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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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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>
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        <curCd>USD</curCd>
        <valUSD>319884.11</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.600000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>4945000</balance>
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        <curCd>USD</curCd>
        <valUSD>4446949.49</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PARAMOUNT GLOBAL 4.60%</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARAMOUNT GLOBAL 4.60%</title>
        <cusip>124857AN3</cusip>
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          <isin value="US124857AN39"/>
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        <balance>920000</balance>
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        <curCd>USD</curCd>
        <valUSD>585940.71</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.600000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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"/>
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        <balance>7815000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6863356.51</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-28</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <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>326939.24</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>850503.7</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>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</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>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>3658962.32</valUSD>
        <pctVal>0.1722546570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.875000000000</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>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>3394002.09</valUSD>
        <pctVal>0.1597810020</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>10.000000000000</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>GENESIS ENERGY LP / 8.25%</name>
        <lei>N/A</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>5586420.1</valUSD>
        <pctVal>0.2629944760</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>8.250000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CAESARS ENTERTAINME 6.00%</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTERTAINME 6.00%</title>
        <cusip>12769GAD2</cusip>
        <identifiers>
          <isin value="US12769GAD25"/>
          <ticker value="CZR"/>
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        <balance>2115000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1916527.34</valUSD>
        <pctVal>0.0902252417</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>6.000000000000</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>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>4745000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4922804.64</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>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <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>4177866.6</valUSD>
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        <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>7.500000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IRON MOUNTAIN INC 6.25%</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC 6.25%</title>
        <cusip>46284VAR2</cusip>
        <identifiers>
          <isin value="US46284VAR24"/>
          <ticker value="IRM"/>
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        <balance>2205000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2213594.91</valUSD>
        <pctVal>0.1042104287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>9005000</valUSD>
        <pctVal>0.4239325390</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>7.750000000000</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>N/A</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>404397.05</valUSD>
        <pctVal>0.0190379865</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>8.500000000000</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>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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        <balance>1407000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WS ESCROW LLC 7.75%</name>
        <lei>2549009ZUUWL3QLK6G24</lei>
        <title>WS ESCROW LLC 7.75%</title>
        <cusip>982104AA9</cusip>
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          <isin value="US982104AA93"/>
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        <balance>2750000</balance>
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        <curCd>USD</curCd>
        <valUSD>2823747.16</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>CAYENNE AVIA PREF UNITS</name>
        <lei>N/A</lei>
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        <cusip>461UNT248</cusip>
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          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="1AXBWPU"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA BUYER / 6.375%</name>
        <lei>254900V5SMQ1UP1CLC26</lei>
        <title>CALIFORNIA BUYER / 6.375%</title>
        <cusip>13005HAA8</cusip>
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          <isin value="US13005HAA86"/>
          <ticker value="AY"/>
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        <balance>3540000</balance>
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        <curCd>USD</curCd>
        <valUSD>3548743.8</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>2032-02-15</maturityDt>
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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>7318000</balance>
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        <curCd>USD</curCd>
        <valUSD>7301546.21</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-01</maturityDt>
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        <securityLending>
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      <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>8605000</balance>
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        <curCd>USD</curCd>
        <valUSD>8669468.83</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>2030-02-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QUIKRETE HLDGS. INC 6.75%</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>QUIKRETE HLDGS. INC 6.75%</title>
        <cusip>74843PAB6</cusip>
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          <ticker value="QUIKHO"/>
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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>2033-03-01</maturityDt>
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          <annualizedRt>6.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STAR LEASING CO LL 7.625%</name>
        <lei>549300WXKNX4PT3HSN71</lei>
        <title>STAR LEASING CO LL 7.625%</title>
        <cusip>854938AA5</cusip>
        <identifiers>
          <isin value="US854938AA54"/>
          <ticker value="TRAILR"/>
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        <balance>5425000</balance>
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        <curCd>USD</curCd>
        <valUSD>5345900.25</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>2030-02-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GLOBAL INFRA. SOLS 6.375%</name>
        <lei>2549003BGLQITAJ6ZT28</lei>
        <title>GLOBAL INFRA. SOLS 6.375%</title>
        <cusip>379968AA8</cusip>
        <identifiers>
          <isin value="US379968AA89"/>
          <ticker value="GOINSO"/>
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        <balance>1660000</balance>
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        <curCd>USD</curCd>
        <valUSD>1668557.68</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>2034-07-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>1103239.49</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>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>895701.4</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>9.500000000000</annualizedRt>
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      <invstOrSec>
        <name>MELCO RESORTS FIN. 5.625%</name>
        <lei>5493000FQDBWKDBZEF60</lei>
        <title>MELCO RESORTS FIN. 5.625%</title>
        <cusip>58547DAC3</cusip>
        <identifiers>
          <isin value="US58547DAC39"/>
          <ticker value="MPEL"/>
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        <balance>6475000</balance>
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        <curCd>USD</curCd>
        <valUSD>6460341.05</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</annualizedRt>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>8532035.06</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>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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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>
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        <balance>6240000</balance>
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        <valUSD>6318146.14</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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        <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>5318788.8</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.875000000000</annualizedRt>
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      <invstOrSec>
        <name>ICAHN ENTS. LP / IC 9.00%</name>
        <lei>N/A</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>3096014.87</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>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</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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          <ticker value="NRG"/>
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        <balance>4250000</balance>
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        <curCd>USD</curCd>
        <valUSD>4250969</valUSD>
        <pctVal>0.2001248286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS GRP. AG F2V</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS GRP. AG F2V</title>
        <cusip>225401BJ6</cusip>
        <identifiers>
          <isin value="US225401BJ63"/>
          <ticker value="UBS"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2018186</valUSD>
        <pctVal>0.0950110733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</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>ENCOMPASS HEALTH C 5.875%</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>ENCOMPASS HEALTH C 5.875%</title>
        <cusip>29261AAF7</cusip>
        <identifiers>
          <isin value="US29261AAF75"/>
          <ticker value="EHC"/>
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        <balance>2250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2245330.58</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>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>GAIA PURCHASER INC 7.625%</name>
        <lei>N/A</lei>
        <title>GAIA PURCHASER INC 7.625%</title>
        <cusip>36276MAA0</cusip>
        <identifiers>
          <isin value="US36276MAA09"/>
          <ticker value="AMXGBT"/>
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        <balance>440000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>445045.66</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</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>CORE &amp; MAIN LP 6.00%</name>
        <lei>549300ZSLF8Q660SCD17</lei>
        <title>CORE &amp; MAIN LP 6.00%</title>
        <cusip>21867FAC8</cusip>
        <identifiers>
          <isin value="US21867FAC86"/>
          <ticker value="CNM"/>
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        <balance>2030000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2039546.99</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>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</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>ICAHN ENTS. LP / IC 9.75%</name>
        <lei>N/A</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>4658460.85</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>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</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>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>4372764</valUSD>
        <pctVal>0.2058586280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7145922.74</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>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
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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>6750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6665727.6</valUSD>
        <pctVal>0.3138055331</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>10.500000000000</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>5435426.64</valUSD>
        <pctVal>0.2558860873</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>8.875000000000</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>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>5313455.65</valUSD>
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        <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>8.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>1755000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1735069.24</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>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <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>8470001</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8434441.39</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>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>1826000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1583142</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>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.875000000000</annualizedRt>
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      <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>5698000</balance>
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        <curCd>USD</curCd>
        <valUSD>5795960.02</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>2032-04-01</maturityDt>
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          <annualizedRt>8.375000000000</annualizedRt>
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        <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>
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        <curCd>USD</curCd>
        <valUSD>4999682.59</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>2032-03-01</maturityDt>
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          <annualizedRt>6.375000000000</annualizedRt>
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        <securityLending>
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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>
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        <curCd>USD</curCd>
        <valUSD>6663667.73</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>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>PBF HLDG. CO LLC / 7.25%</name>
        <lei>N/A</lei>
        <title>PBF HLDG. CO LLC / 7.25%</title>
        <cusip>69318FAN8</cusip>
        <identifiers>
          <isin value="US69318FAN87"/>
          <ticker value="PBFENE"/>
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        <balance>5025000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4974796.48</valUSD>
        <pctVal>0.2342007887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AVIANCA MIDCO 2 PL 10.25%</name>
        <lei>213800AMPX5VKH9AMX10</lei>
        <title>AVIANCA MIDCO 2 PL 10.25%</title>
        <cusip>05369YAE9</cusip>
        <identifiers>
          <isin value="US05369YAE95"/>
          <ticker value="AVIAGP"/>
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        <balance>865000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>864308</valUSD>
        <pctVal>0.0406894264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.250000000000</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>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>203030.45</valUSD>
        <pctVal>0.0095581582</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>5.250000000000</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>GPS HOSPITALITY HLD 7.00%</name>
        <lei>N/A</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>2580000</valUSD>
        <pctVal>0.1214598501</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>7.000000000000</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>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>3690000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3552054.15</valUSD>
        <pctVal>0.1672216918</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>5.700000000000</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>WINDSTREAM SERVS. L 8.25%</name>
        <lei>N/A</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>9945508.21</valUSD>
        <pctVal>0.4682092778</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>8.250000000000</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>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>2242933.51</valUSD>
        <pctVal>0.1055916155</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>7.750000000000</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>3145315</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>809918.61</valUSD>
        <pctVal>0.0381289120</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>16.000000000000</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>PAR PETROLEUM LLC 7.375%</name>
