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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLIANT HLDGS. INT 7.375%</name>
        <lei>N/A</lei>
        <title>ALLIANT HLDGS. INT 7.375%</title>
        <cusip>01883LAH6</cusip>
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          <isin value="US01883LAH69"/>
          <ticker value="ALIANT"/>
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        <curCd>USD</curCd>
        <valUSD>347395.02</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>2032-10-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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>480000</balance>
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        <curCd>USD</curCd>
        <valUSD>434956.56</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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          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BRUNDAGE-BONE CONCR 7.50%</name>
        <lei>N/A</lei>
        <title>BRUNDAGE-BONE CONCR 7.50%</title>
        <cusip>66981QAB2</cusip>
        <identifiers>
          <isin value="US66981QAB23"/>
          <ticker value="BBCP"/>
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        <balance>290000</balance>
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        <curCd>USD</curCd>
        <valUSD>300866.88</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>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GB AIT BUYER INC 8.75%</name>
        <lei>N/A</lei>
        <title>GB AIT BUYER INC 8.75%</title>
        <cusip>36147AAA3</cusip>
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          <isin value="US36147AAA34"/>
          <ticker value="AITWOR"/>
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        <balance>140000</balance>
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        <curCd>USD</curCd>
        <valUSD>140372.29</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>2034-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 4.25%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.25%</title>
        <cusip>1248EPCP6</cusip>
        <identifiers>
          <isin value="US1248EPCP61"/>
          <ticker value="CHTR"/>
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        <balance>250000</balance>
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        <curCd>USD</curCd>
        <valUSD>211632.35</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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          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SIX FLAGS ENTERTAIN 7.25%</name>
        <lei>529900AS2CYWYFHRS781</lei>
        <title>SIX FLAGS ENTERTAIN 7.25%</title>
        <cusip>83001AAD4</cusip>
        <identifiers>
          <isin value="US83001AAD46"/>
          <ticker value="FUN"/>
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        <balance>80000</balance>
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        <curCd>USD</curCd>
        <valUSD>79532.01</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>POST HLDGS. INC 6.25%</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST HLDGS. INC 6.25%</title>
        <cusip>737446AX2</cusip>
        <identifiers>
          <isin value="US737446AX26"/>
          <ticker value="POST"/>
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        <balance>270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>265289.54</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>
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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>REALTRUCK GRP. INC 6.25%</name>
        <lei>54930007KT5CX7XNSD31</lei>
        <title>REALTRUCK GRP. INC 6.25%</title>
        <cusip>75603CAA4</cusip>
        <identifiers>
          <isin value="US75603CAA45"/>
          <ticker value="TRUK"/>
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        <balance>545000</balance>
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        <curCd>USD</curCd>
        <valUSD>103495.5</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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      <invstOrSec>
        <name>144A APLD COMPU 7.0%</name>
        <lei>N/A</lei>
        <title>144A APLD COMPU 7.0%</title>
        <cusip>03790NAA5</cusip>
        <identifiers>
          <isin value="US03790NAA54"/>
          <ticker value="ELNFOR"/>
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        <balance>210000</balance>
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        <curCd>USD</curCd>
        <valUSD>209569.56</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SURGERY CENTER HLDG 7.25%</name>
        <lei>54930054EVI5HWPPW113</lei>
        <title>SURGERY CENTER HLDG 7.25%</title>
        <cusip>86881WAF9</cusip>
        <identifiers>
          <isin value="US86881WAF95"/>
          <ticker value="SURCEN"/>
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        <balance>465000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>470738.57</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>IHO VERWALTUNGS GMBH PIK</name>
        <lei>529900JL0HDVGZMUJF32</lei>
        <title>IHO VERWALTUNGS GMBH PIK</title>
        <cusip>44963BAJ7</cusip>
        <identifiers>
          <isin value="US44963BAJ70"/>
          <ticker value="IHOVER"/>
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        <curCd>USD</curCd>
        <valUSD>207928.2</valUSD>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MERIDIAN ARC HOLDCO 6.25%</name>
        <lei>N/A</lei>
        <title>MERIDIAN ARC HOLDCO 6.25%</title>
        <cusip>58990CAA1</cusip>
        <identifiers>
          <isin value="US58990CAA18"/>
          <ticker value="MERIDI"/>
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        <curCd>USD</curCd>
        <valUSD>350784</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OUTFRONT MEDIA CAP. 6.00%</name>
        <lei>N/A</lei>
        <title>OUTFRONT MEDIA CAP. 6.00%</title>
        <cusip>69007TAH7</cusip>
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          <isin value="US69007TAH77"/>
          <ticker value="OUT"/>
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        <curCd>USD</curCd>
        <valUSD>134753.57</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>HUB INTL. LTD 7.375%</name>
        <lei>549300JQT6ATTUNS5E06</lei>
        <title>HUB INTL. LTD 7.375%</title>
        <cusip>44332PAJ0</cusip>
        <identifiers>
          <isin value="US44332PAJ03"/>
          <ticker value="HBGCN"/>
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        <balance>315000</balance>
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        <curCd>USD</curCd>
        <valUSD>320632.2</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AVIS BUDGET CAR REN 8.25%</name>
        <lei>N/A</lei>
        <title>AVIS BUDGET CAR REN 8.25%</title>
        <cusip>053773BJ5</cusip>
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          <isin value="US053773BJ51"/>
          <ticker value="CAR"/>
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        <curCd>USD</curCd>
        <valUSD>103000</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>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.250000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>STERLING ENTRMNT TL</name>
        <lei>N/A</lei>
        <title>STERLING ENTRMNT TL</title>
        <cusip>85928TAK2</cusip>
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          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX258238"/>
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        <curCd>USD</curCd>
        <valUSD>122.54</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
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          <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>NATIONAL MENTOR HL 10.50%</name>
        <lei>5493004QULJVJP3CNZ62</lei>
        <title>NATIONAL MENTOR HL 10.50%</title>
        <cusip>63688RAF4</cusip>
        <identifiers>
          <isin value="US63688RAF47"/>
          <ticker value="MENTOR"/>
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        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>421558.4</valUSD>
        <pctVal>0.2936099932</pctVal>
        <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>CLOUD SOFTWARE GRP. 6.50%</name>
        <lei>N/A</lei>
        <title>CLOUD SOFTWARE GRP. 6.50%</title>
        <cusip>88632QAE3</cusip>
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          <isin value="US88632QAE35"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GBL. LNG I 9.875%</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENTURE GBL. LNG I 9.875%</title>
        <cusip>92332YAD3</cusip>
        <identifiers>
          <isin value="US92332YAD31"/>
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        <curCd>USD</curCd>
        <valUSD>346956.03</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>SIX FLAGS ENTERTAI 6.625%</name>
        <lei>N/A</lei>
        <title>SIX FLAGS ENTERTAI 6.625%</title>
        <cusip>83002YAA7</cusip>
        <identifiers>
          <isin value="US83002YAA73"/>
          <ticker value="FUN"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FOCUS FINL. PARTNER 6.75%</name>
        <lei>5493007L0E0VKRC2CP39</lei>
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        <cusip>34417VAA5</cusip>
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          <isin value="US34417VAA52"/>
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        <balance>490000</balance>
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        <curCd>USD</curCd>
        <valUSD>493046.82</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>
        <name>CAESARS ENTERTAINME 6.50%</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTERTAINME 6.50%</title>
        <cusip>12769GAC4</cusip>
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          <isin value="US12769GAC42"/>
          <ticker value="CZR"/>
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        <balance>90000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HUNTSMAN INTL. LLC 5.70%</name>
        <lei>3YTEJFW18LGIUQ2N5J61</lei>
        <title>HUNTSMAN INTL. LLC 5.70%</title>
        <cusip>44701QBG6</cusip>
        <identifiers>
          <isin value="US44701QBG64"/>
          <ticker value="HUN"/>
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        <balance>90000</balance>
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        <curCd>USD</curCd>
        <valUSD>86635.47</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>2034-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.700000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AMERITEX HOLDCO IN 7.625%</name>
        <lei>N/A</lei>
        <title>AMERITEX HOLDCO IN 7.625%</title>
        <cusip>030727AB7</cusip>
        <identifiers>
          <isin value="US030727AB71"/>
          <ticker value="AMEPIP"/>
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        <balance>230000</balance>
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        <curCd>USD</curCd>
        <valUSD>240317.34</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>2033-08-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <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>145000</balance>
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        <curCd>USD</curCd>
        <valUSD>145754.58</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>340000</balance>
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        <curCd>USD</curCd>
        <valUSD>355677.84</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>2033-07-01</maturityDt>
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      <invstOrSec>
        <name>DEXKO GBL. INC 7.50%</name>
        <lei>549300SMZ4OV1KBH1M19</lei>
        <title>DEXKO GBL. INC 7.50%</title>
        <cusip>252142AB0</cusip>
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        <curCd>USD</curCd>
        <valUSD>765018.21</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>7.500000000000</annualizedRt>
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      <invstOrSec>
        <name>A&amp;K TRAVEL GRP. HLD 7.50%</name>
        <lei>254900QJTRYLWP442517</lei>
        <title>A&amp;K TRAVEL GRP. HLD 7.50%</title>
        <cusip>00039UAA6</cusip>
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          <ticker value="AKTGHL"/>
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        <curCd>USD</curCd>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>WAND NEWCO 3 INC 7.625%</name>
        <lei>549300Y3VZEWMSQW8494</lei>
        <title>WAND NEWCO 3 INC 7.625%</title>
        <cusip>933940AA6</cusip>
        <identifiers>
          <isin value="US933940AA60"/>
          <ticker value="CALCOL"/>
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        <name>CLEVELAND-CLIFFS IN 7.00%</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS IN 7.00%</title>
        <cusip>185899AP6</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
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          <annualizedRt>7.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CHARLOTTE BUYER INC 8.00%</name>
        <lei>N/A</lei>
        <title>CHARLOTTE BUYER INC 8.00%</title>
        <cusip>160924AA4</cusip>
        <identifiers>
          <isin value="US160924AA45"/>
          <ticker value="GENTVA"/>
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        <valUSD>141720.86</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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          <maturityDt>2031-06-30</maturityDt>
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        <name>STATION CASINOS LL 6.625%</name>
        <lei>5493004E7Q60TX54WL62</lei>
        <title>STATION CASINOS LL 6.625%</title>
        <cusip>857691AJ8</cusip>
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          <isin value="US857691AJ89"/>
          <ticker value="RRR"/>
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        <curCd>USD</curCd>
        <valUSD>208192.88</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>2032-03-15</maturityDt>
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          <annualizedRt>6.625000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>FORTRESS INTERMEDIA 7.50%</name>
        <lei>254900NLAZ3JQJW5JP75</lei>
        <title>FORTRESS INTERMEDIA 7.50%</title>
        <cusip>34966MAA0</cusip>
        <identifiers>
          <isin value="US34966MAA09"/>
          <ticker value="PSDO"/>
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        <balance>95000</balance>
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        <curCd>USD</curCd>
        <valUSD>96579.85</valUSD>
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        <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>7.500000000000</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>FAIR ISAAC CORP 6.25%</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
        <title>FAIR ISAAC CORP 6.25%</title>
        <cusip>303250AJ3</cusip>
        <identifiers>
          <isin value="US303250AJ38"/>
          <ticker value="FAIRIC"/>
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        <balance>140000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>137897.05</valUSD>
        <pctVal>0.0960435183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <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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        <balance>55000</balance>
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        <curCd>USD</curCd>
        <valUSD>55371.62</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>2031-06-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HERTZ CORPORATION TL 3.5%</name>
        <lei>549300PD0C69OJ0NLB27</lei>
        <title>HERTZ CORPORATION TL 3.5%</title>
        <cusip>42804VBB6</cusip>
        <identifiers>
          <isin value="US42804VBB62"/>
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          <other otherDesc="IDII" value="LX195525"/>
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        <curCd>USD</curCd>
        <valUSD>16963</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.620000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ITT HLDGS. LLC 6.50%</name>
        <lei>549300TH2PHOLK31LB42</lei>
        <title>ITT HLDGS. LLC 6.50%</title>
        <cusip>45074JAA2</cusip>
        <identifiers>
          <isin value="US45074JAA25"/>
          <ticker value="INTMAT"/>
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        <balance>151000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>149230.34</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HESS MIDSTREAM OPER 6.50%</name>
        <lei>N/A</lei>
        <title>HESS MIDSTREAM OPER 6.50%</title>
        <cusip>428102AG2</cusip>
        <identifiers>
          <isin value="US428102AG28"/>
          <ticker value="HESM"/>
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        <balance>43000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43878.83</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>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AES CORP/THE F2V</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES CORP/THE F2V</title>
        <cusip>00130HCK9</cusip>
        <identifiers>
          <isin value="US00130HCK95"/>
          <ticker value="AES"/>
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        <balance>57000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58360.99</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>2055-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.600000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WHITE CAP TL</name>
        <lei>254900L2N0T6GULCL366</lei>
        <title>WHITE CAP TL</title>
        <cusip>96350TAH3</cusip>
        <identifiers>
          <isin value="US96350TAH32"/>
          <ticker value="WHTCAP"/>
          <other otherDesc="IDII" value="7S58246"/>
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        <balance>78874.66</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78690.88</valUSD>
        <pctVal>0.0548071839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.590000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>RIVERS ENT. BORROW 6.625%</name>
        <lei>N/A</lei>
        <title>RIVERS ENT. BORROW 6.625%</title>
        <cusip>76883NAA9</cusip>
        <identifiers>
          <isin value="US76883NAA90"/>
          <ticker value="RIVENT"/>
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        <balance>28000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28418.94</valUSD>
        <pctVal>0.0197934255</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>6.625000000000</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>BAIN CAP. SPECIALTY 5.95%</name>
        <lei>549300V2JL72R0EYBK64</lei>
        <title>BAIN CAP. SPECIALTY 5.95%</title>
        <cusip>05684BAD9</cusip>
        <identifiers>
          <isin value="US05684BAD91"/>
          <ticker value="BCSF"/>
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        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14608.56</valUSD>
        <pctVal>0.0101746738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.950000000000</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>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>202000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>206805.58</valUSD>
        <pctVal>0.1440374215</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>XPLR INFRA. OPERAT 8.625%</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>XPLR INFRA. OPERAT 8.625%</title>
        <cusip>98380MAB1</cusip>
        <identifiers>
          <isin value="US98380MAB19"/>
          <ticker value="XIFR"/>
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        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21447.26</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>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROCKET COS INC 7.125%</name>
        <lei>N/A</lei>
        <title>ROCKET COS INC 7.125%</title>
        <cusip>77311WAD3</cusip>
        <identifiers>
          <isin value="US77311WAD39"/>
          <ticker value="RKT"/>
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        <balance>121000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>125589.65</valUSD>
        <pctVal>0.0874715728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ONEMAIN FIN. CORP 6.75%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 6.75%</title>
        <cusip>682691AN0</cusip>
        <identifiers>
          <isin value="US682691AN02"/>
          <ticker value="OMF"/>
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        <balance>109000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>107903.06</valUSD>
        <pctVal>0.0751530908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</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>
        <name>UNITI GRP. LP / UN 8.625%</name>
        <lei>N/A</lei>
        <title>UNITI GRP. LP / UN 8.625%</title>
        <cusip>91327CAA6</cusip>
        <identifiers>
          <isin value="US91327CAA62"/>
          <ticker value="UNIT"/>
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        <balance>154000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>160655.21</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>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625000000000</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>DOMINION ENERGY INC F2V</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>DOMINION ENERGY INC F2V</title>
        <cusip>25746UED7</cusip>
        <identifiers>
          <isin value="US25746UED72"/>
          <ticker value="D"/>
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        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15063.5</valUSD>
        <pctVal>0.0104915336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-15</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>SIRIUS XM RADIO LLC 5.00%</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRIUS XM RADIO LLC 5.00%</title>
        <cusip>82967NBA5</cusip>
        <identifiers>
          <isin value="US82967NBA54"/>
          <ticker value="SIRI"/>
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        <balance>63000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62915.81</valUSD>
        <pctVal>0.0438200509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</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>PLAINS ALL AMERICAN P VAR</name>
        <lei>5521FA2ITF25TVH63740</lei>
        <title>PLAINS ALL AMERICAN P VAR</title>
        <cusip>726503AE5</cusip>
        <identifiers>
          <isin value="US726503AE55"/>
          <ticker value="PAA"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74998.7</valUSD>
        <pctVal>0.0522356281</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>Floating</couponKind>
          <annualizedRt>8.022680000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>LIVE NATION ENTERTA 4.75%</name>
        <lei>5493007B9BM9ZXJINO78</lei>
        <title>LIVE NATION ENTERTA 4.75%</title>
        <cusip>538034AR0</cusip>
        <identifiers>
          <isin value="US538034AR08"/>
          <ticker value="LYV"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74835.44</valUSD>
        <pctVal>0.0521219196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="50398.270000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SYNAPTICS INC 4.00%</name>
        <lei>549300AJ3LI4FWNRQX29</lei>
        <title>SYNAPTICS INC 4.00%</title>
        <cusip>87157DAG4</cusip>
        <identifiers>
          <isin value="US87157DAG43"/>
          <ticker value="SYNA"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49352.82</valUSD>
        <pctVal>0.0343736031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="49441.700000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AVIS BUDGET CAR REN 4.75%</name>
        <lei>N/A</lei>
        <title>AVIS BUDGET CAR REN 4.75%</title>
        <cusip>053773BG1</cusip>
        <identifiers>
          <isin value="US053773BG13"/>
          <ticker value="CAR"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49176.39</valUSD>
        <pctVal>0.0342507219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>NEW FORTRESS ENERGY 6.50%</name>
        <lei>254900EICTYTCHA5X705</lei>
        <title>NEW FORTRESS ENERGY 6.50%</title>
        <cusip>644393AB6</cusip>
        <identifiers>
          <isin value="US644393AB64"/>
          <ticker value="NFE"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4187.5</valUSD>
        <pctVal>0.0029165398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-30</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>AVANTOR FNDG. INC 3.875%</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>AVANTOR FNDG. INC 3.875%</title>
        <cusip>05352TAB5</cusip>
        <identifiers>
          <isin value="US05352TAB52"/>
          <ticker value="AVTR"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71601.36</valUSD>
        <pctVal>0.0498694245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</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>OI EURP. GRP. BV 4.75%</name>
        <lei>72450053F5WRDY8CDZ66</lei>
        <title>OI EURP. GRP. BV 4.75%</title>
        <cusip>67777LAD5</cusip>
        <identifiers>
          <isin value="US67777LAD55"/>
          <ticker value="OI"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>94990.51</valUSD>
        <pctVal>0.0661596661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>HERTZ CORP/THE 5.00%</name>
        <lei>549300PD0C69OJ0NLB27</lei>
        <title>HERTZ CORP/THE 5.00%</title>
        <cusip>428040DB2</cusip>
        <identifiers>
          <isin value="US428040DB25"/>
          <ticker value="HTZ"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7625</valUSD>
        <pctVal>0.0053107142</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="7729.170000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>VISTRA CORP F2V</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>VISTRA CORP F2V</title>
