDGS. 5.50%</name>
        <lei>N/A</lei>
        <title>GFL ENVIRON. HLDGS. 5.50%</title>
        <cusip>36273TAA8</cusip>
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          <isin value="US36273TAA88"/>
          <ticker value="GFLCN"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-01</maturityDt>
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        <name>UNIVISION COMMS. IN 8.50%</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UNIVISION COMMS. IN 8.50%</title>
        <cusip>914906AZ5</cusip>
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          <isin value="US914906AZ55"/>
          <ticker value="UVN"/>
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        <balance>6780000</balance>
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        <curCd>USD</curCd>
        <valUSD>6813086.4</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>KRONOS ACQUISITION 8.25%</name>
        <lei>N/A</lei>
        <title>KRONOS ACQUISITION 8.25%</title>
        <cusip>50106GAG7</cusip>
        <identifiers>
          <isin value="US50106GAG73"/>
          <ticker value="KIKCN"/>
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        <curCd>USD</curCd>
        <valUSD>2136550</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>2031-06-30</maturityDt>
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      <invstOrSec>
        <name>SM ENERGY CO 6.75%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM ENERGY CO 6.75%</title>
        <cusip>78454LAX8</cusip>
        <identifiers>
          <isin value="US78454LAX82"/>
          <ticker value="SM"/>
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        <balance>6563572</balance>
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        <curCd>USD</curCd>
        <valUSD>6662990.43</valUSD>
        <pctVal>0.3196101438</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIESTA PURCHASER I 9.625%</name>
        <lei>N/A</lei>
        <title>FIESTA PURCHASER I 9.625%</title>
        <cusip>31659AAB2</cusip>
        <identifiers>
          <isin value="US31659AAB26"/>
          <ticker value="SHEARE"/>
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        <balance>5290000</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLIANT HLDGS. INTE 6.50%</name>
        <lei>5493006Q26653NF8SI73</lei>
        <title>ALLIANT HLDGS. INTE 6.50%</title>
        <cusip>01883LAG8</cusip>
        <identifiers>
          <isin value="US01883LAG86"/>
          <ticker value="ALIANT"/>
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        <balance>4820000</balance>
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        <curCd>USD</curCd>
        <valUSD>4732987.43</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GENESIS ENERGY LP / 6.75%</name>
        <lei>549300VJ5D6MDK138782</lei>
        <title>GENESIS ENERGY LP / 6.75%</title>
        <cusip>37185LAS1</cusip>
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          <ticker value="GEL"/>
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        <balance>1530000</balance>
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        <curCd>USD</curCd>
        <valUSD>1522771.67</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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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MICHAELS COS INC/TH 8.50%</name>
        <lei>549300H9LWMBP7HYLR98</lei>
        <title>MICHAELS COS INC/TH 8.50%</title>
        <cusip>59408QAB2</cusip>
        <identifiers>
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          <ticker value="MIK"/>
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        <balance>4050000</balance>
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        <curCd>USD</curCd>
        <valUSD>3942650.7</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SIRIUS XM RADIO LL 5.875%</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
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        <cusip>82966BAA3</cusip>
        <identifiers>
          <isin value="US82966BAA35"/>
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        <balance>4290000</balance>
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        <curCd>USD</curCd>
        <valUSD>4261559.02</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>APLD COMPUTECO 2 6.75%</name>
        <lei>N/A</lei>
        <title>APLD COMPUTECO 2 6.75%</title>
        <cusip>03772CAA1</cusip>
        <identifiers>
          <isin value="US03772CAA18"/>
          <ticker value="PFORGE"/>
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        <balance>890000</balance>
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        <curCd>USD</curCd>
        <valUSD>883520</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>CRESCENT ENERGY FI 7.625%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>CRESCENT ENERGY FI 7.625%</title>
        <cusip>45344LAD5</cusip>
        <identifiers>
          <isin value="US45344LAD55"/>
          <ticker value="CRGYFN"/>
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        <balance>4245000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4307949.11</valUSD>
        <pctVal>0.2066435858</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.625</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>
        <name>CRUISE YACHT UPPE 11.875%</name>
        <lei>984500DE088QEE80G074</lei>
        <title>CRUISE YACHT UPPE 11.875%</title>
        <cusip>X174B1AA0</cusip>
        <identifiers>
          <isin value="NO0013270314"/>
          <ticker value="CRYACU"/>
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        <balance>8050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7139343.75</valUSD>
        <pctVal>0.3424598469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.875</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>SM ENERGY CO 7.00%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM ENERGY CO 7.00%</title>
        <cusip>78454LAY6</cusip>
        <identifiers>
          <isin value="US78454LAY65"/>
          <ticker value="SM"/>
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        <balance>1865000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1904340.31</valUSD>
        <pctVal>0.0913473442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</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>RR DONNELLEY &amp; SONS 9.50%</name>
        <lei>SU4X0P4WWRGOQDTSV032</lei>
        <title>RR DONNELLEY &amp; SONS 9.50%</title>
        <cusip>257867BJ9</cusip>
        <identifiers>
          <isin value="US257867BJ97"/>
          <ticker value="RRD"/>
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        <balance>2300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2328069.2</valUSD>
        <pctVal>0.1116727601</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>9.5</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>MIDCONTINENT COMMUN 8.00%</name>
        <lei>549300ZI9GDQBS28C408</lei>
        <title>MIDCONTINENT COMMUN 8.00%</title>
        <cusip>59565XAD2</cusip>
        <identifiers>
          <isin value="US59565XAD21"/>
          <ticker value="MIDCON"/>
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        <balance>2345000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2184015.05</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>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AVIENT CORP 6.25%</name>
        <lei>SM8L9RZYIB34LNTWO040</lei>
        <title>AVIENT CORP 6.25%</title>
        <cusip>05368VAB2</cusip>
        <identifiers>
          <isin value="US05368VAB27"/>
          <ticker value="AVNT"/>
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        <balance>8480000</balance>
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        <curCd>USD</curCd>
        <valUSD>8539224.32</valUSD>
        <pctVal>0.4096092800</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</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>ALBERTSONS COS INC 5.625%</name>
        <lei>549300YKWOC0AOR16R51</lei>
        <title>ALBERTSONS COS INC 5.625%</title>
        <cusip>01309QAE8</cusip>
        <identifiers>
          <isin value="US01309QAE89"/>
          <ticker value="ACI"/>
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        <balance>1195000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1176496.74</valUSD>
        <pctVal>0.0564341636</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ASURION LLC AND AS 8.375%</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>ASURION LLC AND AS 8.375%</title>
        <cusip>045941AB7</cusip>
        <identifiers>
          <isin value="US045941AB79"/>
          <ticker value="ASUCOR"/>
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        <balance>895000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>868921.87</valUSD>
        <pctVal>0.0416804206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.375</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CVR ENERGY INC 7.50%</name>
        <lei>529900SOYZIXZBTXB558</lei>
        <title>CVR ENERGY INC 7.50%</title>
        <cusip>12662PAH1</cusip>
        <identifiers>
          <isin value="US12662PAH10"/>
          <ticker value="CVI"/>
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        <balance>2085000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2100568.7</valUSD>
        <pctVal>0.1007600223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CVR ENERGY INC 7.875%</name>
        <lei>529900SOYZIXZBTXB558</lei>
        <title>CVR ENERGY INC 7.875%</title>
        <cusip>12662PAJ7</cusip>
        <identifiers>
          <isin value="US12662PAJ75"/>
          <ticker value="CVI"/>
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        <balance>1565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1570484.59</valUSD>
        <pctVal>0.0753329621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875</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>FIRST QUANTUM MINE 6.375%</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FIRST QUANTUM MINE 6.375%</title>
        <cusip>335934AY1</cusip>
        <identifiers>
          <isin value="US335934AY19"/>
          <ticker value="FMCN"/>
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        <balance>2420000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2328080.66</valUSD>
        <pctVal>0.1116733098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375</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>RXO INC 6.375%</name>
        <lei>549300KL8CA6GP8XPM30</lei>
        <title>RXO INC 6.375%</title>
        <cusip>74982TAA1</cusip>
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          <isin value="US74982TAA16"/>
          <ticker value="RXO"/>
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        <curCd>USD</curCd>
        <valUSD>4711183.79</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>INDUSTRIAL F&amp;B INVS 7.75%</name>
        <lei>5493007M7EVHE470Q576</lei>
        <title>INDUSTRIAL F&amp;B INVS 7.75%</title>
        <cusip>456142AA6</cusip>
        <identifiers>
          <isin value="US456142AA68"/>
          <ticker value="THS"/>
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        <balance>3175000</balance>
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        <curCd>USD</curCd>
        <valUSD>3207870.55</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>2033-02-11</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CYPRIUM CORP / CYP 6.375%</name>
        <lei>254900V7LN9S9W17X250</lei>
        <title>CYPRIUM CORP / CYP 6.375%</title>
        <cusip>23292NAB4</cusip>
        <identifiers>
          <isin value="US23292NAB47"/>
          <ticker value="VGNT"/>
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        <balance>445000</balance>
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        <curCd>USD</curCd>
        <valUSD>431935.7</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PRIME HEALTHCARE S 9.375%</name>
        <lei>N/A</lei>
        <title>PRIME HEALTHCARE S 9.375%</title>
        <cusip>74165HAC2</cusip>
        <identifiers>
          <isin value="US74165HAC25"/>
          <ticker value="PRIHEA"/>
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        <balance>7085000</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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          <maturityDt>2029-09-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CONNECT FINCO SARL 9.00%</name>
        <lei>2594001KNYIQ456J2792</lei>
        <title>CONNECT FINCO SARL 9.00%</title>
        <cusip>20752TAB0</cusip>
        <identifiers>
          <isin value="US20752TAB08"/>
          <ticker value="ISATLN"/>
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        <balance>3952000</balance>
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        <curCd>USD</curCd>
        <valUSD>4151734.08</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COLUMBUS MCKINNON 7.125%</name>
        <lei>549300W3HQB0HO1F3G69</lei>
        <title>COLUMBUS MCKINNON 7.125%</title>
        <cusip>199333AK1</cusip>
        <identifiers>
          <isin value="US199333AK12"/>
          <ticker value="CMCO"/>
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        <balance>1270000</balance>
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        <curCd>USD</curCd>
        <valUSD>1269415.8</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
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          <annualizedRt>7.125</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ESAB CORP 5.625%</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
        <title>ESAB CORP 5.625%</title>
        <cusip>29605JAB2</cusip>
        <identifiers>
          <isin value="US29605JAB26"/>
          <ticker value="ESAB"/>
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        <balance>1210000</balance>
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        <curCd>USD</curCd>
        <valUSD>1218482.1</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INFINITY NATURAL R 7.625%</name>
        <lei>54930021094IFVB5ND43</lei>
        <title>INFINITY NATURAL R 7.625%</title>
        <cusip>45690BAA3</cusip>
        <identifiers>
          <isin value="US45690BAA35"/>
          <ticker value="INFNAR"/>
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        <balance>2325000</balance>
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        <curCd>USD</curCd>
        <valUSD>2337276</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>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEXSTAR MEDIA INC 7.25%</name>
        <lei>5493006PK6I4I2OOT688</lei>
        <title>NEXSTAR MEDIA INC 7.25%</title>
        <cusip>65346UAA7</cusip>
        <identifiers>
          <isin value="US65346UAA79"/>
          <ticker value="NXST"/>
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        <balance>2280000</balance>
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        <curCd>USD</curCd>
        <valUSD>2286786.83</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALCOA NEDERLAND HL 7.125%</name>
        <lei>5493000UL1QLQLT1VQ42</lei>
        <title>ALCOA NEDERLAND HL 7.125%</title>
        <cusip>013822AH4</cusip>
        <identifiers>
          <isin value="US013822AH42"/>
          <ticker value="AA"/>
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        <balance>2555000</balance>
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        <curCd>USD</curCd>
        <valUSD>2671794.01</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
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          <annualizedRt>7.125</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HIGHTOWER HLDG. LL 9.125%</name>
        <lei>254900MKOSB7RTMA9K12</lei>
        <title>HIGHTOWER HLDG. LL 9.125%</title>
        <cusip>43118DAB6</cusip>
        <identifiers>
          <isin value="US43118DAB64"/>
          <ticker value="HIGTOW"/>
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        <balance>6565000</balance>
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        <curCd>USD</curCd>
        <valUSD>6694415.85</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>2030-01-31</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DAVITA INC 6.875%</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DAVITA INC 6.875%</title>
        <cusip>23918KAW8</cusip>
        <identifiers>
          <isin value="US23918KAW80"/>
          <ticker value="DVA"/>
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        <balance>3590000</balance>
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        <curCd>USD</curCd>
        <valUSD>3677692.1</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>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRANSDIGM INC 6.125%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.125%</title>
        <cusip>893647CB1</cusip>
        <identifiers>
          <isin value="US893647CB10"/>
          <ticker value="TDG"/>
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        <balance>400000</balance>
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        <curCd>USD</curCd>
        <valUSD>393416.96</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>2034-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125</annualizedRt>
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      <invstOrSec>
        <name>MICHAELS COS INC/T 11.00%</name>
        <lei>549300H9LWMBP7HYLR98</lei>
        <title>MICHAELS COS INC/T 11.00%</title>
        <cusip>59408QAA4</cusip>
        <identifiers>
          <isin value="US59408QAA40"/>
          <ticker value="MIK"/>
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        <balance>1340000</balance>
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        <curCd>USD</curCd>
        <valUSD>1247811.22</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>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WESCO DIST. INC 5.50%</name>
        <lei>549300I2CEZJG9N4AH67</lei>
        <title>WESCO DIST. INC 5.50%</title>
        <cusip>95081QAU8</cusip>
        <identifiers>
          <isin value="US95081QAU85"/>
          <ticker value="WCC"/>
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        <balance>445000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>438257.8</valUSD>
        <pctVal>0.0210223382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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>
        <name>WESCO DIST. INC 5.25%</name>
        <lei>549300I2CEZJG9N4AH67</lei>
        <title>WESCO DIST. INC 5.25%</title>
        <cusip>95081QAT1</cusip>
        <identifiers>
          <isin value="US95081QAT13"/>
          <ticker value="WCC"/>
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        <balance>480000</balance>
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        <curCd>USD</curCd>
        <valUSD>477134.83</valUSD>
        <pctVal>0.0228871906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>PENN ENTERTAINMENT 6.75%</name>
        <lei>N/A</lei>
        <title>PENN ENTERTAINMENT 6.75%</title>
        <cusip>707569AY5</cusip>
        <identifiers>
          <isin value="US707569AY52"/>
          <ticker value="PENN"/>
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        <balance>3060000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2971930.45</valUSD>
        <pctVal>0.1425574790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</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>OAK-EAGLE ACQUIRECO 7.25%</name>
        <lei>6488ICS9P20290MA1H31</lei>
        <title>OAK-EAGLE ACQUIRECO 7.25%</title>
        <cusip>67124CAA1</cusip>
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          <isin value="US67124CAA18"/>
          <ticker value="EA"/>
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        <balance>4120000</balance>
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        <curCd>USD</curCd>
        <valUSD>4268709.05</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25</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>VITAL ENERGY INC 7.875%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>VITAL ENERGY INC 7.875%</title>
        <cusip>516806AK2</cusip>
        <identifiers>
          <isin value="US516806AK23"/>
          <ticker value="CRGYFN"/>
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        <balance>780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>796892.46</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>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <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>ZEBRA TECHS. CORP 6.50%</name>
        <lei>PO0I32GKZ3HZMMDPZZ08</lei>
        <title>ZEBRA TECHS. CORP 6.50%</title>
        <cusip>989207AD7</cusip>
        <identifiers>
          <isin value="US989207AD75"/>
          <ticker value="ZBRA"/>
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        <balance>5044000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5078379.9</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>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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>CI FINL. CORP 7.50%</name>
        <lei>549300M9W7JJQSVCEM78</lei>
        <title>CI FINL. CORP 7.50%</title>
        <cusip>125491AT7</cusip>
        <identifiers>
          <isin value="US125491AT73"/>
          <ticker value="CIXCN"/>
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        <balance>4500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4721908.91</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</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>EQUIPMENTSHARE.COM 8.00%</name>
        <lei>254900PWJK48CGPKPI80</lei>
        <title>EQUIPMENTSHARE.COM 8.00%</title>
        <cusip>29450YAC3</cusip>
        <identifiers>
          <isin value="US29450YAC30"/>
          <ticker value="EQMSRM"/>
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        <balance>7136000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7367709.13</valUSD>
        <pctVal>0.3534140712</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</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>AZORRA FIN. LTD 6.25%</name>
        <lei>254900MC1HXDAVUUP395</lei>
        <title>AZORRA FIN. LTD 6.25%</title>
        <cusip>05480AAC9</cusip>
        <identifiers>
          <isin value="US05480AAC99"/>
          <ticker value="AZORRA"/>
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        <balance>3585000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3327205.88</valUSD>
        <pctVal>0.1595993212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</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>NEXSTAR MEDIA INC 6.50%</name>
        <lei>5493006PK6I4I2OOT688</lei>
        <title>NEXSTAR MEDIA INC 6.50%</title>
        <cusip>65346UAB5</cusip>
        <identifiers>
          <isin value="US65346UAB52"/>
          <ticker value="NXST"/>
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        <balance>3130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3153847.47</valUSD>
        <pctVal>0.1512836697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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>FORTRESS TRANSPORTA 7.00%</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>FORTRESS TRANSPORTA 7.00%</title>
        <cusip>34960PAG6</cusip>
        <identifiers>
          <isin value="US34960PAG63"/>
          <ticker value="FTAI"/>
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        <balance>3460000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3546901.36</valUSD>
        <pctVal>0.1701376680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</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>CPI CG INC 10.00%</name>
        <lei>254900H3R50WH1B1LB48</lei>
        <title>CPI CG INC 10.00%</title>
        <cusip>12598FAC3</cusip>
        <identifiers>
          <isin value="US12598FAC32"/>
          <ticker value="CPICAR"/>
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        <balance>5345000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5640899.2</valUSD>
        <pctVal>0.2705824995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10</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>OPTICS BIDCO SPA 6.375%</name>
        <lei>8156007022402E114A31</lei>
        <title>OPTICS BIDCO SPA 6.375%</title>
        <cusip>683879AB6</cusip>
        <identifiers>
          <isin value="US683879AB65"/>
          <ticker value="FIBCOP"/>
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        <balance>5664000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5596711.68</valUSD>
        <pctVal>0.2684629137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375</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>MCGRAW-HILL EDUCAT 7.375%</name>
        <lei>254900U6YJ9QZ4IQOR26</lei>
        <title>MCGRAW-HILL EDUCAT 7.375%</title>
        <cusip>58064LAA2</cusip>
        <identifiers>
          <isin value="US58064LAA26"/>
          <ticker value="MHED"/>
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        <balance>3795000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3866296.67</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>7.375</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>144A SV RNO PRO 5.87%</name>
        <lei>N/A</lei>
        <title>144A SV RNO PRO 5.87%</title>
        <cusip>78488XAA2</cusip>
        <identifiers>
          <isin value="US78488XAA28"/>
          <ticker value="TRACTC"/>
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        <balance>9400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9291830.06</valUSD>
        <pctVal>0.4457102517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875</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>CNX RES. CORP 5.875%</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX RES. CORP 5.875%</title>
        <cusip>12653CAM0</cusip>
        <identifiers>
          <isin value="US12653CAM01"/>
          <ticker value="CNX"/>
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        <balance>1335000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1300125.26</valUSD>
        <pctVal>0.0623643731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875</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>FAIR ISAAC CORP 6.25%</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
        <title>FAIR ISAAC CORP 6.25%</title>
        <cusip>303250AJ3</cusip>
        <identifiers>
          <isin value="US303250AJ38"/>
          <ticker value="FAIRIC"/>
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        <balance>4520000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4445567.35</valUSD>
        <pctVal>0.2132448538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</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>ZIGGO BD. CO BV 5.125%</name>
        <lei>213800JYI4P7V5QDOG59</lei>
        <title>ZIGGO BD. CO BV 5.125%</title>
        <cusip>98953GAD7</cusip>
        <identifiers>
          <isin value="US98953GAD79"/>
          <ticker value="ZIGGO"/>
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        <balance>8160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7001973.6</valUSD>
        <pctVal>0.3358704793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125</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>PERRIGO FIN. UNLIMITE STP</name>
        <lei>549300E86RB6YCTMRM83</lei>
        <title>PERRIGO FIN. UNLIMITE STP</title>
        <cusip>71429MAC9</cusip>
        <identifiers>
          <isin value="US71429MAC91"/>
          <ticker value="PRGO"/>
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        <balance>340000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>306932.33</valUSD>
        <pctVal>0.0147229217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.1500016</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>CARVANA CO PIK</name>
        <lei>5493003WEAK2PJ5WS063</lei>
        <title>CARVANA CO PIK</title>
        <cusip>146869AM4</cusip>
        <identifiers>
          <isin value="US146869AM47"/>
          <ticker value="CVNA"/>
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        <balance>1608137</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1738884.97</valUSD>
        <pctVal>0.0834107870</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>9</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>CARVANA CO PIK</name>
        <lei>5493003WEAK2PJ5WS063</lei>
        <title>CARVANA CO PIK</title>
        <cusip>146869AN2</cusip>
        <identifiers>
          <isin value="US146869AN20"/>
          <ticker value="CVNA"/>
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        <curCd>USD</curCd>
        <valUSD>1221468.19</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS PLC F2V</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC F2V</title>
        <cusip>06738ECN3</cusip>
        <identifiers>
          <isin value="US06738ECN31"/>
          <ticker value="BACR"/>
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        <balance>1635000</balance>
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        <curCd>USD</curCd>
        <valUSD>1783384.43</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EG GBL. FIN. PLC 12.00%</name>
        <lei>549300TL8Q5207VYET27</lei>
        <title>EG GBL. FIN. PLC 12.00%</title>
        <cusip>28228PAC5</cusip>
        <identifiers>
          <isin value="US28228PAC59"/>
          <ticker value="EGBLFN"/>
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        <balance>5286000</balance>
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        <curCd>USD</curCd>
        <valUSD>5655766.27</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-30</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DELEK LOGISTICS PA 8.625%</name>
        <lei>549300UVYITDIU51P724</lei>
        <title>DELEK LOGISTICS PA 8.625%</title>
        <cusip>24665FAD4</cusip>
        <identifiers>
          <isin value="US24665FAD42"/>
          <ticker value="DKL"/>