        <lei>984500CCF05C2FB39F45</lei>
        <title>PAR PETROLEUM LLC 7.375%</title>
        <cusip>70178JAB3</cusip>
        <identifiers>
          <isin value="US70178JAB35"/>
          <ticker value="PARR"/>
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        <balance>2590000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2620792.51</valUSD>
        <pctVal>0.1233802580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375000000000</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>DISCOVERY GBL. HLDG 5.05%</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>DISCOVERY GBL. HLDG 5.05%</title>
        <cusip>254948AR3</cusip>
        <identifiers>
          <isin value="US254948AR31"/>
          <ticker value="WBD"/>
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        <balance>6080000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4454025.6</valUSD>
        <pctVal>0.2096842178</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>5.050000000000</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>VOYAGER AVIATION UNITS</name>
        <lei>N/A</lei>
        <title>VOYAGER AVIATION UNITS</title>
        <cusip>461UNT123</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="7AXBWPU"/>
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        <balance>2620.83</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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="IHOVER"/>
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        <balance>3434000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3554234.64</valUSD>
        <pctVal>0.1673243437</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>7.750000000000</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>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>8647000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9008790.48</valUSD>
        <pctVal>0.4241109851</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>6.750000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2845879.52</valUSD>
        <pctVal>0.1339767830</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>7.750000000000</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>OT MIDCO LTD 10.00%</name>
        <lei>N/A</lei>
        <title>OT MIDCO LTD 10.00%</title>
        <cusip>68877AAA2</cusip>
        <identifiers>
          <isin value="US68877AAA25"/>
          <ticker value="OB"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1590000</valUSD>
        <pctVal>0.0748531635</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>10.000000000000</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 / 9.25%</name>
        <lei>N/A</lei>
        <title>DIRECTV FINC. LLC / 9.25%</title>
        <cusip>25461LAE2</cusip>
        <identifiers>
          <isin value="US25461LAE20"/>
          <ticker value="DTV"/>
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        <balance>4510000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4582367.46</valUSD>
        <pctVal>0.2157262267</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>9.250000000000</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>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>2119349.17</valUSD>
        <pctVal>0.0997735785</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>4.950000000000</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>ARD FIN. SA PIK</name>
        <lei>6354006P6QPGGPVJW880</lei>
        <title>ARD FIN. SA PIK</title>
        <cusip>00191AAD8</cusip>
        <identifiers>
          <isin value="US00191AAD81"/>
          <ticker value="ARDFIN"/>
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        <balance>1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>Y</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>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>7815000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7672572.41</valUSD>
        <pctVal>0.3612052307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INFRABUILD AUSTRAL 14.50%</name>
        <lei>549300W2CPB5W6GFH859</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PARAMOUNT GLOBAL 6.875%</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LUMEN TECHS. INC 7.65%</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OPEN TEXT HLDGS. I 4.125%</name>
        <lei>N/A</lei>
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          <isin value="US683720AA42"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALLEN MEDIA LLC / 10.50%</name>
        <lei>549300ERNJNM4RN5JP79</lei>
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        <cusip>01771YAA8</cusip>
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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>2028-02-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FORD MOTOR CO 9.625%</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>FORD MOTOR CO 9.625%</title>
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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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JEFFERSON CAP. HLDG 6.00%</name>
        <lei>N/A</lei>
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        <cusip>472481AA8</cusip>
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        <name>BEAZER HOMES USA IN 8.00%</name>
        <lei>549300DUPYT2T0F60I45</lei>
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        <cusip>07556QBV6</cusip>
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          <ticker value="BZH"/>
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        <name>EQUIPMENTSHARE.COM 7.125%</name>
        <lei>254900PWJK48CGPKPI80</lei>
        <title>EQUIPMENTSHARE.COM 7.125%</title>
        <cusip>29450YAD1</cusip>
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          <isin value="US29450YAD13"/>
          <ticker value="EQMSRM"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>MPT OPERATING P/SHI 5.00%</name>
        <lei>N/A</lei>
        <title>MPT OPERATING P/SHI 5.00%</title>
        <cusip>55342UAH7</cusip>
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        <curCd>USD</curCd>
        <valUSD>3326962.11</valUSD>
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        <name>OCEANEERING INTL. I 6.00%</name>
        <lei>549300L6PH74701W0R30</lei>
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        <cusip>675232AB8</cusip>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>VIASAT INC 5.625%</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
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        <cusip>92552VAL4</cusip>
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          <ticker value="VSAT"/>
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        <valUSD>6343745.89</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <name>MELCO RESORTS FIN. 5.375%</name>
        <lei>5493000FQDBWKDBZEF60</lei>
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        <cusip>58547DAD1</cusip>
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        <invCountry>KY</invCountry>

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        <name>CSC HLDGS. LLC 4.625%</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC HLDGS. LLC 4.625%</title>
        <cusip>126307BD8</cusip>
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        <name>FORD MOTOR CO 4.75%</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>FORD MOTOR CO 4.75%</title>
        <cusip>345370CQ1</cusip>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>BATH &amp; BODY WORKS I 6.75%</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
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        <cusip>501797AM6</cusip>
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          <ticker value="BBWI"/>
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        <valUSD>7342475.66</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CSC HLDGS. LLC 6.50%</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC HLDGS. LLC 6.50%</title>
        <cusip>126307AZ0</cusip>
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          <ticker value="CSCHLD"/>
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        <balance>10775000</balance>
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        <curCd>USD</curCd>
        <valUSD>6445480.55</valUSD>
        <pctVal>0.3034368611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1677615.63</valUSD>
        <pctVal>0.0789778849</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>5.750000000000</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 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>2610000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1840011.11</valUSD>
        <pctVal>0.0866230518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5.000000000000</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>2091000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2095248.01</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</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>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"/>
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        <balance>13420000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12044450</valUSD>
        <pctVal>0.5670221287</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>9.375000000000</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>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>4830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3616433.23</valUSD>
        <pctVal>0.1702524954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5.850000000000</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>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>4665209.6</valUSD>
        <pctVal>0.2196262244</pctVal>
        <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>7.375000000000</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 5.00%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 5.00%</title>
        <cusip>1248EPBX0</cusip>
        <identifiers>
          <isin value="US1248EPBX05"/>
          <ticker value="CHTR"/>
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        <balance>19202000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18961435.42</valUSD>
        <pctVal>0.8926562421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>LADDER CAP. FIN. HL 4.25%</name>
        <lei>N/A</lei>
        <title>LADDER CAP. FIN. HL 4.25%</title>
        <cusip>505742AM8</cusip>
        <identifiers>
          <isin value="US505742AM88"/>
          <ticker value="LADR"/>
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        <balance>8885000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8833164.55</valUSD>
        <pctVal>0.4158429622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</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>SEADRILL FIN. LTD 6.75%</name>
        <lei>213800WMN3OHFUDHD642</lei>
        <title>SEADRILL FIN. LTD 6.75%</title>
        <cusip>81172QAC8</cusip>
        <identifiers>
          <isin value="US81172QAC87"/>
          <ticker value="SDRLNO"/>
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        <balance>6335000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6115848.4</valUSD>
        <pctVal>0.2879186163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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 BORR IHC L 8.75%</name>
        <lei>N/A</lei>
        <title>144A BORR IHC L 8.75%</title>
        <cusip>100018AC4</cusip>
        <identifiers>
          <isin value="US100018AC46"/>
          <ticker value="BORRNO"/>
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        <balance>2590000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2529442.02</valUSD>
        <pctVal>0.1190797088</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>8.750000000000</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>DISCOVERY GBL. HLD 4.279%</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>DISCOVERY GBL. HLD 4.279%</title>
        <cusip>254948AQ5</cusip>
        <identifiers>
          <isin value="US254948AQ57"/>
          <ticker value="WBD"/>
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        <balance>4125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3701568.75</valUSD>
        <pctVal>0.1742604596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.279000000000</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 BORR IHC L 9.0%</name>
        <lei>N/A</lei>
        <title>144A BORR IHC L 9.0%</title>
        <cusip>100018AD2</cusip>
        <identifiers>
          <isin value="US100018AD29"/>
          <ticker value="BORRNO"/>
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        <balance>1550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1498894.41</valUSD>
        <pctVal>0.0705641436</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>9.000000000000</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>DISCOVERY GBL. HLD 5.141%</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>DISCOVERY GBL. HLD 5.141%</title>
        <cusip>254948AS1</cusip>
        <identifiers>
          <isin value="US254948AS14"/>
          <ticker value="WBD"/>
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        <balance>4775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3199250</valUSD>
        <pctVal>0.1506125681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5.141000000000</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>1935000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1993050</valUSD>
        <pctVal>0.0938277342</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>8.375000000000</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>TIDEWATER INC 9.125%</name>
        <lei>2549000JA5GRUPLMUH98</lei>
        <title>TIDEWATER INC 9.125%</title>
        <cusip>88642RAE9</cusip>
        <identifiers>
          <isin value="US88642RAE99"/>
          <ticker value="TDW"/>
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        <balance>2650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2835606.08</valUSD>
        <pctVal>0.1334931355</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>9.125000000000</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 6.75%</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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4029124.8</valUSD>
        <pctVal>0.1896809668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>DELEK LOGISTICS PA 7.375%</name>
        <lei>N/A</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>
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      <invstOrSec>
        <name>SABRE GLBL INC 11.125%</name>
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        <name>ALBION FINC. 1 SARL 7.00%</name>
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        <name>NEW HOME CO INC/THE 8.50%</name>
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      <invstOrSec>
        <name>AMC NETWORKS INC 10.50%</name>
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        <name>TRANSDIGM INC 6.375%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
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        <name>CIVITAS RES. INC 9.625%</name>
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        <name>PHOENIX AVIATION CA 9.25%</name>
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        <invCountry>IE</invCountry>

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        <name>BOMBARDIER INC 6.75%</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
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        <name>NEW FLYER HLDGS. IN 9.25%</name>
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        <name>LEVEL 3 FINC. INC 6.875%</name>
        <lei>254900AE5FEFIJOXWL19</lei>
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        <name>COREWEAVE INC 9.25%</name>
        <lei>984500511DP2B6186053</lei>
        <title>COREWEAVE INC 9.25%</title>
        <cusip>21873SAB4</cusip>
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          <ticker value="CRWV"/>
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        <name>1261229 BC LTD 10.00%</name>
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        <name>BUILDERS FIRSTSOURC 6.75%</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BUILDERS FIRSTSOURC 6.75%</title>
        <cusip>12008RAT4</cusip>
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          <ticker value="BLDR"/>
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          <annualizedRt>6.750000000000</annualizedRt>
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        <name>PENNYMAC FINL. SER 6.875%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SER 6.875%</title>
        <cusip>70932MAG2</cusip>
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          <ticker value="PFSI"/>
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        <curCd>USD</curCd>
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        <name>ALVOGEN PHARMA PIK TL</name>
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        <cusip>LX2600711</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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        <name>DAVITA INC 6.75%</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DAVITA INC 6.75%</title>
        <cusip>23918KAY4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAPITAL ONE FINL. COR F2F</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLOBAL PARTNERS LP 6.875%</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ITT HLDGS. LLC 6.50%</name>
        <lei>549300TH2PHOLK31LB42</lei>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VIRTUSA CORP 7.125%</name>
        <lei>C77OMXDER63WLJCSKT03</lei>
        <title>VIRTUSA CORP 7.125%</title>
        <cusip>92837TAA0</cusip>
        <identifiers>
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          <ticker value="VRTU"/>
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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>2028-12-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COINBASE GBL. INC 3.625%</name>