        <cusip>92840MAC6</cusip>
        <identifiers>
          <isin value="US92840MAC64"/>
          <ticker value="VST"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100792.3</valUSD>
        <pctVal>0.0702005381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMC ENTERTAINMENT H 7.50%</name>
        <lei>549300ZO77UNR6NRBR11</lei>
        <title>AMC ENTERTAINMENT H 7.50%</title>
        <cusip>00165CBA1</cusip>
        <identifiers>
          <isin value="US00165CBA18"/>
          <ticker value="AMC"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>92885.45</valUSD>
        <pctVal>0.0646935190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="95718.770000000000"/>
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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"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42487.1</valUSD>
        <pctVal>0.0295917176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375000000000</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>PRA GRP. INC 8.375%</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRA GRP. INC 8.375%</title>
        <cusip>69354NAE6</cusip>
        <identifiers>
          <isin value="US69354NAE67"/>
          <ticker value="PRAA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25352.17</valUSD>
        <pctVal>0.0176574597</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>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>PRA GRP. INC 8.875%</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRA GRP. INC 8.875%</title>
        <cusip>69354NAF3</cusip>
        <identifiers>
          <isin value="US69354NAF33"/>
          <ticker value="PRAA"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51597.95</valUSD>
        <pctVal>0.0359373073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAFTECH GBL. ENTS 9.875%</name>
        <lei>N/A</lei>
        <title>GRAFTECH GBL. ENTS 9.875%</title>
        <cusip>38431AAB2</cusip>
        <identifiers>
          <isin value="US38431AAB26"/>
          <ticker value="EAF"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36750</valUSD>
        <pctVal>0.0255959014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.875000000000</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>BUCKEYE PARTNERS LP 6.75%</name>
        <lei>549300C1PQJLVEIUBK50</lei>
        <title>BUCKEYE PARTNERS LP 6.75%</title>
        <cusip>118230AW1</cusip>
        <identifiers>
          <isin value="US118230AW12"/>
          <ticker value="BPL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25820.13</valUSD>
        <pctVal>0.0179833878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRUNDAGE-BONE CONCR 7.50%</name>
        <lei>N/A</lei>
        <title>BRUNDAGE-BONE CONCR 7.50%</title>
        <cusip>66981QAB2</cusip>
        <identifiers>
          <isin value="US66981QAB23"/>
          <ticker value="BBCP"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51873.6</valUSD>
        <pctVal>0.0361292939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIFEPOINT HEALTH I 8.375%</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
        <title>LIFEPOINT HEALTH I 8.375%</title>
        <cusip>53219LAY5</cusip>
        <identifiers>
          <isin value="US53219LAY56"/>
          <ticker value="RGCARE"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26021.3</valUSD>
        <pctVal>0.0181235001</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>8.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLARIOS GBL. LP / C 6.75%</name>
        <lei>N/A</lei>
        <title>CLARIOS GBL. LP / C 6.75%</title>
        <cusip>18060TAD7</cusip>
        <identifiers>
          <isin value="US18060TAD72"/>
          <ticker value="POWSOL"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77282.25</valUSD>
        <pctVal>0.0538260912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QUIKRETE HOLDINGS INC TL</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>QUIKRETE HOLDINGS INC TL</title>
        <cusip>74839XAL3</cusip>
        <identifiers>
          <isin value="US74839XAL38"/>
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        <balance>49375</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49313.28</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-31</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ADIENT GBL. HLDGS. 7.50%</name>
        <lei>213800VA38VCKE6M8790</lei>
        <title>ADIENT GBL. HLDGS. 7.50%</title>
        <cusip>00687YAD7</cusip>
        <identifiers>
          <isin value="US00687YAD76"/>
          <ticker value="ADNT"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25789.3</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-15</maturityDt>
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          <annualizedRt>7.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51189.5</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>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</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>PRIMO WATER HLDGS. 4.375%</name>
        <lei>N/A</lei>
        <title>PRIMO WATER HLDGS. 4.375%</title>
        <cusip>74168RAB9</cusip>
        <identifiers>
          <isin value="US74168RAB96"/>
          <ticker value="PRMWCN"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73209.28</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>2029-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MATTEL INC 5.45%</name>
        <lei>549300VELLG24KHTJ564</lei>
        <title>MATTEL INC 5.45%</title>
        <cusip>577081AW2</cusip>
        <identifiers>
          <isin value="US577081AW27"/>
          <ticker value="MAT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22841.32</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>2041-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.450000000000</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>NOVA CHEMS. CORP 5.25%</name>
        <lei>549300ZOD6N7RI2FJP09</lei>
        <title>NOVA CHEMS. CORP 5.25%</title>
        <cusip>66977WAR0</cusip>
        <identifiers>
          <isin value="US66977WAR07"/>
          <ticker value="NCX"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25019.4</valUSD>
        <pctVal>0.0174256897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CCO HLDGS. LLC / C 5.375%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / C 5.375%</title>
        <cusip>1248EPCB7</cusip>
        <identifiers>
          <isin value="US1248EPCB75"/>
          <ticker value="CHTR"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48913.3</valUSD>
        <pctVal>0.0340674831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</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>
      <invstOrSec>
        <name>AVIS BUDGET CAR REN 5.75%</name>
        <lei>N/A</lei>
        <title>AVIS BUDGET CAR REN 5.75%</title>
        <cusip>053773BC0</cusip>
        <identifiers>
          <isin value="US053773BC09"/>
          <ticker value="CAR"/>
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        <balance>11000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10986.85</valUSD>
        <pctVal>0.0076521994</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>5.750000000000</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>MURPHY OIL USA INC 4.75%</name>
        <lei>N32S6DTR2ZZ5222WHV58</lei>
        <title>MURPHY OIL USA INC 4.75%</title>
        <cusip>626738AE8</cusip>
        <identifiers>
          <isin value="US626738AE88"/>
          <ticker value="MUSA"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49211.23</valUSD>
        <pctVal>0.0342749875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>ENCOMPASS HEALTH CO 4.75%</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>ENCOMPASS HEALTH CO 4.75%</title>
        <cusip>29261AAB6</cusip>
        <identifiers>
          <isin value="US29261AAB61"/>
          <ticker value="EHC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49248.4</valUSD>
        <pctVal>0.0343008760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="50237.980000000000"/>
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      <invstOrSec>
        <name>TELESAT CANADA / TE 6.50%</name>
        <lei>5493004V5GLBY6SO5Y34</lei>
        <title>TELESAT CANADA / TE 6.50%</title>
        <cusip>87952VAM8</cusip>
        <identifiers>
          <isin value="US87952VAM81"/>
          <ticker value="TELSAT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17878.08</valUSD>
        <pctVal>0.0124518523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</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>
        <name>TELESAT CANADA / T 4.875%</name>
        <lei>N/A</lei>
        <title>TELESAT CANADA / T 4.875%</title>
        <cusip>87952VAP1</cusip>
        <identifiers>
          <isin value="US87952VAP13"/>
          <ticker value="TELSAT"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42500</valUSD>
        <pctVal>0.0296007023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>ESC CB CLOUD PEAK06.375%</name>
        <lei>N/A</lei>
        <title>ESC CB CLOUD PEAK06.375%</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="1A98ZCU"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1875</valUSD>
        <pctVal>0.0013059133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CLEVELAND-CLIFFS I 4.875%</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS I 4.875%</title>
        <cusip>185899AL5</cusip>
        <identifiers>
          <isin value="US185899AL57"/>
          <ticker value="CLF"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22855.43</valUSD>
        <pctVal>0.0159185125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>COMPASS GRP. DIVS. 5.25%</name>
        <lei>549300I6PTUQPX21TE93</lei>
        <title>COMPASS GRP. DIVS. 5.25%</title>
        <cusip>20451RAB8</cusip>
        <identifiers>
          <isin value="US20451RAB87"/>
          <ticker value="CODI"/>
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        <balance>25733</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24511.14</valUSD>
        <pctVal>0.0170716931</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>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>
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      <invstOrSec>
        <name>FORTESCUE TSY. PTY 4.375%</name>
        <lei>549300EFD6S2NFE9D745</lei>
        <title>FORTESCUE TSY. PTY 4.375%</title>
        <cusip>30251GBC0</cusip>
        <identifiers>
          <isin value="US30251GBC06"/>
          <ticker value="FMGAU"/>
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        <balance>56000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53278.79</valUSD>
        <pctVal>0.0371079907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</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>SENSATA TECHS. BV 4.00%</name>
        <lei>PUCKW5P5O3XMOZVH7T53</lei>
        <title>SENSATA TECHS. BV 4.00%</title>
        <cusip>81725WAK9</cusip>
        <identifiers>
          <isin value="US81725WAK99"/>
          <ticker value="ST"/>
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        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>145698.57</valUSD>
        <pctVal>0.1014771765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</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>UNITED WHOLESALE MT 5.50%</name>
        <lei>549300HW662MN1WU8550</lei>
        <title>UNITED WHOLESALE MT 5.50%</title>
        <cusip>913229AA8</cusip>
        <identifiers>
          <isin value="US913229AA80"/>
          <ticker value="UWMLLC"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TEINE ENERGY LTD 6.875%</name>
        <lei>894500JBC83AX7PYEU16</lei>
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          <isin value="US879068AB03"/>
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        <curCd>USD</curCd>
        <valUSD>50035.25</valUSD>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>STATION CASINOS LL 4.625%</name>
        <lei>5493004E7Q60TX54WL62</lei>
        <title>STATION CASINOS LL 4.625%</title>
        <cusip>857691AH2</cusip>
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          <isin value="US857691AH24"/>
          <ticker value="RRR"/>
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        <curCd>USD</curCd>
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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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        <cusip>683720AC0</cusip>
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          <isin value="US683720AC08"/>
          <ticker value="OTEXCN"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNITED WHOLESALE MT 5.75%</name>
        <lei>549300HW662MN1WU8550</lei>
        <title>UNITED WHOLESALE MT 5.75%</title>
        <cusip>913229AC4</cusip>
        <identifiers>
          <isin value="US913229AC47"/>
          <ticker value="UWMLLC"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24756.79</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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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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          <ticker value="JACENT"/>
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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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          <annualizedRt>6.750000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TENET HEALTHCARE C 6.125%</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE C 6.125%</title>
        <cusip>88033GDK3</cusip>
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          <isin value="US88033GDK31"/>
          <ticker value="THC"/>
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        <balance>87000</balance>
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        <curCd>USD</curCd>
        <valUSD>87349.65</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GENESIS ENERGY LP 8.875%</name>
        <lei>N/A</lei>
        <title>GENESIS ENERGY LP 8.875%</title>
        <cusip>37185LAN2</cusip>
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          <isin value="US37185LAN29"/>
          <ticker value="GEL"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>26159.98</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>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.875000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALBERTSONS COS / SA 6.50%</name>
        <lei>N/A</lei>
        <title>ALBERTSONS COS / SA 6.50%</title>
        <cusip>01309QAA6</cusip>
        <identifiers>
          <isin value="US01309QAA67"/>
          <ticker value="ACI"/>
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        <balance>75000</balance>
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        <curCd>USD</curCd>
        <valUSD>75609.9</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>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NRG ENERGY INC F2V</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC F2V</title>
        <cusip>629377CU4</cusip>
        <identifiers>
          <isin value="US629377CU45"/>
          <ticker value="NRG"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>53951.65</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.250000000000</annualizedRt>
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      <invstOrSec>
        <name>SIX FLAGS ENTERTAIN 7.25%</name>
        <lei>529900AS2CYWYFHRS781</lei>
        <title>SIX FLAGS ENTERTAIN 7.25%</title>
        <cusip>83001AAD4</cusip>
        <identifiers>
          <isin value="US83001AAD46"/>
          <ticker value="FUN"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24853.75</valUSD>
        <pctVal>0.0173103166</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
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      <invstOrSec>
        <name>FMC CORP 6.375%</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC CORP 6.375%</title>
        <cusip>302491AY1</cusip>
        <identifiers>
          <isin value="US302491AY14"/>
          <ticker value="FMC"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>19653.36</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>2053-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</annualizedRt>
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      <invstOrSec>
        <name>SELECT MEDICAL CORP 6.25%</name>
        <lei>549300X05KS0JKR8CB50</lei>
        <title>SELECT MEDICAL CORP 6.25%</title>
        <cusip>816196AV1</cusip>
        <identifiers>
          <isin value="US816196AV14"/>
          <ticker value="SEM"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24286.22</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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          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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        <name>STARWOOD PROP. TST. 6.50%</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROP. TST. 6.50%</title>
        <cusip>85571BBD6</cusip>
        <identifiers>
          <isin value="US85571BBD64"/>
          <ticker value="STWD"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25530.5</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>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <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>75000</balance>
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        <curCd>USD</curCd>
        <valUSD>74831.37</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>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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        <name>TRINSEO LUXCO FIN. SP PIK</name>
        <lei>N/A</lei>
        <title>TRINSEO LUXCO FIN. SP PIK</title>
        <cusip>89668JAA2</cusip>
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          <isin value="US89668JAA25"/>
          <ticker value="TSE"/>
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        <balance>87304</balance>
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        <curCd>USD</curCd>
        <valUSD>8.73</valUSD>
        <pctVal>0.0000060803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.625000000000</annualizedRt>
          <isDefault>Y</isDefault>
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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>
        <identifiers>
          <isin value="US74843PAB67"/>
          <ticker value="QUIKHO"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25484.45</valUSD>
        <pctVal>0.0177495910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>
      <invstOrSec>
        <name>TRUENOORD CAP. DAC 8.75%</name>
        <lei>N/A</lei>
        <title>TRUENOORD CAP. DAC 8.75%</title>
        <cusip>89785GAA6</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STAR LEASING CO LL 7.625%</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ESC WASH MU BK SR NOTE</name>
        <lei>EJCO258LNNVSKAR2JX59</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>ROCKIES EXPRESS PIP 4.95%</name>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>NRG ENERGY INC 5.25%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <identifiers>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>BAUSCH HEALTH COS I 7.00%</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS I 7.00%</title>
        <cusip>071734AD9</cusip>
        <identifiers>
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          <ticker value="BHCCN"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>MPT OPERATING P/SH 4.625%</name>
        <lei>N/A</lei>
        <title>MPT OPERATING P/SH 4.625%</title>
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          <ticker value="MPW"/>
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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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        <name>CHARLES RIVER LABS. 4.00%</name>
        <lei>549300BSQ0R4UZ5KX287</lei>
        <title>CHARLES RIVER LABS. 4.00%</title>
        <cusip>159864AJ6</cusip>
        <identifiers>
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          <ticker value="CRL"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>23451.42</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FERRELLGAS LP / FE 5.875%</name>
        <lei>N/A</lei>
        <title>FERRELLGAS LP / FE 5.875%</title>
        <cusip>315289AC2</cusip>
        <identifiers>
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          <ticker value="FGP"/>
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        <curCd>USD</curCd>
        <valUSD>121578.25</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRIMAS CORP 4.125%</name>
        <lei>75G1WUQ8QK4P5MZOYD78</lei>
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        <cusip>896215AH3</cusip>
        <identifiers>
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          <ticker value="TRS"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48198.19</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LD HLDGS. GRP. LLC 6.125%</name>
        <lei>N/A</lei>
        <title>LD HLDGS. GRP. LLC 6.125%</title>
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        <curCd>USD</curCd>
        <valUSD>20905</valUSD>
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        <invCountry>US</invCountry>
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        <name>BLACKSTONE MTGE. TS 3.75%</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>BLACKSTONE MTGE. TS 3.75%</title>
        <cusip>09257WAD2</cusip>
        <identifiers>
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          <ticker value="BXMT"/>
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        <curCd>USD</curCd>
        <valUSD>49456.25</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TOPBUILD CORP 4.125%</name>
        <lei>5493007YSKHOL4RWII46</lei>
        <title>TOPBUILD CORP 4.125%</title>
        <cusip>89055FAC7</cusip>
        <identifiers>
          <isin value="US89055FAC77"/>
          <ticker value="BLD"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25225.75</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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          <annualizedRt>4.125000000000</annualizedRt>
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        <name>SONIC AUTOMOTIVE I 4.625%</name>
        <lei>549300NTLRGJ2JCBZU03</lei>
        <title>SONIC AUTOMOTIVE I 4.625%</title>
        <cusip>83545GBD3</cusip>
        <identifiers>
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          <ticker value="SAH"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>48938.04</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>4.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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        <name>ASBURY AUTOMOTIVE 4.625%</name>
        <lei>549300JH4DTA7U42GL91</lei>
        <title>ASBURY AUTOMOTIVE 4.625%</title>
        <cusip>043436AW4</cusip>
        <identifiers>
          <isin value="US043436AW48"/>
          <ticker value="ABG"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24343.46</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</annualizedRt>
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      <invstOrSec>
        <name>NCL CORP LTD 7.75%</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL CORP LTD 7.75%</title>
        <cusip>62886HBG5</cusip>
        <identifiers>
          <isin value="US62886HBG56"/>
          <ticker value="NCLH"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>26087.2</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KB HOME 7.25%</name>
        <lei>549300LGUCWQURMWLG09</lei>
        <title>KB HOME 7.25%</title>
        <cusip>48666KBA6</cusip>
        <identifiers>
          <isin value="US48666KBA60"/>
          <ticker value="KBH"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50968.6</valUSD>
        <pctVal>0.0354989731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>ENTEGRIS INC 5.95%</name>
        <lei>IYX6OWO7BT5DKO3BYG52</lei>
        <title>ENTEGRIS INC 5.95%</title>
        <cusip>29365BAB9</cusip>
        <identifiers>
          <isin value="US29365BAB99"/>
          <ticker value="ENTG"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25253.75</valUSD>
        <pctVal>0.0175889114</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>5.950000000000</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>OWENS-BROCKWAY GLAS 7.25%</name>
        <lei>V2UQUCDZJ9WY98W8QU33</lei>
        <title>OWENS-BROCKWAY GLAS 7.25%</title>
        <cusip>69073TAU7</cusip>
        <identifiers>
          <isin value="US69073TAU79"/>
          <ticker value="OI"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74117.88</valUSD>
        <pctVal>0.0516221483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>AMERIGAS PARTNERS 9.375%</name>
        <lei>N/A</lei>
        <title>AMERIGAS PARTNERS 9.375%</title>
        <cusip>030981AM6</cusip>
        <identifiers>
          <isin value="US030981AM61"/>
          <ticker value="APU"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25564.45</valUSD>
        <pctVal>0.0178053100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAIA PURCHASER INC TL</name>
        <lei>N/A</lei>
        <title>GAIA PURCHASER INC TL</title>
        <cusip>LX2925480</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="0B2UJWU"/>
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        <balance>47000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46941.25</valUSD>
        <pctVal>0.0326939757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DIRECTV FINC. LLC 5.875%</name>
        <lei>N/A</lei>
        <title>DIRECTV FINC. LLC 5.875%</title>
        <cusip>25461LAA0</cusip>
        <identifiers>
          <isin value="US25461LAA08"/>
          <ticker value="DTV"/>
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        <balance>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13979.62</valUSD>
        <pctVal>0.0097366252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>HUB INTL. LTD 7.25%</name>
        <lei>549300JQT6ATTUNS5E06</lei>
        <title>HUB INTL. LTD 7.25%</title>
        <cusip>44332PAH4</cusip>
        <identifiers>