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        <balance>5690000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5887834.76</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>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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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>CHS/COMMUNITY HEALT 9.75%</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/COMMUNITY HEALT 9.75%</title>
        <cusip>12543DBQ2</cusip>
        <identifiers>
          <isin value="US12543DBQ25"/>
          <ticker value="CYH"/>
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        <balance>5550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5760168.07</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>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75</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>KODIAK GAS SERVS. L 6.50%</name>
        <lei>549300ZQBRWEUOVOM131</lei>
        <title>KODIAK GAS SERVS. L 6.50%</title>
        <cusip>50012LAD6</cusip>
        <identifiers>
          <isin value="US50012LAD64"/>
          <ticker value="KGS"/>
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        <balance>1855000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1875037.71</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>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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>DREAM FINDERS HOME 6.875%</name>
        <lei>N/A</lei>
        <title>DREAM FINDERS HOME 6.875%</title>
        <cusip>26154DAB6</cusip>
        <identifiers>
          <isin value="US26154DAB64"/>
          <ticker value="DFH"/>
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        <balance>2465000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2358474.78</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875</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>ILLUMINATE BUYER LL 9.00%</name>
        <lei>549300K1Y0YC1YC1H809</lei>
        <title>ILLUMINATE BUYER LL 9.00%</title>
        <cusip>45232TAA9</cusip>
        <identifiers>
          <isin value="US45232TAA97"/>
          <ticker value="LUMMUS"/>
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        <balance>851000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>851687.61</valUSD>
        <pctVal>0.0408537281</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9</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>HARVEST MIDSTREAM I 7.50%</name>
        <lei>549300DW5M17KJOXCY66</lei>
        <title>HARVEST MIDSTREAM I 7.50%</title>
        <cusip>417558AA1</cusip>
        <identifiers>
          <isin value="US417558AA18"/>
          <ticker value="HARMID"/>
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        <balance>2750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2776677.75</valUSD>
        <pctVal>0.1331916028</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</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>STANDARD INDS. INC 3.375%</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>STANDARD INDS. INC 3.375%</title>
        <cusip>853496AH0</cusip>
        <identifiers>
          <isin value="US853496AH04"/>
          <ticker value="BMCAUS"/>
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        <balance>2770000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2482935.21</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.375</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CAYENNE AVIA PREF UNITS</name>
        <lei>N/A</lei>
        <title>CAYENNE AVIA PREF UNITS</title>
        <cusip>461UNT248</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="1AXBWPU"/>
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        <balance>15725</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANCO BILBAO VIZCAYA F2V</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>BANCO BILBAO VIZCAYA F2V</title>
        <cusip>05946KAM3</cusip>
        <identifiers>
          <isin value="US05946KAM36"/>
          <ticker value="BBVASM"/>
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        <balance>3775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4078438.28</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.3750012</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>VENTURE GBL. LNG IN 9.50%</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENTURE GBL. LNG IN 9.50%</title>
        <cusip>92332YAC5</cusip>
        <identifiers>
          <isin value="US92332YAC57"/>
          <ticker value="VENLNG"/>
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        <balance>13525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14624506.76</valUSD>
        <pctVal>0.7015079426</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.5</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>SMYRNA READY MIX C 8.875%</name>
        <lei>549300S7RFWHQFOIOY93</lei>
        <title>SMYRNA READY MIX C 8.875%</title>
        <cusip>83283WAE3</cusip>
        <identifiers>
          <isin value="US83283WAE30"/>
          <ticker value="SMYREA"/>
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        <balance>3470000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3578264</valUSD>
        <pctVal>0.1716420703</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.875</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SOCIETE GENERALE SA F2V</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCIETE GENERALE SA F2V</title>
        <cusip>83371GAA9</cusip>
        <identifiers>
          <isin value="US83371GAA94"/>
          <ticker value="SOCGEN"/>
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        <balance>3110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3359112.9</valUSD>
        <pctVal>0.1611298363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.0000008</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>ARDAGH HLDGS. SA</name>
        <lei>549300SO59UL53O4D221</lei>
        <title>ARDAGH HLDGS. SA</title>
        <cusip>985923101</cusip>
        <identifiers>
          <isin value="US9859231014"/>
          <ticker value="ARDHF"/>
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        <balance>92505</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>685476.39</valUSD>
        <pctVal>0.0328809128</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PARAMOUNT GLOBAL 4.95%</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARAMOUNT GLOBAL 4.95%</title>
        <cusip>92556HAB3</cusip>
        <identifiers>
          <isin value="US92556HAB33"/>
          <ticker value="PARA"/>
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        <balance>2280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2111994.21</valUSD>
        <pctVal>0.1013080808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95</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>VIASAT INC 6.50%</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
        <title>VIASAT INC 6.50%</title>
        <cusip>92552VAN0</cusip>
        <identifiers>
          <isin value="US92552VAN01"/>
          <ticker value="VSAT"/>
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        <balance>1106000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1092832.19</valUSD>
        <pctVal>0.0524209448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>KEN GARFF AUTOMOTI 4.875%</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>NI US GOV T PORTFOLIO</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIFEPOINT HEALTH I 9.875%</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
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        <curCd>USD</curCd>
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        <name>HILCORP ENERGY I L 8.375%</name>
        <lei>549300ITPIHLG0LHEC09</lei>
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        <cusip>431318BC7</cusip>
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        <balance>1515000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES TSY. 0.00%</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
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        <name>CCO HLDGS. LLC / CC 4.25%</name>
        <lei>N/A</lei>
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        <cusip>1248EPCK7</cusip>
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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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          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</annualizedRt>
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      <invstOrSec>
        <name>VMED O2 UK FINC. I 4.25%</name>
        <lei>213800MRR46ECNGZ7L69</lei>
        <title>VMED O2 UK FINC. I 4.25%</title>
        <cusip>92858RAA8</cusip>
        <identifiers>
          <isin value="US92858RAA86"/>
          <ticker value="VMED"/>
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        <balance>5250000</balance>
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        <curCd>USD</curCd>
        <valUSD>4508905.28</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>BATH &amp; BODY WORKS 6.625%</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
        <title>BATH &amp; BODY WORKS 6.625%</title>
        <cusip>501797AW4</cusip>
        <identifiers>
          <isin value="US501797AW48"/>
          <ticker value="BBWI"/>
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        <balance>4160000</balance>
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        <curCd>USD</curCd>
        <valUSD>4199195.52</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>2030-10-01</maturityDt>
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          <annualizedRt>6.625</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>MAXIM CRANE WORKS 11.50%</name>
        <lei>N/A</lei>
        <title>MAXIM CRANE WORKS 11.50%</title>
        <cusip>57779EAA6</cusip>
        <identifiers>
          <isin value="US57779EAA64"/>
          <ticker value="CLDCRN"/>
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        <balance>6550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6825237.55</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>11.5</annualizedRt>
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      <invstOrSec>
        <name>CITGO PETROLEUM CO 8.375%</name>
        <lei>YX52P86PXMLYDOTUQ225</lei>
        <title>CITGO PETROLEUM CO 8.375%</title>
        <cusip>17302XAN6</cusip>
        <identifiers>
          <isin value="US17302XAN66"/>
          <ticker value="CITPET"/>
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        <balance>2750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2839881</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
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          <annualizedRt>8.375</annualizedRt>
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      <invstOrSec>
        <name>NCR ATLEOS CORP 9.50%</name>
        <lei>9845005FC3S0VA714741</lei>
        <title>NCR ATLEOS CORP 9.50%</title>
        <cusip>638962AA8</cusip>
        <identifiers>
          <isin value="US638962AA84"/>
          <ticker value="NCRATL"/>
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        <curCd>USD</curCd>
        <valUSD>11757738.88</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.5</annualizedRt>
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      <invstOrSec>
        <name>TRANSOCEAN AQUILA L 8.00%</name>
        <lei>N/A</lei>
        <title>TRANSOCEAN AQUILA L 8.00%</title>
        <cusip>893790AA3</cusip>
        <identifiers>
          <isin value="US893790AA34"/>
          <ticker value="RIG"/>
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        <balance>1496769.25</balance>
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        <curCd>USD</curCd>
        <valUSD>1531884.95</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8</annualizedRt>
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        <name>ARETEC GRP. INC 10.00%</name>
        <lei>N/A</lei>
        <title>ARETEC GRP. INC 10.00%</title>
        <cusip>04020JAA4</cusip>
        <identifiers>
          <isin value="US04020JAA43"/>
          <ticker value="RCAP"/>
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        <balance>2884000</balance>
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        <curCd>USD</curCd>
        <valUSD>3063282.99</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10</annualizedRt>
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        <name>GOEASY LTD 9.25%</name>
        <lei>5493009DJVZG2P8YV435</lei>
        <title>GOEASY LTD 9.25%</title>
        <cusip>380355AH0</cusip>
        <identifiers>
          <isin value="US380355AH08"/>
          <ticker value="GSYCN"/>
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        <balance>4105000</balance>
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        <curCd>USD</curCd>
        <valUSD>3818101.34</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25</annualizedRt>
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        <name>INFRABUILD AUSTRAL 14.50%</name>
        <lei>549300W2CPB5W6GFH859</lei>
        <title>INFRABUILD AUSTRAL 14.50%</title>
        <cusip>45682RAC4</cusip>
        <identifiers>
          <isin value="US45682RAC43"/>
          <ticker value="INFRAB"/>
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        <balance>3334000</balance>
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        <curCd>USD</curCd>
        <valUSD>3561963.42</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>AAR ESCROW ISSUER L 6.75%</name>
        <lei>MP76T5YQX3YK5VVAQ802</lei>
        <title>AAR ESCROW ISSUER L 6.75%</title>
        <cusip>00253PAA6</cusip>
        <identifiers>
          <isin value="US00253PAA66"/>
          <ticker value="AIR"/>
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        <balance>5290000</balance>
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        <curCd>USD</curCd>
        <valUSD>5384172.58</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>USA COMPRESSION PA 7.125%</name>
        <lei>5493000B1PEOKXRZEO65</lei>
        <title>USA COMPRESSION PA 7.125%</title>
        <cusip>91740PAG3</cusip>
        <identifiers>
          <isin value="US91740PAG37"/>
          <ticker value="USAC"/>
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        <balance>4485000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4588945.12</valUSD>
        <pctVal>0.2201223947</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>7.125</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>COREWEAVE INC 9.00%</name>
        <lei>984500511DP2B6186053</lei>
        <title>COREWEAVE INC 9.00%</title>
        <cusip>21873SAC2</cusip>
        <identifiers>
          <isin value="US21873SAC26"/>
          <ticker value="CRWV"/>
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        <balance>640000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>608972.1</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>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLEN MEDIA LLC / 10.50%</name>
        <lei>549300ERNJNM4RN5JP79</lei>
        <title>ALLEN MEDIA LLC / 10.50%</title>
        <cusip>01771YAA8</cusip>
        <identifiers>
          <isin value="US01771YAA82"/>
          <ticker value="ALNMED"/>
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        <balance>11835000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4793293.35</valUSD>
        <pctVal>0.2299245651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.5</annualizedRt>
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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>FORD MOTOR CO 9.625%</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>FORD MOTOR CO 9.625%</title>
        <cusip>345370CX6</cusip>
        <identifiers>
          <isin value="US345370CX67"/>
          <ticker value="F"/>
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        <balance>1165000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1325029.82</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.625</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>ANAGRAM INTL. / ANAGR PIK</name>
        <lei>N/A</lei>
        <title>ANAGRAM INTL. / ANAGR PIK</title>
        <cusip>03254TAC7</cusip>
        <identifiers>
          <isin value="US03254TAC71"/>
          <ticker value="AIIAHL"/>
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        <balance>2819402.29</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>STAR PARENT INC 9.00%</name>
        <lei>254900GRGCJYRMDRWT73</lei>
        <title>STAR PARENT INC 9.00%</title>
        <cusip>855170AA4</cusip>
        <identifiers>
          <isin value="US855170AA41"/>
          <ticker value="SYNH"/>
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        <balance>5206000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5393421.21</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>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9</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>ADVANCE AUTO PARTS 7.375%</name>
        <lei>529900UCNQ5H9FSL0Y70</lei>
        <title>ADVANCE AUTO PARTS 7.375%</title>
        <cusip>00751YAL0</cusip>
        <identifiers>
          <isin value="US00751YAL02"/>
          <ticker value="AAP"/>
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        <balance>3445000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3489096</valUSD>
        <pctVal>0.1673648621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375</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>TRANSDIGM INC 6.75%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.75%</title>
        <cusip>893647CA3</cusip>
        <identifiers>
          <isin value="US893647CA37"/>
          <ticker value="TDG"/>
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        <balance>1345000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1362626.23</valUSD>
        <pctVal>0.0653624180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</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>MACY S RET. HLDGS. 4.50%</name>
        <lei>549300JMONK27O4SQQ19</lei>
        <title>MACY S RET. HLDGS. 4.50%</title>
        <cusip>55616XAM9</cusip>
        <identifiers>
          <isin value="US55616XAM92"/>
          <ticker value="M"/>
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        <balance>4700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4007086.19</valUSD>
        <pctVal>0.1922118014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</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>CENTURY COMMUNITIE 6.625%</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>CENTURY COMMUNITIE 6.625%</title>
        <cusip>156504AN2</cusip>
        <identifiers>
          <isin value="US156504AN20"/>
          <ticker value="CCS"/>
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        <balance>1370000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1342114.75</valUSD>
        <pctVal>0.0643785238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625</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>CREDIT AGRICOLE SA F2V</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>CREDIT AGRICOLE SA F2V</title>
        <cusip>225313AT2</cusip>
        <identifiers>
          <isin value="US225313AT28"/>
          <ticker value="ACAFP"/>
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        <balance>2490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2513565.36</valUSD>
        <pctVal>0.1205706348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.1250012</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>CSC HLDGS. LLC 4.625%</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC HLDGS. LLC 4.625%</title>
        <cusip>126307BD8</cusip>
        <identifiers>
          <isin value="US126307BD80"/>
          <ticker value="CSCHLD"/>
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        <balance>3735000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1317959.74</valUSD>
        <pctVal>0.0632198570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625</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>TK ELEVATOR US NEWC 5.25%</name>
        <lei>549300C2AFWPAYWS5574</lei>
        <title>TK ELEVATOR US NEWC 5.25%</title>
        <cusip>92537RAA7</cusip>
        <identifiers>
          <isin value="US92537RAA77"/>
          <ticker value="THYELE"/>
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        <balance>203000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202469.36</valUSD>
        <pctVal>0.0097120448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>VT TOPCO INC 8.50%</name>
        <lei>5493007T812R37X02Y38</lei>
        <title>VT TOPCO INC 8.50%</title>
        <cusip>91838PAA9</cusip>
        <identifiers>
          <isin value="US91838PAA93"/>
          <ticker value="VERCOR"/>
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        <balance>7505000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7630333.5</valUSD>
        <pctVal>0.3660116299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</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>FREEDOM MTGE. CORP 12.25%</name>
        <lei>549300LYRWPSYPK6S325</lei>
        <title>FREEDOM MTGE. CORP 12.25%</title>
        <cusip>35640YAL1</cusip>
        <identifiers>
          <isin value="US35640YAL11"/>
          <ticker value="FREMOR"/>
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        <balance>4530000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4887743.16</valUSD>
        <pctVal>0.2344551310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.25</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>APLD COMPUTECO LLC 9.25%</name>
        <lei>N/A</lei>
        <title>APLD COMPUTECO LLC 9.25%</title>
        <cusip>00202DAA5</cusip>
        <identifiers>
          <isin value="US00202DAA54"/>
          <ticker value="APLD"/>
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        <balance>2750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2833385.5</valUSD>
        <pctVal>0.1359117586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25</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>COMMERCIAL METALS C 6.00%</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS C 6.00%</title>
        <cusip>201723AV5</cusip>
        <identifiers>
          <isin value="US201723AV52"/>
          <ticker value="CMC"/>
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        <balance>1780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1754804.99</valUSD>
        <pctVal>0.0841744380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>ZAYO GRP. HLDGS. INC PIK</name>
        <lei>529900Z6OTS7RT0V0I47</lei>
        <title>ZAYO GRP. HLDGS. INC PIK</title>
        <cusip>98919VAD7</cusip>
        <identifiers>
          <isin value="US98919VAD73"/>
          <ticker value="ZAYO"/>
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        <balance>3430825</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3204321.93</valUSD>
        <pctVal>0.1537048272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>13.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SYNERGY INFRA. HLD 7.875%</name>
        <lei>N/A</lei>
        <title>SYNERGY INFRA. HLD 7.875%</title>
        <cusip>87191JAA2</cusip>
        <identifiers>
          <isin value="US87191JAA25"/>
          <ticker value="SYNRGY"/>
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        <balance>3755000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3827557.87</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>POST HLDGS. INC 6.50%</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST HLDGS. INC 6.50%</title>
        <cusip>737446AY0</cusip>
        <identifiers>
          <isin value="US737446AY09"/>
          <ticker value="POST"/>
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        <balance>4040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3956456.44</valUSD>
        <pctVal>0.1897831949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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>CROSSCOUNTRY INTERM 6.75%</name>
        <lei>N/A</lei>
        <title>CROSSCOUNTRY INTERM 6.75%</title>
        <cusip>22757VAB6</cusip>
        <identifiers>
          <isin value="US22757VAB62"/>
          <ticker value="CROSIN"/>
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        <balance>2810000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2644070.91</valUSD>
        <pctVal>0.1268307215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</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>TRANSDIGM INC 7.125%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 7.125%</title>
        <cusip>893647BT3</cusip>
        <identifiers>
          <isin value="US893647BT37"/>
          <ticker value="TDG"/>
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        <balance>1090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1125050.04</valUSD>
        <pctVal>0.0539663697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125</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>CNX RES. CORP 7.25%</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX RES. CORP 7.25%</title>
        <cusip>12653CAL2</cusip>
        <identifiers>
          <isin value="US12653CAL28"/>
          <ticker value="CNX"/>
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        <balance>3397000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3500459.03</valUSD>
        <pctVal>0.1679099236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25</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>SESI LLC 7.875%</name>
        <lei>XDZ56K6RXS5J1ESBZS35</lei>
        <title>SESI LLC 7.875%</title>
        <cusip>78412FAX2</cusip>
        <identifiers>
          <isin value="US78412FAX24"/>
          <ticker value="SPN"/>
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        <balance>2215000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2258662.08</valUSD>
        <pctVal>0.1083434412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875</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>SUNOCO LP 4.50%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 4.50%</title>
        <cusip>86765KAJ8</cusip>
        <identifiers>
          <isin value="US86765KAJ88"/>
          <ticker value="SUN"/>
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        <balance>1100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1062910.64</valUSD>
        <pctVal>0.0509856687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</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>COMMERCIAL METALS C 5.75%</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS C 5.75%</title>
        <cusip>201723AS2</cusip>
        <identifiers>
          <isin value="US201723AS24"/>
          <ticker value="CMC"/>
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        <balance>1420000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1405070.83</valUSD>
        <pctVal>0.0673983994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</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>FXI HLDGS. INC PIK</name>
        <lei>549300VLKCUZW3MSVS50</lei>
        <title>FXI HLDGS. INC PIK</title>
        <cusip>36120RAJ8</cusip>
        <identifiers>
          <isin value="US36120RAJ86"/>
          <ticker value="FXIHLD"/>
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        <balance>2919538</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1518159.76</valUSD>
        <pctVal>0.0728230461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRUBHUB HLDGS. INC PIK</name>
        <lei>N/A</lei>
        <title>GRUBHUB HLDGS. INC PIK</title>
        <cusip>40010PAC2</cusip>
        <identifiers>
          <isin value="US40010PAC23"/>
          <ticker value="GRUB"/>
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        <balance>1529824</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1202982.3</valUSD>
        <pctVal>0.0577046223</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13</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>EF HOLDCO / EF CAY 7.375%</name>
        <lei>5493001B24G0P4YVJ571</lei>
        <title>EF HOLDCO / EF CAY 7.375%</title>
        <cusip>31574BAA4</cusip>
        <identifiers>
          <isin value="US31574BAA44"/>
          <ticker value="EFC"/>
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        <balance>2460000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2368923.67</valUSD>
        <pctVal>0.1136324662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375</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>GARDA WORLD SEC. CO 6.50%</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>GARDA WORLD SEC. CO 6.50%</title>
        <cusip>36485MAQ2</cusip>
        <identifiers>
          <isin value="US36485MAQ24"/>
          <ticker value="GWCN"/>
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        <balance>1530000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1551201.21</valUSD>
        <pctVal>0.0744079775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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>SERVICE PROPS. TRUS 0.00%</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PROPS. TRUS 0.00%</title>
        <cusip>81761LAF9</cusip>
        <identifiers>
          <isin value="US81761LAF94"/>
          <ticker value="SVC"/>
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        <balance>290000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>263840.63</valUSD>
        <pctVal>0.0126559002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>ADVANCE AUTO PARTS 7.00%</name>
        <lei>529900UCNQ5H9FSL0Y70</lei>
        <title>ADVANCE AUTO PARTS 7.00%</title>
        <cusip>00751YAK2</cusip>
        <identifiers>
          <isin value="US00751YAK29"/>
          <ticker value="AAP"/>
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        <balance>2230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2259094.43</valUSD>
        <pctVal>0.1083641802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</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>NORDEA BANK ABP F2V</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>NORDEA BANK ABP F2V</title>
        <cusip>65558RAQ2</cusip>
        <identifiers>
          <isin value="US65558RAQ20"/>