        <lei>5493004G3J2SC154DU06</lei>
        <title>COINBASE GBL. INC 3.625%</title>
        <cusip>19260QAD9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>DOTDASH MEREDITH I 7.625%</name>
        <lei>549300R2AA7U9CJUQO13</lei>
        <title>DOTDASH MEREDITH I 7.625%</title>
        <cusip>25849JAA8</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNITI GRP. LP / UN 8.625%</name>
        <lei>N/A</lei>
        <title>UNITI GRP. LP / UN 8.625%</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ADT SEC. CORP/THE 4.125%</name>
        <lei>5493009JEEDYLVRA0J13</lei>
        <title>ADT SEC. CORP/THE 4.125%</title>
        <cusip>00109LAA1</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FORTESCUE TSY. PTY 4.375%</name>
        <lei>549300EFD6S2NFE9D745</lei>
        <title>FORTESCUE TSY. PTY 4.375%</title>
        <cusip>30251GBC0</cusip>
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          <ticker value="FMGAU"/>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>BARCLAYS PLC F2V</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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          <ticker value="BACR"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>LGI HOMES INC 8.75%</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC 8.75%</title>
        <cusip>50187TAH9</cusip>
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          <ticker value="LGIH"/>
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        <curCd>USD</curCd>
        <valUSD>2423245.62</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GFL ENVIRON. INC 6.75%</name>
        <lei>894500E7NLBY9VZRT696</lei>
        <title>GFL ENVIRON. INC 6.75%</title>
        <cusip>36168QAQ7</cusip>
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          <isin value="US36168QAQ73"/>
          <ticker value="GFLCN"/>
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        <curCd>USD</curCd>
        <valUSD>3641874.12</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TALLGRASS ENERGY P 7.375%</name>
        <lei>N/A</lei>
        <title>TALLGRASS ENERGY P 7.375%</title>
        <cusip>87470LAL5</cusip>
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          <isin value="US87470LAL53"/>
          <ticker value="TEP"/>
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        <valUSD>3913293.48</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>BRINK S CO/THE 6.50%</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
        <title>BRINK S CO/THE 6.50%</title>
        <cusip>109696AC8</cusip>
        <identifiers>
          <isin value="US109696AC87"/>
          <ticker value="BCO"/>
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        <balance>4158000</balance>
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        <curCd>USD</curCd>
        <valUSD>4241226.53</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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        <name>WILLIAMS SCOTSMAN 6.625%</name>
        <lei>549300DAKDS8SCO1OT57</lei>
        <title>WILLIAMS SCOTSMAN 6.625%</title>
        <cusip>96949VAM5</cusip>
        <identifiers>
          <isin value="US96949VAM54"/>
          <ticker value="WLSC"/>
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        <balance>2515000</balance>
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        <curCd>USD</curCd>
        <valUSD>2567660.45</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>CONSTELLIUM SE 6.375%</name>
        <lei>724500KRJEMC79KAAU28</lei>
        <title>CONSTELLIUM SE 6.375%</title>
        <cusip>21039CAD6</cusip>
        <identifiers>
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          <ticker value="CSTM"/>
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        <balance>3943000</balance>
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        <valUSD>4018354.67</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>2032-08-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANCO SANTANDER SA F2V</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>BANCO SANTANDER SA F2V</title>
        <cusip>05964HBH7</cusip>
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          <isin value="US05964HBH75"/>
          <ticker value="SANTAN"/>
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        <curCd>USD</curCd>
        <valUSD>2373855.48</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-31</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MANITOWOC CO INC/TH 9.25%</name>
        <lei>2RTSLGQ89VMY18RHX631</lei>
        <title>MANITOWOC CO INC/TH 9.25%</title>
        <cusip>563571AN8</cusip>
        <identifiers>
          <isin value="US563571AN82"/>
          <ticker value="MTW"/>
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        <balance>2845000</balance>
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        <curCd>USD</curCd>
        <valUSD>3058198.61</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AXON ENT. INC 6.125%</name>
        <lei>549300QP2IEEGFE16681</lei>
        <title>AXON ENT. INC 6.125%</title>
        <cusip>05464CAC5</cusip>
        <identifiers>
          <isin value="US05464CAC55"/>
          <ticker value="AXON"/>
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        <balance>2330000</balance>
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        <curCd>USD</curCd>
        <valUSD>2376509.13</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>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EZCORP INC 7.375%</name>
        <lei>5493003K6PG3ZQ7TUQ63</lei>
        <title>EZCORP INC 7.375%</title>
        <cusip>302301AJ5</cusip>
        <identifiers>
          <isin value="US302301AJ54"/>
          <ticker value="EZPW"/>
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        <balance>2010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2106648.84</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>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>2416572</valUSD>
        <pctVal>0.1137660748</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>6.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>543509.34</valUSD>
        <pctVal>0.0255870399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>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>2446678.15</valUSD>
        <pctVal>0.1151833959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</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>USA COMPRESSION PAR 6.25%</name>
        <lei>N/A</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>510585.68</valUSD>
        <pctVal>0.0240370776</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>6.250000000000</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>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>4015000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4173683.16</valUSD>
        <pctVal>0.1964864074</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>7.125000000000</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>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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        <balance>6110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6561125.74</valUSD>
        <pctVal>0.3088811431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>998376.38</valUSD>
        <pctVal>0.0470010254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1942293.8</valUSD>
        <pctVal>0.0914382612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>7.375000000000</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>FLASH COMPUTE LLC 7.25%</name>
        <lei>N/A</lei>
        <title>FLASH COMPUTE LLC 7.25%</title>
        <cusip>33853QAA9</cusip>
        <identifiers>
          <isin value="US33853QAA94"/>
          <ticker value="FLASHC"/>
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        <balance>2180000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2241525.12</valUSD>
        <pctVal>0.1055253121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>API GRP. DE INC 5.75%</name>
        <lei>549300XP4G7B4QYA0G83</lei>
        <title>API GRP. DE INC 5.75%</title>
        <cusip>001877AB5</cusip>
        <identifiers>
          <isin value="US001877AB54"/>
          <ticker value="APG"/>
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        <balance>2150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2125573.85</valUSD>
        <pctVal>0.1000666207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</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>ALLEGIANT TRAVEL C 7.125%</name>
        <lei>549300JM9OZXOHWL2K18</lei>
        <title>ALLEGIANT TRAVEL C 7.125%</title>
        <cusip>01748XAE2</cusip>
        <identifiers>
          <isin value="US01748XAE22"/>
          <ticker value="ALGT"/>
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        <balance>4570000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4625818.76</valUSD>
        <pctVal>0.2177718036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</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>2493108.86</valUSD>
        <pctVal>0.1173692359</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>3.375000000000</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 ENTERTAINM 4.625%</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTERTAINM 4.625%</title>
        <cusip>12769GAA8</cusip>
        <identifiers>
          <isin value="US12769GAA85"/>
          <ticker value="CZR"/>
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        <balance>2275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2186793.93</valUSD>
        <pctVal>0.1029487066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <lei>N/A</lei>
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      <invstOrSec>
        <name>BANCO BILBAO VIZCAYA F2V</name>
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        <cusip>05946KAM3</cusip>
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      <invstOrSec>
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        <name>ORGANON / ORGANON 5.125%</name>
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        <name>VENTURE GBL. LNG IN 9.50%</name>
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        <name>FREEDOM MTGE. HLDGS 9.25%</name>
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        <name>GRAY TELEVISION IN 10.50%</name>
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        <name>PENNYMAC FINL. SER 7.125%</name>
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        <name>ENOVA INTL. INC 9.125%</name>
        <lei>549300O8XOCQSB49UO63</lei>
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        <cusip>29357KAK9</cusip>
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        <name>ARCOSA INC 6.875%</name>
        <lei>549300WFHLTCZV7D6V29</lei>
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          <ticker value="ACA"/>
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        <name>NCL CORP LTD 6.25%</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
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        <name>TRANSDIGM INC 6.00%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
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        <name>CHS/COMMUNITY HEAL 6.125%</name>
        <lei>5493007X5NC5XI1BB106</lei>
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        <name>VICTORIA S SECRET 4.625%</name>
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        <name>ILIAD HLDG. SASU 7.00%</name>
        <lei>9695009BGMXB527HV965</lei>
        <title>ILIAD HLDG. SASU 7.00%</title>
        <cusip>449691AG9</cusip>
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        <invCountry>FR</invCountry>
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        <name>ECHOSTAR CORP 10.75%</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>ECHOSTAR CORP 10.75%</title>
        <cusip>278768AC0</cusip>
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          <ticker value="ECHO"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BREAD FINL. HLDGS. IN F2V</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>BREAD FINL. HLDGS. IN F2V</title>
        <cusip>018581AQ1</cusip>
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          <ticker value="BFH"/>
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        <valUSD>3018886.5</valUSD>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
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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>2220000</balance>
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        <curCd>USD</curCd>
        <valUSD>2231823.83</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>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</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>3860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3836425.9</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>6.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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>2480041</valUSD>
        <pctVal>0.1167540342</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>6.250000000000</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>
      <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>2718231.07</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>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>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>2709331.17</valUSD>
        <pctVal>0.1275484333</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>6.750000000000</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>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>6360000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6702759.48</valUSD>
        <pctVal>0.3155489000</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>9.250000000000</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>BREAD FINL. HLDGS. 6.75%</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>BREAD FINL. HLDGS. 6.75%</title>
        <cusip>018581AR9</cusip>
        <identifiers>
          <isin value="US018581AR99"/>
          <ticker value="BFH"/>
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        <balance>3670000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3753173.21</valUSD>
        <pctVal>0.1766898665</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>6.750000000000</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>N/A</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>5157017.95</valUSD>
        <pctVal>0.2427793129</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>4.000000000000</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>JEFFERIES FIN. LLC 5.00%</name>
        <lei>N/A</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>2655308.7</valUSD>
        <pctVal>0.1250051926</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>5.000000000000</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>3715000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4007683.9</valUSD>
        <pctVal>0.1886715837</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>9.250000000000</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 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>1775392.11</valUSD>
        <pctVal>0.0835809533</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>6.000000000000</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>BRIGHTSTAR LOTTERY 5.75%</name>
        <lei>N/A</lei>
        <title>BRIGHTSTAR LOTTERY 5.75%</title>
        <cusip>108922AA3</cusip>
        <identifiers>
          <isin value="US108922AA38"/>
          <ticker value="BRSL"/>
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        <balance>1980000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1940855.4</valUSD>
        <pctVal>0.0913705450</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>5.750000000000</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>GFL ENVIRON. HLDGS. 5.50%</name>
        <lei>N/A</lei>
        <title>GFL ENVIRON. HLDGS. 5.50%</title>
        <cusip>36273TAA8</cusip>
        <identifiers>
          <isin value="US36273TAA88"/>
          <ticker value="GFLCN"/>
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        <balance>1480000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1447571.13</valUSD>
        <pctVal>0.0681479738</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>5.500000000000</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>OCEANEERING INTL. 6.875%</name>
        <lei>549300L6PH74701W0R30</lei>
        <title>OCEANEERING INTL. 6.875%</title>
        <cusip>675232AE2</cusip>
        <identifiers>
          <isin value="US675232AE29"/>
          <ticker value="OII"/>
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        <balance>3105000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3153954.08</valUSD>
        <pctVal>0.1484801511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</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>HSBC HLDGS. PLC F2V</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HLDGS. PLC F2V</title>
        <cusip>404280FR5</cusip>
        <identifiers>
          <isin value="US404280FR58"/>
          <ticker value="HSBC"/>
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        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>553689.95</valUSD>
        <pctVal>0.0260663172</pctVal>
        <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>6.750000000000</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>QXO BLDG. PRODS. IN 6.50%</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>QXO BLDG. PRODS. IN 6.50%</title>
        <cusip>77583AAA8</cusip>
        <identifiers>
          <isin value="US77583AAA88"/>
          <ticker value="BECN"/>
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        <balance>1315000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1340210.01</valUSD>
        <pctVal>0.0630936849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>HILCORP ENERGY I L 8.375%</name>