          <isin value="US44332PAH47"/>
          <ticker value="HBGCN"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76967.78</valUSD>
        <pctVal>0.0536070669</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>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>
      <invstOrSec>
        <name>ONEMAIN FIN. CORP 7.50%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 7.50%</title>
        <cusip>682691AF7</cusip>
        <identifiers>
          <isin value="US682691AF77"/>
          <ticker value="OMF"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51655.42</valUSD>
        <pctVal>0.0359773344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</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>
      <invstOrSec>
        <name>MOLINA HEALTHCARE I 6.25%</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>MOLINA HEALTHCARE I 6.25%</title>
        <cusip>60855RAM2</cusip>
        <identifiers>
          <isin value="US60855RAM25"/>
          <ticker value="MOH"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25041.93</valUSD>
        <pctVal>0.0174413815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</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>ALLISON TRANSMISSIO 4.75%</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
        <title>ALLISON TRANSMISSIO 4.75%</title>
        <cusip>019736AE7</cusip>
        <identifiers>
          <isin value="US019736AE70"/>
          <ticker value="ALSN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24937.68</valUSD>
        <pctVal>0.0173687728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>BROWN GRP HLDG TL</name>
        <lei>25490094PF4HHK9QS109</lei>
        <title>BROWN GRP HLDG TL</title>
        <cusip>11565HAD8</cusip>
        <identifiers>
          <isin value="US11565HAD89"/>
          <ticker value="SIGLN"/>
          <other otherDesc="IDII" value="7RNZ3G1"/>
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        <balance>.01</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>.01</valUSD>
        <pctVal>0.0000000070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.880000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNYMAC FINL. SER 7.125%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SER 7.125%</title>
        <cusip>70932MAE7</cusip>
        <identifiers>
          <isin value="US70932MAE75"/>
          <ticker value="PFSI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25334.53</valUSD>
        <pctVal>0.0176451737</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>
      <invstOrSec>
        <name>SERVICE PROPS. TRUS 4.95%</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PROPS. TRUS 4.95%</title>
        <cusip>44106MBB7</cusip>
        <identifiers>
          <isin value="US44106MBB72"/>
          <ticker value="SVC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47102</valUSD>
        <pctVal>0.0328059360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="37227.550000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>IHEARTCOMMUNICATION 4.75%</name>
        <lei>54930076J6KDZL504O62</lei>
        <title>IHEARTCOMMUNICATION 4.75%</title>
        <cusip>45174HBG1</cusip>
        <identifiers>
          <isin value="US45174HBG11"/>
          <ticker value="IHRT"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71805.95</valUSD>
        <pctVal>0.0500119188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>SERVICE PROPS. TRU 8.875%</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PROPS. TRU 8.875%</title>
        <cusip>81761LAE2</cusip>
        <identifiers>
          <isin value="US81761LAE20"/>
          <ticker value="SVC"/>
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        <balance>51000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52507.56</valUSD>
        <pctVal>0.0365708389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</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>GATES CORP/THE 6.875%</name>
        <lei>984500F43C791F4C7894</lei>
        <title>GATES CORP/THE 6.875%</title>
        <cusip>367398AA2</cusip>
        <identifiers>
          <isin value="US367398AA27"/>
          <ticker value="GTES"/>
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        <balance>42000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42956.68</valUSD>
        <pctVal>0.0299187741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>BAUSCH HEALTH COS I 5.00%</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS I 5.00%</title>
        <cusip>071734AH0</cusip>
        <identifiers>
          <isin value="US071734AH05"/>
          <ticker value="BHCCN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44375</valUSD>
        <pctVal>0.0309066157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-30</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>POST HLDGS. INC 4.50%</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST HLDGS. INC 4.50%</title>
        <cusip>737446AR5</cusip>
        <identifiers>
          <isin value="US737446AR57"/>
          <ticker value="POST"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23452.84</valUSD>
        <pctVal>0.0163346008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JANE STREET GRP. / 4.50%</name>
        <lei>N/A</lei>
        <title>JANE STREET GRP. / 4.50%</title>
        <cusip>47077WAA6</cusip>
        <identifiers>
          <isin value="US47077WAA62"/>
          <ticker value="JANEST"/>
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        <balance>75000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>47576.67</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>MT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TRIVIUM PACKAGING F 8.25%</name>
        <lei>724500GMZWW3PVYET548</lei>
        <title>TRIVIUM PACKAGING F 8.25%</title>
        <cusip>89686QAD8</cusip>
        <identifiers>
          <isin value="US89686QAD88"/>
          <ticker value="TRIVIU"/>
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        <curCd>USD</curCd>
        <valUSD>190191.24</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>RIVERS ENT. LENDER 6.25%</name>
        <lei>N/A</lei>
        <title>RIVERS ENT. LENDER 6.25%</title>
        <cusip>76884GAA3</cusip>
        <identifiers>
          <isin value="US76884GAA31"/>
          <ticker value="RIVENT"/>
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        <balance>23000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23287.41</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <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>
      <invstOrSec>
        <name>ATHENAHEALTH GRP. I 6.50%</name>
        <lei>254900AA3KZN4Q7A5Z33</lei>
        <title>ATHENAHEALTH GRP. I 6.50%</title>
        <cusip>60337JAA4</cusip>
        <identifiers>
          <isin value="US60337JAA43"/>
          <ticker value="ATHENA"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>191764.8</valUSD>
        <pctVal>0.1335617120</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>6.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BUILDERS FIRSTSOUR 6.375%</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BUILDERS FIRSTSOUR 6.375%</title>
        <cusip>12008RAR8</cusip>
        <identifiers>
          <isin value="US12008RAR84"/>
          <ticker value="BLDR"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101483.3</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>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAUSCH HEALTH COS 11.00%</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS 11.00%</title>
        <cusip>071734AQ0</cusip>
        <identifiers>
          <isin value="US071734AQ04"/>
          <ticker value="BHCCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25458</valUSD>
        <pctVal>0.0177311689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>11.000000000000</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>SHEA HOMES LP / SHE 4.75%</name>
        <lei>N/A</lei>
        <title>SHEA HOMES LP / SHE 4.75%</title>
        <cusip>82088KAJ7</cusip>
        <identifiers>
          <isin value="US82088KAJ79"/>
          <ticker value="SHEAHM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24434.02</valUSD>
        <pctVal>0.0170179801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="24734.190000000000"/>
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      <invstOrSec>
        <name>CLEAN HARBORS INC 6.375%</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>CLEAN HARBORS INC 6.375%</title>
        <cusip>184496AQ0</cusip>
        <identifiers>
          <isin value="US184496AQ03"/>
          <ticker value="CLH"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25353.1</valUSD>
        <pctVal>0.0176581074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</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>
      <invstOrSec>
        <name>TENET HEALTHCARE C 4.375%</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE C 4.375%</title>
        <cusip>88033GDR8</cusip>
        <identifiers>
          <isin value="US88033GDR83"/>
          <ticker value="THC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24227.85</valUSD>
        <pctVal>0.0168743853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</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>GARDA WORLD SEC. CO 7.75%</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>GARDA WORLD SEC. CO 7.75%</title>
        <cusip>36485MAM1</cusip>
        <identifiers>
          <isin value="US36485MAM10"/>
          <ticker value="GWCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25440.93</valUSD>
        <pctVal>0.0177192799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</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>
        <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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23431.13</valUSD>
        <pctVal>0.0163194801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.250000000000</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>NOVA CHEMS. CORP 7.00%</name>
        <lei>549300ZOD6N7RI2FJP09</lei>
        <title>NOVA CHEMS. CORP 7.00%</title>
        <cusip>66977WAV1</cusip>
        <identifiers>
          <isin value="US66977WAV19"/>
          <ticker value="NCX"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26270.05</valUSD>
        <pctVal>0.0182967513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-01</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>
        <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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26436.9</valUSD>
        <pctVal>0.0184129602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-15</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>MPH ACQUISITION HLDGS PIK</name>
        <lei>5493002WXOPRPTXWTU06</lei>
        <title>MPH ACQUISITION HLDGS PIK</title>
        <cusip>553283AE2</cusip>
        <identifiers>
          <isin value="US553283AE26"/>
          <ticker value="MLTPLN"/>
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        <balance>27554</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16473.47</valUSD>
        <pctVal>0.0114735596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <loanByFundCondition isLoanByFund="Y" loanVal="16560.760000000000"/>
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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>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25471.98</valUSD>
        <pctVal>0.0177409058</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>8.500000000000</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>CHURCHILL DOWNS INC 4.75%</name>
        <lei>529900FODTBQC8MIS994</lei>
        <title>CHURCHILL DOWNS INC 4.75%</title>
        <cusip>171484AE8</cusip>
        <identifiers>
          <isin value="US171484AE81"/>
          <ticker value="CHDN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24756.83</valUSD>
        <pctVal>0.0172428131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>VOC ESCROW LTD 5.00%</name>
        <lei>N/A</lei>
        <title>VOC ESCROW LTD 5.00%</title>
        <cusip>91832VAA2</cusip>
        <identifiers>
          <isin value="US91832VAA26"/>
          <ticker value="VIKCRU"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24969.06</valUSD>
        <pctVal>0.0173906285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74859.75</valUSD>
        <pctVal>0.0521388512</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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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 4.20%</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARAMOUNT GLOBAL 4.20%</title>
        <cusip>124857AZ6</cusip>
        <identifiers>
          <isin value="US124857AZ68"/>
          <ticker value="PARA"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47968.18</valUSD>
        <pctVal>0.0334092192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.200000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>VODAFONE GROUP PLC F2V</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>VODAFONE GROUP PLC F2V</title>
        <cusip>92857WBQ2</cusip>
        <identifiers>
          <isin value="US92857WBQ24"/>
          <ticker value="VOD"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51852.5</valUSD>
        <pctVal>0.0361145981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2079-04-04</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>BAUSCH HEALTH COS I 7.25%</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS I 7.25%</title>
        <cusip>071734AF4</cusip>
        <identifiers>
          <isin value="US071734AF49"/>
          <ticker value="BHCCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18839</valUSD>
        <pctVal>0.0131211207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>OLIN CORP 5.625%</name>
        <lei>549300GKK294V7W57P06</lei>
        <title>OLIN CORP 5.625%</title>
        <cusip>680665AL0</cusip>
        <identifiers>
          <isin value="US680665AL00"/>
          <ticker value="OLN"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74447.66</valUSD>
        <pctVal>0.0518518358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</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>SINCLAIR TELEVISION 5.50%</name>
        <lei>549300CQGEN0CH65UD62</lei>
        <title>SINCLAIR TELEVISION 5.50%</title>
        <cusip>829259AY6</cusip>
        <identifiers>
          <isin value="US829259AY67"/>
          <ticker value="SBGI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21750</valUSD>
        <pctVal>0.0151485947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="17772.770000000000"/>
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      <invstOrSec>
        <name>PLAYTIKA HLDG. CORP 4.25%</name>
        <lei>254900E35Z4TKA4UFG64</lei>
        <title>PLAYTIKA HLDG. CORP 4.25%</title>
        <cusip>72815LAA5</cusip>
        <identifiers>
          <isin value="US72815LAA52"/>
          <ticker value="PLTK"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22375</valUSD>
        <pctVal>0.0155838992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="22693.750000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>TEREX CORP 5.00%</name>
        <lei>YAWJZJYEQ7M1SYMOS462</lei>
        <title>TEREX CORP 5.00%</title>
        <cusip>880779BA0</cusip>
        <identifiers>
          <isin value="US880779BA01"/>
          <ticker value="TEX"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74302.22</valUSD>
        <pctVal>0.0517505387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CROCS INC 4.25%</name>
        <lei>549300B0J6YCXD63OG72</lei>
        <title>CROCS INC 4.25%</title>
        <cusip>227046AA7</cusip>
        <identifiers>
          <isin value="US227046AA78"/>
          <ticker value="CROX"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24256.29</valUSD>
        <pctVal>0.0168941934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>SOMNIGROUP INTL. IN 4.00%</name>
        <lei>549300HFEKVR3US71V91</lei>
        <title>SOMNIGROUP INTL. IN 4.00%</title>
        <cusip>88023UAH4</cusip>
        <identifiers>
          <isin value="US88023UAH41"/>
          <ticker value="SGI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24100.29</valUSD>
        <pctVal>0.0167855414</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>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>LAMB WESTON HLDGS. 4.125%</name>
        <lei>5493005SMYID1D2OY946</lei>
        <title>LAMB WESTON HLDGS. 4.125%</title>
        <cusip>513272AD6</cusip>
        <identifiers>
          <isin value="US513272AD65"/>
          <ticker value="LW"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23973.04</valUSD>
        <pctVal>0.0166969134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</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>COMPASS GRP. DIVS. 5.00%</name>
        <lei>549300I6PTUQPX21TE93</lei>
        <title>COMPASS GRP. DIVS. 5.00%</title>
        <cusip>20451RAC6</cusip>
        <identifiers>
          <isin value="US20451RAC60"/>
          <ticker value="CODI"/>
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        <balance>25733</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23378.68</valUSD>
        <pctVal>0.0162829494</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="18634.080000000000"/>
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      <invstOrSec>
        <name>CHS/COMMUNITY HEALT 5.25%</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/COMMUNITY HEALT 5.25%</title>
        <cusip>12543DBM1</cusip>
        <identifiers>
          <isin value="US12543DBM11"/>
          <ticker value="CYH"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70772.27</valUSD>
        <pctVal>0.0492919740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
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      </invstOrSec>
      <invstOrSec>
        <name>SUNOCO LP / SUNOCO 4.50%</name>
        <lei>N/A</lei>
        <title>SUNOCO LP / SUNOCO 4.50%</title>
        <cusip>86765LAZ0</cusip>
        <identifiers>
          <isin value="US86765LAZ04"/>
          <ticker value="SUN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48562.39</valUSD>
        <pctVal>0.0338230788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</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>CAMELOT RTRN. MERGE 8.75%</name>
        <lei>549300IW41QEWQ6T0H29</lei>
        <title>CAMELOT RTRN. MERGE 8.75%</title>
        <cusip>13323NAA0</cusip>
        <identifiers>
          <isin value="US13323NAA00"/>
          <ticker value="CNR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15493.03</valUSD>
        <pctVal>0.0107906957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="16404.490000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>CCO HLDGS. LLC / C 6.375%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / C 6.375%</title>
        <cusip>1248EPCS0</cusip>
        <identifiers>
          <isin value="US1248EPCS01"/>
          <ticker value="CHTR"/>
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        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>149848.68</valUSD>
        <pctVal>0.1043676746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLOUD SOFTWARE GRP. 6.50%</name>
        <lei>N/A</lei>
        <title>CLOUD SOFTWARE GRP. 6.50%</title>
        <cusip>88632QAE3</cusip>
        <identifiers>
          <isin value="US88632QAE35"/>
          <ticker value="TIBX"/>
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        <balance>175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>169799.22</valUSD>
        <pctVal>0.1182629686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-31</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>VENTURE GBL. CALCAS 6.25%</name>
        <lei>549300GKHS6RS20NLH85</lei>
        <title>VENTURE GBL. CALCAS 6.25%</title>
        <cusip>92328MAE3</cusip>
        <identifiers>
          <isin value="US92328MAE30"/>
          <ticker value="VENTGL"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51209.2</valUSD>
        <pctVal>0.0356665479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>SYNCHRONY FINANCIAL 7.25%</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>SYNCHRONY FINANCIAL 7.25%</title>
        <cusip>87165BAU7</cusip>
        <identifiers>
          <isin value="US87165BAU70"/>
          <ticker value="SYF"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52120.58</valUSD>
        <pctVal>0.0363013123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-02</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>
      <invstOrSec>
        <name>CLEVELAND-CLIFFS IN 6.75%</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS IN 6.75%</title>
        <cusip>185899AN1</cusip>
        <identifiers>
          <isin value="US185899AN14"/>
          <ticker value="CLF"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25008.88</valUSD>
        <pctVal>0.0174183626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>IRON MOUNTAIN INC 6.25%</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC 6.25%</title>
        <cusip>46284VAQ4</cusip>
        <identifiers>
          <isin value="US46284VAQ41"/>
          <ticker value="IRM"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50523.7</valUSD>
        <pctVal>0.0351891060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</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>BOEING CO/THE 6.858%</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BOEING CO/THE 6.858%</title>
        <cusip>097023DT9</cusip>
        <identifiers>
          <isin value="US097023DT94"/>
          <ticker value="BA"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56193.61</valUSD>
        <pctVal>0.0391381252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.858000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>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>90000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78030</valUSD>
        <pctVal>0.0543468895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="79688.430000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>QUIKRETE HLDGS. IN 6.375%</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>QUIKRETE HLDGS. IN 6.375%</title>
        <cusip>74843PAA8</cusip>
        <identifiers>
          <isin value="US74843PAA84"/>
          <ticker value="QUIKHO"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>102117.7</valUSD>
        <pctVal>0.0711236621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CLEVELAND-CLIFFS IN 7.50%</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS IN 7.50%</title>
        <cusip>185899AS0</cusip>
        <identifiers>
          <isin value="US185899AS01"/>
          <ticker value="CLF"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25303.45</valUSD>
        <pctVal>0.0176235269</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>SINCLAIR TELEVISIO 4.375%</name>
        <lei>549300CQGEN0CH65UD62</lei>
        <title>SINCLAIR TELEVISIO 4.375%</title>
        <cusip>829259BF6</cusip>
        <identifiers>
          <isin value="US829259BF69"/>
          <ticker value="SBGI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19437.5</valUSD>
        <pctVal>0.0135379683</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>4.375000000000</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>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>160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>156494.18</valUSD>
        <pctVal>0.1089961797</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>
      <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>139000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>141664.78</valUSD>
        <pctVal>0.0986676937</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>
        <name>144A APLD COMPU 7.0%</name>
        <lei>N/A</lei>
        <title>144A APLD COMPU 7.0%</title>
        <cusip>03790NAA5</cusip>
        <identifiers>
          <isin value="US03790NAA54"/>
          <ticker value="ELNFOR"/>
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        <balance>132000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>131729.44</valUSD>
        <pctVal>0.0917478574</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>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>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>151000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>151588.59</valUSD>
        <pctVal>0.1055794995</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>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL 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>32000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32164.97</valUSD>
        <pctVal>0.0224024871</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>6.375000000000</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>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>89000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>89045.91</valUSD>
        <pctVal>0.0620193288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>MPT OPERATING P/SHI 5.00%</name>
        <lei>N/A</lei>
        <title>MPT OPERATING P/SHI 5.00%</title>
        <cusip>55342UAH7</cusip>
        <identifiers>
          <isin value="US55342UAH77"/>
          <ticker value="MPW"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>96995.98</valUSD>
        <pctVal>0.0675564501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>NORTHWEST ACQUISIT 7.125%</name>
        <lei>549300514YCQANUHXW83</lei>
        <title>NORTHWEST ACQUISIT 7.125%</title>
        <cusip>66727WAA0</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>COMSTOCK RES. INC 5.875%</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>COMSTOCK RES. INC 5.875%</title>
        <cusip>205768AT1</cusip>
        <identifiers>
          <isin value="US205768AT12"/>
          <ticker value="CRK"/>
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        <balance>74000</balance>
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        <curCd>USD</curCd>
        <valUSD>69794.36</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CENTRAL PARENT / CD 7.25%</name>
        <lei>N/A</lei>
        <title>CENTRAL PARENT / CD 7.25%</title>