          <ticker value="NDAFH"/>
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        <balance>2280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2273514.77</valUSD>
        <pctVal>0.1090558947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</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>SUNOCO LP F2V</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP F2V</title>
        <cusip>86765KAE9</cusip>
        <identifiers>
          <isin value="US86765KAE91"/>
          <ticker value="SUN"/>
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        <balance>3040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3103919.04</valUSD>
        <pctVal>0.1488887041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875</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>KODIAK GAS SERVS. L 6.75%</name>
        <lei>549300ZQBRWEUOVOM131</lei>
        <title>KODIAK GAS SERVS. L 6.75%</title>
        <cusip>50012LAE4</cusip>
        <identifiers>
          <isin value="US50012LAE48"/>
          <ticker value="KGS"/>
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        <balance>1695000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1721970.84</valUSD>
        <pctVal>0.0825994504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIRTUSA CORP 7.125%</name>
        <lei>C77OMXDER63WLJCSKT03</lei>
        <title>VIRTUSA CORP 7.125%</title>
        <cusip>92837TAA0</cusip>
        <identifiers>
          <isin value="US92837TAA07"/>
          <ticker value="VRTU"/>
        </identifiers>
        <balance>2605000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2006188.39</valUSD>
        <pctVal>0.0962327901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125</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>GLOBAL PARTNERS LP 6.875%</name>
        <lei>549300PCHWTW9P4DU444</lei>
        <title>GLOBAL PARTNERS LP 6.875%</title>
        <cusip>37954FAJ3</cusip>
        <identifiers>
          <isin value="US37954FAJ30"/>
          <ticker value="GLP"/>
        </identifiers>
        <balance>3565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3567659.49</valUSD>
        <pctVal>0.1711333934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875</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>CCO HLDGS. LLC / CC 4.50%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.50%</title>
        <cusip>1248EPCL5</cusip>
        <identifiers>
          <isin value="US1248EPCL57"/>
          <ticker value="CHTR"/>
        </identifiers>
        <balance>9655000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8405869.89</valUSD>
        <pctVal>0.4032125383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</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>ITT HLDGS. LLC 6.50%</name>
        <lei>549300TH2PHOLK31LB42</lei>
        <title>ITT HLDGS. LLC 6.50%</title>
        <cusip>45074JAA2</cusip>
        <identifiers>
          <isin value="US45074JAA25"/>
          <ticker value="INTMAT"/>
        </identifiers>
        <balance>7600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7389770.32</valUSD>
        <pctVal>0.3544723018</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>6.5</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>ADT SEC. CORP/THE 4.125%</name>
        <lei>5493009JEEDYLVRA0J13</lei>
        <title>ADT SEC. CORP/THE 4.125%</title>
        <cusip>00109LAA1</cusip>
        <identifiers>
          <isin value="US00109LAA17"/>
          <ticker value="ADT"/>
        </identifiers>
        <balance>3230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3085777.66</valUSD>
        <pctVal>0.1480184989</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>4.125</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COINBASE GBL. INC 3.625%</name>
        <lei>5493004G3J2SC154DU06</lei>
        <title>COINBASE GBL. INC 3.625%</title>
        <cusip>19260QAD9</cusip>
        <identifiers>
          <isin value="US19260QAD97"/>
          <ticker value="COIN"/>
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        <balance>5930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5011750.06</valUSD>
        <pctVal>0.2404034906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>3.625</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEALTHEQUITY INC 4.50%</name>
        <lei>529900LRJU1RAFQHM467</lei>
        <title>HEALTHEQUITY INC 4.50%</title>
        <cusip>42226AAA5</cusip>
        <identifiers>
          <isin value="US42226AAA51"/>
          <ticker value="HQY"/>
        </identifiers>
        <balance>3150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3047583.74</valUSD>
        <pctVal>0.1461864140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</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>SCIENTIFIC GAMES H 6.625%</name>
        <lei>549300W5GPFXXB6TQ330</lei>
        <title>SCIENTIFIC GAMES H 6.625%</title>
        <cusip>80874DAA4</cusip>
        <identifiers>
          <isin value="US80874DAA46"/>
          <ticker value="SCGALO"/>
        </identifiers>
        <balance>2520000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2167885.69</valUSD>
        <pctVal>0.1039890818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MCAFEE CORP 7.375%</name>
        <lei>2549009UKR8UEZYVCR93</lei>
        <title>MCAFEE CORP 7.375%</title>
        <cusip>579063AB4</cusip>
        <identifiers>
          <isin value="US579063AB46"/>
          <ticker value="MCFE"/>
        </identifiers>
        <balance>10954000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9050099.5</valUSD>
        <pctVal>0.4341149267</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>7.375</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>GGAM FIN. LTD 8.00%</name>
        <lei>254900X2QXEN0FVXRF65</lei>
        <title>GGAM FIN. LTD 8.00%</title>
        <cusip>36170JAC0</cusip>
        <identifiers>
          <isin value="US36170JAC09"/>
          <ticker value="GGAMFI"/>
        </identifiers>
        <balance>3300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3330360</valUSD>
        <pctVal>0.1597506179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LGI HOMES INC 8.75%</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC 8.75%</title>
        <cusip>50187TAH9</cusip>
        <identifiers>
          <isin value="US50187TAH95"/>
          <ticker value="LGIH"/>
        </identifiers>
        <balance>2345000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2399244.54</valUSD>
        <pctVal>0.1150868969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PERMIAN RES. OPERAT 8.00%</name>
        <lei>549300HGVO86L8G72J25</lei>
        <title>PERMIAN RES. OPERAT 8.00%</title>
        <cusip>27034RAA1</cusip>
        <identifiers>
          <isin value="US27034RAA14"/>
          <ticker value="PR"/>
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        <balance>4500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4503837.2</valUSD>
        <pctVal>0.2160399404</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>8</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>GENESIS ENERGY LP / 8.25%</name>
        <lei>549300VJ5D6MDK138782</lei>
        <title>GENESIS ENERGY LP / 8.25%</title>
        <cusip>37185LAP7</cusip>
        <identifiers>
          <isin value="US37185LAP76"/>
          <ticker value="GEL"/>
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        <balance>5410000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5590131.36</valUSD>
        <pctVal>0.2681472691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25</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>GFL ENVIRON. INC 6.75%</name>
        <lei>894500E7NLBY9VZRT696</lei>
        <title>GFL ENVIRON. INC 6.75%</title>
        <cusip>36168QAQ7</cusip>
        <identifiers>
          <isin value="US36168QAQ73"/>
          <ticker value="GFLCN"/>
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        <balance>5605000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5800207.3</valUSD>
        <pctVal>0.2782241861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SABRE GLBL INC 11.125%</name>
        <lei>F2TJC7HPPHLHU1AQMP98</lei>
        <title>SABRE GLBL INC 11.125%</title>
        <cusip>78573NAM4</cusip>
        <identifiers>
          <isin value="US78573NAM48"/>
          <ticker value="SABHLD"/>
        </identifiers>
        <balance>6165000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5232605.4</valUSD>
        <pctVal>0.2509974736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>11.125</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BEACON MOBILITY COR 7.25%</name>
        <lei>254900EBTYFG24UQEM31</lei>
        <title>BEACON MOBILITY COR 7.25%</title>
        <cusip>073644AA4</cusip>
        <identifiers>
          <isin value="US073644AA49"/>
          <ticker value="BEAMOB"/>
        </identifiers>
        <balance>3680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3801314.88</valUSD>
        <pctVal>0.1823413688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USA COMPRESSION PAR 6.25%</name>
        <lei>5493000B1PEOKXRZEO65</lei>
        <title>USA COMPRESSION PAR 6.25%</title>
        <cusip>91740PAH1</cusip>
        <identifiers>
          <isin value="US91740PAH10"/>
          <ticker value="USAC"/>
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        <balance>515000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>513380.33</valUSD>
        <pctVal>0.0246258137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TALLGRASS ENERGY P 7.375%</name>
        <lei>549300IQ3DN0F3VERF65</lei>
        <title>TALLGRASS ENERGY P 7.375%</title>
        <cusip>87470LAL5</cusip>
        <identifiers>
          <isin value="US87470LAL53"/>
          <ticker value="TEP"/>
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        <balance>3815000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3924631.66</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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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>FIESTA PURCHASER I 7.875%</name>
        <lei>N/A</lei>
        <title>FIESTA PURCHASER I 7.875%</title>
        <cusip>31659AAA4</cusip>
        <identifiers>
          <isin value="US31659AAA43"/>
          <ticker value="SHEARE"/>
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        <balance>8465000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8617903.3</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>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875</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>BEASLEY MEZZANINE H 9.20%</name>
        <lei>549300VK8LJV1TK18D38</lei>
        <title>BEASLEY MEZZANINE H 9.20%</title>
        <cusip>07403VAB5</cusip>
        <identifiers>
          <isin value="US07403VAB53"/>
          <ticker value="BBGI"/>
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        <balance>5830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2157100</valUSD>
        <pctVal>0.1034717141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.2</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</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>BCPE FLAVOR DEBT ME 9.50%</name>
        <lei>N/A</lei>
        <title>BCPE FLAVOR DEBT ME 9.50%</title>
        <cusip>072933AA2</cusip>
        <identifiers>
          <isin value="US072933AA25"/>
          <ticker value="SIZPLT"/>
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        <balance>580000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>525953.74</valUSD>
        <pctVal>0.0252289347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.5</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>CRESCENT ENERGY FI 8.375%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>CRESCENT ENERGY FI 8.375%</title>
        <cusip>45344LAG8</cusip>
        <identifiers>
          <isin value="US45344LAG86"/>
          <ticker value="CRGYFN"/>
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        <balance>2940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3073476</valUSD>
        <pctVal>0.1474284132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.375</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>SAKS GBL. ENTS. LL 11.00%</name>
        <lei>5493007HQSJGRH78Q684</lei>
        <title>SAKS GBL. ENTS. LL 11.00%</title>
        <cusip>79380MAD7</cusip>
        <identifiers>
          <isin value="US79380MAD74"/>
          <ticker value="SAGLEN"/>
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        <balance>985000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9850</valUSD>
        <pctVal>0.0004724845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</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>NEXSTAR MEDIA INC 5.625%</name>
        <lei>5493006PK6I4I2OOT688</lei>
        <title>NEXSTAR MEDIA INC 5.625%</title>
        <cusip>65343HAA9</cusip>
        <identifiers>
          <isin value="US65343HAA95"/>
          <ticker value="NXST"/>
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        <balance>4005000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4003095.22</valUSD>
        <pctVal>0.1920203627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625</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>FORTESCUE TSY. PTY 4.375%</name>
        <lei>549300EFD6S2NFE9D745</lei>
        <title>FORTESCUE TSY. PTY 4.375%</title>
        <cusip>30251GBC0</cusip>
        <identifiers>
          <isin value="US30251GBC06"/>
          <ticker value="FMGAU"/>
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        <balance>7040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6651705.28</valUSD>
        <pctVal>0.3190688180</pctVal>
        <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>4.375</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>GOODYEAR TIRE &amp; RUB 5.25%</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>GOODYEAR TIRE &amp; RUB 5.25%</title>
        <cusip>382550BJ9</cusip>
        <identifiers>
          <isin value="US382550BJ95"/>
          <ticker value="GT"/>
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        <balance>2645000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2386032.28</valUSD>
        <pctVal>0.1144531315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>ORGANON / ORGANON 5.125%</name>
        <lei>549300AMCKY57OK2CO56</lei>
        <title>ORGANON / ORGANON 5.125%</title>
        <cusip>68622TAB7</cusip>
        <identifiers>
          <isin value="US68622TAB70"/>
          <ticker value="OGN"/>
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        <balance>6455000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5260759.8</valUSD>
        <pctVal>0.2523479830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOYNE USA INC 4.75%</name>
        <lei>N/A</lei>
        <title>BOYNE USA INC 4.75%</title>
        <cusip>103557AC8</cusip>
        <identifiers>
          <isin value="US103557AC88"/>
          <ticker value="BIGSKY"/>
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        <balance>5070000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4917881.24</valUSD>
        <pctVal>0.2359007936</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>4.75</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>CHS/COMMUNITY HEAL 6.125%</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/COMMUNITY HEAL 6.125%</title>
        <cusip>12543DBL3</cusip>
        <identifiers>
          <isin value="US12543DBL38"/>
          <ticker value="CYH"/>
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        <balance>2870000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2495363.4</valUSD>
        <pctVal>0.1196975237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125</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>PBF HLDG. CO LLC / 6.00%</name>
        <lei>549300TILVIIV9FLL461</lei>
        <title>PBF HLDG. CO LLC / 6.00%</title>
        <cusip>69318FAJ7</cusip>
        <identifiers>
          <isin value="US69318FAJ75"/>
          <ticker value="PBFENE"/>
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        <balance>6343000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6314154.57</valUSD>
        <pctVal>0.3028771947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>NABORS INDS. INC 9.125%</name>
        <lei>549300VFQWRKICUFNU92</lei>
        <title>NABORS INDS. INC 9.125%</title>
        <cusip>62957HAP0</cusip>
        <identifiers>
          <isin value="US62957HAP01"/>
          <ticker value="NBR"/>
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        <balance>1355000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1422737.81</valUSD>
        <pctVal>0.0682458486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.125</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>VICTORIA S SECRET 4.625%</name>
        <lei>5493006T3O70U3UWVF17</lei>
        <title>VICTORIA S SECRET 4.625%</title>
        <cusip>926400AA0</cusip>
        <identifiers>
          <isin value="US926400AA00"/>
          <ticker value="VSCO"/>
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        <balance>3385000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3225847.12</valUSD>
        <pctVal>0.1547373469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625</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>FIRST STUDENT BIDCO 4.00%</name>
        <lei>254900JEIMV6G5O1PB08</lei>
        <title>FIRST STUDENT BIDCO 4.00%</title>
        <cusip>337120AA7</cusip>
        <identifiers>
          <isin value="US337120AA74"/>
          <ticker value="FRSTST"/>
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        <balance>5385000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5154317.37</valUSD>
        <pctVal>0.2472421555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>CCO HLDGS. LLC / CC 4.25%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.25%</title>
        <cusip>1248EPCP6</cusip>
        <identifiers>
          <isin value="US1248EPCP61"/>
          <ticker value="CHTR"/>
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        <balance>5811000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4971273.31</valUSD>
        <pctVal>0.2384619030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JEFFERIES FIN. LLC 5.00%</name>
        <lei>549300SKVB18YSSIDT75</lei>
        <title>JEFFERIES FIN. LLC 5.00%</title>
        <cusip>47232MAF9</cusip>
        <identifiers>
          <isin value="US47232MAF95"/>
          <ticker value="JEFFIN"/>
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        <balance>2750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2562619.68</valUSD>
        <pctVal>0.1229236711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALBION FINC. 1 SARL 7.00%</name>
        <lei>259400W9CABUZBRDLP97</lei>
        <title>ALBION FINC. 1 SARL 7.00%</title>
        <cusip>01330AAA4</cusip>
        <identifiers>
          <isin value="US01330AAA43"/>
          <ticker value="AGKLN"/>
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        <balance>2940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3004788.78</valUSD>
        <pctVal>0.1441336265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL PARTNERS LP 7.125%</name>
        <lei>549300PCHWTW9P4DU444</lei>
        <title>GLOBAL PARTNERS LP 7.125%</title>
        <cusip>37954FAL8</cusip>
        <identifiers>
          <isin value="US37954FAL85"/>
          <ticker value="GLP"/>
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        <balance>1480000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1492081.24</valUSD>
        <pctVal>0.0715721124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125</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>DIRECTV FINC. LLC 5.875%</name>
        <lei>N/A</lei>
        <title>DIRECTV FINC. LLC 5.875%</title>
        <cusip>25461LAA0</cusip>
        <identifiers>
          <isin value="US25461LAA08"/>
          <ticker value="DTV"/>
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        <balance>3889000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3884901.77</valUSD>
        <pctVal>0.1863508625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875</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>BROOKFIELD PROP. RE 4.50%</name>
        <lei>549300K1JD1LDRNBET48</lei>
        <title>BROOKFIELD PROP. RE 4.50%</title>
        <cusip>11284DAC9</cusip>
        <identifiers>
          <isin value="US11284DAC92"/>
          <ticker value="BPYU"/>
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        <balance>3503000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3435998.47</valUSD>
        <pctVal>0.1648178812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</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>JACOBS ENTERTAINMEN 6.75%</name>
        <lei>5493004U9JIWY3HSUO63</lei>
        <title>JACOBS ENTERTAINMEN 6.75%</title>
        <cusip>469815AK0</cusip>
        <identifiers>
          <isin value="US469815AK08"/>
          <ticker value="JACENT"/>
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        <balance>3915000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3660525</valUSD>
        <pctVal>0.1755879637</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>6.75</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>CHART INDS. INC 7.50%</name>
        <lei>EM7QGKC1GYOF3LSZSL80</lei>
        <title>CHART INDS. INC 7.50%</title>
        <cusip>16115QAF7</cusip>
        <identifiers>
          <isin value="US16115QAF72"/>
          <ticker value="GTLS"/>
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        <balance>6050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6285387.35</valUSD>
        <pctVal>0.3014972895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</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>CAESARS ENTERTAINME 7.00%</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTERTAINME 7.00%</title>
        <cusip>12769GAB6</cusip>
        <identifiers>
          <isin value="US12769GAB68"/>
          <ticker value="CZR"/>
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        <balance>3630000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3674830.5</valUSD>
        <pctVal>0.1762741695</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</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>FREEDOM MTGE. HLDGS 9.25%</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>FREEDOM MTGE. HLDGS 9.25%</title>
        <cusip>35641AAA6</cusip>
        <identifiers>
          <isin value="US35641AAA60"/>
          <ticker value="FREMOR"/>
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        <balance>3175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3218148.25</valUSD>
        <pctVal>0.1543680478</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>9.25</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 AXLE &amp; MF 6.875%</name>
        <lei>RY5TAKFOBLDUGX31MS24</lei>
        <title>AMERICAN AXLE &amp; MF 6.875%</title>
        <cusip>02406PBA7</cusip>
        <identifiers>
          <isin value="US02406PBA75"/>
          <ticker value="AXL"/>
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        <balance>4182000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4176751.59</valUSD>
        <pctVal>0.2003503067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875</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>LEVEL 3 FINC. INC 4.25%</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>LEVEL 3 FINC. INC 4.25%</title>
        <cusip>527298BR3</cusip>
        <identifiers>
          <isin value="US527298BR35"/>
          <ticker value="LVLT"/>
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        <balance>9651000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9312095</valUSD>
        <pctVal>0.4466823198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</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>NEW HOME CO INC/THE 8.50%</name>
        <lei>549300PLCE8TB3TVRQ85</lei>
        <title>NEW HOME CO INC/THE 8.50%</title>
        <cusip>645370AG2</cusip>
        <identifiers>
          <isin value="US645370AG22"/>
          <ticker value="NWHM"/>
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        <balance>6200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6062492.06</valUSD>
        <pctVal>0.2908054543</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>8.5</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>LBM ACQUISITION LLC 9.50%</name>
        <lei>549300FAEB3VWZL4NI86</lei>
        <title>LBM ACQUISITION LLC 9.50%</title>
        <cusip>52109SAB5</cusip>
        <identifiers>
          <isin value="US52109SAB51"/>
          <ticker value="USLBMH"/>
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        <balance>3735000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3251118.05</valUSD>
        <pctVal>0.1559495422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.5</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>SAKS GBL. ENTS. LL 11.00%</name>
        <lei>5493007HQSJGRH78Q684</lei>
        <title>SAKS GBL. ENTS. LL 11.00%</title>
        <cusip>79380MAC9</cusip>
        <identifiers>
          <isin value="US79380MAC91"/>
          <ticker value="SAGLEN"/>
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        <balance>2705000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3381.25</valUSD>
        <pctVal>0.0001621917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</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>DISH DBS CORP 7.75%</name>
        <lei>N/A</lei>
        <title>DISH DBS CORP 7.75%</title>
        <cusip>25470XAY1</cusip>
        <identifiers>
          <isin value="US25470XAY13"/>
          <ticker value="DISH"/>
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        <balance>9005000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8961525.66</valUSD>
        <pctVal>0.4298662192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75</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>NAVIENT CORP 5.00%</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>NAVIENT CORP 5.00%</title>
        <cusip>63938CAK4</cusip>
        <identifiers>
          <isin value="US63938CAK45"/>
          <ticker value="NAVI"/>
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        <balance>8600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8406198.14</valUSD>
        <pctVal>0.4032282838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN AIRLINES I 5.50%</name>
        <lei>N/A</lei>
        <title>AMERICAN AIRLINES I 5.50%</title>
        <cusip>00253XAA9</cusip>
        <identifiers>
          <isin value="US00253XAA90"/>
          <ticker value="AAL"/>
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        <balance>596250.05</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>596476.63</valUSD>
        <pctVal>0.0286117748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>PATTERN ENERGY OPER 4.50%</name>
        <lei>254900P898KPCM50SP51</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VOYAGER AVIATION UNITS</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>TALOS PRODUCTION IN 9.00%</name>
        <lei>549300GZ2DZZE2Y8TX15</lei>
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        <name>CALIFORNIA BUYER / 6.375%</name>
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      <invstOrSec>
        <name>ECHOSTAR CORP 10.75%</name>
        <lei>549300EE20907QZ9GT38</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>TIDEWATER INC 9.125%</name>
        <lei>2549000JA5GRUPLMUH98</lei>
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        <cusip>88642RAE9</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMC NETWORKS INC 10.50%</name>
        <lei>549300VGG9K75226LR46</lei>
        <title>AMC NETWORKS INC 10.50%</title>
        <cusip>00164VAK9</cusip>
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          <ticker value="AMCX"/>
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        <fairValLevel>2</fairValLevel>
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        <name>UNIVISION COMMS. I 9.375%</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UNIVISION COMMS. I 9.375%</title>
        <cusip>914906BA9</cusip>
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          <ticker value="UVN"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AECOM 6.00%</name>
        <lei>0EEB8GF0W0NPCIHZX097</lei>
        <title>AECOM 6.00%</title>
        <cusip>00766TAE0</cusip>
        <identifiers>
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          <ticker value="ACM"/>
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        <balance>3045000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
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      <invstOrSec>
        <name>PAGAYA US HLDGS. C 8.875%</name>
        <lei>254900M9VGE3HM0OYH17</lei>
        <title>PAGAYA US HLDGS. C 8.875%</title>
        <cusip>69549FAC3</cusip>
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          <ticker value="PGY"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>OAK-EAGLE ACQUIRECO 8.75%</name>
        <lei>6488ICS9P20290MA1H31</lei>
        <title>OAK-EAGLE ACQUIRECO 8.75%</title>
        <cusip>67124CAB9</cusip>
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          <ticker value="EA"/>
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        <fairValLevel>2</fairValLevel>
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        <name>NRG ENERGY INC 5.75%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 5.75%</title>
        <cusip>629377CE0</cusip>
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          <maturityDt>2028-01-15</maturityDt>
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        <name>VISTRA OPERATIONS 5.625%</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VISTRA OPERATIONS 5.625%</title>
        <cusip>92840VAB8</cusip>
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          <ticker value="VST"/>
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        <name>MELCO RESORTS FIN. 5.625%</name>
        <lei>5493000FQDBWKDBZEF60</lei>
        <title>MELCO RESORTS FIN. 5.625%</title>
        <cusip>58547DAC3</cusip>