        <lei>N/A</lei>
        <title>HILCORP ENERGY I L 8.375%</title>
        <cusip>431318BC7</cusip>
        <identifiers>
          <isin value="US431318BC74"/>
          <ticker value="HILCRP"/>
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        <balance>1515000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1577523.14</valUSD>
        <pctVal>0.0742657846</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>
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      </invstOrSec>
      <invstOrSec>
        <name>STAPLES INC 10.75%</name>
        <lei>XQM2JINI1UL7642TU573</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNIVISION COMMS. IN 8.50%</name>
        <lei>549300YQDE2JSGTL8V47</lei>
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      <invstOrSec>
        <name>FIESTA PURCHASER I 9.625%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DIRECTV FINC. LLC 5.875%</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>TMS INTL. CORP/DE 6.25%</name>
        <lei>549300L4K0F1YF8WKF23</lei>
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        <name>AMSTED INDS. INC 6.375%</name>
        <lei>N2VLGYMEEBIU3PFSUY86</lei>
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        <name>FORVIA SE 6.75%</name>
        <lei>969500F0VMZLK2IULV85</lei>
        <title>FORVIA SE 6.75%</title>
        <cusip>31209DAC9</cusip>
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          <ticker value="EOFP"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TALEN ENERGY SUPPLY 6.50%</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
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        <cusip>87422VAN8</cusip>
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          <ticker value="TLN"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NEPTUNE BIDCO US 10.375%</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NEPTUNE BIDCO US 10.375%</title>
        <cusip>640695AC6</cusip>
        <identifiers>
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          <ticker value="NLSN"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>VENTURE GBL. PLAQU 6.125%</name>
        <lei>549300TKP4I6OJ02BF90</lei>
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        <cusip>922966AE6</cusip>
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        <name>BURFORD CAP. GBL. F 8.50%</name>
        <lei>549300JVAOO67CSCH406</lei>
        <title>BURFORD CAP. GBL. F 8.50%</title>
        <cusip>12116LAJ8</cusip>
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        <curCd>USD</curCd>
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        <name>MEN S WEARHOUSE LLC 9.00%</name>
        <lei>NKFP7BJ6WYEV4I24P532</lei>
        <title>MEN S WEARHOUSE LLC 9.00%</title>
        <cusip>587118AF7</cusip>
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        <name>BATH &amp; BODY WORKS 6.625%</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
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        <cusip>501797AW4</cusip>
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        <name>1011778 BC ULC / NE 4.00%</name>
        <lei>N/A</lei>
        <title>1011778 BC ULC / NE 4.00%</title>
        <cusip>68245XAM1</cusip>
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          <ticker value="BCULC"/>
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        <invCountry>CA</invCountry>
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        <name>NCR ATLEOS CORP 9.50%</name>
        <lei>9845005FC3S0VA714741</lei>
        <title>NCR ATLEOS CORP 9.50%</title>
        <cusip>638962AA8</cusip>
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        <name>TRANSOCEAN AQUILA L 8.00%</name>
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        <title>TRANSOCEAN AQUILA L 8.00%</title>
        <cusip>893790AA3</cusip>
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          <isin value="US893790AA34"/>
          <ticker value="RIG"/>
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        <valUSD>1303149.73</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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          <annualizedRt>8.000000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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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>
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          <ticker value="RCAP"/>
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        <curCd>USD</curCd>
        <valUSD>3037812.37</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ENERSYS 6.625%</name>
        <lei>7ZS3DE5PN30BYUJFWP05</lei>
        <title>ENERSYS 6.625%</title>
        <cusip>29275YAF9</cusip>
        <identifiers>
          <isin value="US29275YAF97"/>
          <ticker value="ENS"/>
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        <curCd>USD</curCd>
        <valUSD>4225407.64</valUSD>
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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>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>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLY FINL. INC F2V</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY FINL. INC F2V</title>
        <cusip>02005NBN9</cusip>
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          <isin value="US02005NBN93"/>
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        <curCd>USD</curCd>
        <valUSD>1443336.78</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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        <curCd>USD</curCd>
        <valUSD>3021557.72</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <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>3894639.2</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>
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          <isNonCashCollateral>N</isNonCashCollateral>
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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>6683153.72</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>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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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>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>7546295.4</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>3366000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3489939.49</valUSD>
        <pctVal>0.1642974913</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>9.500000000000</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>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>5980000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5242480.62</valUSD>
        <pctVal>0.2468026785</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</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>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>5464000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5536791.41</valUSD>
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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>6.250000000000</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>TURNING POINT BRAN 7.625%</name>
        <lei>549300IYG00QF0VVP302</lei>
        <title>TURNING POINT BRAN 7.625%</title>
        <cusip>90041LAG0</cusip>
        <identifiers>
          <isin value="US90041LAG05"/>
          <ticker value="TPB"/>
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        <balance>4845000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5013591.47</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.625000000000</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>1799008.09</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>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>2055736.96</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>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
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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>5190000</balance>
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        <curCd>USD</curCd>
        <valUSD>5125441.28</valUSD>
        <pctVal>0.2412927635</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>2028-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>3113035.4</valUSD>
        <pctVal>0.1465538036</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>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>K HOVNANIAN ENTS. I 8.00%</name>
        <lei>549300JJCQ0KAI7CJG32</lei>
        <title>K HOVNANIAN ENTS. I 8.00%</title>
        <cusip>48251UAP3</cusip>
        <identifiers>
          <isin value="US48251UAP30"/>
          <ticker value="HOV"/>
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        <balance>1025000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1057453.55</valUSD>
        <pctVal>0.0497822286</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>8.000000000000</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>MELCO RESORTS FIN. 6.50%</name>
        <lei>5493000FQDBWKDBZEF60</lei>
        <title>MELCO RESORTS FIN. 6.50%</title>
        <cusip>58547DAJ8</cusip>
        <identifiers>
          <isin value="US58547DAJ81"/>
          <ticker value="MPEL"/>
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        <balance>5015000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>ION PLATFORM FIN. U 8.75%</name>
        <lei>213800FKHT3BRRKMCC89</lei>
        <title>ION PLATFORM FIN. U 8.75%</title>
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          <ticker value="IONPLA"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SYNERGY INFRA. HLD 7.875%</name>
        <lei>N/A</lei>
        <title>SYNERGY INFRA. HLD 7.875%</title>
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          <isin value="US87191JAA25"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CROSSCOUNTRY INTERM 6.75%</name>
        <lei>N/A</lei>
        <title>CROSSCOUNTRY INTERM 6.75%</title>
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          <isin value="US22757VAB62"/>
          <ticker value="CROSIN"/>
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        <curCd>USD</curCd>
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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>WEEKLEY HOMES LLC / 6.75%</name>
        <lei>N/A</lei>
        <title>WEEKLEY HOMES LLC / 6.75%</title>
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          <isin value="US948565AF34"/>
          <ticker value="WEEKHM"/>
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        <balance>4053000</balance>
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        <curCd>USD</curCd>
        <valUSD>4063776.93</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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        <name>VISTRA OPERATIONS C 5.35%</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VISTRA OPERATIONS C 5.35%</title>
        <cusip>92840VAZ5</cusip>
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          <ticker value="VST"/>
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        <curCd>USD</curCd>
        <valUSD>2567596.78</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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          <maturityDt>2036-01-31</maturityDt>
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      <invstOrSec>
        <name>STONEMOR INC 8.50%</name>
        <lei>N/A</lei>
        <title>STONEMOR INC 8.50%</title>
        <cusip>86184WAA4</cusip>
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          <isin value="US86184WAA45"/>
          <ticker value="STON"/>
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        <balance>5970000</balance>
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        <curCd>USD</curCd>
        <valUSD>5877656.04</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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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>3377546.87</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>1882180.38</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>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>5596993.09</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>7.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACRISURE LLC / ACRI 4.25%</name>
        <lei>N/A</lei>
        <title>ACRISURE LLC / ACRI 4.25%</title>
        <cusip>00489LAF0</cusip>
        <identifiers>
          <isin value="US00489LAF04"/>
          <ticker value="ACRISU"/>
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        <balance>1825000</balance>
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        <curCd>USD</curCd>
        <valUSD>1665338.14</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>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
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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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        <balance>1004000</balance>
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        <curCd>USD</curCd>
        <valUSD>1004934.72</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
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      <invstOrSec>
        <name>ALBERTSONS COS INC 5.625%</name>
        <lei>N/A</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>
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        <curCd>USD</curCd>
        <valUSD>1155333.89</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>2032-03-31</maturityDt>
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      <invstOrSec>
        <name>ASURION LLC/ ASURI 8.375%</name>
        <lei>N/A</lei>
        <title>ASURION LLC/ ASURI 8.375%</title>
        <cusip>045941AB7</cusip>
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          <isin value="US045941AB79"/>
          <ticker value="ASUCOR"/>
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        <balance>3460000</balance>
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        <curCd>USD</curCd>
        <valUSD>3202849.34</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>2034-02-01</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>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2026-05-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</annualizedRt>
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      <invstOrSec>
        <name>PENN ENTERTAINMENT 4.125%</name>
        <lei>N/A</lei>
        <title>PENN ENTERTAINMENT 4.125%</title>
        <cusip>707569AV1</cusip>
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          <isin value="US707569AV14"/>
          <ticker value="PENN"/>
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        <curCd>USD</curCd>
        <valUSD>4530303.59</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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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>
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          <isin value="US00253XAB73"/>
          <ticker value="AAL"/>
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        <balance>13010000</balance>
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        <curCd>USD</curCd>
        <valUSD>13035265.42</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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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>
          <isin value="US64083YAA91"/>
          <ticker value="NSCO"/>
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      <invstOrSec>
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        <lei>N/A</lei>
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      <invstOrSec>
        <name>PARK INTERMEDIATE 4.875%</name>
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        <name>UNITI GRP. LP / UNI 6.50%</name>
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        <name>FULL HOUSE RESORTS 8.25%</name>
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        <name>VISTAJET MALTA FIN. 8.75%</name>
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        <name>COREWEAVE INC 9.625%</name>
        <lei>984500511DP2B6186053</lei>
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        <name>ANAGRAM INTL. / ANAGR PIK</name>
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        <name>LUMEN TECHS. INC 4.50%</name>
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        <name>VM CONS. INC 5.50%</name>
        <lei>549300GCTGJLEBXJUK89</lei>
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        <name>MAVIS TIRE EXPRESS 6.50%</name>
        <lei>254900NVDM4GTLBL9E56</lei>
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        <name>CLEAR CHANNEL OUTDO 7.50%</name>
        <lei>254900XBEE6V1ENYS150</lei>
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        <name>BAUSCH HEALTH COS 4.875%</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
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        <name>MADISON IAQ LLC 4.125%</name>
        <lei>549300IXDNBXNHUPBU73</lei>
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        <name>STUDIO CITY FIN. LT 5.00%</name>
        <lei>254900D6R731QAUIG324</lei>
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        <cusip>86389QAG7</cusip>
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        <name>COMSTOCK RES. INC 6.75%</name>
        <lei>I03QQGEA4SS774AURI46</lei>
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        <name>ARETEC GRP. INC 7.50%</name>
        <lei>549300NV2T8A33L0PQ58</lei>
        <title>ARETEC GRP. INC 7.50%</title>
        <cusip>040133AA8</cusip>
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      <invstOrSec>
        <name>CPI CG INC 10.00%</name>
        <lei>254900H3R50WH1B1LB48</lei>
        <title>CPI CG INC 10.00%</title>
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        <curCd>USD</curCd>