        <cusip>15477CAA3</cusip>
        <identifiers>
          <isin value="US15477CAA36"/>
          <ticker value="CDK"/>
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        <balance>88000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46640</valUSD>
        <pctVal>0.0324841590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>IRON MOUNTAIN INC 5.25%</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC 5.25%</title>
        <cusip>46284VAE1</cusip>
        <identifiers>
          <isin value="US46284VAE11"/>
          <ticker value="IRM"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49934.35</valUSD>
        <pctVal>0.0347786313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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>
      <invstOrSec>
        <name>SERVICE PROPS. TRU 4.375%</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PROPS. TRU 4.375%</title>
        <cusip>44106MAY8</cusip>
        <identifiers>
          <isin value="US44106MAY84"/>
          <ticker value="SVC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22561.53</valUSD>
        <pctVal>0.0157138149</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>4.375000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="22974.720000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>SPIRIT AEROSYSTEMS 4.60%</name>
        <lei>ZD2NBKV6GCC3UMGBM518</lei>
        <title>SPIRIT AEROSYSTEMS 4.60%</title>
        <cusip>85205TAK6</cusip>
        <identifiers>
          <isin value="US85205TAK60"/>
          <ticker value="SPR"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49810.82</valUSD>
        <pctVal>0.0346925942</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>GO DADDY OPERATING 5.25%</name>
        <lei>N/A</lei>
        <title>GO DADDY OPERATING 5.25%</title>
        <cusip>38016LAA3</cusip>
        <identifiers>
          <isin value="US38016LAA35"/>
          <ticker value="GDDY"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24974.11</valUSD>
        <pctVal>0.0173941458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</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>
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      </invstOrSec>
      <invstOrSec>
        <name>WYNN RESORTS FIN. 5.125%</name>
        <lei>N/A</lei>
        <title>WYNN RESORTS FIN. 5.125%</title>
        <cusip>983133AA7</cusip>
        <identifiers>
          <isin value="US983133AA70"/>
          <ticker value="WYNFIN"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74496.62</valUSD>
        <pctVal>0.0518859358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125000000000</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>IRON MOUNTAIN INC 5.25%</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC 5.25%</title>
        <cusip>46284VAJ0</cusip>
        <identifiers>
          <isin value="US46284VAJ08"/>
          <ticker value="IRM"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>123132.12</valUSD>
        <pctVal>0.0857599348</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>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>
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      </invstOrSec>
      <invstOrSec>
        <name>WHIRLPOOL CORP 5.15%</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>WHIRLPOOL CORP 5.15%</title>
        <cusip>96332HCG2</cusip>
        <identifiers>
          <isin value="US96332HCG20"/>
          <ticker value="WHR"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31256.08</valUSD>
        <pctVal>0.0217694569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.150000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>OPEN TEXT CORP 3.875%</name>
        <lei>549300HP7ONDQODZJV16</lei>
        <title>OPEN TEXT CORP 3.875%</title>
        <cusip>683715AC0</cusip>
        <identifiers>
          <isin value="US683715AC05"/>
          <ticker value="OTEXCN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48724.63</valUSD>
        <pctVal>0.0339360769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</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>CLYDESDALE ACQUISIT 6.75%</name>
        <lei>254900QKSDYFR3K5YD98</lei>
        <title>CLYDESDALE ACQUISIT 6.75%</title>
        <cusip>18972EAD7</cusip>
        <identifiers>
          <isin value="US18972EAD76"/>
          <ticker value="NOVHOL"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97060.52</valUSD>
        <pctVal>0.0676014014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>EXCELERATE ENERGY L 8.00%</name>
        <lei>LGL4IE90TNTFYJ55BK06</lei>
        <title>EXCELERATE ENERGY L 8.00%</title>
        <cusip>30069UAA6</cusip>
        <identifiers>
          <isin value="US30069UAA60"/>
          <ticker value="EXCENE"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52730</valUSD>
        <pctVal>0.0367257655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</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>JH NORTH AMERICA H 5.875%</name>
        <lei>254900A6FXA0D81TL967</lei>
        <title>JH NORTH AMERICA H 5.875%</title>
        <cusip>46593WAA3</cusip>
        <identifiers>
          <isin value="US46593WAA36"/>
          <ticker value="JHXAU"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25117.63</valUSD>
        <pctVal>0.0174941056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-31</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>RITHM CAP. CORP 8.00%</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>RITHM CAP. CORP 8.00%</title>
        <cusip>64828TAC6</cusip>
        <identifiers>
          <isin value="US64828TAC62"/>
          <ticker value="RITM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24936.52</valUSD>
        <pctVal>0.0173679648</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>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>FORTREA HLDGS. INC 7.50%</name>
        <lei>5493000FIVFABOVCDU97</lei>
        <title>FORTREA HLDGS. INC 7.50%</title>
        <cusip>34965KAA5</cusip>
        <identifiers>
          <isin value="US34965KAA51"/>
          <ticker value="FTRE"/>
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        <balance>33000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33453.68</valUSD>
        <pctVal>0.0233000570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="22302.460000000000"/>
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      <invstOrSec>
        <name>VENTURE GBL. LNG INC F2V</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENTURE GBL. LNG INC F2V</title>
        <cusip>92332YAF8</cusip>
        <identifiers>
          <isin value="US92332YAF88"/>
          <ticker value="VENLNG"/>
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        <balance>360000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>351473.47</valUSD>
        <pctVal>0.2447967426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-31</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BEACON MOBILITY COR 7.25%</name>
        <lei>254900EBTYFG24UQEM31</lei>
        <title>BEACON MOBILITY COR 7.25%</title>
        <cusip>073644AA4</cusip>
        <identifiers>
          <isin value="US073644AA49"/>
          <ticker value="BEAMOB"/>
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        <curCd>USD</curCd>
        <valUSD>25949.57</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTH BOW CANADIAN IN F2V</name>
        <lei>2549004FYUSYLPBT1G26</lei>
        <title>SOUTH BOW CANADIAN IN F2V</title>
        <cusip>836720AG7</cusip>
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          <isin value="US836720AG73"/>
          <ticker value="SOBOCN"/>
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        <curCd>USD</curCd>
        <valUSD>26183.28</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>KODIAK GAS SERVS. L 6.50%</name>
        <lei>549300ZQBRWEUOVOM131</lei>
        <title>KODIAK GAS SERVS. L 6.50%</title>
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          <isin value="US50012LAD64"/>
          <ticker value="KGS"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25341.33</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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          <maturityDt>2033-10-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24814.18</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>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US91740PAH10"/>
          <ticker value="USAC"/>
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        <balance>75000</balance>
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        <curCd>USD</curCd>
        <valUSD>74357.14</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CARNIVAL CORP 5.125%</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CARNIVAL CORP 5.125%</title>
        <cusip>143658CB6</cusip>
        <identifiers>
          <isin value="US143658CB65"/>
          <ticker value="CCL"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24961.32</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <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>49000</balance>
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        <curCd>USD</curCd>
        <valUSD>46551.56</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>8.000000000000</annualizedRt>
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      <invstOrSec>
        <name>VORTEX OPCO LLC TL</name>
        <lei>N/A</lei>
        <title>VORTEX OPCO LLC TL</title>
        <cusip>G9158TAD2</cusip>
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          <isin value="XAG9158TAD28"/>
          <ticker value="UNSTSV"/>
          <other otherDesc="IDII" value="LX242374"/>
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        <balance>30532.84</balance>
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        <curCd>USD</curCd>
        <valUSD>3867.59</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.868297794630</annualizedRt>
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      <invstOrSec>
        <name>ROCKET COS INC 7.125%</name>
        <lei>N/A</lei>
        <title>ROCKET COS INC 7.125%</title>
        <cusip>77311WAD3</cusip>
        <identifiers>
          <isin value="US77311WAD39"/>
          <ticker value="RKT"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51896.55</valUSD>
        <pctVal>0.0361452783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
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      <invstOrSec>
        <name>ALTICE FRANCE S.A TLN</name>
        <lei>N/A</lei>
        <title>ALTICE FRANCE S.A TLN</title>
        <cusip>LX2718273</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX271827"/>
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        <balance>33991.17</balance>
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        <curCd>USD</curCd>
        <valUSD>34637</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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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>75000</balance>
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        <curCd>USD</curCd>
        <valUSD>77964.19</valUSD>
        <pctVal>0.0543010537</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>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
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      <invstOrSec>
        <name>TKC HLDGS. INC 12.00%</name>
        <lei>N/A</lei>
        <title>TKC HLDGS. INC 12.00%</title>
        <cusip>87256YAG8</cusip>
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          <isin value="US87256YAG89"/>
          <ticker value="TKCHOL"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>52693.85</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>KODIAK GAS SERVS. 5.875%</name>
        <lei>549300ZQBRWEUOVOM131</lei>
        <title>KODIAK GAS SERVS. 5.875%</title>
        <cusip>50012LAF1</cusip>
        <identifiers>
          <isin value="US50012LAF13"/>
          <ticker value="KGS"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>50128.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
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      <invstOrSec>
        <name>SM ENERGY CO 6.625%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM ENERGY CO 6.625%</title>
        <cusip>78454LAZ3</cusip>
        <identifiers>
          <isin value="US78454LAZ31"/>
          <ticker value="SM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24608.08</valUSD>
        <pctVal>0.0171392106</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>6.625000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MOOG INC 5.50%</name>
        <lei>549300WM2I4U7OBAHG07</lei>
        <title>MOOG INC 5.50%</title>
        <cusip>615394AP8</cusip>
        <identifiers>
          <isin value="US615394AP83"/>
          <ticker value="MOGA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24619.32</valUSD>
        <pctVal>0.0171470391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-15</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CYPRIUM CORP / CYP 6.125%</name>
        <lei>N/A</lei>
        <title>CYPRIUM CORP / CYP 6.125%</title>
        <cusip>23292NAA6</cusip>
        <identifiers>
          <isin value="US23292NAA63"/>
          <ticker value="VGNT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24998.9</valUSD>
        <pctVal>0.0174114117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VISTRA OPERATIONS C 5.55%</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VISTRA OPERATIONS C 5.55%</title>
        <cusip>92840VBC5</cusip>
        <identifiers>
          <isin value="US92840VBC54"/>
          <ticker value="VST"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49744.47</valUSD>
        <pctVal>0.0346463823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-04-30</maturityDt>
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          <annualizedRt>5.550000000000</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>VISTRA OPERATIONS C 5.25%</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VISTRA OPERATIONS C 5.25%</title>
        <cusip>92840VBB7</cusip>
        <identifiers>
          <isin value="US92840VBB71"/>
          <ticker value="VST"/>
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        <curCd>USD</curCd>
        <valUSD>24814.99</valUSD>
        <pctVal>0.0172833208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-30</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>WILDFIRE INTERMEDIA 7.50%</name>
        <lei>5493003RHEMQJZEXIR02</lei>
        <title>WILDFIRE INTERMEDIA 7.50%</title>
        <cusip>96812HAA6</cusip>
        <identifiers>
          <isin value="US96812HAA68"/>
          <ticker value="WILDFI"/>
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        <balance>71000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72815.04</valUSD>
        <pctVal>0.0507147370</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>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>POST HLDGS. INC 6.25%</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST HLDGS. INC 6.25%</title>
        <cusip>737446AX2</cusip>
        <identifiers>
          <isin value="US737446AX26"/>
          <ticker value="POST"/>
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        <balance>57000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56005.57</valUSD>
        <pctVal>0.0390071578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</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>VERIZON COMMS. INC 6.73%</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMS. INC 6.73%</title>
        <cusip>92343VHR8</cusip>
        <identifiers>
          <isin value="US92343VHR87"/>
          <ticker value="VZ"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25262.24</valUSD>
        <pctVal>0.0175948246</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>6.730000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>ROCKIES EXPRESS PI 6.875%</name>
        <lei>W2ZGZGZKY5GGNY6F3V51</lei>
        <title>ROCKIES EXPRESS PI 6.875%</title>
        <cusip>77340RAM9</cusip>
        <identifiers>
          <isin value="US77340RAM97"/>
          <ticker value="ROCKIE"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25606.1</valUSD>
        <pctVal>0.0178343187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-15</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>
      <invstOrSec>
        <name>BROOKFIELD RESIDEN 4.875%</name>
        <lei>N/A</lei>
        <title>BROOKFIELD RESIDEN 4.875%</title>
        <cusip>11283YAD2</cusip>
        <identifiers>
          <isin value="US11283YAD22"/>
          <ticker value="BRPCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23264.93</valUSD>
        <pctVal>0.0162037239</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>4.875000000000</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>MOLINA HEALTHCARE 4.375%</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>MOLINA HEALTHCARE 4.375%</title>
        <cusip>60855RAJ9</cusip>
        <identifiers>
          <isin value="US60855RAJ95"/>
          <ticker value="MOH"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49126.99</valUSD>
        <pctVal>0.0342163155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</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>IRON MOUNTAIN INC 5.00%</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC 5.00%</title>
        <cusip>46284VAG6</cusip>
        <identifiers>
          <isin value="US46284VAG68"/>
          <ticker value="IRM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24903.57</valUSD>
        <pctVal>0.0173450156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <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>YUM! BRANDS INC 5.375%</name>
        <lei>549300JE8XHZZ7OHN517</lei>
        <title>YUM! BRANDS INC 5.375%</title>
        <cusip>988498AR2</cusip>
        <identifiers>
          <isin value="US988498AR20"/>
          <ticker value="YUM"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99469.45</valUSD>
        <pctVal>0.0692791901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IHEARTCOMMUNICATIONS TL</name>
        <lei>N/A</lei>
        <title>IHEARTCOMMUNICATIONS TL</title>
        <cusip>45174UAJ7</cusip>
        <identifiers>
          <isin value="US45174UAJ79"/>
          <other otherDesc="IDII" value="LX256823"/>
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        <balance>99057.34</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>94340.23</valUSD>
        <pctVal>0.0657067545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.443094086820</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>COMPASS MINERALS IN 8.00%</name>
        <lei>2549008X9G8XP7YJGC47</lei>
        <title>COMPASS MINERALS IN 8.00%</title>
        <cusip>20451NAJ0</cusip>
        <identifiers>
          <isin value="US20451NAJ00"/>
          <ticker value="CMP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26364.98</valUSD>
        <pctVal>0.0183628688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ONEMAIN FIN. CORP 7.50%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 7.50%</title>
        <cusip>682691AF7</cusip>
        <identifiers>
          <isin value="US682691AF77"/>
          <ticker value="OMF"/>
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        <balance>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14463.52</valUSD>
        <pctVal>0.0100736553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</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>STAPLES INC 10.75%</name>
        <lei>XQM2JINI1UL7642TU573</lei>
        <title>STAPLES INC 10.75%</title>
        <cusip>855030AQ5</cusip>
        <identifiers>
          <isin value="US855030AQ50"/>
          <ticker value="SPLS"/>
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        <balance>37000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35296.08</valUSD>
        <pctVal>0.0245832649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.750000000000</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>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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50592.6</valUSD>
        <pctVal>0.0352370939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</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>AMC NETWORKS INC 10.50%</name>
        <lei>549300VGG9K75226LR46</lei>
        <title>AMC NETWORKS INC 10.50%</title>
        <cusip>00164VAK9</cusip>
        <identifiers>
          <isin value="US00164VAK98"/>
          <ticker value="AMCX"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25697.68</valUSD>
        <pctVal>0.0178981030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>HILTON DOMESTIC OPE 5.75%</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OPE 5.75%</title>
        <cusip>432833AS0</cusip>
        <identifiers>
          <isin value="US432833AS06"/>
          <ticker value="HLT"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50187.35</valUSD>
        <pctVal>0.0349548425</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>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>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>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>198778.54</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FREEDOM MTGE. HLDG 7.875%</name>
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      <invstOrSec>
        <name>BLOCK INC 5.625%</name>
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        <name>FERRELLGAS LP / FER 9.25%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NABORS INDS. INC 7.625%</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SABLE INTL. FIN. L 7.125%</name>
        <lei>2138009IE9A35LO5JS73</lei>
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      <invstOrSec>
        <name>HILCORP ENERGY I LP 7.25%</name>
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          <ticker value="HILCRP"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TENET HEALTHCARE CO 5.50%</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
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        <cusip>88033GDW7</cusip>
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          <ticker value="THC"/>
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        <curCd>USD</curCd>
        <valUSD>49717.8</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>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
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      <invstOrSec>
        <name>ALLISON TRANSMISSI 5.875%</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
        <title>ALLISON TRANSMISSI 5.875%</title>
        <cusip>019736AH0</cusip>
        <identifiers>
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          <ticker value="ALSN"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24922.41</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
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      <invstOrSec>
        <name>COMMERCIAL METALS C 6.00%</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS C 6.00%</title>
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        <identifiers>
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          <ticker value="CMC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24935.28</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>OAK-EAGLE ACQUIRECO 8.75%</name>
        <lei>6488ICS9P20290MA1H31</lei>
        <title>OAK-EAGLE ACQUIRECO 8.75%</title>
        <cusip>67124CAB9</cusip>
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          <ticker value="EA"/>
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        <curCd>USD</curCd>
        <valUSD>26533.05</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
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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>
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          <isin value="US985925AA44"/>
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        <curCd>USD</curCd>
        <valUSD>50125.54</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>RRD PARENT INC 14% 0.0%</name>
        <lei>N/A</lei>
        <title>RRD PARENT INC 14% 0.0%</title>
        <cusip>74983TAB8</cusip>
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          <isin value="US74983TAB89"/>
          <ticker value="CHADEL"/>
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        <curCd>USD</curCd>
        <valUSD>26687.75</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>3</fairValLevel>
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        <name>TRANSOCEAN INC 7.50%</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>TRANSOCEAN INC 7.50%</title>
        <cusip>893830AF6</cusip>
        <identifiers>
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          <ticker value="RIG"/>
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        <curCd>USD</curCd>
        <valUSD>75737.55</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
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        <name>OGX AUSTRIA GMBH 8.50%</name>
        <lei>549300WGIYVE2Q06DI23</lei>
        <title>OGX AUSTRIA GMBH 8.50%</title>
        <cusip>670849AA6</cusip>
        <identifiers>
          <isin value="US670849AA60"/>
          <ticker value="OGXPBZ"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24.2</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isDefault>Y</isDefault>
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        <name>NOVELIS CORP 4.75%</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>NOVELIS CORP 4.75%</title>
        <cusip>670001AE6</cusip>
        <identifiers>
          <isin value="US670001AE60"/>
          <ticker value="HNDLIN"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24183.56</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>
          <annualizedRt>4.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BEAZER HOMES USA IN 7.25%</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>BEAZER HOMES USA IN 7.25%</title>
        <cusip>07556QBT1</cusip>
        <identifiers>
          <isin value="US07556QBT13"/>