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          <ticker value="MPEL"/>
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        <name>TMS INTL. CORP/DE 6.25%</name>
        <lei>549300L4K0F1YF8WKF23</lei>
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        <cusip>87261QAC7</cusip>
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        <name>MIDCAP FINL. ISSUER 6.50%</name>
        <lei>N/A</lei>
        <title>MIDCAP FINL. ISSUER 6.50%</title>
        <cusip>59567LAA2</cusip>
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        <valUSD>4478322.62</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>ALLY FINL. INC F2V</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY FINL. INC F2V</title>
        <cusip>02005NBN9</cusip>
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        <valUSD>1383176.39</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
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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>VMED O2 UK FINC. I 4.75%</name>
        <lei>213800MRR46ECNGZ7L69</lei>
        <title>VMED O2 UK FINC. I 4.75%</title>
        <cusip>92858RAB6</cusip>
        <identifiers>
          <isin value="US92858RAB69"/>
          <ticker value="VMED"/>
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        <balance>4740000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4078136.17</valUSD>
        <pctVal>0.1956199249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75</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>ADAPTHEALTH LLC 5.125%</name>
        <lei>549300SN58QQ28RVWE26</lei>
        <title>ADAPTHEALTH LLC 5.125%</title>
        <cusip>00653VAE1</cusip>
        <identifiers>
          <isin value="US00653VAE11"/>
          <ticker value="ADAHEA"/>
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        <balance>7035000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6740388.27</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>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125</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>IIP OPERATING P/SHI 5.50%</name>
        <lei>N/A</lei>
        <title>IIP OPERATING P/SHI 5.50%</title>
        <cusip>44988FAD2</cusip>
        <identifiers>
          <isin value="US44988FAD24"/>
          <ticker value="IIPR"/>
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        <balance>5130000</balance>
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        <curCd>USD</curCd>
        <valUSD>5067575.75</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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>MEDLINE BORROWER LP 5.25%</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDLINE BORROWER LP 5.25%</title>
        <cusip>62482BAB8</cusip>
        <identifiers>
          <isin value="US62482BAB80"/>
          <ticker value="MEDIND"/>
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        <balance>5060000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5015438.1</valUSD>
        <pctVal>0.2405803984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>CONSOLIDATED ENERG 5.625%</name>
        <lei>549300PUNIS0USNSL750</lei>
        <title>CONSOLIDATED ENERG 5.625%</title>
        <cusip>20914UAF3</cusip>
        <identifiers>
          <isin value="US20914UAF30"/>
          <ticker value="CONSEN"/>
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        <balance>6655000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6197468.75</valUSD>
        <pctVal>0.2972800125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625</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>MAGNERA CORP 4.75%</name>
        <lei>549300LDQLQBT38QDY28</lei>
        <title>MAGNERA CORP 4.75%</title>
        <cusip>377320AA4</cusip>
        <identifiers>
          <isin value="US377320AA45"/>
          <ticker value="MAGN"/>
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        <balance>6732000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6077416</valUSD>
        <pctVal>0.2915213254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75</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>ARMOR HOLDCO INC 8.50%</name>
        <lei>254900X6HLK0YPTHHF09</lei>
        <title>ARMOR HOLDCO INC 8.50%</title>
        <cusip>04625PAA9</cusip>
        <identifiers>
          <isin value="US04625PAA93"/>
          <ticker value="EQNLN"/>
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        <balance>4075000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3721380.47</valUSD>
        <pctVal>0.1785070772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</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>MADISON IAQ LLC 5.875%</name>
        <lei>549300IXDNBXNHUPBU73</lei>
        <title>MADISON IAQ LLC 5.875%</title>
        <cusip>55760LAB3</cusip>
        <identifiers>
          <isin value="US55760LAB36"/>
          <ticker value="MADIAQ"/>
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        <balance>3020000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2961591.99</valUSD>
        <pctVal>0.1420615641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875</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>TRANSDIGM INC 6.375%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.375%</title>
        <cusip>893647BY2</cusip>
        <identifiers>
          <isin value="US893647BY22"/>
          <ticker value="TDG"/>
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        <balance>8655000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8608854.14</valUSD>
        <pctVal>0.4129492813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375</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>CIVITAS RES. INC 9.625%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>CIVITAS RES. INC 9.625%</title>
        <cusip>17888HAD5</cusip>
        <identifiers>
          <isin value="US17888HAD52"/>
          <ticker value="SM"/>
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        <balance>3430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3789193.03</valUSD>
        <pctVal>0.1817599082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.625</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>LUNA 1.5 SARL PIK</name>
        <lei>64884UZ60Y77J5XK5C41</lei>
        <title>LUNA 1.5 SARL PIK</title>
        <cusip>550356AA7</cusip>
        <identifiers>
          <isin value="US550356AA77"/>
          <ticker value="URBPIK"/>
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        <balance>6085000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6375109.92</valUSD>
        <pctVal>0.3058010993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12</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>CLYDESDALE ACQUISIT 8.75%</name>
        <lei>254900QKSDYFR3K5YD98</lei>
        <title>CLYDESDALE ACQUISIT 8.75%</title>
        <cusip>18972EAB1</cusip>
        <identifiers>
          <isin value="US18972EAB11"/>
          <ticker value="NOVHOL"/>
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        <balance>2940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2743237.27</valUSD>
        <pctVal>0.1315875308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>8.75</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>BURFORD CAP. GBL. 6.875%</name>
        <lei>549300JVAOO67CSCH406</lei>
        <title>BURFORD CAP. GBL. 6.875%</title>
        <cusip>12116LAC3</cusip>
        <identifiers>
          <isin value="US12116LAC37"/>
          <ticker value="BURLN"/>
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        <balance>7929000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6998690.43</valUSD>
        <pctVal>0.3357129923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>6.875</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>CENTRAL PARENT / CD 7.25%</name>
        <lei>N/A</lei>
        <title>CENTRAL PARENT / CD 7.25%</title>
        <cusip>15477CAA3</cusip>
        <identifiers>
          <isin value="US15477CAA36"/>
          <ticker value="CDK"/>
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        <balance>2610000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1878450.67</valUSD>
        <pctVal>0.0901054707</pctVal>
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        <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>7.25</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>KB HOME 7.25%</name>
        <lei>549300LGUCWQURMWLG09</lei>
        <title>KB HOME 7.25%</title>
        <cusip>48666KBA6</cusip>
        <identifiers>
          <isin value="US48666KBA60"/>
          <ticker value="KBH"/>
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        <balance>3965000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4038776.76</valUSD>
        <pctVal>0.1937319338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25</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>CHART INDS. INC 9.50%</name>
        <lei>EM7QGKC1GYOF3LSZSL80</lei>
        <title>CHART INDS. INC 9.50%</title>
        <cusip>16115QAG5</cusip>
        <identifiers>
          <isin value="US16115QAG55"/>
          <ticker value="GTLS"/>
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        <balance>2865000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3009668.18</valUSD>
        <pctVal>0.1443676814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.5</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>TRINITY INDS. INC 7.75%</name>
        <lei>R1JB4KXN77XFCXOQKV49</lei>
        <title>TRINITY INDS. INC 7.75%</title>
        <cusip>896522AJ8</cusip>
        <identifiers>
          <isin value="US896522AJ82"/>
          <ticker value="TRN"/>
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        <balance>4942000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5065718.03</valUSD>
        <pctVal>0.2429922247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SEADRILL FIN. LTD 8.375%</name>
        <lei>213800WMN3OHFUDHD642</lei>
        <title>SEADRILL FIN. LTD 8.375%</title>
        <cusip>81172QAA2</cusip>
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          <isin value="US81172QAA22"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>TALOS PRODUCTION I 9.375%</name>
        <lei>549300GZ2DZZE2Y8TX15</lei>
        <title>TALOS PRODUCTION I 9.375%</title>
        <cusip>87485LAE4</cusip>
        <identifiers>
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          <ticker value="TALO"/>
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        <curCd>USD</curCd>
        <valUSD>5203406.87</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LEVEL 3 FINC. INC 7.00%</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>LEVEL 3 FINC. INC 7.00%</title>
        <cusip>527298CN1</cusip>
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          <isin value="US527298CN12"/>
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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>TRAVEL + LEISURE C 6.125%</name>
        <lei>T4VNTWMFQ7JQB65L7T35</lei>
        <title>TRAVEL + LEISURE C 6.125%</title>
        <cusip>894164AC6</cusip>
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          <isin value="US894164AC61"/>
          <ticker value="TNL"/>
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        <balance>4035000</balance>
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        <curCd>USD</curCd>
        <valUSD>3982543.39</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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          <maturityDt>2033-09-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NGL ENERGY OPERATI 8.375%</name>
        <lei>N/A</lei>
        <title>NGL ENERGY OPERATI 8.375%</title>
        <cusip>62922LAD0</cusip>
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          <isin value="US62922LAD01"/>
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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>UKG INC 6.875%</name>
        <lei>529900FKHWSTQ1GXK240</lei>
        <title>UKG INC 6.875%</title>
        <cusip>90279XAA0</cusip>
        <identifiers>
          <isin value="US90279XAA00"/>
          <ticker value="ULTI"/>
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        <balance>7825000</balance>
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        <curCd>USD</curCd>
        <valUSD>7647493.24</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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          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JEFFERSON CAP. HLDG 9.50%</name>
        <lei>N/A</lei>
        <title>JEFFERSON CAP. HLDG 9.50%</title>
        <cusip>472481AB6</cusip>
        <identifiers>
          <isin value="US472481AB63"/>
          <ticker value="JEFCAP"/>
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        <balance>3060000</balance>
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        <curCd>USD</curCd>
        <valUSD>3210579.54</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>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NRG ENERGY INC 6.25%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 6.25%</title>
        <cusip>629377CX8</cusip>
        <identifiers>
          <isin value="US629377CX83"/>
          <ticker value="NRG"/>
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        <balance>6240000</balance>
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        <curCd>USD</curCd>
        <valUSD>6289746.47</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>2034-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</annualizedRt>
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      <invstOrSec>
        <name>GOEASY LTD 6.875%</name>
        <lei>5493009DJVZG2P8YV435</lei>
        <title>GOEASY LTD 6.875%</title>
        <cusip>380355AM9</cusip>
        <identifiers>
          <isin value="US380355AM92"/>
          <ticker value="GSYCN"/>
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        <balance>5976000</balance>
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        <curCd>USD</curCd>
        <valUSD>4952319.92</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
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          <annualizedRt>6.875</annualizedRt>
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      <invstOrSec>
        <name>ICAHN ENTS. LP / IC 9.00%</name>
        <lei>549300T0G4GS0SINS786</lei>
        <title>ICAHN ENTS. LP / IC 9.00%</title>
        <cusip>451102CJ4</cusip>
        <identifiers>
          <isin value="US451102CJ41"/>
          <ticker value="IEP"/>
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        <balance>3320000</balance>
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        <curCd>USD</curCd>
        <valUSD>3113513.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>9</annualizedRt>
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      <invstOrSec>
        <name>NRG ENERGY INC 5.75%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 5.75%</title>
        <cusip>629377CY6</cusip>
        <identifiers>
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        <balance>4250000</balance>
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        <curCd>USD</curCd>
        <valUSD>4243646.25</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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          <annualizedRt>5.75</annualizedRt>
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      <invstOrSec>
        <name>DISCOVERY GBL. HLD 4.279%</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>DISCOVERY GBL. HLD 4.279%</title>
        <cusip>55903VBQ5</cusip>
        <identifiers>
          <isin value="US55903VBQ59"/>
          <ticker value="WBD"/>
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        <balance>4125000</balance>
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        <curCd>USD</curCd>
        <valUSD>3650625</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>2032-03-15</maturityDt>
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        <name>PHOENIX AVIATION CA 9.25%</name>
        <lei>8945008YQAKXZQ3VYJ15</lei>
        <title>PHOENIX AVIATION CA 9.25%</title>
        <cusip>71910DAA9</cusip>
        <identifiers>
          <isin value="US71910DAA90"/>
          <ticker value="PHOAVI"/>
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        <curCd>USD</curCd>
        <valUSD>5333337</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>VENTURE GBL. PLAQUE 6.75%</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GBL. PLAQUE 6.75%</title>
        <cusip>922966AD8</cusip>
        <identifiers>
          <isin value="US922966AD85"/>
          <ticker value="VEGLPL"/>
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        <balance>3800000</balance>
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        <curCd>USD</curCd>
        <valUSD>4024777.6</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRANSDIGM INC 6.875%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.875%</title>
        <cusip>893647BS5</cusip>
        <identifiers>
          <isin value="US893647BS53"/>
          <ticker value="TDG"/>
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        <balance>3555000</balance>
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        <curCd>USD</curCd>
        <valUSD>3642623.64</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-15</maturityDt>
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          <annualizedRt>6.875</annualizedRt>
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      <invstOrSec>
        <name>CIVITAS RES. INC 8.625%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>CIVITAS RES. INC 8.625%</title>
        <cusip>17888HAC7</cusip>
        <identifiers>
          <isin value="US17888HAC79"/>
          <ticker value="SM"/>
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        <balance>2830000</balance>
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        <curCd>USD</curCd>
        <valUSD>2985893.38</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>2030-11-01</maturityDt>
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          <annualizedRt>8.625</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRAY MEDIA INC 9.625%</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY MEDIA INC 9.625%</title>
        <cusip>389375AN6</cusip>
        <identifiers>
          <isin value="US389375AN64"/>
          <ticker value="GTN"/>
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        <balance>2050000</balance>
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        <curCd>USD</curCd>
        <valUSD>2049869.83</valUSD>
        <pctVal>0.0983281003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>OSAIC HLDGS. INC 6.75%</name>
        <lei>549300XL60BDV6UW5C86</lei>
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        <valUSD>460057.45</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OSAIC HLDGS. INC 8.00%</name>
        <lei>549300XL60BDV6UW5C86</lei>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INVERSION ESCROW IS 6.75%</name>
        <lei>254900P6GHORGRVLKI95</lei>
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          <ticker value="SOLEIN"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SNAP INC 6.875%</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
        <title>SNAP INC 6.875%</title>
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        <identifiers>
          <isin value="US83304AAM80"/>
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        <balance>1950000</balance>
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        <curCd>USD</curCd>
        <valUSD>1834109.16</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARD FIN. SA PIK</name>
        <lei>6354006P6QPGGPVJW880</lei>
        <title>ARD FIN. SA PIK</title>
        <cusip>00191AAD8</cusip>
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          <isin value="US00191AAD81"/>
          <ticker value="ARDFIN"/>
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        <curCd>USD</curCd>
        <valUSD>.01</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-30</maturityDt>
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          <annualizedRt>6.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>1011778 BC ULC / NE 4.00%</name>
        <lei>549300RHSHNRWI5LLA86</lei>
        <title>1011778 BC ULC / NE 4.00%</title>
        <cusip>68245XAM1</cusip>
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          <isin value="US68245XAM11"/>
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        <curCd>USD</curCd>
        <valUSD>4074575.74</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACADEMY LTD 6.00%</name>
        <lei>549300BN53IR80C35Z14</lei>
        <title>ACADEMY LTD 6.00%</title>
        <cusip>00401YAA8</cusip>
        <identifiers>
          <isin value="US00401YAA82"/>
          <ticker value="ACALTD"/>
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        <balance>5915000</balance>
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        <curCd>USD</curCd>
        <valUSD>5919430.34</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITED AIRLINES IN 4.625%</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
        <title>UNITED AIRLINES IN 4.625%</title>
        <cusip>90932LAH0</cusip>
        <identifiers>
          <isin value="US90932LAH06"/>
          <ticker value="UAL"/>
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        <balance>6750000</balance>
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        <curCd>USD</curCd>
        <valUSD>6622586.33</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ORGANON / ORGANON 4.125%</name>
        <lei>549300AMCKY57OK2CO56</lei>
        <title>ORGANON / ORGANON 4.125%</title>
        <cusip>68622TAA9</cusip>
        <identifiers>
          <isin value="US68622TAA97"/>
          <ticker value="OGN"/>
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        <balance>6060000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5880341.97</valUSD>
        <pctVal>0.2820680837</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125</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>STONEMOR INC 8.50%</name>
        <lei>N/A</lei>
        <title>STONEMOR INC 8.50%</title>
        <cusip>86184WAA4</cusip>
        <identifiers>
          <isin value="US86184WAA45"/>
          <ticker value="STON"/>
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        <balance>5970000</balance>
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        <curCd>USD</curCd>
        <valUSD>5821883.7</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>DANA INC 4.25%</name>
        <lei>KVWHW7YLZPFJM8QYNJ51</lei>
        <title>DANA INC 4.25%</title>
        <cusip>235825AH9</cusip>
        <identifiers>
          <isin value="US235825AH97"/>
          <ticker value="DAN"/>
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        <balance>3389000</balance>
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        <curCd>USD</curCd>
        <valUSD>3206170.91</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>UNITED RENTALS NORT 3.75%</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>UNITED RENTALS NORT 3.75%</title>
        <cusip>911365BP8</cusip>
        <identifiers>
          <isin value="US911365BP80"/>
          <ticker value="URI"/>
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        <balance>1505000</balance>
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        <curCd>USD</curCd>
        <valUSD>1379307.22</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75</annualizedRt>
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        <name>ZF NORTH AMERICA C 7.125%</name>
        <lei>529900JYGMS9CW9IQX78</lei>
        <title>ZF NORTH AMERICA C 7.125%</title>
        <cusip>98877DAE5</cusip>
        <identifiers>
          <isin value="US98877DAE58"/>
          <ticker value="ZFFNGR"/>
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        <balance>2770000</balance>
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        <curCd>USD</curCd>
        <valUSD>2731115.02</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-14</maturityDt>
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        <name>ENERSYS 6.625%</name>
        <lei>7ZS3DE5PN30BYUJFWP05</lei>
        <title>ENERSYS 6.625%</title>
        <cusip>29275YAF9</cusip>
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          <isin value="US29275YAF97"/>
          <ticker value="ENS"/>
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        <balance>4135000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2032-01-15</maturityDt>
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          <annualizedRt>6.625</annualizedRt>
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        <name>HOWDEN UK REFINANC 8.125%</name>
        <lei>875500O63ODR8S3K5X33</lei>
        <title>HOWDEN UK REFINANC 8.125%</title>
        <cusip>44287DAA1</cusip>
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          <isin value="US44287DAA19"/>
          <ticker value="HWDGRP"/>
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        <name>ALLIED UNIVERSAL H 7.875%</name>
        <lei>98450038B4549046D794</lei>
        <title>ALLIED UNIVERSAL H 7.875%</title>
        <cusip>019576AD9</cusip>
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          <isin value="US019576AD90"/>
          <ticker value="UNSEAM"/>
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        <balance>5085000</balance>
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        <valUSD>5243728.28</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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          <maturityDt>2031-02-15</maturityDt>
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          <annualizedRt>7.875</annualizedRt>
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        <name>ARDONAGH GRP. FIN. 8.875%</name>
        <lei>254900SRT1BTAJ76NW62</lei>
        <title>ARDONAGH GRP. FIN. 8.875%</title>
        <cusip>039956AA5</cusip>
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          <isin value="US039956AA59"/>
          <ticker value="ARDGRP"/>
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        <balance>11577000</balance>
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        <curCd>USD</curCd>
        <valUSD>11342710.12</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
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          <annualizedRt>8.875</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ICAHN ENTS. LP / IC 9.75%</name>
        <lei>549300T0G4GS0SINS786</lei>
        <title>ICAHN ENTS. LP / IC 9.75%</title>
        <cusip>451102CF2</cusip>
        <identifiers>
          <isin value="US451102CF29"/>
          <ticker value="IEP"/>
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        <balance>4750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4669973.9</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIS MINING CORP 8.00%</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>ARIS MINING CORP 8.00%</title>
        <cusip>04040YAB5</cusip>
        <identifiers>
          <isin value="US04040YAB56"/>
          <ticker value="ARISCN"/>
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        <balance>4220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4369810</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RAVEN ACQUISITION 6.875%</name>
        <lei>N/A</lei>
        <title>RAVEN ACQUISITION 6.875%</title>
        <cusip>75420NAA1</cusip>
        <identifiers>
          <isin value="US75420NAA19"/>
          <ticker value="RCM"/>
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        <balance>7311000</balance>
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        <curCd>USD</curCd>
        <valUSD>7048221.46</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>2031-11-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LEVEL 3 FINC. INC 6.875%</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>LEVEL 3 FINC. INC 6.875%</title>
        <cusip>527298CM3</cusip>
        <identifiers>
          <isin value="US527298CM39"/>
          <ticker value="LVLT"/>
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        <balance>3945000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4017276.9</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>2033-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLEAR CHANNEL OUTD 7.125%</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CLEAR CHANNEL OUTD 7.125%</title>
        <cusip>18453HAG1</cusip>
        <identifiers>
          <isin value="US18453HAG11"/>
          <ticker value="CCO"/>
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        <balance>1780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1864897.55</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLOUD SOFTWARE GRP 6.625%</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>CLOUD SOFTWARE GRP 6.625%</title>
        <cusip>18912UAG7</cusip>
        <identifiers>
          <isin value="US18912UAG76"/>
          <ticker value="TIBX"/>
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        <balance>2075000</balance>
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        <curCd>USD</curCd>
        <valUSD>1844830</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625</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>PENNYMAC FINL. SERV 6.75%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SERV 6.75%</title>
        <cusip>70932MAH0</cusip>
        <identifiers>
          <isin value="US70932MAH07"/>
          <ticker value="PFSI"/>
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        <balance>2490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2330237.69</valUSD>
        <pctVal>0.1117767782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAUSCH HEALTH AMERI 8.50%</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH AMERI 8.50%</title>
        <cusip>91911XAW4</cusip>
        <identifiers>
          <isin value="US91911XAW48"/>
          <ticker value="BHCCN"/>