        <valUSD>5603323.85</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>OPTICS BIDCO SPA 6.375%</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>OPTICS BIDCO SPA 6.375%</title>
        <cusip>683879AB6</cusip>
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          <isin value="US683879AB65"/>
          <ticker value="FIBCOP"/>
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        <curCd>USD</curCd>
        <valUSD>3001737</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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>
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          <isin value="US855170AA41"/>
          <ticker value="SYNH"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENCORE CAP. GRP. IN 8.50%</name>
        <lei>5493000UVC6H49CIH830</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <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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        <curCd>USD</curCd>
        <valUSD>8164244.22</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CONNECT FINCO SARL 9.00%</name>
        <lei>N/A</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>4158468.29</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CELANESE US HLDGS. 6.75%</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>CELANESE US HLDGS. 6.75%</title>
        <cusip>15089QBA1</cusip>
        <identifiers>
          <isin value="US15089QBA13"/>
          <ticker value="CE"/>
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        <balance>3545000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3611203.87</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>2033-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>CELANESE US HLDGS. 6.50%</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>CELANESE US HLDGS. 6.50%</title>
        <cusip>15089QAZ7</cusip>
        <identifiers>
          <isin value="US15089QAZ72"/>
          <ticker value="CE"/>
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        <balance>2610000</balance>
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        <curCd>USD</curCd>
        <valUSD>2659931.91</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>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>2981087.48</valUSD>
        <pctVal>0.1403420305</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>6.250000000000</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>1383369.83</valUSD>
        <pctVal>0.0651255396</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>6.625000000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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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>
          <isin value="US48251UAQ13"/>
          <ticker value="HOV"/>
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        <balance>1015000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1042890.17</valUSD>
        <pctVal>0.0490966216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>8.375000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TALEN ENERGY SUPPLY 6.25%</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>TALEN ENERGY SUPPLY 6.25%</title>
        <cusip>87422VAM0</cusip>
        <identifiers>
          <isin value="US87422VAM00"/>
          <ticker value="TLN"/>
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        <balance>3345000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3324668.96</valUSD>
        <pctVal>0.1565169743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <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>1068306.36</valUSD>
        <pctVal>0.0502931513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>2250977.46</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>2033-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</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/ ASURIO 8.00%</name>
        <lei>N/A</lei>
        <title>ASURION LLC/ ASURIO 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>2314357.28</valUSD>
        <pctVal>0.1089540653</pctVal>
        <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>8.000000000000</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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        <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>1272703.83</valUSD>
        <pctVal>0.0599156653</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>7.125000000000</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>ENCORE CAP. GRP. I 6.625%</name>
        <lei>5493000UVC6H49CIH830</lei>
        <title>ENCORE CAP. GRP. I 6.625%</title>
        <cusip>292554AT9</cusip>
        <identifiers>
          <isin value="US292554AT91"/>
          <ticker value="ECPG"/>
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        <balance>2045000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2047846.64</valUSD>
        <pctVal>0.0964074209</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>6.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <name>CHS/COMMUNITY HEA 10.875%</name>
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        <name>LIFEPOINT HEALTH I 10.00%</name>
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        <name>BOMBARDIER INC 7.00%</name>
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        <name>ALLIANCE RESOURCE 8.625%</name>
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        <name>HIGHTOWER HLDG. LL 9.125%</name>
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        <name>DAVITA INC 6.875%</name>
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        <name>COMMERCIAL METALS C 5.75%</name>
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        <name>FREEDOM MTGE. HLDG 6.875%</name>
        <lei>254900ROJ91RGM43S156</lei>
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        <name>CRESCENT ENERGY FIN 7.75%</name>
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        <name>CIVITAS RES. INC 8.625%</name>
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      <invstOrSec>
        <name>GLOBAL AUTO HLDGS. 8.375%</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>ZEBRA TECHS. CORP 6.50%</name>
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      <invstOrSec>
        <name>CI FINL. CORP 7.50%</name>
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      <invstOrSec>
        <name>WEX INC 6.50%</name>
        <lei>T9M5IGROL1TL1G5OV478</lei>
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        <name>AXON ENT. INC 6.25%</name>
        <lei>549300QP2IEEGFE16681</lei>
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        <curCd>USD</curCd>
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        <name>CAPSTONE COPPER COR 6.75%</name>
        <lei>549300III6KGKKC42W63</lei>
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        <name>MILLROSE PROPS. INC 6.25%</name>
        <lei>N/A</lei>
        <title>MILLROSE PROPS. INC 6.25%</title>
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          <ticker value="MRP"/>
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      <invstOrSec>
        <name>ONEMAIN FIN. CORP 6.50%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 6.50%</title>
        <cusip>682691AM2</cusip>
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          <ticker value="OMF"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>8538483.82</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>GEE AUTOMOTIVE HLDG 7.25%</name>
        <lei>N/A</lei>
        <title>GEE AUTOMOTIVE HLDG 7.25%</title>
        <cusip>36846VAA1</cusip>
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          <isin value="US36846VAA17"/>
          <ticker value="GEEATO"/>
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        <curCd>USD</curCd>
        <valUSD>3640538.98</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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        <name>UNITED STATES TSY. 0.00%</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>UNITED STATES TSY. 0.00%</title>
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          <ticker value="B"/>
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        <issuerCat>UST</issuerCat>
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        <name>WHIRLPOOL CORP 7.50%</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>WHIRLPOOL CORP 7.50%</title>
        <cusip>963320BF2</cusip>
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          <ticker value="WHR"/>
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        <name>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
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          <ticker value="BNGXX"/>
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        <name>UKG INC 6.875%</name>
        <lei>529900FKHWSTQ1GXK240</lei>
        <title>UKG INC 6.875%</title>
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          <ticker value="ULTI"/>
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        <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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        <name>ILIAD HLDG. SAS 8.50%</name>
        <lei>9695009BGMXB527HV965</lei>
        <title>ILIAD HLDG. SAS 8.50%</title>
        <cusip>449691AF1</cusip>
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          <ticker value="ILIADH"/>
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      <invstOrSec>
        <name>HLF FINC. SARL LLC 7.75%</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>ALLIED UNIVERSAL H 7.875%</name>
        <lei>N/A</lei>
        <title>ALLIED UNIVERSAL H 7.875%</title>
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          <isin value="US019576AD90"/>
          <ticker value="UNSEAM"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVR ENERGY INC 7.50%</name>
        <lei>529900SOYZIXZBTXB558</lei>
        <title>CVR ENERGY INC 7.50%</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVR ENERGY INC 7.875%</name>
        <lei>529900SOYZIXZBTXB558</lei>
        <title>CVR ENERGY INC 7.875%</title>
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      <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>3235766.77</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>
        <name>NRG ENERGY INC 6.125%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 6.125%</title>
        <cusip>629377DG4</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>875405.13</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NRG ENERGY INC 5.875%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 5.875%</title>
        <cusip>629377DF6</cusip>
        <identifiers>
          <isin value="US629377DF68"/>
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        <balance>1070000</balance>
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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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        <name>AZORRA FIN. LTD 6.25%</name>
        <lei>254900MC1HXDAVUUP395</lei>
        <title>AZORRA FIN. LTD 6.25%</title>
        <cusip>05480AAC9</cusip>
        <identifiers>
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        <balance>4445000</balance>
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        <curCd>USD</curCd>
        <valUSD>4295807.58</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>1925000</balance>
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        <curCd>USD</curCd>
        <valUSD>1918232.66</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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          <couponKind>Fixed</couponKind>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>2452760.63</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>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.875000000000</annualizedRt>
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      <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>5980000</balance>
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        <curCd>USD</curCd>
        <valUSD>5924509.19</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>
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          <annualizedRt>6.000000000000</annualizedRt>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>1551081.87</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>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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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        <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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        <name>NEPTUNE BIDCO US IN 9.50%</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NEPTUNE BIDCO US IN 9.50%</title>
        <cusip>640695AD4</cusip>
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          <isin value="US640695AD40"/>
          <ticker value="NLSN"/>
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        <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>
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        <valUSD>1860745.56</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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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>
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        <curCd>USD</curCd>
        <valUSD>3856877.48</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>2031-09-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>1863280.01</valUSD>
        <pctVal>0.0877184926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>XPLR INFRA. OPERAT 8.375%</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>XPLR INFRA. OPERAT 8.375%</title>
        <cusip>98380MAA3</cusip>
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          <isin value="US98380MAA36"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>1175000</balance>
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        <curCd>USD</curCd>
        <valUSD>1039146.03</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <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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        <curCd>USD</curCd>
        <valUSD>398178.63</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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          <annualizedRt>6.250000000000</annualizedRt>
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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>4045000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4019937.18</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JONES DESLAURIERS 6.875%</name>
        <lei>549300JQIWNFU00E5424</lei>
        <title>JONES DESLAURIERS 6.875%</title>
        <cusip>48020RAE5</cusip>
        <identifiers>
          <isin value="US48020RAE53"/>
          <ticker value="NAVCOR"/>
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        <balance>5770000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5351173.13</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>2033-10-01</maturityDt>
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          <annualizedRt>6.875000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALBERTSONS COS / SA 5.75%</name>
        <lei>N/A</lei>
        <title>ALBERTSONS COS / SA 5.75%</title>
        <cusip>01309QAD0</cusip>
        <identifiers>
          <isin value="US01309QAD07"/>
          <ticker value="ACI"/>
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        <balance>7405000</balance>
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        <curCd>USD</curCd>
        <valUSD>7052116.95</valUSD>
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        <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>5.750000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HERC HLDGS. INC 6.00%</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HERC HLDGS. INC 6.00%</title>
        <cusip>42704LAK0</cusip>
        <identifiers>
          <isin value="US42704LAK08"/>
          <ticker value="HRI"/>
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        <balance>2720000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2701927.23</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>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</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>VIRGIN MEDIA O2 VEN 8.50%</name>
        <lei>635400ASSEVCXAPVGC36</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>1088773.12</valUSD>
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        <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>8.500000000000</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>MGM CHINA HLDGS. LT 6.25%</name>
        <lei>529900VZFN87OS7WJM66</lei>
        <title>MGM CHINA HLDGS. LT 6.25%</title>
        <cusip>55300RAK7</cusip>
        <identifiers>
          <isin value="US55300RAK77"/>
          <ticker value="MGMCHI"/>
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        <balance>5630000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5503165.22</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>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>UBS GRP. AG F2V</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS GRP. AG F2V</title>
        <cusip>902613BX5</cusip>
        <identifiers>
          <isin value="US902613BX55"/>
          <ticker value="UBS"/>
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        <balance>1425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1429064.34</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WHIRLPOOL CORP 7.875%</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>WHIRLPOOL CORP 7.875%</title>
        <cusip>963320BG0</cusip>
        <identifiers>
          <isin value="US963320BG03"/>
          <ticker value="WHR"/>
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        <balance>775000</balance>
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        <curCd>USD</curCd>
        <valUSD>778178.98</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>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HARVEST MIDSTREAM I 6.75%</name>