          <ticker value="BZH"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25226.73</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>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LIVE NATION ENTERTA 6.50%</name>
        <lei>5493007B9BM9ZXJINO78</lei>
        <title>LIVE NATION ENTERTA 6.50%</title>
        <cusip>538034AV1</cusip>
        <identifiers>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DAVITA INC 4.625%</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DAVITA INC 4.625%</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VIASAT INC 6.50%</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
        <title>VIASAT INC 6.50%</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CLYDESDALE ACQUISIT 8.75%</name>
        <lei>254900QKSDYFR3K5YD98</lei>
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        <cusip>18972EAB1</cusip>
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          <ticker value="NOVHOL"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HILCORP ENERGY I LP 6.00%</name>
        <lei>N/A</lei>
        <title>HILCORP ENERGY I LP 6.00%</title>
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          <ticker value="HILCRP"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMENTUM HLDGS. INC 7.25%</name>
        <lei>2549009FJIBLW40CU216</lei>
        <title>AMENTUM HLDGS. INC 7.25%</title>
        <cusip>02352BAA3</cusip>
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          <isin value="US02352BAA35"/>
          <ticker value="AMNTEC"/>
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        <curCd>USD</curCd>
        <valUSD>25749.35</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TEREX CORP 6.25%</name>
        <lei>YAWJZJYEQ7M1SYMOS462</lei>
        <title>TEREX CORP 6.25%</title>
        <cusip>880779BB8</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>29369.87</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>FORTRESS TRANSPORT 5.875%</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>FORTRESS TRANSPORT 5.875%</title>
        <cusip>34960PAH4</cusip>
        <identifiers>
          <isin value="US34960PAH47"/>
          <ticker value="FTAI"/>
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        <balance>154000</balance>
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        <curCd>USD</curCd>
        <valUSD>153849.33</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PBF HLDG. CO LLC / 9.875%</name>
        <lei>N/A</lei>
        <title>PBF HLDG. CO LLC / 9.875%</title>
        <cusip>69318FAM0</cusip>
        <identifiers>
          <isin value="US69318FAM05"/>
          <ticker value="PBFENE"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>26729.69</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>2030-03-15</maturityDt>
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      <invstOrSec>
        <name>INSULET CORP 6.50%</name>
        <lei>549300TZTYD2PYN92D43</lei>
        <title>INSULET CORP 6.50%</title>
        <cusip>45784PAL5</cusip>
        <identifiers>
          <isin value="US45784PAL58"/>
          <ticker value="PODD"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25351.68</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ONEMAIN FIN. CORP 7.125%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 7.125%</title>
        <cusip>682691AK6</cusip>
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          <ticker value="OMF"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25420.88</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CIVITAS RES. INC 9.625%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>CIVITAS RES. INC 9.625%</title>
        <cusip>17888HAD5</cusip>
        <identifiers>
          <isin value="US17888HAD52"/>
          <ticker value="SM"/>
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        <balance>75000</balance>
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        <curCd>USD</curCd>
        <valUSD>82232.93</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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      <invstOrSec>
        <name>ANYWHERE REAL ESTAT 9.75%</name>
        <lei>N/A</lei>
        <title>ANYWHERE REAL ESTAT 9.75%</title>
        <cusip>75606DAV3</cusip>
        <identifiers>
          <isin value="US75606DAV38"/>
          <ticker value="HOUS"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>26876.53</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>VENTURE GBL. PLAQUE 6.75%</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GBL. PLAQUE 6.75%</title>
        <cusip>922966AD8</cusip>
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          <ticker value="VEGLPL"/>
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        <balance>100000</balance>
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        <curCd>USD</curCd>
        <valUSD>106029.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>UNIVISION COMMS. IN 8.50%</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UNIVISION COMMS. IN 8.50%</title>
        <cusip>914906AZ5</cusip>
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          <ticker value="UVN"/>
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        <balance>85000</balance>
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        <curCd>USD</curCd>
        <valUSD>85367.8</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BRINK S CO/THE 6.75%</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
        <title>BRINK S CO/THE 6.75%</title>
        <cusip>109696AD6</cusip>
        <identifiers>
          <isin value="US109696AD60"/>
          <ticker value="BCO"/>
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        <curCd>USD</curCd>
        <valUSD>48028.45</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>ONEMAIN FIN. CORP 6.125%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 6.125%</title>
        <cusip>682691AL4</cusip>
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          <ticker value="OMF"/>
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        <curCd>USD</curCd>
        <valUSD>49997.41</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>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LEVEL 3 FINC. INC 7.00%</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>LEVEL 3 FINC. INC 7.00%</title>
        <cusip>527298CN1</cusip>
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        <curCd>USD</curCd>
        <valUSD>51556.9</valUSD>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>OLYMPUS WATER US HL 7.25%</name>
        <lei>549300YU2GGVCBN3MY89</lei>
        <title>OLYMPUS WATER US HL 7.25%</title>
        <cusip>681639AD2</cusip>
        <identifiers>
          <isin value="US681639AD27"/>
          <ticker value="SOLEIN"/>
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        <balance>200000</balance>
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        <curCd>USD</curCd>
        <valUSD>202515</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>SABRE GLBL INC TL</name>
        <lei>549300O6WO3LW8K5NZ34</lei>
        <title>SABRE GLBL INC TL</title>
        <cusip>78571YBL3</cusip>
        <identifiers>
          <isin value="US78571YBL39"/>
          <ticker value="TSG"/>
          <other otherDesc="IDII" value="LX253639"/>
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        <balance>2554.74</balance>
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        <curCd>USD</curCd>
        <valUSD>2271.16</valUSD>
        <pctVal>0.0015818337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TRAVEL + LEISURE C 6.125%</name>
        <lei>T4VNTWMFQ7JQB65L7T35</lei>
        <title>TRAVEL + LEISURE C 6.125%</title>
        <cusip>894164AC6</cusip>
        <identifiers>
          <isin value="US894164AC61"/>
          <ticker value="TNL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24741.52</valUSD>
        <pctVal>0.0172321498</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>
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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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42000</valUSD>
        <pctVal>0.0292524588</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALTICE FRANCE SA 6.875%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA 6.875%</title>
        <cusip>02090DAE8</cusip>
        <identifiers>
          <isin value="US02090DAE85"/>
          <ticker value="SFRFP"/>
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        <balance>74230</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71978.98</valUSD>
        <pctVal>0.0501324320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</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>TALEN ENERGY SUPPLY 6.50%</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>TALEN ENERGY SUPPLY 6.50%</title>
        <cusip>87422VAN8</cusip>
        <identifiers>
          <isin value="US87422VAN82"/>
          <ticker value="TLN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50407.85</valUSD>
        <pctVal>0.0351084179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-01</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>CARNIVAL PLC 4.12%</name>
        <lei>4DR1VPDQMHD3N3QW8W95</lei>
        <title>CARNIVAL PLC 4.12%</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3111861244"/>
          <ticker value="CCL"/>
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        <balance>100000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>115089.85</valUSD>
        <pctVal>0.0801585974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</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>ALBERTSONS COS INC 5.50%</name>
        <lei>N/A</lei>
        <title>ALBERTSONS COS INC 5.50%</title>
        <cusip>01309QAC2</cusip>
        <identifiers>
          <isin value="US01309QAC24"/>
          <ticker value="ACI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24427.35</valUSD>
        <pctVal>0.0170133345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-31</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>SKEENA RES. LTD 8.50%</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>SKEENA RES. LTD 8.50%</title>
        <cusip>83056PAA1</cusip>
        <identifiers>
          <isin value="US83056PAA12"/>
          <ticker value="SKECN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26260.48</valUSD>
        <pctVal>0.0182900859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</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>GFL ENVIRON. HLDGS 5.625%</name>
        <lei>N/A</lei>
        <title>GFL ENVIRON. HLDGS 5.625%</title>
        <cusip>36273TAB6</cusip>
        <identifiers>
          <isin value="US36273TAB61"/>
          <ticker value="GFLCN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49993.59</valUSD>
        <pctVal>0.0348198912</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>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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25286.69</valUSD>
        <pctVal>0.0176118537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.625000000000</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>
        <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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25117.57</valUSD>
        <pctVal>0.0174940638</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>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>ICAHN ENTS. LP / IC 5.25%</name>
        <lei>N/A</lei>
        <title>ICAHN ENTS. LP / IC 5.25%</title>
        <cusip>451102BZ9</cusip>
        <identifiers>
          <isin value="US451102BZ91"/>
          <ticker value="IEP"/>
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        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>148252.94</valUSD>
        <pctVal>0.1032562622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</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>
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      <invstOrSec>
        <name>NISSAN MOTOR CO LT 8.125%</name>
        <lei>353800DRBDH1LUTNAY26</lei>
        <title>NISSAN MOTOR CO LT 8.125%</title>
        <cusip>654922AD5</cusip>
        <identifiers>
          <isin value="US654922AD53"/>
          <ticker value="NSANY"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>211794.15</valUSD>
        <pctVal>0.1475118962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-17</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>RADIATE HOLDCO LLC PIK TL</name>
        <lei>N/A</lei>
        <title>RADIATE HOLDCO LLC PIK TL</title>
        <cusip>75025KAM0</cusip>
        <identifiers>
          <isin value="US75025KAM09"/>
          <other otherDesc="IDII" value="LX265575"/>
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        <balance>72896.16</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>65515.42</valUSD>
        <pctVal>0.0456306458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.129563658460</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>BUILDERS FIRSTSOURC 5.00%</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BUILDERS FIRSTSOURC 5.00%</title>
        <cusip>12008RAN7</cusip>
        <identifiers>
          <isin value="US12008RAN70"/>
          <ticker value="BLDR"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73522.57</valUSD>
        <pctVal>0.0512075226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILLIAMS SCOTSMAN 6.625%</name>
        <lei>549300DAKDS8SCO1OT57</lei>
        <title>WILLIAMS SCOTSMAN 6.625%</title>
        <cusip>96949VAN3</cusip>
        <identifiers>
          <isin value="US96949VAN38"/>
          <ticker value="WLSC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25754.93</valUSD>
        <pctVal>0.0179379769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>1261229 BC LTD TLB</name>
        <lei>N/A</lei>
        <title>1261229 BC LTD TLB</title>
        <cusip>C6903HAB0</cusip>
        <identifiers>
          <isin value="XAC6903HAB06"/>
          <ticker value="BHCCN"/>
          <other otherDesc="IDII" value="LX260595"/>
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        <balance>24750</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23972.6</valUSD>
        <pctVal>0.0166966070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.560000000000</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>QXO BLDG. PRODS. IN 6.75%</name>
        <lei>N/A</lei>
        <title>QXO BLDG. PRODS. IN 6.75%</title>
        <cusip>74825NAA5</cusip>
        <identifiers>
          <isin value="US74825NAA54"/>
          <ticker value="BECN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51628.94</valUSD>
        <pctVal>0.0359588914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-30</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>CORALUS COBORROWER TL</name>
        <lei>N/A</lei>
        <title>CORALUS COBORROWER TL</title>
        <cusip>G7739PAN0</cusip>
        <identifiers>
          <isin value="XAG7739PAN06"/>
          <ticker value="CWCLN"/>
          <other otherDesc="IDII" value="LX258131"/>
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        <balance>15953</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15420.01</valUSD>
        <pctVal>0.0107398383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.540000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>INSULET CORP 6.50%</name>
        <lei>549300TZTYD2PYN92D43</lei>
        <title>INSULET CORP 6.50%</title>
        <cusip>45784PAL5</cusip>
        <identifiers>
          <isin value="US45784PAL58"/>
          <ticker value="PODD"/>
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        <balance>17000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17239.14</valUSD>
        <pctVal>0.0120068389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</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>BOMBARDIER INC 6.75%</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC 6.75%</title>
        <cusip>097751CD1</cusip>
        <identifiers>
          <isin value="US097751CD18"/>
          <ticker value="BBDBCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25878.28</valUSD>
        <pctVal>0.0180238885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>IQVIA INC 6.25%</name>
        <lei>549300PLWY28YB00C717</lei>
        <title>IQVIA INC 6.25%</title>
        <cusip>46266TAG3</cusip>
        <identifiers>
          <isin value="US46266TAG31"/>
          <ticker value="IQV"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25416.96</valUSD>
        <pctVal>0.0177025851</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>6.250000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23061.07</valUSD>
        <pctVal>0.0160617381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</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>LEVEL 3 FINC. INC 6.875%</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>LEVEL 3 FINC. INC 6.875%</title>
        <cusip>527298CM3</cusip>
        <identifiers>
          <isin value="US527298CM39"/>
          <ticker value="LVLT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25685</valUSD>
        <pctVal>0.0178892715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21674.8</valUSD>
        <pctVal>0.0150962189</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>6.625000000000</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>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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76016.25</valUSD>
        <pctVal>0.0529443385</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>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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71993.84</valUSD>
        <pctVal>0.0501427818</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>
        <name>ZAYO GRP. HLDGS. INC PIK</name>
        <lei>529900Z6OTS7RT0V0I47</lei>
        <title>ZAYO GRP. HLDGS. INC PIK</title>
        <cusip>98919VAD7</cusip>
        <identifiers>
          <isin value="US98919VAD73"/>
          <ticker value="ZAYO"/>
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        <balance>45561</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45001.97</valUSD>
        <pctVal>0.0313432922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9</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>RHP HOTEL PROPS. LP 6.50%</name>
        <lei>N/A</lei>
        <title>RHP HOTEL PROPS. LP 6.50%</title>
        <cusip>749571AL9</cusip>
        <identifiers>
          <isin value="US749571AL97"/>
          <ticker value="RHP"/>
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        <balance>82000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84127.94</valUSD>
        <pctVal>0.0585940261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ONEMAIN FIN. CORP 7.125%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 7.125%</title>
        <cusip>682691AK6</cusip>
        <identifiers>
          <isin value="US682691AK62"/>
          <ticker value="OMF"/>
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        <balance>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26437.71</valUSD>
        <pctVal>0.0184135243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</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>GOODYEAR TIRE &amp; RU 6.625%</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>GOODYEAR TIRE &amp; RU 6.625%</title>
        <cusip>382550BS9</cusip>
        <identifiers>
          <isin value="US382550BS94"/>
          <ticker value="GT"/>
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        <balance>3000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2897.44</valUSD>
        <pctVal>0.0020180296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAY MEDIA INC 9.625%</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY MEDIA INC 9.625%</title>
        <cusip>389375AN6</cusip>
        <identifiers>
          <isin value="US389375AN64"/>
          <ticker value="GTN"/>
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        <balance>95000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>91689.25</valUSD>
        <pctVal>0.0638603811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.625000000000</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>
      <invstOrSec>
        <name>ALTICE FRANCE SA 6.50%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA 6.50%</title>
        <cusip>02090DAD0</cusip>
        <identifiers>
          <isin value="US02090DAD03"/>
          <ticker value="SFRFP"/>
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        <balance>49487</balance>
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        <curCd>USD</curCd>
        <valUSD>47825.34</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
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          <annualizedRt>6.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>
        <cusip>46206AAD4</cusip>
        <identifiers>
          <isin value="US46206AAD46"/>
          <ticker value="IONPLA"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>22309.69</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
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          <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>BOOTS GROUP TL</name>
        <lei>N/A</lei>
        <title>BOOTS GROUP TL</title>
        <cusip>09947PAB7</cusip>
        <identifiers>
          <isin value="US09947PAB76"/>
          <ticker value="BOOTFN"/>
          <other otherDesc="IDII" value="LX266542"/>
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        <balance>117410</balance>
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        <curCd>USD</curCd>
        <valUSD>117703.53</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.173716024930</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLOCK INC 6.00%</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>BLOCK INC 6.00%</title>
        <cusip>852234AU7</cusip>
        <identifiers>
          <isin value="US852234AU71"/>
          <ticker value="XYZ"/>
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        <balance>105000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>105725.03</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>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>
      <invstOrSec>
        <name>ARDAGH GRP. SA 9.50%</name>
        <lei>6354006L1NWUUOPYX274</lei>
        <title>ARDAGH GRP. SA 9.50%</title>
        <cusip>039959AA9</cusip>
        <identifiers>
          <isin value="US039959AA98"/>
          <ticker value="ARGID"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26721.53</valUSD>
        <pctVal>0.0186112013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</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>SUNOCO LP 4.625%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 4.625%</title>
        <cusip>86765KAK5</cusip>
        <identifiers>
          <isin value="US86765KAK51"/>
          <ticker value="SUN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48293.83</valUSD>
        <pctVal>0.0336360303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>CP ATLAS BUYER INC TL</name>
        <lei>2549006ZZ07G0NDDCR36</lei>
        <title>CP ATLAS BUYER INC TL</title>
        <cusip>12658HAL6</cusip>
        <identifiers>
          <isin value="US12658HAL69"/>
          <ticker value="AMBATH"/>
          <other otherDesc="IDII" value="LX265277"/>
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        <balance>16872.5</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14782.17</valUSD>
        <pctVal>0.0102955909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.550000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>TRANSOCEAN INTL. L 7.875%</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>TRANSOCEAN INTL. L 7.875%</title>
        <cusip>893814AA1</cusip>
        <identifiers>
          <isin value="US893814AA10"/>
          <ticker value="RIG"/>
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        <balance>54000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56372.76</valUSD>
        <pctVal>0.0392629009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</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>SWORD PURCHASER LLC TL</name>
        <lei>254900S0VY2QTAITBR94</lei>
        <title>SWORD PURCHASER LLC TL</title>
        <cusip>87110SAB8</cusip>
        <identifiers>
          <isin value="US87110SAB88"/>
          <ticker value="SEE"/>
          <other otherDesc="IDII" value="LX287532"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24347.75</valUSD>
        <pctVal>0.0169578941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.680000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>SPACE EXPLORATION T 6.65%</name>
        <lei>549300B9WLO96RQCXP87</lei>
        <title>SPACE EXPLORATION T 6.65%</title>
        <cusip>84615QAJ2</cusip>
        <identifiers>
          <isin value="US84615QAJ22"/>
          <ticker value="SPCX"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24120.13</valUSD>
        <pctVal>0.0167993597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.650000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>OPEN TEXT HLDGS. I 4.125%</name>
        <lei>N/A</lei>
        <title>OPEN TEXT HLDGS. I 4.125%</title>
        <cusip>683720AA4</cusip>
        <identifiers>
          <isin value="US683720AA42"/>
          <ticker value="OTEXCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22901.3</valUSD>
        <pctVal>0.0159504603</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>4.125000000000</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>MATTAMY GRP. CORP 4.625%</name>
        <lei>5493008TNY7A82WCXU31</lei>
        <title>MATTAMY GRP. CORP 4.625%</title>
        <cusip>57701RAM4</cusip>
        <identifiers>
          <isin value="US57701RAM43"/>
          <ticker value="MATHOM"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47984.42</valUSD>
        <pctVal>0.0334205302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</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>
        <name>PARAMOUNT GLOBAL 4.20%</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARAMOUNT GLOBAL 4.20%</title>
        <cusip>92556HAD9</cusip>