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        <balance>11270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11162935</valUSD>
        <pctVal>0.5354633626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</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>LUMEN TECHS. INC 4.50%</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
        <title>LUMEN TECHS. INC 4.50%</title>
        <cusip>156700BD7</cusip>
        <identifiers>
          <isin value="US156700BD72"/>
          <ticker value="LUMN"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>469194.61</valUSD>
        <pctVal>0.0225063143</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>4.5</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>SERVICE PROPS. TRUS 5.50%</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PROPS. TRUS 5.50%</title>
        <cusip>81761LAB8</cusip>
        <identifiers>
          <isin value="US81761LAB80"/>
          <ticker value="SVC"/>
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        <balance>6430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6438445.23</valUSD>
        <pctVal>0.3088391657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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>ALLY FINL. INC F2V</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY FINL. INC F2V</title>
        <cusip>02005NBM1</cusip>
        <identifiers>
          <isin value="US02005NBM11"/>
          <ticker value="ALLY"/>
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        <balance>5515000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5463521.89</valUSD>
        <pctVal>0.2620740695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.7000016</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>PENN ENTERTAINMENT 4.125%</name>
        <lei>N/A</lei>
        <title>PENN ENTERTAINMENT 4.125%</title>
        <cusip>707569AV1</cusip>
        <identifiers>
          <isin value="US707569AV14"/>
          <ticker value="PENN"/>
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        <balance>4725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4418836.07</valUSD>
        <pctVal>0.2119626085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125</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>JEFFERSON CAP. HLDG 6.00%</name>
        <lei>N/A</lei>
        <title>JEFFERSON CAP. HLDG 6.00%</title>
        <cusip>472481AA8</cusip>
        <identifiers>
          <isin value="US472481AA80"/>
          <ticker value="JEFCAP"/>
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        <balance>7115000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7119482.45</valUSD>
        <pctVal>0.3415071406</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>ALTICE FINC. SA 5.75%</name>
        <lei>549300DIYGW8HVDF7Q17</lei>
        <title>ALTICE FINC. SA 5.75%</title>
        <cusip>02154CAH6</cusip>
        <identifiers>
          <isin value="US02154CAH60"/>
          <ticker value="ALTICE"/>
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        <balance>2160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1512142.34</valUSD>
        <pctVal>0.0725344027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</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>LSB INDUSTRIES INC 6.25%</name>
        <lei>5493001H215A0HG0MI71</lei>
        <title>LSB INDUSTRIES INC 6.25%</title>
        <cusip>502160AN4</cusip>
        <identifiers>
          <isin value="US502160AN46"/>
          <ticker value="LXU"/>
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        <balance>10335000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10270946.77</valUSD>
        <pctVal>0.4926764954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.2499996</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>SUNOCO LP / SUNOCO 4.50%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP / SUNOCO 4.50%</title>
        <cusip>86765LAZ0</cusip>
        <identifiers>
          <isin value="US86765LAZ04"/>
          <ticker value="SUN"/>
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        <balance>1350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1301452.38</valUSD>
        <pctVal>0.0624280324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</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>JB POINDEXTER INC 8.75%</name>
        <lei>549300W6P81HOZZGPQ16</lei>
        <title>JB POINDEXTER INC 8.75%</title>
        <cusip>465965AC5</cusip>
        <identifiers>
          <isin value="US465965AC53"/>
          <ticker value="JBPOIN"/>
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        <balance>450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>456106.5</valUSD>
        <pctVal>0.0218785042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONSOLIDATED ENERG 12.00%</name>
        <lei>549300PUNIS0USNSL750</lei>
        <title>CONSOLIDATED ENERG 12.00%</title>
        <cusip>20914UAH9</cusip>
        <identifiers>
          <isin value="US20914UAH95"/>
          <ticker value="CONSEN"/>
        </identifiers>
        <balance>2635000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2595475</valUSD>
        <pctVal>0.1244996742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELEK LOGISTICS PA 7.375%</name>
        <lei>549300UVYITDIU51P724</lei>
        <title>DELEK LOGISTICS PA 7.375%</title>
        <cusip>24665FAE2</cusip>
        <identifiers>
          <isin value="US24665FAE25"/>
          <ticker value="DKL"/>
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        <balance>2910000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2934056.97</valUSD>
        <pctVal>0.1407407650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEAGATE DATA STORA 3.375%</name>
        <lei>N/A</lei>
        <title>SEAGATE DATA STORA 3.375%</title>
        <cusip>81180LAP0</cusip>
        <identifiers>
          <isin value="US81180LAP04"/>
          <ticker value="STX"/>
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        <balance>2615000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2222750</valUSD>
        <pctVal>0.1066208116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.375</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>MPT OPERATING P/SHI 5.00%</name>
        <lei>WUQXXXF7PXTUPGROE843</lei>
        <title>MPT OPERATING P/SHI 5.00%</title>
        <cusip>55342UAH7</cusip>
        <identifiers>
          <isin value="US55342UAH77"/>
          <ticker value="MPW"/>
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        <balance>3430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3192764.19</valUSD>
        <pctVal>0.1531504259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>OCEANEERING INTL. I 6.00%</name>
        <lei>549300L6PH74701W0R30</lei>
        <title>OCEANEERING INTL. I 6.00%</title>
        <cusip>675232AB8</cusip>
        <identifiers>
          <isin value="US675232AB89"/>
          <ticker value="OII"/>
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        <balance>2615000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2625635.21</valUSD>
        <pctVal>0.1259463984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>SPIRIT AEROSYSTEMS 4.60%</name>
        <lei>ZD2NBKV6GCC3UMGBM518</lei>
        <title>SPIRIT AEROSYSTEMS 4.60%</title>
        <cusip>85205TAK6</cusip>
        <identifiers>
          <isin value="US85205TAK60"/>
          <ticker value="SPR"/>
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        <balance>3535000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3535965.06</valUSD>
        <pctVal>0.1696130759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIASAT INC 5.625%</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
        <title>VIASAT INC 5.625%</title>
        <cusip>92552VAL4</cusip>
        <identifiers>
          <isin value="US92552VAL45"/>
          <ticker value="VSAT"/>
        </identifiers>
        <balance>6350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6307105.12</valUSD>
        <pctVal>0.3025390469</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>5.625</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>MELCO RESORTS FIN. 5.375%</name>
        <lei>5493000FQDBWKDBZEF60</lei>
        <title>MELCO RESORTS FIN. 5.375%</title>
        <cusip>58547DAD1</cusip>
        <identifiers>
          <isin value="US58547DAD12"/>
          <ticker value="MPEL"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2401069.38</valUSD>
        <pctVal>0.1151744307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELESAT CANADA / T 5.625%</name>
        <lei>5493004V5GLBY6SO5Y34</lei>
        <title>TELESAT CANADA / T 5.625%</title>
        <cusip>87952VAR7</cusip>
        <identifiers>
          <isin value="US87952VAR78"/>
          <ticker value="TELSAT"/>
        </identifiers>
        <balance>1920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1526400</valUSD>
        <pctVal>0.0732183137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625</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>PARK INTERMEDIATE 4.875%</name>
        <lei>549300HJUVLG7EAGZV92</lei>
        <title>PARK INTERMEDIATE 4.875%</title>
        <cusip>70052LAC7</cusip>
        <identifiers>
          <isin value="US70052LAC72"/>
          <ticker value="PK"/>
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        <balance>2720000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2610917.94</valUSD>
        <pctVal>0.1252404408</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>4.875</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>PENNYMAC FINL. SERV 5.75%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SERV 5.75%</title>
        <cusip>70932MAC1</cusip>
        <identifiers>
          <isin value="US70932MAC10"/>
          <ticker value="PFSI"/>
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        <balance>1545000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1429476.64</valUSD>
        <pctVal>0.0685690966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</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>GLOBAL NET LEASE IN 4.50%</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE IN 4.50%</title>
        <cusip>02608AAA7</cusip>
        <identifiers>
          <isin value="US02608AAA79"/>
          <ticker value="GNL"/>
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        <balance>5390000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5222818.37</valUSD>
        <pctVal>0.2505280096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</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>DISH NETWORK CORP 11.75%</name>
        <lei>529900U350CWHH15G169</lei>
        <title>DISH NETWORK CORP 11.75%</title>
        <cusip>25470MAG4</cusip>
        <identifiers>
          <isin value="US25470MAG42"/>
          <ticker value="DISH"/>
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        <balance>2380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2451983.1</valUSD>
        <pctVal>0.1176166587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.75</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 AIRLINES I 7.25%</name>
        <lei>N/A</lei>
        <title>AMERICAN AIRLINES I 7.25%</title>
        <cusip>023771T32</cusip>
        <identifiers>
          <isin value="US023771T329"/>
          <ticker value="AAL"/>
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        <balance>1840000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1850475.76</valUSD>
        <pctVal>0.0887635709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOBLE FIN. II LLC 8.00%</name>
        <lei>N/A</lei>
        <title>NOBLE FIN. II LLC 8.00%</title>
        <cusip>65505PAA5</cusip>
        <identifiers>
          <isin value="US65505PAA57"/>
          <ticker value="NEFINA"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1801776.74</valUSD>
        <pctVal>0.0864275777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>8</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>ONEMAIN FIN. CORP 6.50%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 6.50%</title>
        <cusip>682691AM2</cusip>
        <identifiers>
          <isin value="US682691AM29"/>
          <ticker value="OMF"/>
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        <balance>4328000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4137247.64</valUSD>
        <pctVal>0.1984553823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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>GOEASY LTD 6.875%</name>
        <lei>5493009DJVZG2P8YV435</lei>
        <title>GOEASY LTD 6.875%</title>
        <cusip>380355AR8</cusip>
        <identifiers>
          <isin value="US380355AR89"/>
          <ticker value="GSYCN"/>
        </identifiers>
        <balance>1175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>945293.26</valUSD>
        <pctVal>0.0453438014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875</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>TRANSDIGM INC 6.25%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.25%</title>
        <cusip>893647BZ9</cusip>
        <identifiers>
          <isin value="US893647BZ96"/>
          <ticker value="TDG"/>
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        <balance>2655000</balance>
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        <curCd>USD</curCd>
        <valUSD>2684287.31</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>2034-01-31</maturityDt>
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          <annualizedRt>6.25</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>NCL CORP LTD 6.25%</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL CORP LTD 6.25%</title>
        <cusip>62886HBZ3</cusip>
        <identifiers>
          <isin value="US62886HBZ38"/>
          <ticker value="NCLH"/>
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        <balance>410000</balance>
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        <curCd>USD</curCd>
        <valUSD>397838.74</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MARRIOTT OWNERSHIP 6.50%</name>
        <lei>BW4532OH033VURR0IT68</lei>
        <title>MARRIOTT OWNERSHIP 6.50%</title>
        <cusip>57164PAK2</cusip>
        <identifiers>
          <isin value="US57164PAK21"/>
          <ticker value="VAC"/>
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        <balance>4955000</balance>
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        <curCd>USD</curCd>
        <valUSD>4711404.27</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>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHS/COMMUNITY HEA 10.875%</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/COMMUNITY HEA 10.875%</title>
        <cusip>12543DBN9</cusip>
        <identifiers>
          <isin value="US12543DBN93"/>
          <ticker value="CYH"/>
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        <balance>7906000</balance>
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        <curCd>USD</curCd>
        <valUSD>8482039.07</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CAESARS ENTERTAINME 6.50%</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTERTAINME 6.50%</title>
        <cusip>12769GAC4</cusip>
        <identifiers>
          <isin value="US12769GAC42"/>
          <ticker value="CZR"/>
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        <balance>6537000</balance>
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        <curCd>USD</curCd>
        <valUSD>6460896.9</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLIANCE RESOURCE 8.625%</name>
        <lei>2549007036KGPSVTHP54</lei>
        <title>ALLIANCE RESOURCE 8.625%</title>
        <cusip>01879NAC9</cusip>
        <identifiers>
          <isin value="US01879NAC92"/>
          <ticker value="ARLP"/>
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        <balance>2850000</balance>
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        <curCd>USD</curCd>
        <valUSD>2960463.15</valUSD>
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        <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>8.625</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>WARNERMEDIA HLDGS. 5.05%</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>WARNERMEDIA HLDGS. 5.05%</title>
        <cusip>55903VBW2</cusip>
        <identifiers>
          <isin value="US55903VBW28"/>
          <ticker value="WBD"/>
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        <balance>6080000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4005538.78</valUSD>
        <pctVal>0.1921375753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05</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>VENTURE GBL. PLAQUE 6.50%</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GBL. PLAQUE 6.50%</title>
        <cusip>922966AC0</cusip>
        <identifiers>
          <isin value="US922966AC03"/>
          <ticker value="VEGLPL"/>
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        <balance>3515000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3664191.64</valUSD>
        <pctVal>0.1757638450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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>BEAZER HOMES USA I 5.875%</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>BEAZER HOMES USA I 5.875%</title>
        <cusip>07556QBR5</cusip>
        <identifiers>
          <isin value="US07556QBR56"/>
          <ticker value="BZH"/>
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        <balance>5715000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5687336.83</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875</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>HILCORP ENERGY I LP 6.25%</name>
        <lei>549300ITPIHLG0LHEC09</lei>
        <title>HILCORP ENERGY I LP 6.25%</title>
        <cusip>431318AS3</cusip>
        <identifiers>
          <isin value="US431318AS36"/>
          <ticker value="HILCRP"/>
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        <balance>5857000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5868737.43</valUSD>
        <pctVal>0.2815114375</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</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>CSC HLDGS. LLC 6.50%</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC HLDGS. LLC 6.50%</title>
        <cusip>126307AZ0</cusip>
        <identifiers>
          <isin value="US126307AZ02"/>
          <ticker value="CSCHLD"/>
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        <balance>10775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6868146.63</valUSD>
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        <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>6.5</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>CSC HLDGS. LLC 5.75%</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC HLDGS. LLC 5.75%</title>
        <cusip>126307BA4</cusip>
        <identifiers>
          <isin value="US126307BA42"/>
          <ticker value="CSCHLD"/>
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        <balance>7235000</balance>
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        <curCd>USD</curCd>
        <valUSD>2746269.98</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VM CONS. INC 5.50%</name>
        <lei>549300GCTGJLEBXJUK89</lei>
        <title>VM CONS. INC 5.50%</title>
        <cusip>91835HAA0</cusip>
        <identifiers>
          <isin value="US91835HAA05"/>
          <ticker value="VRRM"/>
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        <balance>3470000</balance>
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        <curCd>USD</curCd>
        <valUSD>3356399.14</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>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MAVIS TIRE EXPRESS 6.50%</name>
        <lei>254900NVDM4GTLBL9E56</lei>
        <title>MAVIS TIRE EXPRESS 6.50%</title>
        <cusip>59155LAA0</cusip>
        <identifiers>
          <isin value="US59155LAA08"/>
          <ticker value="EOCGRO"/>
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        <balance>6904000</balance>
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        <curCd>USD</curCd>
        <valUSD>6849967.22</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>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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>
        <name>DELEK LOGISTICS PA 7.125%</name>
        <lei>549300UVYITDIU51P724</lei>
        <title>DELEK LOGISTICS PA 7.125%</title>
        <cusip>24665FAC6</cusip>
        <identifiers>
          <isin value="US24665FAC68"/>
          <ticker value="DKL"/>
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        <balance>2275000</balance>
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        <curCd>USD</curCd>
        <valUSD>2273077.85</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLEAR CHANNEL OUTDO 7.50%</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CLEAR CHANNEL OUTDO 7.50%</title>
        <cusip>18453HAD8</cusip>
        <identifiers>
          <isin value="US18453HAD89"/>
          <ticker value="CCO"/>
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        <balance>5381000</balance>
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        <curCd>USD</curCd>
        <valUSD>5403707.82</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAUSCH HEALTH COS 4.875%</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS 4.875%</title>
        <cusip>071734AN7</cusip>
        <identifiers>
          <isin value="US071734AN72"/>
          <ticker value="BHCCN"/>
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        <balance>4135000</balance>
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        <curCd>USD</curCd>
        <valUSD>3786460.89</valUSD>
        <pctVal>0.1816288530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>THOR INDS. INC 4.00%</name>
        <lei>254900XZO1228PDSG060</lei>
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        <cusip>885160AA9</cusip>
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      <invstOrSec>
        <name>NUFARM AUSTRALIA / 5.00%</name>
        <lei>254900Z2JJWSZ7WQM263</lei>
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        <cusip>67052NAB1</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CLYDESDALE ACQUISI 6.625%</name>
        <lei>254900QKSDYFR3K5YD98</lei>
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        <cusip>18972EAA3</cusip>
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          <isin value="US18972EAA38"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNIVISION COMMS. I 7.375%</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UNIVISION COMMS. I 7.375%</title>
        <cusip>914906AX0</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRANSOCEAN INTL. LT 8.75%</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>TRANSOCEAN INTL. LT 8.75%</title>
        <cusip>893830BX6</cusip>
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          <isin value="US893830BX61"/>
          <ticker value="RIG"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CLOUD SOFTWARE GRP. 9.00%</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>CLOUD SOFTWARE GRP. 9.00%</title>
        <cusip>18912UAA0</cusip>
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          <isin value="US18912UAA07"/>
          <ticker value="TIBX"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CIVITAS RES. INC 8.75%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>CIVITAS RES. INC 8.75%</title>
        <cusip>17888HAB9</cusip>
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          <isin value="US17888HAB96"/>
          <ticker value="SM"/>
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        <curCd>USD</curCd>
        <valUSD>3883259.78</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ONTARIO GAMING GTA 8.00%</name>
        <lei>894500EC9KLZLOC3V025</lei>
        <title>ONTARIO GAMING GTA 8.00%</title>
        <cusip>68306MAA7</cusip>
        <identifiers>
          <isin value="US68306MAA71"/>
          <ticker value="ONGAME"/>
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        <balance>580000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GLOBAL AUTO HLDGS. 8.375%</name>
        <lei>98450091563BF7M9DC47</lei>
        <title>GLOBAL AUTO HLDGS. 8.375%</title>
        <cusip>00033GAA3</cusip>
        <identifiers>
          <isin value="US00033GAA31"/>
          <ticker value="GLOBAU"/>
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        <balance>1190000</balance>
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        <curCd>USD</curCd>
        <valUSD>1087100.7</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARETEC GRP. INC 7.50%</name>
        <lei>549300NV2T8A33L0PQ58</lei>
        <title>ARETEC GRP. INC 7.50%</title>
        <cusip>040133AA8</cusip>
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          <ticker value="RCAP"/>
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        <balance>3682000</balance>
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        <curCd>USD</curCd>
        <valUSD>3647190.56</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PREMIER ENTERTAINM 5.875%</name>
        <lei>549300KRDMIL2NJVZ267</lei>
        <title>PREMIER ENTERTAINM 5.875%</title>
        <cusip>74052HAB0</cusip>
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          <isin value="US74052HAB06"/>
          <ticker value="BALY"/>
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        <balance>2155000</balance>
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        <curCd>USD</curCd>
        <valUSD>1185250</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>
        <name>ILIAD HLDG. SASU 7.00%</name>
        <lei>9695009PXA7OI9NXN582</lei>
        <title>ILIAD HLDG. SASU 7.00%</title>
        <cusip>449691AC8</cusip>
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          <isin value="US449691AC82"/>
          <ticker value="ILIADH"/>
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        <balance>2950000</balance>
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        <curCd>USD</curCd>
        <valUSD>2969036.35</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GRAY MEDIA INC 5.375%</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY MEDIA INC 5.375%</title>
        <cusip>389286AA3</cusip>
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          <isin value="US389286AA34"/>
          <ticker value="GTN"/>
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        <fairValLevel>2</fairValLevel>
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        <name>VISTAJET MALTA FIN 7.875%</name>
        <lei>5299001UK94VGT0CPQ36</lei>
        <title>VISTAJET MALTA FIN 7.875%</title>
        <cusip>92840JAD1</cusip>
        <identifiers>
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          <ticker value="VSTJET"/>
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        <invCountry>MT</invCountry>
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        <name>ALLEGIANT TRAVEL CO 7.25%</name>
        <lei>549300JM9OZXOHWL2K18</lei>
        <title>ALLEGIANT TRAVEL CO 7.25%</title>
        <cusip>01748XAD4</cusip>
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          <ticker value="ALGT"/>
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      <invstOrSec>
        <name>CNX RES. CORP 7.375%</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX RES. CORP 7.375%</title>
        <cusip>12653CAK4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>NEPTUNE BIDCO US IN 9.29%</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NEPTUNE BIDCO US IN 9.29%</title>
        <cusip>640695AA0</cusip>
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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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          <maturityDt>2029-04-15</maturityDt>
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          <annualizedRt>9.29</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOMBARDIER INC 7.50%</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC 7.50%</title>
        <cusip>097751BZ3</cusip>
        <identifiers>
          <isin value="US097751BZ39"/>
          <ticker value="BBDBCN"/>
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        <balance>2865000</balance>
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        <curCd>USD</curCd>
        <valUSD>2974778.21</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
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          <annualizedRt>7.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MARTIN MIDSTREAM P 11.50%</name>
        <lei>N/A</lei>
        <title>MARTIN MIDSTREAM P 11.50%</title>
        <cusip>573334AK5</cusip>
        <identifiers>
          <isin value="US573334AK58"/>
          <ticker value="MMLP"/>
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        <balance>5490000</balance>
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        <curCd>USD</curCd>
        <valUSD>5621370.21</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BURFORD CAP. GBL. F 9.25%</name>
        <lei>549300JVAOO67CSCH406</lei>
        <title>BURFORD CAP. GBL. F 9.25%</title>
        <cusip>12116LAE9</cusip>
        <identifiers>
          <isin value="US12116LAE92"/>
          <ticker value="BURLN"/>
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        <balance>8340000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7526850</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>9.25</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CSC HLDGS. LLC 11.75%</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC HLDGS. LLC 11.75%</title>
        <cusip>126307BN6</cusip>
        <identifiers>
          <isin value="US126307BN62"/>
          <ticker value="CSCHLD"/>
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        <balance>3025000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2187513.63</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.75</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEWELL BRANDS INC 6.625%</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NEWELL BRANDS INC 6.625%</title>
        <cusip>651229BE5</cusip>