        <lei>549300DW5M17KJOXCY66</lei>
        <title>HARVEST MIDSTREAM I 6.75%</title>
        <cusip>417558AD5</cusip>
        <identifiers>
          <isin value="US417558AD56"/>
          <ticker value="HARMID"/>
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        <balance>2000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2028509.02</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
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      <invstOrSec>
        <name>FIRST EAGLE HLDGS. 7.25%</name>
        <lei>549300ZKYR56QRODD510</lei>
        <title>FIRST EAGLE HLDGS. 7.25%</title>
        <cusip>32010YAA4</cusip>
        <identifiers>
          <isin value="US32010YAA47"/>
          <ticker value="FRSEAG"/>
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        <balance>2480000</balance>
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        <curCd>USD</curCd>
        <valUSD>2496482.08</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>7.250000000000</annualizedRt>
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      <invstOrSec>
        <name>LEVEL 3 FINC. INC 7.50%</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>LEVEL 3 FINC. INC 7.50%</title>
        <cusip>527298CR2</cusip>
        <identifiers>
          <isin value="US527298CR26"/>
          <ticker value="LVLT"/>
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        <balance>4250000</balance>
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        <curCd>USD</curCd>
        <valUSD>4362110.37</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>7.500000000000</annualizedRt>
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        <name>144A ELK GROVE 7.5%</name>
        <lei>254900LQ6GXC66JXL664</lei>
        <title>144A ELK GROVE 7.5%</title>
        <cusip>28734DAA3</cusip>
        <identifiers>
          <isin value="US28734DAA37"/>
          <ticker value="ELKGVP"/>
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        <valUSD>3236722.82</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>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DORMAN PRODS. INC 6.25%</name>
        <lei>2549000O0BBUX740XR59</lei>
        <title>DORMAN PRODS. INC 6.25%</title>
        <cusip>258278AA8</cusip>
        <identifiers>
          <isin value="US258278AA80"/>
          <ticker value="DORM"/>
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        <balance>4807000</balance>
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        <curCd>USD</curCd>
        <valUSD>4862232.43</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>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>HEALTHEQUITY INC 4.50%</name>
        <lei>529900LRJU1RAFQHM467</lei>
        <title>HEALTHEQUITY INC 4.50%</title>
        <cusip>42226AAA5</cusip>
        <identifiers>
          <isin value="US42226AAA51"/>
          <ticker value="HQY"/>
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        <balance>1539000</balance>
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        <curCd>USD</curCd>
        <valUSD>1495217.91</valUSD>
        <pctVal>0.0703910633</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>SCIENTIFIC GAMES H 6.625%</name>
        <lei>N/A</lei>
        <title>SCIENTIFIC GAMES H 6.625%</title>
        <cusip>80874DAA4</cusip>
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          <isin value="US80874DAA46"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </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"/>
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        <balance>12119000</balance>
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        <curCd>USD</curCd>
        <valUSD>10298023.3</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>2030-02-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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          <ticker value="WH"/>
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        <balance>1395000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SM ENERGY CO 6.625%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <identifiers>
          <isin value="US78454LAZ31"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MOOG INC 5.50%</name>
        <lei>549300WM2I4U7OBAHG07</lei>
        <title>MOOG INC 5.50%</title>
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          <isin value="US615394AP83"/>
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        <curCd>USD</curCd>
        <valUSD>1334367.14</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>CARVANA CO PIK</name>
        <lei>5493003WEAK2PJ5WS063</lei>
        <title>CARVANA CO PIK</title>
        <cusip>146869AM4</cusip>
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          <isin value="US146869AM47"/>
          <ticker value="CVNA"/>
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        <curCd>USD</curCd>
        <valUSD>1774749.19</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>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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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        <balance>1174203</balance>
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        <curCd>USD</curCd>
        <valUSD>1213920.42</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>3680000</balance>
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        <curCd>USD</curCd>
        <valUSD>3819776.59</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>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>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>6050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6316690.05</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>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>OPEN TEXT HLDGS. I 4.125%</name>
        <lei>N/A</lei>
        <title>OPEN TEXT HLDGS. I 4.125%</title>
        <cusip>683720AC0</cusip>
        <identifiers>
          <isin value="US683720AC08"/>
          <ticker value="OTEXCN"/>
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        <balance>3650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3204284.63</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>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
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        <securityLending>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>6246225.7</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>3650894.28</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>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
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      <invstOrSec>
        <name>GLOBAL PARTNERS LP 7.125%</name>
        <lei>N/A</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>
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        <curCd>USD</curCd>
        <valUSD>1497540.96</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>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>4099543.73</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</annualizedRt>
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        <name>INVERSION ESCROW IS 6.75%</name>
        <lei>254900P6GHORGRVLKI95</lei>
        <title>INVERSION ESCROW IS 6.75%</title>
        <cusip>46150DAA0</cusip>
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          <ticker value="SOLEIN"/>
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        <curCd>USD</curCd>
        <valUSD>6199566.26</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
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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>
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        <curCd>USD</curCd>
        <valUSD>6783651.6</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>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <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>1231461.07</valUSD>
        <pctVal>0.0579740609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COREWEAVE INC 9.00%</name>
        <lei>984500511DP2B6186053</lei>
        <title>COREWEAVE INC 9.00%</title>
        <cusip>21873SAC2</cusip>
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          <isin value="US21873SAC26"/>
          <ticker value="CRWV"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COREWEAVE INC 9.75%</name>
        <lei>984500511DP2B6186053</lei>
        <title>COREWEAVE INC 9.75%</title>
        <cusip>21873SAG3</cusip>
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          <isin value="US21873SAG30"/>
          <ticker value="CRWV"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JACOBS ENTERTAINMEN 6.75%</name>
        <lei>5493004U9JIWY3HSUO63</lei>
        <title>JACOBS ENTERTAINMEN 6.75%</title>
        <cusip>469815AK0</cusip>
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          <isin value="US469815AK08"/>
          <ticker value="JACENT"/>
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        <curCd>USD</curCd>
        <valUSD>1788500</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>6.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>2286501.51</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>5060000</balance>
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        <curCd>USD</curCd>
        <valUSD>5054394.03</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
        <identifiers>
          <isin value="US893830BX61"/>
          <ticker value="RIG"/>
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        <balance>2852500</balance>
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        <curCd>USD</curCd>
        <valUSD>2964052.72</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>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1977934.1</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>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRAY MEDIA INC 5.375%</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY MEDIA INC 5.375%</title>
        <cusip>389286AA3</cusip>
        <identifiers>
          <isin value="US389286AA34"/>
          <ticker value="GTN"/>
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        <balance>4371000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2932678.74</valUSD>
        <pctVal>0.1380630699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5531350.68</valUSD>
        <pctVal>0.2604019476</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>11.500000000000</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>
      <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>3265000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3101853.99</valUSD>
        <pctVal>0.1460274112</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>8.000000000000</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>AECOM 6.00%</name>
        <lei>0EEB8GF0W0NPCIHZX097</lei>
        <title>AECOM 6.00%</title>
        <cusip>00766TAE0</cusip>
        <identifiers>
          <isin value="US00766TAE01"/>
          <ticker value="ACM"/>
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        <balance>3045000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3049351.31</valUSD>
        <pctVal>0.1435557183</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>6.000000000000</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>CITIGROUP INC F2V</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC F2V</title>
        <cusip>17327CBC6</cusip>
        <identifiers>
          <isin value="US17327CBC64"/>
          <ticker value="C"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1024118</valUSD>
        <pctVal>0.0482128755</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>6.875000000000</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>PAGAYA US HLDGS. C 8.875%</name>
        <lei>254900M9VGE3HM0OYH17</lei>
        <title>PAGAYA US HLDGS. C 8.875%</title>
        <cusip>69549FAC3</cusip>
        <identifiers>
          <isin value="US69549FAC32"/>
          <ticker value="PGY"/>
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        <balance>8870000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7622232.26</valUSD>
        <pctVal>0.3588353442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.875000000000</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>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>3311860.84</valUSD>
        <pctVal>0.1559140005</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>9.500000000000</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 8.75%</name>
        <lei>6488ICS9P20290MA1H31</lei>
        <title>OAK-EAGLE ACQUIRECO 8.75%</title>
        <cusip>67124CAB9</cusip>
        <identifiers>
          <isin value="US67124CAB90"/>
          <ticker value="EA"/>
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        <balance>7280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7726424.16</valUSD>
        <pctVal>0.3637404344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</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>6388800</valUSD>
        <pctVal>0.3007684847</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>5.625000000000</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>6284345.56</valUSD>
        <pctVal>0.2958510349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>VENTURE GBL. CALCA 3.875%</name>
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      <invstOrSec>
        <name>CLYDESDALE ACQUISIT 8.75%</name>
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        <name>BURFORD CAP. GBL. 6.875%</name>
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        <name>KB HOME 7.25%</name>
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        <name>CHART INDS. INC 9.50%</name>
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      <invstOrSec>
        <name>VENTURE GBL. LNG I 8.375%</name>
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        <name>OWENS-BROCKWAY GLAS 7.25%</name>
        <lei>V2UQUCDZJ9WY98W8QU33</lei>
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        <cusip>69073TAU7</cusip>
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        <name>TRINITY INDS. INC 7.75%</name>
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        <name>SEADRILL FIN. LTD 8.375%</name>
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        <name>LIFEPOINT HEALTH I 9.875%</name>
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        <name>GRAY MEDIA INC 9.625%</name>
        <lei>529900TM5726KDN7UU35</lei>
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        <name>OSAIC HLDGS. INC 6.75%</name>
        <lei>549300XL60BDV6UW5C86</lei>
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        <name>OSAIC HLDGS. INC 8.00%</name>
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        <name>SNAP INC 6.875%</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
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        <name>LUNA 1.5 SARL PIK</name>
        <lei>64884UZ60Y77J5XK5C41</lei>
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        <name>LEVEL 3 FINC. INC 7.00%</name>
        <lei>254900AE5FEFIJOXWL19</lei>
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        <name>TRAVEL + LEISURE C 6.125%</name>
        <lei>T4VNTWMFQ7JQB65L7T35</lei>
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        <cusip>894164AC6</cusip>
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        <curCd>USD</curCd>
        <valUSD>3993280.52</valUSD>
        <pctVal>0.1879935091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</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>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>1306200</valUSD>
        <pctVal>0.0614925799</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>11.750000000000</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>GENESIS ENERGY LP / 6.75%</name>
        <lei>N/A</lei>
        <title>GENESIS ENERGY LP / 6.75%</title>
        <cusip>37185LAS1</cusip>
        <identifiers>
          <isin value="US37185LAS16"/>
          <ticker value="GEL"/>
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        <balance>1530000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1518188.55</valUSD>
        <pctVal>0.0714724627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>MICHAELS COS INC/TH 8.50%</name>
        <lei>549300H9LWMBP7HYLR98</lei>
        <title>MICHAELS COS INC/TH 8.50%</title>
        <cusip>59408QAB2</cusip>
        <identifiers>
          <isin value="US59408QAB23"/>
          <ticker value="MIK"/>
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        <balance>4050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4011503.13</valUSD>
        <pctVal>0.1888513833</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>8.500000000000</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>SIRIUS XM RADIO LL 5.875%</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRIUS XM RADIO LL 5.875%</title>
        <cusip>82966BAA3</cusip>
        <identifiers>
          <isin value="US82966BAA35"/>
          <ticker value="SIRI"/>
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        <balance>3370000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3330549.1</valUSD>
        <pctVal>0.1567937964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>1909548.84</valUSD>
        <pctVal>0.0898967116</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>3.950000000000</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>N/A</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>3858467.94</valUSD>
        <pctVal>0.1816468751</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>6.375000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2791852.53</valUSD>
        <pctVal>0.1314333294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</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>HOWDEN UK REFINANC 8.125%</name>
        <lei>875500O63ODR8S3K5X33</lei>
        <title>HOWDEN UK REFINANC 8.125%</title>
        <cusip>44287DAA1</cusip>
        <identifiers>