        <identifiers>
          <isin value="US92556HAD98"/>
          <ticker value="PARA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21692.76</valUSD>
        <pctVal>0.0151087278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.200000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>CUSHMAN &amp; WAKEFIELD 6.75%</name>
        <lei>549300870CMN3WI5IF97</lei>
        <title>CUSHMAN &amp; WAKEFIELD 6.75%</title>
        <cusip>23166MAA1</cusip>
        <identifiers>
          <isin value="US23166MAA18"/>
          <ticker value="CWK"/>
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        <balance>7000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7005.42</valUSD>
        <pctVal>0.0048791848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</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>STANDARD INDS. INC 4.375%</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>STANDARD INDS. INC 4.375%</title>
        <cusip>853496AG2</cusip>
        <identifiers>
          <isin value="US853496AG21"/>
          <ticker value="BMCAUS"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>94975.05</valUSD>
        <pctVal>0.0661488984</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>4.375000000000</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>FORTESCUE TSY. PTY 6.125%</name>
        <lei>549300EFD6S2NFE9D745</lei>
        <title>FORTESCUE TSY. PTY 6.125%</title>
        <cusip>30251GBE6</cusip>
        <identifiers>
          <isin value="US30251GBE61"/>
          <ticker value="FMGAU"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77103.11</valUSD>
        <pctVal>0.0537013225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</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>WINDSTREAM SERVICES TL</name>
        <lei>N/A</lei>
        <title>WINDSTREAM SERVICES TL</title>
        <cusip>97381JAK9</cusip>
        <identifiers>
          <isin value="US97381JAK97"/>
          <other otherDesc="IDII" value="LX270365"/>
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        <balance>32835</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32999.18</valUSD>
        <pctVal>0.0229835036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-24</maturityDt>
          <couponKind>Floating</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCKET COS INC 6.125%</name>
        <lei>N/A</lei>
        <title>ROCKET COS INC 6.125%</title>
        <cusip>77311WAE1</cusip>
        <identifiers>
          <isin value="US77311WAE12"/>
          <ticker value="RKT"/>
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        <balance>82000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>83748.39</valUSD>
        <pctVal>0.0583296744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</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>
      <invstOrSec>
        <name>HESS MIDSTREAM OPER 5.50%</name>
        <lei>N/A</lei>
        <title>HESS MIDSTREAM OPER 5.50%</title>
        <cusip>428102AF4</cusip>
        <identifiers>
          <isin value="US428102AF45"/>
          <ticker value="HESM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24905.22</valUSD>
        <pctVal>0.0173461648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</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>
      <invstOrSec>
        <name>VERMILION ENERGY I 6.875%</name>
        <lei>8945009D1HGCJC8M8A68</lei>
        <title>VERMILION ENERGY I 6.875%</title>
        <cusip>923725AD7</cusip>
        <identifiers>
          <isin value="US923725AD77"/>
          <ticker value="VETCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24950.57</valUSD>
        <pctVal>0.0173777505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</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>STARWOOD PROP. TST. 6.50%</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROP. TST. 6.50%</title>
        <cusip>85571BBE4</cusip>
        <identifiers>
          <isin value="US85571BBE48"/>
          <ticker value="STWD"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25577.13</valUSD>
        <pctVal>0.0178141414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</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>SUNOCO LP 6.25%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 6.25%</title>
        <cusip>86765KAD1</cusip>
        <identifiers>
          <isin value="US86765KAD19"/>
          <ticker value="SUN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50448.05</valUSD>
        <pctVal>0.0351364167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>JEFFERSON CAP. HLDG 8.25%</name>
        <lei>N/A</lei>
        <title>JEFFERSON CAP. HLDG 8.25%</title>
        <cusip>472481AC4</cusip>
        <identifiers>
          <isin value="US472481AC47"/>
          <ticker value="JEFCAP"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78857.25</valUSD>
        <pctVal>0.0549230584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.250000000000</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>COREWEAVE INC 9.25%</name>
        <lei>984500511DP2B6186053</lei>
        <title>COREWEAVE INC 9.25%</title>
        <cusip>21873SAB4</cusip>
        <identifiers>
          <isin value="US21873SAB43"/>
          <ticker value="CRWV"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25162.39</valUSD>
        <pctVal>0.0175252804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ONEOK INC 5.05%</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK INC 5.05%</title>
        <cusip>682680CY7</cusip>
        <identifiers>
          <isin value="US682680CY75"/>
          <ticker value="OKE"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22034.82</valUSD>
        <pctVal>0.0153469682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</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>
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      </invstOrSec>
      <invstOrSec>
        <name>SEAGATE DATA STORA 4.125%</name>
        <lei>N/A</lei>
        <title>SEAGATE DATA STORA 4.125%</title>
        <cusip>81180LAN5</cusip>
        <identifiers>
          <isin value="US81180LAN55"/>
          <ticker value="STX"/>
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        <balance>55000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52318.75</valUSD>
        <pctVal>0.0364393352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25642.73</valUSD>
        <pctVal>0.0178598310</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLARIOS GBL. LP / C 6.75%</name>
        <lei>N/A</lei>
        <title>CLARIOS GBL. LP / C 6.75%</title>
        <cusip>18060TAE5</cusip>
        <identifiers>
          <isin value="US18060TAE55"/>
          <ticker value="POWSOL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25532.13</valUSD>
        <pctVal>0.0177827995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</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>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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25686.95</valUSD>
        <pctVal>0.0178906297</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>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>SESI LLC 7.875%</name>
        <lei>XDZ56K6RXS5J1ESBZS35</lei>
        <title>SESI LLC 7.875%</title>
        <cusip>78412FAX2</cusip>
        <identifiers>
          <isin value="US78412FAX24"/>
          <ticker value="SPN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25402.1</valUSD>
        <pctVal>0.0176922353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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>124000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>122937.13</valUSD>
        <pctVal>0.0856241268</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GB AIT BUYER INC 8.75%</name>
        <lei>N/A</lei>
        <title>GB AIT BUYER INC 8.75%</title>
        <cusip>36147AAA3</cusip>
        <identifiers>
          <isin value="US36147AAA34"/>
          <ticker value="AITWOR"/>
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        <balance>24000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24063.82</valUSD>
        <pctVal>0.0167601405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-30</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>ALTICE FRANCE SA 6.50%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA 6.50%</title>
        <cusip>02090DAC2</cusip>
        <identifiers>
          <isin value="US02090DAC20"/>
          <ticker value="SFRFP"/>
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        <balance>24744</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23974.8</valUSD>
        <pctVal>0.0166981392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</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>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99392.2</valUSD>
        <pctVal>0.0692253865</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>6.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>86000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>86986.2</valUSD>
        <pctVal>0.0605847674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>132000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>132620.79</valUSD>
        <pctVal>0.0923686712</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WULF COMPUTE LLC 7.75%</name>
        <lei>N/A</lei>
        <title>WULF COMPUTE LLC 7.75%</title>
        <cusip>982911AA7</cusip>
        <identifiers>
          <isin value="US982911AA70"/>
          <ticker value="WULF"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>210069.6</valUSD>
        <pctVal>0.1463107693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</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>SUNOCO LP 4.50%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 4.50%</title>
        <cusip>86765KAJ8</cusip>
        <identifiers>
          <isin value="US86765KAJ88"/>
          <ticker value="SUN"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97118.76</valUSD>
        <pctVal>0.0676419648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</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>CORELOGIC INC 4.50%</name>
        <lei>54930086CD8K2UIL0516</lei>
        <title>CORELOGIC INC 4.50%</title>
        <cusip>21871DAD5</cusip>
        <identifiers>
          <isin value="US21871DAD57"/>
          <ticker value="CLGX"/>
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        <balance>235000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>229552.14</valUSD>
        <pctVal>0.1598801074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</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>AMWINS GRP. INC 4.875%</name>
        <lei>549300SJE7MUB8NMRG61</lei>
        <title>AMWINS GRP. INC 4.875%</title>
        <cusip>031921AB5</cusip>
        <identifiers>
          <isin value="US031921AB57"/>
          <ticker value="AMWINS"/>
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        <balance>37000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35652.6</valUSD>
        <pctVal>0.0248315765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>CARPENTER TECH. CO 5.625%</name>
        <lei>DX6I6ZD3X5WNNCDJKP85</lei>
        <title>CARPENTER TECH. CO 5.625%</title>
        <cusip>144285AN3</cusip>
        <identifiers>
          <isin value="US144285AN39"/>
          <ticker value="CRS"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24981.08</valUSD>
        <pctVal>0.0173990003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</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>CROWN AMERICAS LLC 5.875%</name>
        <lei>RPPGGRL1J75WGF2DFO04</lei>
        <title>CROWN AMERICAS LLC 5.875%</title>
        <cusip>22819CAA6</cusip>
        <identifiers>
          <isin value="US22819CAA62"/>
          <ticker value="CCK"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50351.47</valUSD>
        <pctVal>0.0350691500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</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>ESAB CORP 5.625%</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
        <title>ESAB CORP 5.625%</title>
        <cusip>29605JAB2</cusip>
        <identifiers>
          <isin value="US29605JAB26"/>
          <ticker value="ESAB"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25027.13</valUSD>
        <pctVal>0.0174310735</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>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>INFINITY NATURAL R 7.625%</name>
        <lei>54930021094IFVB5ND43</lei>
        <title>INFINITY NATURAL R 7.625%</title>
        <cusip>45690BAA3</cusip>
        <identifiers>
          <isin value="US45690BAA35"/>
          <ticker value="INFNAR"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24830.66</valUSD>
        <pctVal>0.0172942347</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>7.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER LP F2V</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP F2V</title>
        <cusip>29273VBC3</cusip>
        <identifiers>
          <isin value="US29273VBC37"/>
          <ticker value="ET"/>
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        <balance>60000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>61723.98</valUSD>
        <pctVal>0.0429899567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUNTER DOUGLAS TL</name>
        <lei>N/A</lei>
        <title>HUNTER DOUGLAS TL</title>
        <cusip>N8137FAE0</cusip>
        <identifiers>
          <isin value="XAN8137FAE06"/>
          <other otherDesc="IDII" value="LX257416"/>
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        <balance>9851.42</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9830.93</valUSD>
        <pctVal>0.0068471161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.540000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>MERITAGE HOMES CORP 1.75%</name>
        <lei>52990044W9UMFJO2FB97</lei>
        <title>MERITAGE HOMES CORP 1.75%</title>
        <cusip>59001ABF8</cusip>
        <identifiers>
          <isin value="US59001ABF84"/>
          <ticker value="MTH"/>
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        <balance>79000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>81409.5</valUSD>
        <pctVal>0.0567006677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.750000000000</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>IQVIA INC 6.25%</name>
        <lei>549300PLWY28YB00C717</lei>
        <title>IQVIA INC 6.25%</title>
        <cusip>46266TAG3</cusip>
        <identifiers>
          <isin value="US46266TAG31"/>
          <ticker value="IQV"/>
        </identifiers>
        <balance>93000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>94551.09</valUSD>
        <pctVal>0.0658536158</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>6.250000000000</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>PIONEER OPCO LLC 7.00%</name>
        <lei>N/A</lei>
        <title>PIONEER OPCO LLC 7.00%</title>
        <cusip>72382NAA4</cusip>
        <identifiers>
          <isin value="US72382NAA46"/>
          <ticker value="VENRES"/>
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        <balance>32000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32563.36</valUSD>
        <pctVal>0.0226799606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOLARIS ENERGY INF 6.375%</name>
        <lei>N/A</lei>
        <title>SOLARIS ENERGY INF 6.375%</title>
        <cusip>83419YAA4</cusip>
        <identifiers>
          <isin value="US83419YAA47"/>
          <ticker value="SOILIN"/>
        </identifiers>
        <balance>12000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12133.89</valUSD>
        <pctVal>0.0084510980</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>6.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMYNTA AGENCY BORRO 7.50%</name>
        <lei>N/A</lei>
        <title>AMYNTA AGENCY BORRO 7.50%</title>
        <cusip>03238AAA3</cusip>
        <identifiers>
          <isin value="US03238AAA34"/>
          <ticker value="AMYNTA"/>
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        <balance>110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>105284</valUSD>
        <pctVal>0.0733289493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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        <name>BLUE OWL CAP. CORP 6.20%</name>
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        <name>UNIVISION COMMS. I 9.375%</name>
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        <name>POST HLDGS. INC 4.625%</name>
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        <name>UNITED RENTALS NORT 4.00%</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
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        <name>FORESTAR GRP. INC 5.00%</name>
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        <name>FMG RES. AUGUST 20 5.875%</name>
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        <name>ZAYO GRP. HLDGS. INC PIK</name>
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        <name>ACUSHNET CO 5.625%</name>
        <lei>549300H805O14KEFES79</lei>
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        <name>AECOM 6.00%</name>
        <lei>0EEB8GF0W0NPCIHZX097</lei>
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        <name>SLM CORP F2F</name>
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        <name>HOLOGIC INC TL</name>
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        <name>ALBERTSONS COS INC 5.625%</name>
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        <name>GEO GRP. INC/THE 10.25%</name>
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        <name>1261229 BC LTD 10.00%</name>
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        <title>1261229 BC LTD 10.00%</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.000000000000</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>VENTURE GBL. PLAQUE 7.50%</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GBL. PLAQUE 7.50%</title>
        <cusip>922966AA4</cusip>
        <identifiers>
          <isin value="US922966AA47"/>
          <ticker value="VEGLPL"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>27437.83</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>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</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>BUILDERS FIRSTSOURC 6.75%</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BUILDERS FIRSTSOURC 6.75%</title>
        <cusip>12008RAT4</cusip>
        <identifiers>
          <isin value="US12008RAT41"/>
          <ticker value="BLDR"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76467.83</valUSD>
        <pctVal>0.0532588582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-15</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>QXO BLDG. PRODS. I 6.875%</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>QXO BLDG. PRODS. I 6.875%</title>
        <cusip>77583AAB6</cusip>
        <identifiers>
          <isin value="US77583AAB61"/>
          <ticker value="BECN"/>
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        <balance>132000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>135507.97</valUSD>
        <pctVal>0.0943795549</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>
      <invstOrSec>
        <name>NEXTERA ENERGY CAP. H F2V</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEXTERA ENERGY CAP. H F2V</title>
        <cusip>65339KEG1</cusip>
        <identifiers>
          <isin value="US65339KEG13"/>
          <ticker value="NEE"/>
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        <balance>76000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75926.53</valUSD>
        <pctVal>0.0528818497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.200000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>HUB INTL. LTD 7.25%</name>
        <lei>549300JQT6ATTUNS5E06</lei>
        <title>HUB INTL. LTD 7.25%</title>
        <cusip>44332PAH4</cusip>
        <identifiers>
          <isin value="US44332PAH47"/>
          <ticker value="HBGCN"/>
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        <balance>251000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257585.49</valUSD>
        <pctVal>0.1794049744</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>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>
      <invstOrSec>
        <name>MOLINA HEALTHCARE I 6.25%</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>MOLINA HEALTHCARE I 6.25%</title>
        <cusip>60855RAM2</cusip>
        <identifiers>
          <isin value="US60855RAM25"/>
          <ticker value="MOH"/>
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        <balance>18000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18030.19</valUSD>
        <pctVal>0.0125577950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</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>HERTZ CORPORATION TL 3.5%</name>
        <lei>549300PD0C69OJ0NLB27</lei>
        <title>HERTZ CORPORATION TL 3.5%</title>
        <cusip>42804VBC4</cusip>
        <identifiers>
          <isin value="US42804VBC46"/>
          <ticker value="HTZ"/>
          <other otherDesc="IDII" value="LX195526"/>
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        <balance>4796.92</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3379.67</valUSD>
        <pctVal>0.0023538966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-14</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>API GRP. DE INC 4.125%</name>
        <lei>549300XP4G7B4QYA0G83</lei>
        <title>API GRP. DE INC 4.125%</title>
        <cusip>001877AA7</cusip>
        <identifiers>
          <isin value="US001877AA71"/>
          <ticker value="APG"/>
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        <balance>34000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32605.89</valUSD>
        <pctVal>0.0227095822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</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>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>43000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43107.97</valUSD>
        <pctVal>0.0300241456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-30</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>JONES DESLAURIERS I 8.50%</name>
        <lei>549300JQIWNFU00E5424</lei>
        <title>JONES DESLAURIERS I 8.50%</title>
        <cusip>48020RAB1</cusip>
        <identifiers>
          <isin value="US48020RAB15"/>
          <ticker value="NAVCOR"/>
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        <balance>57000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58138.06</valUSD>
        <pctVal>0.0404924096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</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>B&amp;G FOODS INC 8.00%</name>
        <lei>549300TRW1LZMDJZAQ78</lei>
        <title>B&amp;G FOODS INC 8.00%</title>
        <cusip>05508WAC9</cusip>
        <identifiers>
          <isin value="US05508WAC91"/>
          <ticker value="BGS"/>
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        <balance>18000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18016.45</valUSD>
        <pctVal>0.0125482253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="18448.450000000000"/>
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      <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>179000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>189792.98</valUSD>
        <pctVal>0.1321883648</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>
        <name>OSAIC HLDGS. INC 6.75%</name>
        <lei>549300XL60BDV6UW5C86</lei>
        <title>OSAIC HLDGS. INC 6.75%</title>
        <cusip>00791GAB3</cusip>
        <identifiers>
          <isin value="US00791GAB32"/>
          <ticker value="ADVGRO"/>
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        <balance>55000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55094.05</valUSD>
        <pctVal>0.0383722959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>OSAIC HLDGS. INC 8.00%</name>
        <lei>549300XL60BDV6UW5C86</lei>
        <title>OSAIC HLDGS. INC 8.00%</title>
        <cusip>00791GAC1</cusip>
        <identifiers>
          <isin value="US00791GAC15"/>
          <ticker value="ADVGRO"/>
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        <balance>139000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>139513.33</valUSD>
        <pctVal>0.0971692365</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>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>STANDARD BLDG. SOLS 6.25%</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>STANDARD BLDG. SOLS 6.25%</title>
        <cusip>853191AC8</cusip>
        <identifiers>
          <isin value="US853191AC80"/>
          <ticker value="BMCAUS"/>
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        <balance>131000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>130088.65</valUSD>
        <pctVal>0.0906050683</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>6.250000000000</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>INVERSION ESCROW IS 6.75%</name>
        <lei>254900P6GHORGRVLKI95</lei>
        <title>INVERSION ESCROW IS 6.75%</title>
        <cusip>46150DAA0</cusip>
        <identifiers>
          <isin value="US46150DAA00"/>
          <ticker value="SOLEIN"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>195415.8</valUSD>
        <pctVal>0.1361045865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>MH SUB I LLC TL</name>
        <lei>2549005VFKP807SR8N49</lei>
        <title>MH SUB I LLC TL</title>
        <cusip>45567YAN5</cusip>
        <identifiers>
          <isin value="US45567YAN58"/>
          <ticker value="INET"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LGI HOMES INC 7.00%</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MOHEGAN TRIBAL GAMI 8.25%</name>
        <lei>N/A</lei>
        <title>MOHEGAN TRIBAL GAMI 8.25%</title>
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          <ticker value="MOHEGN"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>LABL INC 8.625%</name>
        <lei>5493004FUZN8R6Y3VB98</lei>