        <identifiers>
          <isin value="US651229BE57"/>
          <ticker value="NWL"/>
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        <balance>1840000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1760850.56</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WARNERMEDIA HLDGS. 5.141%</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>WARNERMEDIA HLDGS. 5.141%</title>
        <cusip>55903VBU6</cusip>
        <identifiers>
          <isin value="US55903VBU61"/>
          <ticker value="WBD"/>
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        <balance>4775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2900812.5</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.141</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>BURFORD CAP. GBL. F 7.50%</name>
        <lei>549300JVAOO67CSCH406</lei>
        <title>BURFORD CAP. GBL. F 7.50%</title>
        <cusip>12116LAG4</cusip>
        <identifiers>
          <isin value="US12116LAG41"/>
          <ticker value="BURLN"/>
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        <balance>540000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>449550</valUSD>
        <pctVal>0.0215640022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</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>ASHTON WOODS USA L 6.875%</name>
        <lei>N/A</lei>
        <title>ASHTON WOODS USA L 6.875%</title>
        <cusip>045086AR6</cusip>
        <identifiers>
          <isin value="US045086AR68"/>
          <ticker value="ASHWOO"/>
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        <balance>2140000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2064534.18</valUSD>
        <pctVal>0.0990315194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875</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>CHC GRP. LLC 11.75%</name>
        <lei>N/A</lei>
        <title>CHC GRP. LLC 11.75%</title>
        <cusip>12550EAA6</cusip>
        <identifiers>
          <isin value="US12550EAA64"/>
          <ticker value="CHHCF"/>
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        <balance>1555000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1507314.68</valUSD>
        <pctVal>0.0723028296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.75</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>CHS/COMMUNITY HEAL 6.875%</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/COMMUNITY HEAL 6.875%</title>
        <cusip>12543DBJ8</cusip>
        <identifiers>
          <isin value="US12543DBJ81"/>
          <ticker value="CYH"/>
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        <balance>2090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2009823</valUSD>
        <pctVal>0.0964071350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLEAR CHANNEL OUTD 7.875%</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CLEAR CHANNEL OUTD 7.875%</title>
        <cusip>18453HAF3</cusip>
        <identifiers>
          <isin value="US18453HAF38"/>
          <ticker value="CCO"/>
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        <balance>2225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2328469.18</valUSD>
        <pctVal>0.1116919463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875</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 6.75%</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC 6.75%</title>
        <cusip>097751CD1</cusip>
        <identifiers>
          <isin value="US097751CD18"/>
          <ticker value="BBDBCN"/>
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        <balance>1095000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1130815.26</valUSD>
        <pctVal>0.0542429156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</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>NEW FLYER HLDGS. IN 9.25%</name>
        <lei>N/A</lei>
        <title>NEW FLYER HLDGS. IN 9.25%</title>
        <cusip>64438WAA5</cusip>
        <identifiers>
          <isin value="US64438WAA53"/>
          <ticker value="NFICN"/>
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        <balance>1780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1902536.64</valUSD>
        <pctVal>0.0912608258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25</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>WHIRLPOOL CORP 6.125%</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>WHIRLPOOL CORP 6.125%</title>
        <cusip>963320BD7</cusip>
        <identifiers>
          <isin value="US963320BD71"/>
          <ticker value="WHR"/>
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        <balance>1335000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1303462.49</valUSD>
        <pctVal>0.0625244533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125</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>MILLROSE PROPS. IN 6.375%</name>
        <lei>N/A</lei>
        <title>MILLROSE PROPS. IN 6.375%</title>
        <cusip>601137AA0</cusip>
        <identifiers>
          <isin value="US601137AA09"/>
          <ticker value="MRP"/>
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        <balance>2710000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2709156.92</valUSD>
        <pctVal>0.1299527655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375</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>PETSMART LLC / PETS 7.50%</name>
        <lei>894500NGJMHSFNESGA67</lei>
        <title>PETSMART LLC / PETS 7.50%</title>
        <cusip>71677KAC2</cusip>
        <identifiers>
          <isin value="US71677KAC27"/>
          <ticker value="PETM"/>
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        <balance>1290000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1296282.3</valUSD>
        <pctVal>0.0621800341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</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>LIGHT &amp; WONDER INTL 6.25%</name>
        <lei>RLTHESQ0RNFQJWPBJN60</lei>
        <title>LIGHT &amp; WONDER INTL 6.25%</title>
        <cusip>531968AB1</cusip>
        <identifiers>
          <isin value="US531968AB19"/>
          <ticker value="LNW"/>
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        <balance>3130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3066429.7</valUSD>
        <pctVal>0.1470904165</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>K HOVNANIAN ENTS. I 8.00%</name>
        <lei>549300JJCQ0KAI7CJG32</lei>
        <title>K HOVNANIAN ENTS. I 8.00%</title>
        <cusip>48251UAP3</cusip>
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          <isin value="US48251UAP30"/>
          <ticker value="HOV"/>
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        <curCd>USD</curCd>
        <valUSD>1013402.13</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
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          <annualizedRt>8</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>OPEN TEXT HLDGS. I 4.125%</name>
        <lei>N/A</lei>
        <title>OPEN TEXT HLDGS. I 4.125%</title>
        <cusip>683720AA4</cusip>
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          <isin value="US683720AA42"/>
          <ticker value="OTEXCN"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VIKING CRUISES LTD 7.00%</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>VIKING CRUISES LTD 7.00%</title>
        <cusip>92676XAF4</cusip>
        <identifiers>
          <isin value="US92676XAF42"/>
          <ticker value="VIKCRU"/>
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        <balance>5590000</balance>
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        <curCd>USD</curCd>
        <valUSD>5600280.01</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ACRISURE LLC / ACRI 4.25%</name>
        <lei>549300R0Z1Q47XRTGO22</lei>
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        <cusip>00489LAF0</cusip>
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          <ticker value="ACRISU"/>
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        <curCd>USD</curCd>
        <valUSD>1722507.45</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNITED STATES STEE 6.875%</name>
        <lei>JNLUVFYJT1OZSIQ24U47</lei>
        <title>UNITED STATES STEE 6.875%</title>
        <cusip>912909AU2</cusip>
        <identifiers>
          <isin value="US912909AU28"/>
          <ticker value="X"/>
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        <curCd>USD</curCd>
        <valUSD>1004218.87</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
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      <invstOrSec>
        <name>VOYAGER AVIATION HL 8.50%</name>
        <lei>549300KHOKL1CX4NIJ92</lei>
        <title>VOYAGER AVIATION HL 8.50%</title>
        <cusip>92918XAA3</cusip>
        <identifiers>
          <isin value="US92918XAA37"/>
          <ticker value="VAHLLC"/>
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        <balance>2524234.77</balance>
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        <curCd>USD</curCd>
        <valUSD>0</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COREWEAVE INC 9.25%</name>
        <lei>984500511DP2B6186053</lei>
        <title>COREWEAVE INC 9.25%</title>
        <cusip>21873SAB4</cusip>
        <identifiers>
          <isin value="US21873SAB43"/>
          <ticker value="CRWV"/>
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        <balance>9335000</balance>
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        <curCd>USD</curCd>
        <valUSD>9070440.5</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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          <annualizedRt>9.25</annualizedRt>
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      <invstOrSec>
        <name>SIMMONS FOODS INC/ 4.625%</name>
        <lei>5493002Z1TVWRIL6NM97</lei>
        <title>SIMMONS FOODS INC/ 4.625%</title>
        <cusip>82873MAA1</cusip>
        <identifiers>
          <isin value="US82873MAA18"/>
          <ticker value="SIMFOO"/>
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        <curCd>USD</curCd>
        <valUSD>2528188.05</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>AMERICAN AIRLINES I 5.75%</name>
        <lei>N/A</lei>
        <title>AMERICAN AIRLINES I 5.75%</title>
        <cusip>00253XAB7</cusip>
        <identifiers>
          <isin value="US00253XAB73"/>
          <ticker value="AAL"/>
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        <balance>13010000</balance>
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        <curCd>USD</curCd>
        <valUSD>12938839.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NESCO HLDGS. II INC 5.50%</name>
        <lei>254900FAHT0HW9T6L409</lei>
        <title>NESCO HLDGS. II INC 5.50%</title>
        <cusip>64083YAA9</cusip>
        <identifiers>
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          <ticker value="NSCO"/>
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        <balance>1940000</balance>
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        <curCd>USD</curCd>
        <valUSD>1897277.71</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>PENNYMAC FINL. SER 6.875%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SER 6.875%</title>
        <cusip>70932MAG2</cusip>
        <identifiers>
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          <ticker value="PFSI"/>
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        <balance>1825000</balance>
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        <curCd>USD</curCd>
        <valUSD>1761111.02</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>6.875</annualizedRt>
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        <name>HOWARD MIDSTREAM E 6.625%</name>
        <lei>N/A</lei>
        <title>HOWARD MIDSTREAM E 6.625%</title>
        <cusip>442722AD6</cusip>
        <identifiers>
          <isin value="US442722AD63"/>
          <ticker value="HOWARD"/>
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        <balance>2010000</balance>
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        <curCd>USD</curCd>
        <valUSD>2017642.02</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>2034-01-15</maturityDt>
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          <annualizedRt>6.625</annualizedRt>
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      <invstOrSec>
        <name>FORD MOTOR CO 4.75%</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>FORD MOTOR CO 4.75%</title>
        <cusip>345370CQ1</cusip>
        <identifiers>
          <isin value="US345370CQ17"/>
          <ticker value="F"/>
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        <balance>2065000</balance>
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        <curCd>USD</curCd>
        <valUSD>1559851.07</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75</annualizedRt>
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      <invstOrSec>
        <name>BATH &amp; BODY WORKS I 6.75%</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
        <title>BATH &amp; BODY WORKS I 6.75%</title>
        <cusip>501797AM6</cusip>
        <identifiers>
          <isin value="US501797AM65"/>
          <ticker value="BBWI"/>
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        <balance>7330000</balance>
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        <curCd>USD</curCd>
        <valUSD>7028490.71</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>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALTICE FINC. SA 5.00%</name>
        <lei>549300DIYGW8HVDF7Q17</lei>
        <title>ALTICE FINC. SA 5.00%</title>
        <cusip>02154CAF0</cusip>
        <identifiers>
          <isin value="US02154CAF05"/>
          <ticker value="ALTICE"/>
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        <balance>4915000</balance>
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        <curCd>USD</curCd>
        <valUSD>3451077.57</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITI GRP. LP / UNI 6.50%</name>
        <lei>N/A</lei>
        <title>UNITI GRP. LP / UNI 6.50%</title>
        <cusip>91327BAA8</cusip>
        <identifiers>
          <isin value="US91327BAA89"/>
          <ticker value="UNIT"/>
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        <balance>10180000</balance>
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        <curCd>USD</curCd>
        <valUSD>9887208.34</valUSD>
        <pctVal>0.4742693408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FULL HOUSE RESORTS 8.25%</name>
        <lei>5493009DKIWW0H901Y82</lei>
        <title>FULL HOUSE RESORTS 8.25%</title>
        <cusip>359678AC3</cusip>
        <identifiers>
          <isin value="US359678AC31"/>
          <ticker value="FLL"/>
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        <balance>9381000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8536710</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MADISON IAQ LLC 4.125%</name>
        <lei>549300IXDNBXNHUPBU73</lei>
        <title>MADISON IAQ LLC 4.125%</title>
        <cusip>55760LAA5</cusip>
        <identifiers>
          <isin value="US55760LAA52"/>
          <ticker value="MADIAQ"/>
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        <curCd>USD</curCd>
        <valUSD>4360489.53</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>2028-06-30</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DAVITA INC 6.75%</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DAVITA INC 6.75%</title>
        <cusip>23918KAY4</cusip>
        <identifiers>
          <isin value="US23918KAY47"/>
          <ticker value="DVA"/>
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        <balance>2415000</balance>
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        <curCd>USD</curCd>
        <valUSD>2456424.5</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>2033-07-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ROCKET COS INC 6.125%</name>
        <lei>N/A</lei>
        <title>ROCKET COS INC 6.125%</title>
        <cusip>77311WAA9</cusip>
        <identifiers>
          <isin value="US77311WAA99"/>
          <ticker value="RKT"/>
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        <balance>4885000</balance>
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        <curCd>USD</curCd>
        <valUSD>4930073.9</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
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          <annualizedRt>6.125</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HERC HLDGS. INC 7.00%</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HERC HLDGS. INC 7.00%</title>
        <cusip>42704LAF1</cusip>
        <identifiers>
          <isin value="US42704LAF13"/>
          <ticker value="HRI"/>
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        <balance>1910000</balance>
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        <curCd>USD</curCd>
        <valUSD>1958454.79</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>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PARAMOUNT GLOBAL 5.85%</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARAMOUNT GLOBAL 5.85%</title>
        <cusip>92553PAU6</cusip>
        <identifiers>
          <isin value="US92553PAU66"/>
          <ticker value="PARA"/>
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        <balance>2280000</balance>
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        <curCd>USD</curCd>
        <valUSD>1582928.65</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85</annualizedRt>
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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>
        <name>NEWELL BRANDS INC STP</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NEWELL BRANDS INC STP</title>
        <cusip>651229AX4</cusip>
        <identifiers>
          <isin value="US651229AX48"/>
          <ticker value="NWL"/>
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        <balance>4600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4234444.9</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>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.3749996</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>LLOYDS BANKING GRP. P F2V</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS BANKING GRP. P F2V</title>
        <cusip>539439BF5</cusip>
        <identifiers>
          <isin value="US539439BF59"/>
          <ticker value="LLOYDS"/>
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        <balance>1210000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1155294.93</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>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.6250008</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>CIPHER COMPUTE LLC 7.125%</name>
        <lei>N/A</lei>
        <title>CIPHER COMPUTE LLC 7.125%</title>
        <cusip>17253NAA5</cusip>
        <identifiers>
          <isin value="US17253NAA54"/>
          <ticker value="CIFR"/>
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        <balance>3145000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3258311.21</valUSD>
        <pctVal>0.1562945835</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>7.125</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>NISSAN MOTOR ACCEP 5.625%</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
        <title>NISSAN MOTOR ACCEP 5.625%</title>
        <cusip>65480CAK1</cusip>
        <identifiers>
          <isin value="US65480CAK18"/>
          <ticker value="NSANY"/>
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        <balance>1795000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1761520.02</valUSD>
        <pctVal>0.0844965444</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VMED O2 UK FINC. I 6.75%</name>
        <lei>213800MRR46ECNGZ7L69</lei>
        <title>VMED O2 UK FINC. I 6.75%</title>
        <cusip>92858RAE0</cusip>
        <identifiers>
          <isin value="US92858RAE09"/>
          <ticker value="VMED"/>
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        <balance>3200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2859024.96</valUSD>
        <pctVal>0.1371416315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VERSANT MEDIA GRP. 7.25%</name>
        <lei>254900D2Q5F5F229PU30</lei>
        <title>VERSANT MEDIA GRP. 7.25%</title>
        <cusip>925283AA1</cusip>
        <identifiers>
          <isin value="US925283AA12"/>
          <ticker value="VSNT"/>
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        <balance>1355000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1386708.36</valUSD>
        <pctVal>0.0665175889</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25</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>FERRELLGAS LP / FER 9.25%</name>
        <lei>549300EW667UKOZLEW85</lei>
        <title>FERRELLGAS LP / FER 9.25%</title>
        <cusip>315292AU6</cusip>
        <identifiers>
          <isin value="US315292AU60"/>
          <ticker value="FGP"/>
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        <balance>4900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5105506</valUSD>
        <pctVal>0.2449007730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALLISON TRANSMISSI 5.875%</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
        <title>ALLISON TRANSMISSI 5.875%</title>
        <cusip>019736AH0</cusip>
        <identifiers>
          <isin value="US019736AH02"/>
          <ticker value="ALSN"/>
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        <balance>800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>795095.52</valUSD>
        <pctVal>0.0381391203</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875</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>FORVIA SE 6.75%</name>
        <lei>969500F0VMZLK2IULV85</lei>
        <title>FORVIA SE 6.75%</title>
        <cusip>31209DAC9</cusip>
        <identifiers>
          <isin value="US31209DAC92"/>
          <ticker value="EOFP"/>
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        <balance>1930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1884432.31</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>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</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>TRANSOCEAN INTL. L 7.875%</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>TRANSOCEAN INTL. L 7.875%</title>
        <cusip>893814AA1</cusip>
        <identifiers>
          <isin value="US893814AA10"/>
          <ticker value="RIG"/>
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        <balance>1065000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1137952.5</valUSD>
        <pctVal>0.0545852746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875</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>ALTICE FRANCE SA 6.875%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA 6.875%</title>
        <cusip>02090DAE8</cusip>
        <identifiers>
          <isin value="US02090DAE85"/>
          <ticker value="SFRFP"/>
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        <balance>6898390</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6536420.92</valUSD>
        <pctVal>0.3135388610</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875</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>TALEN ENERGY SUPPLY 6.50%</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>TALEN ENERGY SUPPLY 6.50%</title>
        <cusip>87422VAN8</cusip>
        <identifiers>
          <isin value="US87422VAN82"/>
          <ticker value="TLN"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEPTUNE BIDCO US 10.375%</name>
        <lei>549300VG15T3VCYZ4531</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICAN AXLE &amp; MFG 7.75%</name>
        <lei>RY5TAKFOBLDUGX31MS24</lei>
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        <cusip>02406PBD1</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ZF NORTH AMERICA CA 7.50%</name>
        <lei>529900JYGMS9CW9IQX78</lei>
        <title>ZF NORTH AMERICA CA 7.50%</title>
        <cusip>98877DAH8</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MELCO RESORTS FIN. 6.50%</name>
        <lei>5493000FQDBWKDBZEF60</lei>
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        <cusip>58547DAJ8</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ION PLATFORM FIN. 7.875%</name>
        <lei>213800FKHT3BRRKMCC89</lei>
        <title>ION PLATFORM FIN. 7.875%</title>
        <cusip>46205QAB4</cusip>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-30</maturityDt>
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      <invstOrSec>
        <name>ALTICE FRANCE SA 6.50%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA 6.50%</title>
        <cusip>02090DAD0</cusip>
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          <isin value="US02090DAD03"/>
          <ticker value="SFRFP"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>ION PLATFORM FIN. U 8.75%</name>
        <lei>213800FKHT3BRRKMCC89</lei>
        <title>ION PLATFORM FIN. U 8.75%</title>
        <cusip>46206AAD4</cusip>
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          <ticker value="IONPLA"/>
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        <curCd>USD</curCd>
        <valUSD>3505931.37</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>K HOVNANIAN ENTS. 8.375%</name>
        <lei>549300JJCQ0KAI7CJG32</lei>
        <title>K HOVNANIAN ENTS. 8.375%</title>
        <cusip>48251UAQ1</cusip>
        <identifiers>
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          <ticker value="HOV"/>
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        <curCd>USD</curCd>
        <valUSD>1003725.79</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>2033-10-01</maturityDt>
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      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 5.00%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 5.00%</title>
        <cusip>1248EPBX0</cusip>
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          <isin value="US1248EPBX05"/>
          <ticker value="CHTR"/>
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        <curCd>USD</curCd>
        <valUSD>20150205.56</valUSD>
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        <invCountry>US</invCountry>
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          <annualizedRt>5</annualizedRt>
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        <name>LADDER CAP. FIN. HL 4.25%</name>
        <lei>254900TBF2Z4GR7NSX02</lei>
        <title>LADDER CAP. FIN. HL 4.25%</title>
        <cusip>505742AM8</cusip>
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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>2027-02-01</maturityDt>
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      <invstOrSec>
        <name>GENESEE &amp; WYOMING I 6.25%</name>
        <lei>G617XSG94Z7G0RMW3L02</lei>
        <title>GENESEE &amp; WYOMING I 6.25%</title>
        <cusip>371559AB1</cusip>
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          <isin value="US371559AB15"/>
          <ticker value="GWR"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
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          <annualizedRt>6.25</annualizedRt>
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      <invstOrSec>
        <name>TRANSOCEAN INTL. LT 8.50%</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>TRANSOCEAN INTL. LT 8.50%</title>
        <cusip>893830BZ1</cusip>
        <identifiers>
          <isin value="US893830BZ10"/>
          <ticker value="RIG"/>
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        <curCd>USD</curCd>
        <valUSD>1510269.12</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>MAUSER PACKAGING SO 9.25%</name>
        <lei>549300DNGHXL0OMHW304</lei>
        <title>MAUSER PACKAGING SO 9.25%</title>
        <cusip>57763RAF4</cusip>
        <identifiers>
          <isin value="US57763RAF47"/>
          <ticker value="BWY"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>LEVEL 3 FINC. INC 8.50%</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>LEVEL 3 FINC. INC 8.50%</title>
        <cusip>527298CQ4</cusip>
        <identifiers>
          <isin value="US527298CQ43"/>
          <ticker value="LVLT"/>
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        <curCd>USD</curCd>
        <valUSD>4377112.12</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>2036-01-15</maturityDt>
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          <annualizedRt>8.5</annualizedRt>
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      <invstOrSec>
        <name>CELANESE US HLDGS. 7.00%</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>CELANESE US HLDGS. 7.00%</title>
        <cusip>15089QBC7</cusip>
        <identifiers>
          <isin value="US15089QBC78"/>
          <ticker value="CE"/>
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        <balance>970000</balance>
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        <curCd>USD</curCd>
        <valUSD>995990.18</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CELANESE US HLDGS. 7.375%</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>CELANESE US HLDGS. 7.375%</title>
        <cusip>15089QBD5</cusip>
        <identifiers>
          <isin value="US15089QBD51"/>
          <ticker value="CE"/>
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        <balance>1880000</balance>
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        <curCd>USD</curCd>
        <valUSD>1926105.12</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FLASH COMPUTE LLC 7.25%</name>
        <lei>N/A</lei>
        <title>FLASH COMPUTE LLC 7.25%</title>
        <cusip>33853QAA9</cusip>
        <identifiers>
          <isin value="US33853QAA94"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WYNDHAM HOTELS &amp; R 5.625%</name>
        <lei>549300FE3MQ4RVXXC673</lei>
        <title>WYNDHAM HOTELS &amp; R 5.625%</title>
        <cusip>98311AAE5</cusip>
        <identifiers>
          <isin value="US98311AAE55"/>
          <ticker value="WH"/>