          <isin value="US44287DAA19"/>
          <ticker value="HWDGRP"/>
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        <balance>8040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7206881.53</valUSD>
        <pctVal>0.3392816863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.125000000000</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>ARDONAGH GRP. FIN. 8.875%</name>
        <lei>254900SRT1BTAJ76NW62</lei>
        <title>ARDONAGH GRP. FIN. 8.875%</title>
        <cusip>039956AA5</cusip>
        <identifiers>
          <isin value="US039956AA59"/>
          <ticker value="ARDGRP"/>
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        <balance>12077000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11732131.6</valUSD>
        <pctVal>0.5523189713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.875000000000</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>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>1843181.1</valUSD>
        <pctVal>0.0867722869</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>7.125000000000</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>
      <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>2746720.5</valUSD>
        <pctVal>0.1293086280</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>6.375000000000</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>N/A</lei>
        <title>PETSMART LLC / PETS 7.50%</title>
        <cusip>71677KAC2</cusip>
        <identifiers>
          <isin value="US71677KAC27"/>
          <ticker value="PETM"/>
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        <balance>3215000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3215700.87</valUSD>
        <pctVal>0.1513870332</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>7.500000000000</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>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>3900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3743679.42</valUSD>
        <pctVal>0.1762429230</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>6.750000000000</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; MFG 7.75%</name>
        <lei>RY5TAKFOBLDUGX31MS24</lei>
        <title>AMERICAN AXLE &amp; MFG 7.75%</title>
        <cusip>02406PBD1</cusip>
        <identifiers>
          <isin value="US02406PBD15"/>
          <ticker value="AXL"/>
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        <balance>4325000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4272524.78</valUSD>
        <pctVal>0.2011396200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.750000000000</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>RHP HOTEL PROPS. LP 5.75%</name>
        <lei>N/A</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>881743.56</valUSD>
        <pctVal>0.0415102483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</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>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>10338441.56</valUSD>
        <pctVal>0.4867075824</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>6.250000000000</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 12.00%</name>
        <lei>549300PUNIS0USNSL750</lei>
        <title>CONSOLIDATED ENERG 12.00%</title>
        <cusip>20914UAH9</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SEAGATE DATA STORA 3.375%</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENCORE CAP. GRP. I 6.625%</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ESAB CORP 5.625%</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>INFINITY NATURAL R 7.625%</name>
        <lei>54930021094IFVB5ND43</lei>
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      <invstOrSec>
        <name>NEXSTAR MEDIA INC 7.25%</name>
        <lei>52990083ZRR5UT591988</lei>
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        <name>SWORD PURCHASER LLC 8.25%</name>
        <lei>254900S0VY2QTAITBR94</lei>
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          <ticker value="SEE"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLOBAL NET LEASE IN 4.50%</name>
        <lei>N/A</lei>
        <title>GLOBAL NET LEASE IN 4.50%</title>
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          <isin value="US02608AAA79"/>
          <ticker value="GNL"/>
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        <valUSD>3508250.4</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <name>DISH NETWORK CORP 11.75%</name>
        <lei>529900U350CWHH15G169</lei>
        <title>DISH NETWORK CORP 11.75%</title>
        <cusip>25470MAG4</cusip>
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        <curCd>USD</curCd>
        <valUSD>2445573.76</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>AMERICAN AIRLINES I 7.25%</name>
        <lei>N/A</lei>
        <title>AMERICAN AIRLINES I 7.25%</title>
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          <isin value="US023771T329"/>
          <ticker value="AAL"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <name>NOBLE FIN. II LLC 8.00%</name>
        <lei>N/A</lei>
        <title>NOBLE FIN. II LLC 8.00%</title>
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          <ticker value="NE"/>
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        <name>CLARIOS GBL. LP / C 6.75%</name>
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          <ticker value="POWSOL"/>
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        <curCd>USD</curCd>
        <valUSD>3043920.87</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VT TOPCO INC 8.50%</name>
        <lei>5493007T812R37X02Y38</lei>
        <title>VT TOPCO INC 8.50%</title>
        <cusip>91838PAA9</cusip>
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          <ticker value="VERCOR"/>
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        <curCd>USD</curCd>
        <valUSD>7613972.6</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CNX RES. CORP 7.25%</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX RES. CORP 7.25%</title>
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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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          <annualizedRt>7.250000000000</annualizedRt>
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        <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>
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        <curCd>USD</curCd>
        <valUSD>3662566.73</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORP F2V</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <cusip>06055HAK9</cusip>
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          <ticker value="BAC"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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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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        <curCd>USD</curCd>
        <valUSD>2027183.49</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>6.625000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>MICHAELS COS INC/T 11.00%</name>
        <lei>549300H9LWMBP7HYLR98</lei>
        <title>MICHAELS COS INC/T 11.00%</title>
        <cusip>59408QAA4</cusip>
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          <isin value="US59408QAA40"/>
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        <curCd>USD</curCd>
        <valUSD>1312020.67</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>
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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>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>
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        <curCd>USD</curCd>
        <valUSD>3075924.24</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
        <identifiers>
          <isin value="US67124CAA18"/>
          <ticker value="EA"/>
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        <balance>5465000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5716998.25</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>2033-07-01</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>THOR INDS. INC 4.00%</name>
        <lei>254900XZO1228PDSG060</lei>
        <title>THOR INDS. INC 4.00%</title>
        <cusip>885160AA9</cusip>
        <identifiers>
          <isin value="US885160AA99"/>
          <ticker value="THO"/>
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        <balance>2300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2183423.12</valUSD>
        <pctVal>0.1027900174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>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>7122000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7046257.74</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>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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>NUFARM AUSTRALIA / 5.00%</name>
        <lei>N/A</lei>
        <title>NUFARM AUSTRALIA / 5.00%</title>
        <cusip>67052NAB1</cusip>
        <identifiers>
          <isin value="US67052NAB10"/>
          <ticker value="NUFAU"/>
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        <balance>4060000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3876789.58</valUSD>
        <pctVal>0.1825094114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CLYDESDALE ACQUISI 6.625%</name>
        <lei>254900QKSDYFR3K5YD98</lei>
        <title>CLYDESDALE ACQUISI 6.625%</title>
        <cusip>18972EAA3</cusip>
        <identifiers>
          <isin value="US18972EAA38"/>
          <ticker value="NOVHOL"/>
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        <balance>1340000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1338320.98</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>6.625000000000</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>UNIVISION COMMS. I 7.375%</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UNIVISION COMMS. I 7.375%</title>
        <cusip>914906AX0</cusip>
        <identifiers>
          <isin value="US914906AX08"/>
          <ticker value="UVN"/>
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        <balance>2308000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2314238.52</valUSD>
        <pctVal>0.1089484744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375000000000</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>CLOUD SOFTWARE GRP. 9.00%</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>CLOUD SOFTWARE GRP. 9.00%</title>
        <cusip>18912UAA0</cusip>
        <identifiers>
          <isin value="US18912UAA07"/>
          <ticker value="TIBX"/>
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        <balance>6630000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6435289.17</valUSD>
        <pctVal>0.3029570768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</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>ALLWYN ENTERTAINME 7.875%</name>
        <lei>315700J7ZTIN8XGCX365</lei>
        <title>ALLWYN ENTERTAINME 7.875%</title>
        <cusip>02007VAA8</cusip>
        <identifiers>
          <isin value="US02007VAA89"/>
          <ticker value="SAZKAG"/>
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        <balance>4795000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4926815.8</valUSD>
        <pctVal>0.2319419801</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>7.875000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>9640000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9855299.76</valUSD>
        <pctVal>0.4639624930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</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>XPO INC 7.125%</name>
        <lei>54930096DB9LCLPN7H13</lei>
        <title>XPO INC 7.125%</title>
        <cusip>98379KAB8</cusip>
        <identifiers>
          <isin value="US98379KAB89"/>
          <ticker value="XPO"/>
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        <balance>8069000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8343959.24</valUSD>
        <pctVal>0.3928124182</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>7.125000000000</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 8.75%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM ENERGY CO 8.75%</title>
        <cusip>17888HAB9</cusip>
        <identifiers>
          <isin value="US17888HAB96"/>
          <ticker value="SM"/>
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        <balance>3715000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3880447.53</valUSD>
        <pctVal>0.1826816184</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3653473.5</valUSD>
        <pctVal>0.1719962573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>1496485.32</valUSD>
        <pctVal>0.0704507297</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>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEXSTAR MEDIA INC 6.50%</name>
        <lei>52990083ZRR5UT591988</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>
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        <curCd>USD</curCd>
        <valUSD>3129131.11</valUSD>
        <pctVal>0.1473115487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
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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>9695009BGMXB527HV965</lei>
        <title>ILIAD HLDG. SASU 7.00%</title>
        <cusip>449691AC8</cusip>
        <identifiers>
          <isin value="US449691AC82"/>
          <ticker value="ILIADH"/>
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        <balance>2950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2962655.5</valUSD>
        <pctVal>0.1394742996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 4.75%</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CNX RES. CORP 7.375%</name>
        <lei>549300JK3KH8PWM3B226</lei>
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          <ticker value="CNX"/>
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        <fairValLevel>2</fairValLevel>
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        <name>NEPTUNE BIDCO US IN 9.29%</name>
        <lei>549300VG15T3VCYZ4531</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FIRST QUANTUM MINE 8.625%</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BURFORD CAP. GBL. F 9.25%</name>
        <lei>549300JVAOO67CSCH406</lei>
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        <cusip>12116LAE9</cusip>
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        <name>BURFORD CAP. GBL. F 7.50%</name>
        <lei>549300JVAOO67CSCH406</lei>
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        <cusip>12116LAG4</cusip>
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      <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>4420000</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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          <couponKind>Fixed</couponKind>
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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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        <balance>4870000</balance>
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        <curCd>USD</curCd>
        <valUSD>4262583.6</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>FIRST QUANTUM MINER 7.25%</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FIRST QUANTUM MINER 7.25%</title>
        <cusip>335934AX3</cusip>
        <identifiers>
          <isin value="US335934AX36"/>
          <ticker value="FMCN"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>WEATHERFORD INTL. L 6.75%</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>WEATHERFORD INTL. L 6.75%</title>
        <cusip>947075AW7</cusip>
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          <ticker value="WFRD"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>NISSAN MOTOR ACCEP 6.125%</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
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        <cusip>65480CAL9</cusip>
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          <ticker value="NSANY"/>
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        <curCd>USD</curCd>
        <valUSD>8689900.34</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FAIR ISAAC CORP 6.25%</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
        <title>FAIR ISAAC CORP 6.25%</title>
        <cusip>303250AJ3</cusip>
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          <isin value="US303250AJ38"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 4.50%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.50%</title>
        <cusip>1248EPCL5</cusip>
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          <isin value="US1248EPCL57"/>
          <ticker value="CHTR"/>
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        <name>DELEK LOGISTICS PA 8.625%</name>
        <lei>N/A</lei>
        <title>DELEK LOGISTICS PA 8.625%</title>
        <cusip>24665FAD4</cusip>
        <identifiers>
          <isin value="US24665FAD42"/>
          <ticker value="DKL"/>
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        <balance>3520000</balance>
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        <valUSD>3658527.52</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625000000000</annualizedRt>
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        <name>BAYTEX ENERGY CORP 7.375%</name>
        <lei>549300R5LTV2H7I1I079</lei>
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        <cusip>07317QAK1</cusip>
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          <isin value="US07317QAK13"/>
          <ticker value="BTECN"/>
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        <curCd>USD</curCd>
        <valUSD>2114642.27</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>2032-03-15</maturityDt>
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          <annualizedRt>7.375000000000</annualizedRt>