        <title>LABL INC 8.625%</title>
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        <identifiers>
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          <ticker value="LABL"/>
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        <curCd>USD</curCd>
        <valUSD>14080</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
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      <invstOrSec>
        <name>SNAP INC 6.875%</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
        <title>SNAP INC 6.875%</title>
        <cusip>83304AAM8</cusip>
        <identifiers>
          <isin value="US83304AAM80"/>
          <ticker value="SNAP"/>
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        <balance>65000</balance>
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        <curCd>USD</curCd>
        <valUSD>62928.31</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>WINDSTREAM SERVS. L 7.50%</name>
        <lei>N/A</lei>
        <title>WINDSTREAM SERVS. L 7.50%</title>
        <cusip>97382BAB5</cusip>
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          <isin value="US97382BAB53"/>
          <ticker value="UNIT"/>
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        <balance>93000</balance>
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        <curCd>USD</curCd>
        <valUSD>97871.06</valUSD>
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        <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>7.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PR RNO PROP. OWNER 6.50%</name>
        <lei>N/A</lei>
        <title>PR RNO PROP. OWNER 6.50%</title>
        <cusip>69393LAA1</cusip>
        <identifiers>
          <isin value="US69393LAA17"/>
          <ticker value="TRACTD"/>
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        <balance>206000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>205702.73</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>RR DONNELLEY &amp; SONS C PIK</name>
        <lei>SU4X0P4WWRGOQDTSV032</lei>
        <title>RR DONNELLEY &amp; SONS C PIK</title>
        <cusip>257867BL4</cusip>
        <identifiers>
          <isin value="US257867BL44"/>
          <ticker value="RRD"/>
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        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19344.42</valUSD>
        <pctVal>0.0134731392</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>11.000000000000</annualizedRt>
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      <invstOrSec>
        <name>MULTI-COLOR CORP PIK</name>
        <lei>5493002OTV1C4F4YVI40</lei>
        <title>MULTI-COLOR CORP PIK</title>
        <cusip>624943AC0</cusip>
        <identifiers>
          <isin value="US624943AC03"/>
          <ticker value="LABL"/>
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        <balance>281</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>246.48</valUSD>
        <pctVal>0.0001716701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WAYFAIR LLC 7.125%</name>
        <lei>549300CTUWTZGOXMYI40</lei>
        <title>WAYFAIR LLC 7.125%</title>
        <cusip>94419NAD9</cusip>
        <identifiers>
          <isin value="US94419NAD93"/>
          <ticker value="W"/>
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        <balance>19000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19535.25</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>2034-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <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>201000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>211965.56</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>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.250000000000</annualizedRt>
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      <invstOrSec>
        <name>STARWOOD PROP. TST. 6.00%</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROP. TST. 6.00%</title>
        <cusip>85571BBC8</cusip>
        <identifiers>
          <isin value="US85571BBC81"/>
          <ticker value="STWD"/>
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        <balance>17000</balance>
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        <curCd>USD</curCd>
        <valUSD>17061.91</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>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GFL ENVIRON. HLDGS 5.625%</name>
        <lei>N/A</lei>
        <title>GFL ENVIRON. HLDGS 5.625%</title>
        <cusip>36273TAB6</cusip>
        <identifiers>
          <isin value="US36273TAB61"/>
          <ticker value="GFLCN"/>
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        <balance>24000</balance>
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        <curCd>USD</curCd>
        <valUSD>23996.92</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>QXO BLDG. PRODS. IN 6.75%</name>
        <lei>N/A</lei>
        <title>QXO BLDG. PRODS. IN 6.75%</title>
        <cusip>74825NAA5</cusip>
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          <ticker value="BECN"/>
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        <balance>156000</balance>
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        <curCd>USD</curCd>
        <valUSD>161082.31</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>2032-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <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>58000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59295.37</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>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>2000</balance>
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        <curCd>USD</curCd>
        <valUSD>2089.07</valUSD>
        <pctVal>0.0014550103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ELLUCIAN HLDGS. INC 6.50%</name>
        <lei>549300RP8NIJ7FY7OS79</lei>
        <title>ELLUCIAN HLDGS. INC 6.50%</title>
        <cusip>289178AA3</cusip>
        <identifiers>
          <isin value="US289178AA37"/>
          <ticker value="DAEL"/>
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        <balance>60000</balance>
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        <curCd>USD</curCd>
        <valUSD>57999.16</valUSD>
        <pctVal>0.0403956675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</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>
        <name>FIVE POINT OPERATIN 8.00%</name>
        <lei>N/A</lei>
        <title>FIVE POINT OPERATIN 8.00%</title>
        <cusip>33834YAC2</cusip>
        <identifiers>
          <isin value="US33834YAC21"/>
          <ticker value="FPH"/>
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        <balance>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14331.83</valUSD>
        <pctVal>0.0099819349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</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>ENPRO INC 6.125%</name>
        <lei>549300Y5CFT2LKCFDN54</lei>
        <title>ENPRO INC 6.125%</title>
        <cusip>29355XAH0</cusip>
        <identifiers>
          <isin value="US29355XAH08"/>
          <ticker value="NPO"/>
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        <balance>28000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28366.77</valUSD>
        <pctVal>0.0197570898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORTRESS INT 3 INC TL B</name>
        <lei>N/A</lei>
        <title>FORTRESS INT 3 INC TL B</title>
        <cusip>34966LAD6</cusip>
        <identifiers>
          <isin value="US34966LAD64"/>
          <other otherDesc="IDII" value="LX265204"/>
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        <balance>6727.99</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6677.53</valUSD>
        <pctVal>0.0046508136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.300000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VIKING CRUISES LTD 9.125%</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>VIKING CRUISES LTD 9.125%</title>
        <cusip>92676XAG2</cusip>
        <identifiers>
          <isin value="US92676XAG25"/>
          <ticker value="VIKCRU"/>
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        <balance>34000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35624.69</valUSD>
        <pctVal>0.0248121375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</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>SEAGATE DATA STORAG 5.75%</name>
        <lei>N/A</lei>
        <title>SEAGATE DATA STORAG 5.75%</title>
        <cusip>81180LAS4</cusip>
        <identifiers>
          <isin value="US81180LAS43"/>
          <ticker value="STX"/>
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        <balance>12000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12173.84</valUSD>
        <pctVal>0.0084789227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</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>
      <invstOrSec>
        <name>COREWEAVE INC 9.00%</name>
        <lei>984500511DP2B6186053</lei>
        <title>COREWEAVE INC 9.00%</title>
        <cusip>21873SAC2</cusip>
        <identifiers>
          <isin value="US21873SAC26"/>
          <ticker value="CRWV"/>
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        <balance>6000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5929.29</valUSD>
        <pctVal>0.0041296741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="6154.290000000000"/>
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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>152000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>157395.24</valUSD>
        <pctVal>0.1096237564</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>
          <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 OUTDO 7.50%</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CLEAR CHANNEL OUTDO 7.50%</title>
        <cusip>18453HAH9</cusip>
        <identifiers>
          <isin value="US18453HAH93"/>
          <ticker value="CCO"/>
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        <balance>176000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>185313.92</valUSD>
        <pctVal>0.1290687572</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>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>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>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25684.54</valUSD>
        <pctVal>0.0178889511</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>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>78000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>80469.64</valUSD>
        <pctVal>0.0560460673</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>
      <invstOrSec>
        <name>DIGICEL INTL FIN LTD TL</name>
        <lei>5493007V023VOEW4FK27</lei>
        <title>DIGICEL INTL FIN LTD TL</title>
        <cusip>G2761UAD3</cusip>
        <identifiers>
          <isin value="XAG2761UAD37"/>
          <ticker value="DIGDIF"/>
          <other otherDesc="IDII" value="LX289437"/>
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        <balance>42790.94</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43004.89</valUSD>
        <pctVal>0.0299523517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.160000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GBL. LNG I 6.625%</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENTURE GBL. LNG I 6.625%</title>
        <cusip>92332YAH4</cusip>
        <identifiers>
          <isin value="US92332YAH45"/>
          <ticker value="VENLNG"/>
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        <balance>161000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>158694.15</valUSD>
        <pctVal>0.1105284305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-15</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>
      <invstOrSec>
        <name>GOODYEAR TIRE &amp; RU 8.875%</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>GOODYEAR TIRE &amp; RU 8.875%</title>
        <cusip>382550BT7</cusip>
        <identifiers>
          <isin value="US382550BT77"/>
          <ticker value="GT"/>
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        <balance>45000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45390.62</valUSD>
        <pctVal>0.0316139819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</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>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>63000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63258.42</valUSD>
        <pctVal>0.0440586744</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>7.875000000000</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>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>30000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30523.08</valUSD>
        <pctVal>0.0212589319</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>
      <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>76000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78088.33</valUSD>
        <pctVal>0.0543875156</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIVERSIFIED HEALTHC 7.25%</name>
        <lei>N/A</lei>
        <title>DIVERSIFIED HEALTHC 7.25%</title>
        <cusip>25525PAE7</cusip>
        <identifiers>
          <isin value="US25525PAE79"/>
          <ticker value="DHC"/>
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        <balance>41000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42199.95</valUSD>
        <pctVal>0.0293917214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOLSTICE ADVANCED 5.625%</name>
        <lei>2138004GZ4H9TW6HK435</lei>
        <title>SOLSTICE ADVANCED 5.625%</title>
        <cusip>83443QAA1</cusip>
        <identifiers>
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          <ticker value="SOLADV"/>
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        <curCd>USD</curCd>
        <valUSD>68570.93</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>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NORTHERN OIL &amp; GAS 7.875%</name>
        <lei>OKFF0PIZDDMNH4UCYE51</lei>
        <title>NORTHERN OIL &amp; GAS 7.875%</title>
        <cusip>665531AL3</cusip>
        <identifiers>
          <isin value="US665531AL37"/>
          <ticker value="NOG"/>
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        <balance>59000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58624.75</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>16000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15770.11</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>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>288000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>287099.75</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>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</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>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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74414.36</valUSD>
        <pctVal>0.0518286428</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>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>TALEN ENERGY SUPPL 6.125%</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>TALEN ENERGY SUPPL 6.125%</title>
        <cusip>87422VAQ1</cusip>
        <identifiers>
          <isin value="US87422VAQ14"/>
          <ticker value="TLN"/>
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        <balance>364000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>364006.92</valUSD>
        <pctVal>0.2535261290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</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>SE COSMOS LLC 8.875%</name>
        <lei>2549000W7FTUJ3INRY47</lei>
        <title>SE COSMOS LLC 8.875%</title>
        <cusip>78438PAA0</cusip>
        <identifiers>
          <isin value="US78438PAA03"/>
          <ticker value="SECMOS"/>
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        <balance>196000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>201502.11</valUSD>
        <pctVal>0.1403436230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</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>CENTENE CORP 2.45%</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CENTENE CORP 2.45%</title>
        <cusip>15135BAY7</cusip>
        <identifiers>
          <isin value="US15135BAY74"/>
          <ticker value="CNC"/>
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        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14254.08</valUSD>
        <pctVal>0.0099277830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.450000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASHTON WOODS USA L 4.625%</name>
        <lei>N/A</lei>
        <title>ASHTON WOODS USA L 4.625%</title>
        <cusip>045086AM7</cusip>
        <identifiers>
          <isin value="US045086AM71"/>
          <ticker value="ASHWOO"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48146.7</valUSD>
        <pctVal>0.0335335561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</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>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>98000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99396.94</valUSD>
        <pctVal>0.0692286878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</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>
        <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>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14093.04</valUSD>
        <pctVal>0.0098156208</pctVal>
        <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>7.250000000000</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>BOND US BIDCO 1/2/3 6.5%</name>
        <lei>N/A</lei>
        <title>BOND US BIDCO 1/2/3 6.5%</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3367622191"/>
          <ticker value="BSCOAT"/>
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        <balance>100000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>115150.64</valUSD>
        <pctVal>0.0802009369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        <name>COREWEAVE FING DDTL V TL</name>
        <lei>213800SYIQPA3L3T1Q68</lei>
        <title>COREWEAVE FING DDTL V TL</title>
        <cusip>21882DAB6</cusip>
        <identifiers>
          <isin value="US21882DAB64"/>
          <ticker value="CRWC"/>
          <other otherDesc="IDII" value="LX289889"/>
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        <balance>185321.35</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>188988.86</valUSD>
        <pctVal>0.1316283056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.160000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>DISCOVERY COMMS. LL 3.95%</name>
        <lei>L2Z2MO2EQURH3BREWI15</lei>
        <title>DISCOVERY COMMS. LL 3.95%</title>
        <cusip>25470DCP2</cusip>
        <identifiers>
          <isin value="US25470DCP24"/>
          <ticker value="WBD"/>
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        <balance>45000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44268.75</valUSD>
        <pctVal>0.0308326139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-20</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>DISCOVERY GBL. HLD 4.054%</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>DISCOVERY GBL. HLD 4.054%</title>
        <cusip>254948AP7</cusip>
        <identifiers>
          <isin value="US254948AP74"/>
          <ticker value="WBD"/>
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        <balance>59000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58414.13</valUSD>
        <pctVal>0.0406846888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.054000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>SOTERA HEALTH HLDG 7.375%</name>
        <lei>549300OVT7MBXFLOFU20</lei>
        <title>SOTERA HEALTH HLDG 7.375%</title>
        <cusip>83600WAE9</cusip>
        <identifiers>
          <isin value="US83600WAE93"/>
          <ticker value="STENOR"/>
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        <balance>39000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40437.59</valUSD>
        <pctVal>0.0281642603</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>7.375000000000</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>CARNIVAL CORP 6.125%</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CARNIVAL CORP 6.125%</title>
        <cusip>143658BX9</cusip>
        <identifiers>
          <isin value="US143658BX94"/>
          <ticker value="CCL"/>
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        <balance>109000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>110323.8</valUSD>
        <pctVal>0.0768391050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 4.50%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.50%</title>
        <cusip>1248EPCL5</cusip>
        <identifiers>
          <isin value="US1248EPCL57"/>
          <ticker value="CHTR"/>
        </identifiers>
        <balance>2000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1735.16</valUSD>
        <pctVal>0.0012085166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 4.50%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.50%</title>
        <cusip>1248EPCN1</cusip>
        <identifiers>
          <isin value="US1248EPCN14"/>
          <ticker value="CHTR"/>
        </identifiers>
        <balance>2000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1765.34</valUSD>
        <pctVal>0.0012295366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACUREN DEL HOLD INC TL</name>
        <lei>N/A</lei>
        <title>ACUREN DEL HOLD INC TL</title>
        <cusip>00036YAE3</cusip>
        <identifiers>
          <isin value="US00036YAE32"/>
          <ticker value="ROCSER"/>
          <other otherDesc="IDII" value="LX291477"/>
        </identifiers>
        <balance>7939.7</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7938.03</valUSD>
        <pctVal>0.0055287356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.160000000000</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>BUILDERS FIRSTSOURC 6.75%</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BUILDERS FIRSTSOURC 6.75%</title>
        <cusip>12008RAT4</cusip>
        <identifiers>
          <isin value="US12008RAT41"/>
          <ticker value="BLDR"/>
        </identifiers>
        <balance>43000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43841.55</valUSD>
        <pctVal>0.0305350746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GARDA WORLD SEC. CO 6.00%</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>GARDA WORLD SEC. CO 6.00%</title>
        <cusip>36485MAL3</cusip>
        <identifiers>
          <isin value="US36485MAL37"/>
          <ticker value="GWCN"/>
        </identifiers>
        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14777.03</valUSD>
        <pctVal>0.0102920110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEALTHEQUITY INC 4.50%</name>
        <lei>529900LRJU1RAFQHM467</lei>
        <title>HEALTHEQUITY INC 4.50%</title>
        <cusip>42226AAA5</cusip>
        <identifiers>
          <isin value="US42226AAA51"/>
          <ticker value="HQY"/>
        </identifiers>
        <balance>58000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56349.99</valUSD>
        <pctVal>0.0392470419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PENNYMAC FINL. SER 6.875%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SER 6.875%</title>
        <cusip>70932MAG2</cusip>
        <identifiers>
          <isin value="US70932MAG24"/>
          <ticker value="PFSI"/>
        </identifiers>
        <balance>41000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40124.1</valUSD>
        <pctVal>0.0279459186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEWELL BRANDS INC 8.50%</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NEWELL BRANDS INC 8.50%</title>
        <cusip>651229BG0</cusip>
        <identifiers>
          <isin value="US651229BG06"/>
          <ticker value="NWL"/>
        </identifiers>
        <balance>52000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>54327.94</valUSD>
        <pctVal>0.0378387101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCIENTIFIC GAMES H 6.625%</name>
        <lei>N/A</lei>
        <title>SCIENTIFIC GAMES H 6.625%</title>
        <cusip>80874DAA4</cusip>
        <identifiers>
          <isin value="US80874DAA46"/>
          <ticker value="SCGALO"/>
        </identifiers>
        <balance>46000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39314.8</valUSD>
        <pctVal>0.0273822516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILCORP ENERGY I LP 6.25%</name>
        <lei>N/A</lei>
        <title>HILCORP ENERGY I LP 6.25%</title>
        <cusip>431318AZ7</cusip>
        <identifiers>
          <isin value="US431318AZ78"/>
          <ticker value="HILCRP"/>
        </identifiers>
        <balance>1000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>968.02</valUSD>
        <pctVal>0.0006742135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>VOYAGER PARENT LLC 9.25%</name>
        <lei>2549002DYVI4ACSV4V71</lei>
        <title>VOYAGER PARENT LLC 9.25%</title>
        <cusip>92921EAA0</cusip>
        <identifiers>
          <isin value="US92921EAA01"/>
          <ticker value="EVRI"/>
        </identifiers>
        <balance>69000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72971.52</valUSD>
        <pctVal>0.0508237233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.250000000000</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>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"/>
        </identifiers>
        <balance>147000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>153171.35</valUSD>
        <pctVal>0.1066818714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERITEX HOLDCO IN 7.625%</name>
        <lei>N/A</lei>
        <title>AMERITEX HOLDCO IN 7.625%</title>
        <cusip>030727AB7</cusip>
        <identifiers>
          <isin value="US030727AB71"/>
          <ticker value="AMEPIP"/>
        </identifiers>
        <balance>38000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39704.6</valUSD>