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        <balance>1395000</balance>
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        <curCd>USD</curCd>
        <valUSD>1372647.92</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EQUIPMENTSHARE.COM 8.625%</name>
        <lei>254900PWJK48CGPKPI80</lei>
        <title>EQUIPMENTSHARE.COM 8.625%</title>
        <cusip>29450YAB5</cusip>
        <identifiers>
          <isin value="US29450YAB56"/>
          <ticker value="EQMSRM"/>
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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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ZF NORTH AMERICA C 6.875%</name>
        <lei>529900JYGMS9CW9IQX78</lei>
        <title>ZF NORTH AMERICA C 6.875%</title>
        <cusip>98877DAG0</cusip>
        <identifiers>
          <isin value="US98877DAG07"/>
          <ticker value="ZFFNGR"/>
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        <balance>5240000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-23</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PENNYMAC FINL. SER 7.125%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SER 7.125%</title>
        <cusip>70932MAE7</cusip>
        <identifiers>
          <isin value="US70932MAE75"/>
          <ticker value="PFSI"/>
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        <balance>4895000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4864527.65</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>2030-11-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRIGHTSTAR LOTTERY 5.75%</name>
        <lei>549300UQ6KHRCZDRGZ76</lei>
        <title>BRIGHTSTAR LOTTERY 5.75%</title>
        <cusip>108922AA3</cusip>
        <identifiers>
          <isin value="US108922AA38"/>
          <ticker value="BRSL"/>
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        <balance>1980000</balance>
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        <curCd>USD</curCd>
        <valUSD>1924712.26</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHEMOURS CO/THE 7.875%</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO/THE 7.875%</title>
        <cusip>163851AL2</cusip>
        <identifiers>
          <isin value="US163851AL27"/>
          <ticker value="CC"/>
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        <balance>1410000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-15</maturityDt>
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          <annualizedRt>7.875</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SURGERY CENTER HLDG 7.25%</name>
        <lei>54930054EVI5HWPPW113</lei>
        <title>SURGERY CENTER HLDG 7.25%</title>
        <cusip>86881WAF9</cusip>
        <identifiers>
          <isin value="US86881WAF95"/>
          <ticker value="SURCEN"/>
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        <balance>7941000</balance>
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        <curCd>USD</curCd>
        <valUSD>7799438.1</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>7.25</annualizedRt>
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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>
        <name>COMSTOCK RES. INC 6.75%</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>COMSTOCK RES. INC 6.75%</title>
        <cusip>205768AU8</cusip>
        <identifiers>
          <isin value="US205768AU84"/>
          <ticker value="CRK"/>
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        <balance>1960000</balance>
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        <curCd>USD</curCd>
        <valUSD>1936775.57</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>2029-03-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ILIAD HLDG. SASU 8.50%</name>
        <lei>9695009PXA7OI9NXN582</lei>
        <title>ILIAD HLDG. SASU 8.50%</title>
        <cusip>449691AF1</cusip>
        <identifiers>
          <isin value="US449691AF14"/>
          <ticker value="ILIADH"/>
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        <balance>1175000</balance>
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        <curCd>USD</curCd>
        <valUSD>1229417.78</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ONEMAIN FIN. CORP 7.50%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 7.50%</title>
        <cusip>682691AF7</cusip>
        <identifiers>
          <isin value="US682691AF77"/>
          <ticker value="OMF"/>
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        <balance>5365000</balance>
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        <curCd>USD</curCd>
        <valUSD>5393649.1</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STAPLES INC 10.75%</name>
        <lei>XQM2JINI1UL7642TU573</lei>
        <title>STAPLES INC 10.75%</title>
        <cusip>855030AQ5</cusip>
        <identifiers>
          <isin value="US855030AQ50"/>
          <ticker value="SPLS"/>
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        <balance>7385000</balance>
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        <curCd>USD</curCd>
        <valUSD>6829790.53</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>2029-09-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FXI HLDGS. INC 11.00%</name>
        <lei>549300VLKCUZW3MSVS50</lei>
        <title>FXI HLDGS. INC 11.00%</title>
        <cusip>36120RAG4</cusip>
        <identifiers>
          <isin value="US36120RAG48"/>
          <ticker value="FXIHLD"/>
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        <balance>4803056</balance>
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        <curCd>USD</curCd>
        <valUSD>4250704.56</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>2030-11-15</maturityDt>
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          <annualizedRt>11</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>VENTURE GBL. PLAQU 6.125%</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GBL. PLAQU 6.125%</title>
        <cusip>922966AE6</cusip>
        <identifiers>
          <isin value="US922966AE68"/>
          <ticker value="VEGLPL"/>
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        <balance>330000</balance>
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        <curCd>USD</curCd>
        <valUSD>339380.58</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>2030-12-15</maturityDt>
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          <annualizedRt>6.125</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RAKUTEN GRP. INC 9.75%</name>
        <lei>529900IMXUCQKUL1H943</lei>
        <title>RAKUTEN GRP. INC 9.75%</title>
        <cusip>75102WAK4</cusip>
        <identifiers>
          <isin value="US75102WAK45"/>
          <ticker value="RAKUTN"/>
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        <balance>2947000</balance>
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        <valUSD>3140317.42</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SUNOCO LP 7.00%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 7.00%</title>
        <cusip>86765KAB5</cusip>
        <identifiers>
          <isin value="US86765KAB52"/>
          <ticker value="SUN"/>
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        <balance>4075000</balance>
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        <curCd>USD</curCd>
        <valUSD>4179963.85</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>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLOUD SOFTWARE GRP. 8.25%</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>CLOUD SOFTWARE GRP. 8.25%</title>
        <cusip>18912UAC6</cusip>
        <identifiers>
          <isin value="US18912UAC62"/>
          <ticker value="TIBX"/>
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        <balance>7120000</balance>
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        <curCd>USD</curCd>
        <valUSD>6752856.56</valUSD>
        <pctVal>0.3239208399</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>8.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>RHP HOTEL PROPS. LP 5.75%</name>
        <lei>549300SJMSMA2471GA96</lei>
        <title>RHP HOTEL PROPS. LP 5.75%</title>
        <cusip>74984CAA6</cusip>
        <identifiers>
          <isin value="US74984CAA62"/>
          <ticker value="RHP"/>
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        <balance>890000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>878299.79</valUSD>
        <pctVal>0.0421302604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PHINIA INC 6.75%</name>
        <lei>254900HG6MORZE1FFM18</lei>
        <title>PHINIA INC 6.75%</title>
        <cusip>71880KAA9</cusip>
        <identifiers>
          <isin value="US71880KAA97"/>
          <ticker value="PHIN"/>
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        <balance>6435000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6551171.06</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>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</annualizedRt>
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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>TASEKO MINES LTD 8.25%</name>
        <lei>549300XKUO1JSLU7KX54</lei>
        <title>TASEKO MINES LTD 8.25%</title>
        <cusip>876511AG1</cusip>
        <identifiers>
          <isin value="US876511AG15"/>
          <ticker value="TKOCN"/>
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        <balance>6346000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6616085.76</valUSD>
        <pctVal>0.3173602218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25</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>ENCORE CAP. GRP. IN 8.50%</name>
        <lei>5493000UVC6H49CIH830</lei>
        <title>ENCORE CAP. GRP. IN 8.50%</title>
        <cusip>292554AR3</cusip>
        <identifiers>
          <isin value="US292554AR36"/>
          <ticker value="ECPG"/>
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        <balance>6310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6671651.34</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>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</annualizedRt>
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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>ENERFLEX INC 6.875%</name>
        <lei>549300SQCOV1LC1GBK07</lei>
        <title>ENERFLEX INC 6.875%</title>
        <cusip>29281WAA6</cusip>
        <identifiers>
          <isin value="US29281WAA62"/>
          <ticker value="EFXINC"/>
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        <balance>1385000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1414119.06</valUSD>
        <pctVal>0.0678324246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875</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>MATTAMY GRP. CORP 6.00%</name>
        <lei>5493008TNY7A82WCXU31</lei>
        <title>MATTAMY GRP. CORP 6.00%</title>
        <cusip>57701RAQ5</cusip>
        <identifiers>
          <isin value="US57701RAQ56"/>
          <ticker value="MATHOM"/>
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        <balance>2345000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2202081.63</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>ASURION LLC AND ASU 8.00%</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>ASURION LLC AND ASU 8.00%</title>
        <cusip>045941AA9</cusip>
        <identifiers>
          <isin value="US045941AA96"/>
          <ticker value="ASUCOR"/>
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        <balance>2297000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2383018.03</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>2032-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8</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>GPS HOSPITALITY HLD 7.00%</name>
        <lei>5493007IGLBCP32TTG10</lei>
        <title>GPS HOSPITALITY HLD 7.00%</title>
        <cusip>36262BAA0</cusip>
        <identifiers>
          <isin value="US36262BAA08"/>
          <ticker value="GPSHOH"/>
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        <balance>6450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3128250</valUSD>
        <pctVal>0.1500558109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>7</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>LIFEPOINT HEALTH I 10.00%</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
        <title>LIFEPOINT HEALTH I 10.00%</title>
        <cusip>53219LAX7</cusip>
        <identifiers>
          <isin value="US53219LAX73"/>
          <ticker value="RGCARE"/>
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        <balance>2680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2736897.02</valUSD>
        <pctVal>0.1312834018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10</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>INSIGHT ENTS. INC 6.625%</name>
        <lei>529900S8991TYW6YP792</lei>
        <title>INSIGHT ENTS. INC 6.625%</title>
        <cusip>45765UAC7</cusip>
        <identifiers>
          <isin value="US45765UAC71"/>
          <ticker value="NSIT"/>
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        <balance>9552000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9219151.96</valUSD>
        <pctVal>0.4422240306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625</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>BOMBARDIER INC 7.00%</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC 7.00%</title>
        <cusip>097751CC3</cusip>
        <identifiers>
          <isin value="US097751CC35"/>
          <ticker value="BBDBCN"/>
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        <balance>1361000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1412502.96</valUSD>
        <pctVal>0.0677549036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</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>ARBOR REALTY SR INC 8.50%</name>
        <lei>549300TW7RTL2CI3CN08</lei>
        <title>ARBOR REALTY SR INC 8.50%</title>
        <cusip>03881NAL1</cusip>
        <identifiers>
          <isin value="US03881NAL10"/>
          <ticker value="ABR"/>
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        <balance>835000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>820623.45</valUSD>
        <pctVal>0.0393636433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</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>CRESCENT ENERGY FIN 7.75%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>CRESCENT ENERGY FIN 7.75%</title>
        <cusip>45344LAH6</cusip>
        <identifiers>
          <isin value="US45344LAH69"/>
          <ticker value="CRGYFN"/>
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        <balance>8232000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8293740</valUSD>
        <pctVal>0.3978338948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75</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>VENTURE GBL. PLAQUE 6.50%</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GBL. PLAQUE 6.50%</title>
        <cusip>922966AF3</cusip>
        <identifiers>
          <isin value="US922966AF34"/>
          <ticker value="VEGLPL"/>
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        <balance>1010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1051361.52</valUSD>
        <pctVal>0.0504316808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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>CCO HLDGS. LLC / CC 7.00%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 7.00%</title>
        <cusip>1248EPCU5</cusip>
        <identifiers>
          <isin value="US1248EPCU56"/>
          <ticker value="CHTR"/>
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        <balance>149000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>149410.39</valUSD>
        <pctVal>0.0071669135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>7</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>MATADOR RES. CO 6.00%</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>MATADOR RES. CO 6.00%</title>
        <cusip>576485AJ5</cusip>
        <identifiers>
          <isin value="US576485AJ51"/>
          <ticker value="MTDR"/>
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        <balance>1535000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1525294.46</valUSD>
        <pctVal>0.0731652832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>CROSSCOUNTRY INTERM 6.50%</name>
        <lei>N/A</lei>
        <title>CROSSCOUNTRY INTERM 6.50%</title>
        <cusip>22757VAA8</cusip>
        <identifiers>
          <isin value="US22757VAA89"/>
          <ticker value="CROSIN"/>
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        <balance>1035000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>986498.48</valUSD>
        <pctVal>0.0473203323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
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      </invstOrSec>
      <invstOrSec>
        <name>NRG ENERGY INC 6.00%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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      <invstOrSec>
        <name>NRG ENERGY INC 5.75%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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      <invstOrSec>
        <name>ENCORE CAP. GRP. I 6.625%</name>
        <lei>5493000UVC6H49CIH830</lei>
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      <invstOrSec>
        <name>TALEN ENERGY SUPPLY 6.25%</name>
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        <name>PARK RIVER HLDGS. I 8.00%</name>
        <lei>254900PGY077KWCROT75</lei>
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        <name>OLYMPUS WATER US HL 7.25%</name>
        <lei>549300YU2GGVCBN3MY89</lei>
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        <name>ALPHA GENERATION LL 6.25%</name>
        <lei>254900K5V62L4YGVKF49</lei>
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        <cusip>02073LAC5</cusip>
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        <name>STUDIO CITY FIN. LT 5.00%</name>
        <lei>254900D6R731QAUIG324</lei>
        <title>STUDIO CITY FIN. LT 5.00%</title>
        <cusip>86389QAG7</cusip>
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        <name>COMSTOCK RES. INC 6.75%</name>
        <lei>I03QQGEA4SS774AURI46</lei>
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        <cusip>205768AS3</cusip>
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        <name>LGI HOMES INC 4.00%</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC 4.00%</title>
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        <name>CAPITAL ONE FINL. COR F2F</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
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        <name>DOTDASH MEREDITH I 7.625%</name>
        <lei>549300R2AA7U9CJUQO13</lei>
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        <cusip>25849JAA8</cusip>
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        <name>UNITI GRP. LP / UN 8.625%</name>
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        <name>EW SCRIPPS CO/THE 9.875%</name>
        <lei>549300U1OW41QPKYW028</lei>
        <title>EW SCRIPPS CO/THE 9.875%</title>
        <cusip>811054AH8</cusip>
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          <ticker value="SSP"/>
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        <name>FIRST QUANTUM MINER 7.25%</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
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        <cusip>335934AX3</cusip>
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        <name>JONES DESLAURIERS 6.875%</name>
        <lei>549300JQIWNFU00E5424</lei>
        <title>JONES DESLAURIERS 6.875%</title>
        <cusip>48020RAE5</cusip>
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          <ticker value="NAVCOR"/>
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        <name>ALTICE FRANCE SA 6.875%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA 6.875%</title>
        <cusip>02090DAB4</cusip>
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          <ticker value="SFRFP"/>
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        <invCountry>FR</invCountry>
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          <annualizedRt>6.875</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN AXLE &amp; MF 6.375%</name>
        <lei>RY5TAKFOBLDUGX31MS24</lei>
        <title>AMERICAN AXLE &amp; MF 6.375%</title>
        <cusip>02406PBC3</cusip>
        <identifiers>
          <isin value="US02406PBC32"/>
          <ticker value="AXL"/>
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        <balance>1425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1410383.78</valUSD>
        <pctVal>0.0676532508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIRECTV FINC. LLC 8.875%</name>
        <lei>N/A</lei>
        <title>DIRECTV FINC. LLC 8.875%</title>
        <cusip>254945AA6</cusip>
        <identifiers>
          <isin value="US254945AA66"/>
          <ticker value="DTV"/>
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        <balance>2410000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2404638.47</valUSD>
        <pctVal>0.1153456327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.875</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HAWAIIAN ELEC. CO I 6.00%</name>
        <lei>549300PQE8D806LWQV52</lei>
        <title>HAWAIIAN ELEC. CO I 6.00%</title>
        <cusip>419866AV0</cusip>
        <identifiers>
          <isin value="US419866AV08"/>
          <ticker value="HE"/>
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        <balance>1540000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1538046.2</valUSD>
        <pctVal>0.0737769583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>LAMAR MEDIA CORP 5.375%</name>
        <lei>N/A</lei>
        <title>LAMAR MEDIA CORP 5.375%</title>
        <cusip>513075CA7</cusip>
        <identifiers>
          <isin value="US513075CA73"/>
          <ticker value="LAMR"/>
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        <balance>3455000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3381490.73</valUSD>
        <pctVal>0.1622032554</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>5.375</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>ZAYO GRP. HLDGS. INC PIK</name>
        <lei>529900Z6OTS7RT0V0I47</lei>
        <title>ZAYO GRP. HLDGS. INC PIK</title>
        <cusip>98919VAC9</cusip>
        <identifiers>
          <isin value="US98919VAC90"/>
          <ticker value="ZAYO"/>
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        <balance>701475</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>697364.36</valUSD>
        <pctVal>0.0334511547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALTICE FRANCE LUX 10.00%</name>
        <lei>N/A</lei>
        <title>ALTICE FRANCE LUX 10.00%</title>
        <cusip>020956AA6</cusip>
        <identifiers>
          <isin value="US020956AA67"/>
          <ticker value="SFRFP"/>
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        <balance>2052000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1864914.85</valUSD>
        <pctVal>0.0894561848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KAISER ALUMINUM CO 5.875%</name>
        <lei>N/A</lei>
        <title>KAISER ALUMINUM CO 5.875%</title>
        <cusip>483007AM2</cusip>
        <identifiers>
          <isin value="US483007AM21"/>
          <ticker value="KALU"/>
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        <balance>2355000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2312299.14</valUSD>
        <pctVal>0.1109163023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875</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>WILLIAM CARTER CO/ 7.375%</name>
        <lei>TGI2A0HXEYNQPU7TYV27</lei>
        <title>WILLIAM CARTER CO/ 7.375%</title>
        <cusip>96926JAG2</cusip>
        <identifiers>
          <isin value="US96926JAG22"/>
          <ticker value="CRI"/>
        </identifiers>
        <balance>3235000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3299556.98</valUSD>
        <pctVal>0.1582730595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375</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>WEATHERFORD INTL. L 6.75%</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>WEATHERFORD INTL. L 6.75%</title>
        <cusip>947075AW7</cusip>
        <identifiers>
          <isin value="US947075AW79"/>
          <ticker value="WFRD"/>
        </identifiers>
        <balance>3830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3913375.27</valUSD>
        <pctVal>0.1877166785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</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>NISSAN MOTOR ACCEP 6.125%</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
        <title>NISSAN MOTOR ACCEP 6.125%</title>
        <cusip>65480CAL9</cusip>
        <identifiers>
          <isin value="US65480CAL90"/>
          <ticker value="NSANY"/>
        </identifiers>
        <balance>7540000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7246249.14</valUSD>
        <pctVal>0.3475878817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA RES. COR 7.00%</name>
        <lei>5493003Q8F0T4F4YMR48</lei>
        <title>CALIFORNIA RES. COR 7.00%</title>
        <cusip>13057QAL1</cusip>
        <identifiers>
          <isin value="US13057QAL14"/>
          <ticker value="CRC"/>
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        <balance>4940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4980319.79</valUSD>
        <pctVal>0.2388958443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCKET COS INC 6.50%</name>
        <lei>N/A</lei>
        <title>ROCKET COS INC 6.50%</title>
        <cusip>77311WAC5</cusip>
        <identifiers>
          <isin value="US77311WAC55"/>
          <ticker value="RKT"/>
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        <balance>5652000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5715615.63</valUSD>
        <pctVal>0.2741664951</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>6.5</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>VIKING CRUISES LTD 5.875%</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>VIKING CRUISES LTD 5.875%</title>
        <cusip>92676XAH0</cusip>
        <identifiers>
          <isin value="US92676XAH08"/>
          <ticker value="VIKCRU"/>
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        <balance>2575000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2542327.99</valUSD>
        <pctVal>0.1219503199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875</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>ALBERTSONS COS / SA 5.75%</name>
        <lei>549300YKWOC0AOR16R51</lei>
        <title>ALBERTSONS COS / SA 5.75%</title>
        <cusip>01309QAD0</cusip>
        <identifiers>
          <isin value="US01309QAD07"/>
          <ticker value="ACI"/>
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        <balance>1965000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1922450.48</valUSD>
        <pctVal>0.0922160524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRUNDAGE-BONE CONCR 7.50%</name>
        <lei>N/A</lei>
        <title>BRUNDAGE-BONE CONCR 7.50%</title>
        <cusip>66981QAB2</cusip>
        <identifiers>
          <isin value="US66981QAB23"/>
          <ticker value="BBCP"/>
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        <balance>7385000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7462224.95</valUSD>
        <pctVal>0.3579478035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</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>MPT OPERATING P/SHI 8.50%</name>
        <lei>WUQXXXF7PXTUPGROE843</lei>
        <title>MPT OPERATING P/SHI 8.50%</title>
        <cusip>55342UAQ7</cusip>
        <identifiers>
          <isin value="US55342UAQ76"/>
          <ticker value="MPW"/>
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        <balance>395000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>400455.74</valUSD>
        <pctVal>0.0192090500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLOCK INC 6.00%</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>BLOCK INC 6.00%</title>
        <cusip>852234AU7</cusip>
        <identifiers>
          <isin value="US852234AU71"/>
          <ticker value="XYZ"/>
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        <balance>2400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2360360.45</valUSD>
        <pctVal>0.1132217059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
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          <annualizedRt>6</annualizedRt>
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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>ILIAD HLDG. SASU 7.00%</name>
        <lei>9695009PXA7OI9NXN582</lei>
        <title>ILIAD HLDG. SASU 7.00%</title>
        <cusip>449691AG9</cusip>
        <identifiers>
          <isin value="US449691AG96"/>
          <ticker value="ILIADH"/>
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        <balance>2400000</balance>
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        <curCd>USD</curCd>
        <valUSD>2402875.2</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>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NCL CORP LTD 6.75%</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL CORP LTD 6.75%</title>
        <cusip>62886HBR1</cusip>
        <identifiers>
          <isin value="US62886HBR12"/>
          <ticker value="NCLH"/>
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        <balance>9945000</balance>
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        <curCd>USD</curCd>
        <valUSD>9869544.3</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>QUIKRETE HLDGS. INC 6.75%</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>QUIKRETE HLDGS. INC 6.75%</title>
        <cusip>74843PAB6</cusip>
        <identifiers>
          <isin value="US74843PAB67"/>
          <ticker value="QUIKHO"/>
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        <balance>4820000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4895384.8</valUSD>