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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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          <ticker value="GWR"/>
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        <curCd>USD</curCd>
        <valUSD>2145312.18</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>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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      <invstOrSec>
        <name>TRANSOCEAN INTL. LT 8.50%</name>
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      <invstOrSec>
        <name>KODIAK GAS SERVS. L 6.50%</name>
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      <invstOrSec>
        <name>BOYNE USA INC 4.75%</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 4.25%</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>BOMBARDIER INC 7.25%</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
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          <ticker value="BBDBCN"/>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EQUIPMENTSHARE.COM 8.625%</name>
        <lei>254900PWJK48CGPKPI80</lei>
        <title>EQUIPMENTSHARE.COM 8.625%</title>
        <cusip>29450YAB5</cusip>
        <identifiers>
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          <ticker value="EQMSRM"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ZF NORTH AMERICA C 6.875%</name>
        <lei>529900JYGMS9CW9IQX78</lei>
        <title>ZF NORTH AMERICA C 6.875%</title>
        <cusip>98877DAG0</cusip>
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          <ticker value="ZFFNGR"/>
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        <balance>5000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4919024.5</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NISSAN MOTOR ACCEP 5.625%</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
        <title>NISSAN MOTOR ACCEP 5.625%</title>
        <cusip>65480CAK1</cusip>
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          <ticker value="NSANY"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>144A YONDR JK 2 6.87%</name>
        <lei>N/A</lei>
        <title>144A YONDR JK 2 6.87%</title>
        <cusip>985925AA4</cusip>
        <identifiers>
          <isin value="US985925AA44"/>
          <ticker value="YNDRDC"/>
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        <balance>3505000</balance>
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        <curCd>USD</curCd>
        <valUSD>3513800.46</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
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        <name>NRG ENERGY INC 5.75%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 5.75%</title>
        <cusip>629377CE0</cusip>
        <identifiers>
          <isin value="US629377CE03"/>
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        <balance>7440000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KEN GARFF AUTOMOTI 4.875%</name>
        <lei>N/A</lei>
        <title>KEN GARFF AUTOMOTI 4.875%</title>
        <cusip>48850PAA2</cusip>
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          <isin value="US48850PAA21"/>
          <ticker value="KENGAR"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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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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          <isin value="US59567LAA26"/>
          <ticker value="MIDCAP"/>
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        <valUSD>4607747.99</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <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>
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        <valUSD>6825640.51</valUSD>
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        <issuerCat>CORP</issuerCat>
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          <maturityDt>2030-03-01</maturityDt>
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        <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>5181000</balance>
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        <curCd>USD</curCd>
        <valUSD>5244938.72</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
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        <name>COMSTOCK RES. INC 6.75%</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>COMSTOCK RES. INC 6.75%</title>
        <cusip>205768AU8</cusip>
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          <ticker value="CRK"/>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>VICTRA HLDGS. LLC / 8.75%</name>
        <lei>N/A</lei>
        <title>VICTRA HLDGS. LLC / 8.75%</title>
        <cusip>92648DAA4</cusip>
        <identifiers>
          <isin value="US92648DAA46"/>
          <ticker value="VICTRA"/>
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        <valUSD>6328086.86</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</annualizedRt>
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      <invstOrSec>
        <name>ALLIANT HLDGS. INTE 6.50%</name>
        <lei>N/A</lei>
        <title>ALLIANT HLDGS. INTE 6.50%</title>
        <cusip>01883LAG8</cusip>
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          <isin value="US01883LAG86"/>
          <ticker value="ALIANT"/>
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        <balance>4820000</balance>
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        <curCd>USD</curCd>
        <valUSD>4806780.19</valUSD>
        <pctVal>0.2262910084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TRANSOCEAN INTL. L 7.875%</name>
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      <invstOrSec>
        <name>ALTICE FRANCE SA 6.875%</name>
        <lei>5493001ZMCICV4N02J21</lei>
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      <invstOrSec>
        <name>MERIDIAN ARC HOLDCO 6.25%</name>
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      <invstOrSec>
        <name>PR RNO PROP. OWNER 6.50%</name>
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      <invstOrSec>
        <name>BANCO BILBAO VIZCAYA F2V</name>
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        <name>VMED O2 UK FINC. I 4.25%</name>
        <lei>213800MRR46ECNGZ7L69</lei>
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        <name>UNITED AIRLINES IN 4.625%</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
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        <name>AAR ESCROW ISSUER L 6.75%</name>
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        <name>CLEAR CHANNEL OUTD 7.875%</name>
        <lei>254900XBEE6V1ENYS150</lei>
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        <name>USA COMPRESSION PA 7.125%</name>
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        <name>CRESCENT ENERGY FI 7.625%</name>
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        <name>RAKUTEN GRP. INC 9.75%</name>
        <lei>529900IMXUCQKUL1H943</lei>
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        <name>SUNOCO LP 7.00%</name>
        <lei>54930001NJU8E40NQ561</lei>
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        <name>ION PLATFORM FIN. 7.875%</name>
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        <name>ZAYO GRP. HLDGS. INC PIK</name>
        <lei>529900Z6OTS7RT0V0I47</lei>
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      <invstOrSec>
        <name>ALTICE FRANCE SA 6.50%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA 6.50%</title>
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          <ticker value="SFRFP"/>
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      <invstOrSec>
        <name>RXO INC 6.375%</name>
        <lei>549300KL8CA6GP8XPM30</lei>
        <title>RXO INC 6.375%</title>
        <cusip>74982TAA1</cusip>
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        <valUSD>2651324.97</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>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MINERAL RES. LTD 6.00%</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>MINERAL RES. LTD 6.00%</title>
        <cusip>603051AG8</cusip>
        <identifiers>
          <isin value="US603051AG84"/>
          <ticker value="MINAU"/>
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        <balance>940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>929880.44</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GBL. CALCAS 6.00%</name>
        <lei>549300GKHS6RS20NLH85</lei>
        <title>VENTURE GBL. CALCAS 6.00%</title>
        <cusip>92328MAF0</cusip>
        <identifiers>
          <isin value="US92328MAF05"/>
          <ticker value="VENTGL"/>
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        <balance>107000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>108154.85</valUSD>
        <pctVal>0.0050916558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ACADEMY LTD 5.875%</name>
        <lei>549300BN53IR80C35Z14</lei>
        <title>ACADEMY LTD 5.875%</title>
        <cusip>00401YAB6</cusip>
        <identifiers>
          <isin value="US00401YAB65"/>
          <ticker value="ACALTD"/>
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        <balance>4520000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4520072.14</valUSD>
        <pctVal>0.2127935212</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>5.875000000000</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>KOO0397YRO83WY5MGD97</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>11248925.1</valUSD>
        <pctVal>0.5295708360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</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>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>1510368.55</valUSD>
        <pctVal>0.0711043170</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>5.750000000000</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>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>5370000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5499470.7</valUSD>
        <pctVal>0.2589011190</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>6.750000000000</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>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>6622799.83</valUSD>
        <pctVal>0.3117846027</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>8.250000000000</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>2827114.35</valUSD>
        <pctVal>0.1330933664</pctVal>
        <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>6.125000000000</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>1379578.61</valUSD>
        <pctVal>0.0649470586</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>6.750000000000</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>1020129.22</valUSD>
        <pctVal>0.0480250939</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>6.500000000000</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>NRG ENERGY INC 6.00%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 6.00%</title>
        <cusip>629377DD1</cusip>
        <identifiers>
          <isin value="US629377DD11"/>
          <ticker value="NRG"/>
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        <balance>5045000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5029229.99</valUSD>
        <pctVal>0.2367633802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</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>NRG ENERGY INC 5.75%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 5.75%</title>
        <cusip>629377DC3</cusip>
        <identifiers>
          <isin value="US629377DC38"/>
          <ticker value="NRG"/>
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        <balance>1175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1165824.9</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>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</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>CANPACK GRP. / CANP 6.00%</name>
        <lei>N/A</lei>
        <title>CANPACK GRP. / CANP 6.00%</title>
        <cusip>13804MAA0</cusip>
        <identifiers>
          <isin value="US13804MAA09"/>
          <ticker value="CANPCK"/>
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        <balance>2718000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2733411.06</valUSD>
        <pctVal>0.1286820534</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>6.000000000000</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>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>3521624.97</valUSD>
        <pctVal>0.1657891632</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>4.600000000000</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>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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2651461.47</valUSD>
        <pctVal>0.1248240747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</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>AETHON UTD. BR LP / 7.50%</name>
        <lei>N/A</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>4227624.39</valUSD>
        <pctVal>0.1990258236</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>7.500000000000</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>
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        <name>PARK RIVER HLDGS. I 8.00%</name>
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        <name>OLYMPUS WATER US HL 7.25%</name>
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        <name>ALPHA GENERATION LL 6.25%</name>
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        <name>ALTICE FRANCE SA 6.875%</name>
        <lei>5493001ZMCICV4N02J21</lei>
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        <name>TRANSDIGM INC 6.125%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
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        <name>CORE SCIENTIFIC FIN 7.75%</name>
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        <name>CALIFORNIA RES. COR 7.25%</name>
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      <invstOrSec>
        <name>HILCORP ENERGY I LP 6.25%</name>
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        <name>VITAL ENERGY INC 7.875%</name>
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        <name>EQUIPMENTSHARE.COM 8.00%</name>
        <lei>254900PWJK48CGPKPI80</lei>
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        <name>EF HOLDCO / EF CAY 7.375%</name>
        <lei>N/A</lei>
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        <name>ZAYO GRP. HLDGS. INC PIK</name>
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        <name>ALTICE FRANCE LUX 10.00%</name>
        <lei>5493001ZMCICV4N02J21</lei>
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        <name>SOTHEBY S 8.25%</name>
        <lei>549300P5BAAMQQ7VL735</lei>
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        <name>ALLY FINL. INC F2V</name>
        <lei>549300JBN1OSM8YNAI90</lei>
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        <name>MINERAL RES. LTD 6.25%</name>
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        <name>DELEK LOGISTICS PA 6.875%</name>
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        <title>DELEK LOGISTICS PA 6.875%</title>
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          <ticker value="DKL"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PREMIER ENTERTAINM 5.875%</name>
        <lei>N/A</lei>
        <title>PREMIER ENTERTAINM 5.875%</title>
        <cusip>74052HAB0</cusip>
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          <isin value="US74052HAB06"/>
          <ticker value="BALY"/>
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        <valUSD>1400750</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRANSDIGM INC 6.25%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-31</maturityDt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>4885300.86</valUSD>
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        <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>7.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>5768962.49</valUSD>
        <pctVal>0.2715881083</pctVal>
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        <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>6.500000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VIKING CRUISES LTD 5.875%</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>VIKING CRUISES LTD 5.875%</title>
        <cusip>92676XAH0</cusip>
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          <ticker value="VIKCRU"/>
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        <curCd>USD</curCd>
        <valUSD>2579019.73</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>144A SV RNO PRO 5.87%</name>
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          <ticker value="TRACTC"/>
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        <valUSD>9179723.79</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>CNX RES. CORP 5.875%</name>
        <lei>549300JK3KH8PWM3B226</lei>
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        <curCd>USD</curCd>
        <valUSD>3707653.88</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BLACKSTONE MTGE. TS 6.25%</name>
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          <ticker value="BXMT"/>
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        <curCd>USD</curCd>
        <valUSD>3666320.93</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>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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              <counterpartyName>Chicago Board of Trade</counterpartyName>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Chicago Board of Trade</counterpartyName>
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        <securityLending>
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    <signature>
      <ncom:dateSigned>2026-07-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