        <pctVal>0.2348216850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>QNITY ELECTNCS. INC 5.75%</name>
        <lei>254900RSUG4J9TFFZX53</lei>
        <title>QNITY ELECTNCS. INC 5.75%</title>
        <cusip>74743LAA8</cusip>
        <identifiers>
          <isin value="US74743LAA89"/>
          <ticker value="QNTELE"/>
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        <balance>2930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2933489.63</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>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WYNN MACAU LTD 6.75%</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>WYNN MACAU LTD 6.75%</title>
        <cusip>98313RAL0</cusip>
        <identifiers>
          <isin value="US98313RAL06"/>
          <ticker value="WYNMAC"/>
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        <balance>2860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2791141.38</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</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>PLANET FINL. GRP. 10.50%</name>
        <lei>N/A</lei>
        <title>PLANET FINL. GRP. 10.50%</title>
        <cusip>72702AAA5</cusip>
        <identifiers>
          <isin value="US72702AAA51"/>
          <ticker value="PLNFIN"/>
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        <balance>5850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5611179.6</valUSD>
        <pctVal>0.2691569105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.5</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>ONESKY FLIGHT LLC 8.875%</name>
        <lei>549300PM6NEPXGG5B882</lei>
        <title>ONESKY FLIGHT LLC 8.875%</title>
        <cusip>68278CAA3</cusip>
        <identifiers>
          <isin value="US68278CAA36"/>
          <ticker value="FLXJET"/>
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        <balance>5140000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5305585.1</valUSD>
        <pctVal>0.2544981618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.875</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>IHEARTCOMMUNICATI 10.875%</name>
        <lei>54930076J6KDZL504O62</lei>
        <title>IHEARTCOMMUNICATI 10.875%</title>
        <cusip>45174HBL0</cusip>
        <identifiers>
          <isin value="US45174HBL06"/>
          <ticker value="IHRT"/>
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        <balance>2341000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1500136.21</valUSD>
        <pctVal>0.0719584929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.875</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>QNITY ELECTNCS. INC 6.25%</name>
        <lei>254900RSUG4J9TFFZX53</lei>
        <title>QNITY ELECTNCS. INC 6.25%</title>
        <cusip>74743LAB6</cusip>
        <identifiers>
          <isin value="US74743LAB62"/>
          <ticker value="QNTELE"/>
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        <balance>2930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2962631.41</valUSD>
        <pctVal>0.1421114229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</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>ICAHN ENTS. LP / I 10.00%</name>
        <lei>549300T0G4GS0SINS786</lei>
        <title>ICAHN ENTS. LP / I 10.00%</title>
        <cusip>451102CK1</cusip>
        <identifiers>
          <isin value="US451102CK14"/>
          <ticker value="IEP"/>
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        <balance>3120000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3073662.38</valUSD>
        <pctVal>0.1474373535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10</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>BLACKSTONE MTGE. TS 7.75%</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>BLACKSTONE MTGE. TS 7.75%</title>
        <cusip>09257WAF7</cusip>
        <identifiers>
          <isin value="US09257WAF77"/>
          <ticker value="BXMT"/>
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        <balance>2165000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2274761.17</valUSD>
        <pctVal>0.1091156820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75</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>CVS HEALTH CORP F2V</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS HEALTH CORP F2V</title>
        <cusip>126650EG1</cusip>
        <identifiers>
          <isin value="US126650EG12"/>
          <ticker value="CVS"/>
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        <balance>4997000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5059677.37</valUSD>
        <pctVal>0.2427024665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IHEARTCOMMUNICATION 7.75%</name>
        <lei>54930076J6KDZL504O62</lei>
        <title>IHEARTCOMMUNICATION 7.75%</title>
        <cusip>45174HBM8</cusip>
        <identifiers>
          <isin value="US45174HBM88"/>
          <ticker value="IHRT"/>
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        <balance>3050900</balance>
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        <curCd>USD</curCd>
        <valUSD>2428978.25</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75</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>
        <name>CONSTELLATION ENERG 5.00%</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
        <title>CONSTELLATION ENERG 5.00%</title>
        <cusip>210385AJ9</cusip>
        <identifiers>
          <isin value="US210385AJ90"/>
          <ticker value="CEG"/>
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        <balance>3140000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3148450.56</valUSD>
        <pctVal>0.1510247909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>BURFORD CAP. GBL. F 8.50%</name>
        <lei>549300JVAOO67CSCH406</lei>
        <title>BURFORD CAP. GBL. F 8.50%</title>
        <cusip>12116LAJ8</cusip>
        <identifiers>
          <isin value="US12116LAJ89"/>
          <ticker value="BURLN"/>
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        <balance>295000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>253322.4</valUSD>
        <pctVal>0.0121513620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</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>SIX FLAGS ENTERTAI 8.625%</name>
        <lei>529900AS2CYWYFHRS781</lei>
        <title>SIX FLAGS ENTERTAI 8.625%</title>
        <cusip>83003AAA8</cusip>
        <identifiers>
          <isin value="US83003AAA88"/>
          <ticker value="FUN"/>
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        <balance>1055000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1056702.07</valUSD>
        <pctVal>0.0506878562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625</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>VIRGIN MEDIA O2 VEN 8.50%</name>
        <lei>9845001E591J5060A412</lei>
        <title>VIRGIN MEDIA O2 VEN 8.50%</title>
        <cusip>92769UAA9</cusip>
        <identifiers>
          <isin value="US92769UAA97"/>
          <ticker value="VMED"/>
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        <balance>1355000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1184028.67</valUSD>
        <pctVal>0.0567954550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NCL CORP LTD 5.875%</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL CORP LTD 5.875%</title>
        <cusip>62886HBY6</cusip>
        <identifiers>
          <isin value="US62886HBY62"/>
          <ticker value="NCLH"/>
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        <balance>560000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>544076.86</valUSD>
        <pctVal>0.0260982640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUNTINGTON BANCSHARES F2V</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HUNTINGTON BANCSHARES F2V</title>
        <cusip>446150BG8</cusip>
        <identifiers>
          <isin value="US446150BG87"/>
          <ticker value="HBAN"/>
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        <balance>2455000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2418912.97</valUSD>
        <pctVal>0.1160303516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.2499996</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>UWM HLDGS. LLC 6.25%</name>
        <lei>N/A</lei>
        <title>UWM HLDGS. LLC 6.25%</title>
        <cusip>903522AB6</cusip>
        <identifiers>
          <isin value="US903522AB68"/>
          <ticker value="UWMC"/>
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        <balance>3050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2777590.78</valUSD>
        <pctVal>0.1332353990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</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>MILLROSE PROPS. INC 6.25%</name>
        <lei>N/A</lei>
        <title>MILLROSE PROPS. INC 6.25%</title>
        <cusip>601137AB8</cusip>
        <identifiers>
          <isin value="US601137AB81"/>
          <ticker value="MRP"/>
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        <balance>2110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2071192.46</valUSD>
        <pctVal>0.0993509036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</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>LUMEN TECHNOLOGIES 7.60%</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
        <title>LUMEN TECHNOLOGIES 7.60%</title>
        <cusip>156700AM8</cusip>
        <identifiers>
          <isin value="US156700AM80"/>
          <ticker value="LUMN"/>
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        <balance>335000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>312017.85</valUSD>
        <pctVal>0.0149668637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.6</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>ADIENT GBL. HLDGS. 7.50%</name>
        <lei>213800VA38VCKE6M8790</lei>
        <title>ADIENT GBL. HLDGS. 7.50%</title>
        <cusip>00687YAD7</cusip>
        <identifiers>
          <isin value="US00687YAD76"/>
          <ticker value="ADNT"/>
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        <balance>4050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4094570.25</valUSD>
        <pctVal>0.1964082344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</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>JPR ROYALTY SUB LL 14.00%</name>
        <lei>N/A</lei>
        <title>JPR ROYALTY SUB LL 14.00%</title>
        <cusip>46635XAA1</cusip>
        <identifiers>
          <isin value="US46635XAA19"/>
          <ticker value="BCRX"/>
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        <balance>8000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2020-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</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>CAPSTONE BORROWER I 8.00%</name>
        <lei>254900YSP2BAI3YKIX08</lei>
        <title>CAPSTONE BORROWER I 8.00%</title>
        <cusip>140944AA7</cusip>
        <identifiers>
          <isin value="US140944AA76"/>
          <ticker value="CVT"/>
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        <balance>3015000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2880771.9</valUSD>
        <pctVal>0.1381847882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8</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>RFNA LP 7.875%</name>
        <lei>2549002A4GSOTYKKHR45</lei>
        <title>RFNA LP 7.875%</title>
        <cusip>74984AAA0</cusip>
        <identifiers>
          <isin value="US74984AAA07"/>
          <ticker value="RFNALP"/>
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        <balance>9035000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8634685.53</valUSD>
        <pctVal>0.4141883607</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>7.875</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>VENTURE GBL. CALCA 3.875%</name>
        <lei>549300GKHS6RS20NLH85</lei>
        <title>VENTURE GBL. CALCA 3.875%</title>
        <cusip>92328MAC7</cusip>
        <identifiers>
          <isin value="US92328MAC73"/>
          <ticker value="VENTGL"/>
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        <balance>5115000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4532382.57</valUSD>
        <pctVal>0.2174092039</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>3.875</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>VENTURE GBL. LNG I 8.375%</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENTURE GBL. LNG I 8.375%</title>
        <cusip>92332YAB7</cusip>
        <identifiers>
          <isin value="US92332YAB74"/>
          <ticker value="VENLNG"/>
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        <balance>9283000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9654091.08</valUSD>
        <pctVal>0.4630871784</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>8.375</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>OWENS-BROCKWAY GLAS 7.25%</name>
        <lei>V2UQUCDZJ9WY98W8QU33</lei>
        <title>OWENS-BROCKWAY GLAS 7.25%</title>
        <cusip>69073TAU7</cusip>
        <identifiers>
          <isin value="US69073TAU79"/>
          <ticker value="OI"/>
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        <balance>1400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1340644.48</valUSD>
        <pctVal>0.0643079980</pctVal>
        <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>
          <annualizedRt>7.25</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>VICTRA HLDGS. LLC / 8.75%</name>
        <lei>549300KWDYQKQSF0MQ18</lei>
        <title>VICTRA HLDGS. LLC / 8.75%</title>
        <cusip>92648DAA4</cusip>
        <identifiers>
          <isin value="US92648DAA46"/>
          <ticker value="VICTRA"/>
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        <balance>6135000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6367258.83</valUSD>
        <pctVal>0.3054244984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75</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>CD&amp;R SMOKEY BUYER / 9.50%</name>
        <lei>N/A</lei>
        <title>CD&amp;R SMOKEY BUYER / 9.50%</title>
        <cusip>12515KAA6</cusip>
        <identifiers>
          <isin value="US12515KAA60"/>
          <ticker value="PETSAF"/>
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        <balance>1690000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1437540.74</valUSD>
        <pctVal>0.0689559151</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>9.5</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>M/I HOMES INC 3.95%</name>
        <lei>5299005M71FH9CCSFB69</lei>
        <title>M/I HOMES INC 3.95%</title>
        <cusip>55305BAV3</cusip>
        <identifiers>
          <isin value="US55305BAV36"/>
          <ticker value="MHO"/>
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        <balance>2010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1885031.47</valUSD>
        <pctVal>0.0904211383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95</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>VISTAJET MALTA FIN 6.375%</name>
        <lei>5299001UK94VGT0CPQ36</lei>
        <title>VISTAJET MALTA FIN 6.375%</title>
        <cusip>92840JAB5</cusip>
        <identifiers>
          <isin value="US92840JAB52"/>
          <ticker value="VSTJET"/>
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        <balance>4055000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3501931.66</valUSD>
        <pctVal>0.1679805627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375</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>TALEN ENERGY SUPPL 8.625%</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>TALEN ENERGY SUPPL 8.625%</title>
        <cusip>87422VAK4</cusip>
        <identifiers>
          <isin value="US87422VAK44"/>
          <ticker value="TLN"/>
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        <balance>3375000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>8.625</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TRANSMONTAIGNE PART 8.50%</name>
        <lei>N/A</lei>
        <title>TRANSMONTAIGNE PART 8.50%</title>
        <cusip>89377AAA3</cusip>
        <identifiers>
          <isin value="US89377AAA34"/>
          <ticker value="TLP"/>
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        <balance>5215000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5272057.32</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PARAMOUNT GLOBAL 6.875%</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARAMOUNT GLOBAL 6.875%</title>
        <cusip>925524AX8</cusip>
        <identifiers>
          <isin value="US925524AX89"/>
          <ticker value="PARA"/>
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        <balance>3150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2763093.85</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>2036-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LUMEN TECHS. INC 7.65%</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
        <title>LUMEN TECHS. INC 7.65%</title>
        <cusip>156700AT3</cusip>
        <identifiers>
          <isin value="US156700AT34"/>
          <ticker value="LUMN"/>
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        <balance>335000</balance>
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        <curCd>USD</curCd>
        <valUSD>307362.5</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.65</annualizedRt>
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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>ZIPRECRUITER INC 5.00%</name>
        <lei>549300HLOVNNFCY2IV80</lei>
        <title>ZIPRECRUITER INC 5.00%</title>
        <cusip>98980BAA1</cusip>
        <identifiers>
          <isin value="US98980BAA17"/>
          <ticker value="ZIP"/>
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        <balance>1724000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>993012.79</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>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>PERRIGO FIN. UNLIM 6.125%</name>
        <lei>549300E86RB6YCTMRM83</lei>
        <title>PERRIGO FIN. UNLIM 6.125%</title>
        <cusip>71429MAD7</cusip>
        <identifiers>
          <isin value="US71429MAD74"/>
          <ticker value="PRGO"/>
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        <balance>2960000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2700795.32</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125</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>MURPHY OIL CORP 6.00%</name>
        <lei>QBKYQD0ODE7DC7PDIN91</lei>
        <title>MURPHY OIL CORP 6.00%</title>
        <cusip>626717AP7</cusip>
        <identifiers>
          <isin value="US626717AP72"/>
          <ticker value="MUR"/>
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        <balance>3525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3501103.32</valUSD>
        <pctVal>0.1679408289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</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>PATRICK INDS. INC 6.375%</name>
        <lei>549300FZ5ZTCCJ3Z5W14</lei>
        <title>PATRICK INDS. INC 6.375%</title>
        <cusip>703343AH6</cusip>
        <identifiers>
          <isin value="US703343AH63"/>
          <ticker value="PATK"/>
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        <balance>6650001</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6649575</valUSD>
        <pctVal>0.3189666328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375</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>FREEDOM MTGE. HLDG 8.375%</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>FREEDOM MTGE. HLDG 8.375%</title>
        <cusip>35641AAC2</cusip>
        <identifiers>
          <isin value="US35641AAC27"/>
          <ticker value="FREMOR"/>
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        <balance>2405000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2365784.79</valUSD>
        <pctVal>0.1134819005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.375</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>QUIKRETE HLDGS. IN 6.375%</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>QUIKRETE HLDGS. IN 6.375%</title>
        <cusip>74843PAA8</cusip>
        <identifiers>
          <isin value="US74843PAA84"/>
          <ticker value="QUIKHO"/>
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        <balance>4896000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4964558.69</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>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLEVELAND-CLIFFS IN 7.50%</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS IN 7.50%</title>
        <cusip>185899AS0</cusip>
        <identifiers>
          <isin value="US185899AS01"/>
          <ticker value="CLF"/>
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        <balance>2971000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2963446.23</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>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STONEPEAK NILE PARE 7.25%</name>
        <lei>254900TJV3VAFZD0GU41</lei>
        <title>STONEPEAK NILE PARE 7.25%</title>
        <cusip>861932AA9</cusip>
        <identifiers>
          <isin value="US861932AA97"/>
          <ticker value="ATSG"/>
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        <balance>6435000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6693024.2</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>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25</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>CLARIOS GBL. LP / C 6.75%</name>
        <lei>549300474L1ZLXZY2P98</lei>
        <title>CLARIOS GBL. LP / C 6.75%</title>
        <cusip>18060TAC9</cusip>
        <identifiers>
          <isin value="US18060TAC99"/>
          <ticker value="POWSOL"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3029193</valUSD>
        <pctVal>0.1453042475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
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          <annualizedRt>6.75</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>HUNTSMAN INTL. LLC 5.70%</name>
        <lei>3YTEJFW18LGIUQ2N5J61</lei>
        <title>HUNTSMAN INTL. LLC 5.70%</title>
        <cusip>44701QBG6</cusip>
        <identifiers>
          <isin value="US44701QBG64"/>
          <ticker value="HUN"/>
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        <balance>2335000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2148000.8</valUSD>
        <pctVal>0.1030352440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.7</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>AETHON UTD. BR LP / 7.50%</name>
        <lei>5493007HPG2M9K9X5V41</lei>
        <title>AETHON UTD. BR LP / 7.50%</title>
        <cusip>00810GAD6</cusip>
        <identifiers>
          <isin value="US00810GAD60"/>
          <ticker value="AETUNI"/>
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        <balance>4065000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4239652.73</valUSD>
        <pctVal>0.2033675469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</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>WINDSTREAM SERVS. L 8.25%</name>
        <lei>549300KT9GVEBYCD2N29</lei>
        <title>WINDSTREAM SERVS. L 8.25%</title>
        <cusip>97381AAA0</cusip>
        <identifiers>
          <isin value="US97381AAA07"/>
          <ticker value="WIN"/>
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        <balance>9431000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9856875.67</valUSD>
        <pctVal>0.4728143441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>8.25</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>DISH DBS CORP 5.25%</name>
        <lei>N/A</lei>
        <title>DISH DBS CORP 5.25%</title>
        <cusip>25470XBE4</cusip>
        <identifiers>
          <isin value="US25470XBE40"/>
          <ticker value="DISH"/>
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        <balance>8122000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8052340.53</valUSD>
        <pctVal>0.3862544516</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>5.25</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>TITAN INTL. INC 7.00%</name>
        <lei>254900CXRGBE7C4B5A06</lei>
        <title>TITAN INTL. INC 7.00%</title>
        <cusip>88830MAM4</cusip>
        <identifiers>
          <isin value="US88830MAM47"/>
          <ticker value="TWI"/>
        </identifiers>
        <balance>5060000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5049911.37</valUSD>
        <pctVal>0.2422340113</pctVal>
        <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</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>ALLWYN ENTERTAINME 7.875%</name>
        <lei>315700J7ZTIN8XGCX365</lei>
        <title>ALLWYN ENTERTAINME 7.875%</title>
        <cusip>02007VAA8</cusip>
        <identifiers>
          <isin value="US02007VAA89"/>
          <ticker value="SAZKAG"/>
        </identifiers>
        <balance>4795000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4901146.48</valUSD>
        <pctVal>0.2350980611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875</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>EMRLD BORROWER LP 6.625%</name>
        <lei>5493000GJYE7GAQCUC61</lei>
        <title>EMRLD BORROWER LP 6.625%</title>
        <cusip>29103CAA6</cusip>
        <identifiers>
          <isin value="US29103CAA62"/>
          <ticker value="EMECLI"/>
        </identifiers>
        <balance>9640000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9804448.76</valUSD>
        <pctVal>0.4702995315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625</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>XPO INC 7.125%</name>
        <lei>54930096DB9LCLPN7H13</lei>
        <title>XPO INC 7.125%</title>
        <cusip>98379KAB8</cusip>
        <identifiers>
          <isin value="US98379KAB89"/>
          <ticker value="XPO"/>
        </identifiers>
        <balance>8069000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8311747.8</valUSD>
        <pctVal>0.3986976925</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>7.125</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>CERDIA FINANZ GMBH 9.375%</name>
        <lei>391200KURNDJSX9GX570</lei>
        <title>CERDIA FINANZ GMBH 9.375%</title>
        <cusip>15679GAC6</cusip>
        <identifiers>
          <isin value="US15679GAC69"/>
          <ticker value="PLATIN"/>
        </identifiers>
        <balance>11855000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11742733.15</valUSD>
        <pctVal>0.5632751045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.375</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>IHO VERWALTUNGS GMBH PIK</name>
        <lei>529900JL0HDVGZMUJF32</lei>
        <title>IHO VERWALTUNGS GMBH PIK</title>
        <cusip>44963BAF5</cusip>
        <identifiers>
          <isin value="US44963BAF58"/>
          <ticker value="SHAEFF"/>
        </identifiers>
        <balance>4654000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4730772.38</valUSD>
        <pctVal>0.2269255609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FERTITTA ENTERTAINM 6.75%</name>
        <lei>984500A0805D8V551D35</lei>
        <title>FERTITTA ENTERTAINM 6.75%</title>
        <cusip>31556TAC3</cusip>
        <identifiers>
          <isin value="US31556TAC36"/>
          <ticker value="FRTITA"/>
        </identifiers>
        <balance>3995000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3731539.34</valUSD>
        <pctVal>0.1789943776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75</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>CCO HLDGS. LLC / CC 4.75%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.75%</title>
        <cusip>1248EPCQ4</cusip>
        <identifiers>
          <isin value="US1248EPCQ45"/>
          <ticker value="CHTR"/>
        </identifiers>
        <balance>12170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11003712.39</valUSD>
        <pctVal>0.5278257767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75</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>FIRST QUANTUM MINE 8.625%</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FIRST QUANTUM MINE 8.625%</title>
        <cusip>335934AU9</cusip>
        <identifiers>
          <isin value="US335934AU96"/>
          <ticker value="FMCN"/>
        </identifiers>
        <balance>8860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9186437.84</valUSD>
        <pctVal>0.4406548005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625</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>CBOT</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>FUT. US 2YR T-NOTE JUN26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="TUM6"/>
          <other otherDesc="NT_ID" value="9N4XTAU"/>
        </identifiers>
        <balance>400</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>82978160</valUSD>
        <pctVal>3.9802941227</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>US 2yr 6%</indexName>
                <indexIdentifier>TU</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-30</expDate>
            <notionalAmt>82978160</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-638932.8</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBOT</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>FUT. YR T NOTE JUN26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="FVM6"/>
          <other otherDesc="NT_ID" value="9N4XRZU"/>
        </identifiers>
        <balance>500</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>54089850</valUSD>
        <pctVal>2.5945804541</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>US 5yr 6%</indexName>
                <indexIdentifier>FV</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-30</expDate>
            <notionalAmt>54089850</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-824884.5</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Funds</ncom:nameOfApplicant>
      <ncom:signature>Randal E. Rein </ncom:signature>
      <ncom:signerName>Randal E. Rein </ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