        <pctVal>0.0276537422</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>7.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OLYMPUS WATER US TL</name>
        <lei>549300YU2GGVCBN3MY89</lei>
        <title>OLYMPUS WATER US TL</title>
        <cusip>68163YAK1</cusip>
        <identifiers>
          <isin value="US68163YAK10"/>
          <ticker value="SOLEIN"/>
          <other otherDesc="IDII" value="LX266819"/>
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        <balance>33915</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33858.36</valUSD>
        <pctVal>0.0235819114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.570000000000</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>OLYMPUS WATER US HL 7.25%</name>
        <lei>549300YU2GGVCBN3MY89</lei>
        <title>OLYMPUS WATER US HL 7.25%</title>
        <cusip>681639AE0</cusip>
        <identifiers>
          <isin value="US681639AE00"/>
          <ticker value="SOLEIN"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>197793.52</valUSD>
        <pctVal>0.1377606378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GB AIT BUYER INC TL</name>
        <lei>N/A</lei>
        <title>GB AIT BUYER INC TL</title>
        <cusip>36832FAB0</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="AITWOR"/>
          <other otherDesc="IDII" value="LX289246"/>
        </identifiers>
        <balance>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25993.76</valUSD>
        <pctVal>0.0181043189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.930000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANYWHERE REAL ESTAT 7.00%</name>
        <lei>N/A</lei>
        <title>ANYWHERE REAL ESTAT 7.00%</title>
        <cusip>75606DAT8</cusip>
        <identifiers>
          <isin value="US75606DAT81"/>
          <ticker value="HOUS"/>
        </identifiers>
        <balance>86200</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>86876.33</valUSD>
        <pctVal>0.0605082443</pctVal>
        <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>7.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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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        <balance>265031</balance>
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        <curCd>USD</curCd>
        <valUSD>292489.73</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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          <annualizedRt>9.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>QUIKRETE HLDGS. IN 6.375%</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>QUIKRETE HLDGS. IN 6.375%</title>
        <cusip>74843PAA8</cusip>
        <identifiers>
          <isin value="US74843PAA84"/>
          <ticker value="QUIKHO"/>
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        <balance>107000</balance>
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        <curCd>USD</curCd>
        <valUSD>109265.94</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SUNOCO LP 6.25%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 6.25%</title>
        <cusip>86765KAD1</cusip>
        <identifiers>
          <isin value="US86765KAD19"/>
          <ticker value="SUN"/>
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        <balance>49000</balance>
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        <curCd>USD</curCd>
        <valUSD>49439.09</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>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>113129</balance>
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        <curCd>USD</curCd>
        <valUSD>116955.59</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>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WILLIAMS SCOTSMAN 7.375%</name>
        <lei>549300DAKDS8SCO1OT57</lei>
        <title>WILLIAMS SCOTSMAN 7.375%</title>
        <cusip>96949VAL7</cusip>
        <identifiers>
          <isin value="US96949VAL71"/>
          <ticker value="WLSC"/>
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        <balance>35000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36237.29</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>2031-10-01</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>
      <invstOrSec>
        <name>COREWEAVE INC 9.25%</name>
        <lei>984500511DP2B6186053</lei>
        <title>COREWEAVE INC 9.25%</title>
        <cusip>21873SAB4</cusip>
        <identifiers>
          <isin value="US21873SAB43"/>
          <ticker value="CRWV"/>
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        <balance>82000</balance>
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        <curCd>USD</curCd>
        <valUSD>82532.63</valUSD>
        <pctVal>0.0574829132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        <name>CARNIVAL CORP LTD 5.75%</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CARNIVAL CORP LTD 5.75%</title>
        <cusip>143658CA8</cusip>
        <identifiers>
          <isin value="US143658CA82"/>
          <ticker value="CCL"/>
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        <balance>6000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6058.6</valUSD>
        <pctVal>0.0042197368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</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>
      <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>45000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45535.01</valUSD>
        <pctVal>0.0317145477</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>KRAKEN OIL &amp; GAS P 7.125%</name>
        <lei>549300DR5HSL4YAU3X12</lei>
        <title>KRAKEN OIL &amp; GAS P 7.125%</title>
        <cusip>50076PAB4</cusip>
        <identifiers>
          <isin value="US50076PAB40"/>
          <ticker value="KRAOIG"/>
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        <balance>13000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12710.91</valUSD>
        <pctVal>0.0088529850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</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>BUCKEYE PARTNERS L 6.875%</name>
        <lei>549300C1PQJLVEIUBK50</lei>
        <title>BUCKEYE PARTNERS L 6.875%</title>
        <cusip>118230AV3</cusip>
        <identifiers>
          <isin value="US118230AV39"/>
          <ticker value="BPL"/>
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        <balance>3000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3062.53</valUSD>
        <pctVal>0.0021330127</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>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>8000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8167.51</valUSD>
        <pctVal>0.0056885655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        <name>CARPENTER TECH. CO 5.625%</name>
        <lei>DX6I6ZD3X5WNNCDJKP85</lei>
        <title>CARPENTER TECH. CO 5.625%</title>
        <cusip>144285AN3</cusip>
        <identifiers>
          <isin value="US144285AN39"/>
          <ticker value="CRS"/>
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        <balance>43000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42967.45</valUSD>
        <pctVal>0.0299262752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</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>
        <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>11000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10558.96</valUSD>
        <pctVal>0.0073541796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</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>STAR HLDG. LLC 8.75%</name>
        <lei>254900BDGPE9N1WAKD59</lei>
        <title>STAR HLDG. LLC 8.75%</title>
        <cusip>85513AAA6</cusip>
        <identifiers>
          <isin value="US85513AAA60"/>
          <ticker value="SLCA"/>
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        <balance>51000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51117.91</valUSD>
        <pctVal>0.0356029656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-01</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>
        <name>ALLIANT HLDGS. INT 7.375%</name>
        <lei>N/A</lei>
        <title>ALLIANT HLDGS. INT 7.375%</title>
        <cusip>01883LAH6</cusip>
        <identifiers>
          <isin value="US01883LAH69"/>
          <ticker value="ALIANT"/>
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        <balance>67000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>66501.33</valUSD>
        <pctVal>0.0463173194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375000000000</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>STANDARD BLDG. SOL 5.875%</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>STANDARD BLDG. SOL 5.875%</title>
        <cusip>853192AA0</cusip>
        <identifiers>
          <isin value="US853192AA08"/>
          <ticker value="BMCAUS"/>
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        <balance>61000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58781</valUSD>
        <pctVal>0.0409402090</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>5.875000000000</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>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>49000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49104.32</valUSD>
        <pctVal>0.0342005261</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>
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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>BLUE OWL CAP. CORP 6.30%</name>
        <lei>2549000BD79OOCPF2L94</lei>
        <title>BLUE OWL CAP. CORP 6.30%</title>
        <cusip>69121KAL8</cusip>
        <identifiers>
          <isin value="US69121KAL89"/>
          <ticker value="OBDC"/>
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        <balance>13000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12921.15</valUSD>
        <pctVal>0.0089994145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.300000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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 SECURED 5.90%</name>
        <lei>549300KM7KWQHVBNH962</lei>
        <title>BLACKSTONE SECURED 5.90%</title>
        <cusip>09261XAN2</cusip>
        <identifiers>
          <isin value="US09261XAN21"/>
          <ticker value="BXSL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24627.15</valUSD>
        <pctVal>0.0171524926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.900000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>ATI INC 5.875%</name>
        <lei>ZW1LRE7C3H17O2ZN9B45</lei>
        <title>ATI INC 5.875%</title>
        <cusip>01741RAP7</cusip>
        <identifiers>
          <isin value="US01741RAP73"/>
          <ticker value="ATI"/>
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        <balance>13000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13180.6</valUSD>
        <pctVal>0.0091801180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ROCKET COS INC 6.50%</name>
        <lei>N/A</lei>
        <title>ROCKET COS INC 6.50%</title>
        <cusip>77311WAF8</cusip>
        <identifiers>
          <isin value="US77311WAF86"/>
          <ticker value="RKT"/>
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        <balance>47000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48206.93</valUSD>
        <pctVal>0.0335755055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>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>31000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31930</valUSD>
        <pctVal>0.0222388335</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>GETTY IMAGES INC 10.50%</name>
        <lei>5493005NV20IG4VEKZ40</lei>
        <title>GETTY IMAGES INC 10.50%</title>
        <cusip>374276AR4</cusip>
        <identifiers>
          <isin value="US374276AR47"/>
          <ticker value="ABEGET"/>
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        <balance>19000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15840.27</valUSD>
        <pctVal>0.0110325439</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>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>
      <invstOrSec>
        <name>ALTICE FRANCE S.A TLN</name>
        <lei>N/A</lei>
        <title>ALTICE FRANCE S.A TLN</title>
        <cusip>LX2718273</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX271827"/>
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        <balance>48234.53</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49150.99</valUSD>
        <pctVal>0.0342330312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.5481</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>BEIGNET INVSTR. LL 6.581%</name>
        <lei>N/A</lei>
        <title>BEIGNET INVSTR. LL 6.581%</title>
        <cusip>076912AA2</cusip>
        <identifiers>
          <isin value="US076912AA21"/>
          <ticker value="RPLDCI"/>
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        <balance>877000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>894674.01</valUSD>
        <pctVal>0.6231289188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.581000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>157000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>115013.49</valUSD>
        <pctVal>0.0801054137</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>
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      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GBL. PLAQUE 7.75%</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GBL. PLAQUE 7.75%</title>
        <cusip>922966AB2</cusip>
        <identifiers>
          <isin value="US922966AB20"/>
          <ticker value="VEGLPL"/>
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        <balance>110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>123361.92</valUSD>
        <pctVal>0.0859199876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</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>JANE STREET GRP. / 6.75%</name>
        <lei>N/A</lei>
        <title>JANE STREET GRP. / 6.75%</title>
        <cusip>47077WAE8</cusip>
        <identifiers>
          <isin value="US47077WAE84"/>
          <ticker value="JANEST"/>
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        <balance>63000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>64787.1</valUSD>
        <pctVal>0.0451233803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</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>FAIR ISAAC CORP 6.00%</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
        <title>FAIR ISAAC CORP 6.00%</title>
        <cusip>303250AG9</cusip>
        <identifiers>
          <isin value="US303250AG98"/>
          <ticker value="FAIRIC"/>
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        <balance>113000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>111274.28</valUSD>
        <pctVal>0.0775011021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</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>
      <invstOrSec>
        <name>CARNIVAL CORP 5.875%</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CARNIVAL CORP 5.875%</title>
        <cusip>143658BZ4</cusip>
        <identifiers>
          <isin value="US143658BZ43"/>
          <ticker value="CCL"/>
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        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15270.13</valUSD>
        <pctVal>0.0106354488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</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>SEAGATE DATA STORAG 8.25%</name>
        <lei>N/A</lei>
        <title>SEAGATE DATA STORAG 8.25%</title>
        <cusip>81180LAM7</cusip>
        <identifiers>
          <isin value="US81180LAM72"/>
          <ticker value="STX"/>
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        <balance>23000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24050.09</valUSD>
        <pctVal>0.0167505778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</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>VOLTAGRID LLC 7.375%</name>
        <lei>254900R5BEUGIKK1FM03</lei>
        <title>VOLTAGRID LLC 7.375%</title>
        <cusip>92874BAA3</cusip>
        <identifiers>
          <isin value="US92874BAA35"/>
          <ticker value="VOLTAG"/>
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        <balance>242000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>251237.38</valUSD>
        <pctVal>0.1749835976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>MOLINA HEALTHCARE I 6.50%</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>MOLINA HEALTHCARE I 6.50%</title>
        <cusip>60855RAN0</cusip>
        <identifiers>
          <isin value="US60855RAN08"/>
          <ticker value="MOH"/>
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        <balance>62000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63072.29</valUSD>
        <pctVal>0.0439290372</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOOTS GRP. FINCO L 5.375%</name>
        <lei>N/A</lei>
        <title>BOOTS GRP. FINCO L 5.375%</title>
        <cusip>YM3458762</cusip>
        <identifiers>
          <isin value="XS3134602401"/>
          <ticker value="BOOTFN"/>
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        <balance>100000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>117590.66</valUSD>
        <pctVal>0.0819003794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375000000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAY MEDIA INC 7.25%</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY MEDIA INC 7.25%</title>
        <cusip>389375AP1</cusip>
        <identifiers>
          <isin value="US389375AP13"/>
          <ticker value="GTN"/>
        </identifiers>
        <balance>90000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88618.73</valUSD>
        <pctVal>0.0617218035</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>7.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="91083.720000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOVELIS CORP 6.375%</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>NOVELIS CORP 6.375%</title>
        <cusip>670001AN6</cusip>
        <identifiers>
          <isin value="US670001AN69"/>
          <ticker value="HNDLIN"/>
        </identifiers>
        <balance>139000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>140001.36</valUSD>
        <pctVal>0.0975091431</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>6.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN AXLE &amp; MF 6.375%</name>
        <lei>RY5TAKFOBLDUGX31MS24</lei>
        <title>AMERICAN AXLE &amp; MF 6.375%</title>
        <cusip>02406PBC3</cusip>
        <identifiers>
          <isin value="US02406PBC32"/>
          <ticker value="AXL"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24912.11</valUSD>
        <pctVal>0.0173509636</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>6.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BELDEN INC TL</name>
        <lei>N/A</lei>
        <title>BELDEN INC TL</title>
        <cusip>07746BAH2</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="BDC"/>
          <other otherDesc="IDII" value="LX292018"/>
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        <balance>17000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17000</valUSD>
        <pctVal>0.0118402809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.910000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>BEAZER HOMES USA IN 8.00%</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>BEAZER HOMES USA IN 8.00%</title>
        <cusip>07556QBV6</cusip>
        <identifiers>
          <isin value="US07556QBV68"/>
          <ticker value="BZH"/>
        </identifiers>
        <balance>17000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17045.68</valUSD>
        <pctVal>0.0118720965</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>8.000000000000</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>EQUIPMENTSHARE.COM 7.125%</name>
        <lei>254900PWJK48CGPKPI80</lei>
        <title>EQUIPMENTSHARE.COM 7.125%</title>
        <cusip>29450YAD1</cusip>
        <identifiers>
          <isin value="US29450YAD13"/>
          <ticker value="EQMSRM"/>
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        <balance>31000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30458.69</valUSD>
        <pctVal>0.0212140851</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STARWOOD PROP. TST 5.875%</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROP. TST 5.875%</title>
        <cusip>85571BBJ3</cusip>
        <identifiers>
          <isin value="US85571BBJ35"/>
          <ticker value="STWD"/>
        </identifiers>
        <balance>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26077.71</valUSD>
        <pctVal>0.0181627890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STONEBRIAR ABF LLC 7.0%</name>
        <lei>N/A</lei>
        <title>STONEBRIAR ABF LLC 7.0%</title>
        <cusip>86177CAB5</cusip>
        <identifiers>
          <isin value="US86177CAB54"/>
          <ticker value="STONEB"/>
        </identifiers>
        <balance>19000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18997.16</valUSD>
        <pctVal>0.0132312771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASCENT RES. UTICA 5.875%</name>
        <lei>N/A</lei>
        <title>ASCENT RES. UTICA 5.875%</title>
        <cusip>04364VAU7</cusip>
        <identifiers>
          <isin value="US04364VAU70"/>
          <ticker value="ASCRES"/>
        </identifiers>
        <balance>42000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41876.19</valUSD>
        <pctVal>0.0291662267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PENNYMAC FINL. SER 6.875%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SER 6.875%</title>
        <cusip>70932MAG2</cusip>
        <identifiers>
          <isin value="US70932MAG24"/>
          <ticker value="PFSI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24465.92</valUSD>
        <pctVal>0.0170401980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</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>NEWELL BRANDS INC 8.50%</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NEWELL BRANDS INC 8.50%</title>
        <cusip>651229BG0</cusip>
        <identifiers>
          <isin value="US651229BG06"/>
          <ticker value="NWL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26119.2</valUSD>
        <pctVal>0.0181916862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCKET COS INC 6.375%</name>
        <lei>N/A</lei>
        <title>ROCKET COS INC 6.375%</title>
        <cusip>77311WAB7</cusip>
        <identifiers>
          <isin value="US77311WAB72"/>
          <ticker value="RKT"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>127120.55</valUSD>
        <pctVal>0.0885378249</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>6.375000000000</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>ONEOK INC 5.45%</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK INC 5.45%</title>
        <cusip>682680DA8</cusip>
        <identifiers>
          <isin value="US682680DA80"/>
          <ticker value="OKE"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45827.02</valUSD>
        <pctVal>0.0319179289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.450000000000</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>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"/>
        </identifiers>
        <balance>175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>182346.85</valUSD>
        <pctVal>0.1270022312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25633.43</valUSD>
        <pctVal>0.0178533537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOWARD MIDSTREAM E 6.625%</name>
        <lei>N/A</lei>
        <title>HOWARD MIDSTREAM E 6.625%</title>
        <cusip>442722AD6</cusip>
        <identifiers>
          <isin value="US442722AD63"/>
          <ticker value="HOWARD"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25213.73</valUSD>
        <pctVal>0.0175610380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTH BOW CANADIAN IN F2V</name>
        <lei>2549004FYUSYLPBT1G26</lei>
        <title>SOUTH BOW CANADIAN IN F2V</title>
        <cusip>836720AJ1</cusip>
        <identifiers>
          <isin value="US836720AJ13"/>
          <ticker value="SOBOCN"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26717.33</valUSD>
        <pctVal>0.0186082761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER LP F2V</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP F2V</title>
        <cusip>29273VBG4</cusip>
        <identifiers>
          <isin value="US29273VBG41"/>
          <ticker value="ET"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50418.1</valUSD>
        <pctVal>0.0351155569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LINDBLAD EXPEDITION 7.00%</name>
        <lei>549300MPUWOG67Y2R254</lei>
        <title>LINDBLAD EXPEDITION 7.00%</title>
        <cusip>53523LAB6</cusip>
        <identifiers>
          <isin value="US53523LAB62"/>
          <ticker value="LIND"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25848.55</valUSD>
        <pctVal>0.0180031820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS GRP. IN F2V</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GOLDMAN SACHS GRP. IN F2V</title>
        <cusip>38141GC28</cusip>
        <identifiers>
          <isin value="US38141GC282"/>
          <ticker value="GS"/>
        </identifiers>
        <balance>48000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49353.54</valUSD>
        <pctVal>0.0343741046</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>6.850000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERIGAS PARTNERS L 9.50%</name>
        <lei>N/A</lei>
        <title>AMERIGAS PARTNERS L 9.50%</title>
        <cusip>030981AP9</cusip>
        <identifiers>
          <isin value="US030981AP92"/>
          <ticker value="APU"/>
        </identifiers>
        <balance>22000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23606.55</valUSD>
        <pctVal>0.0164416579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>78000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>79383.95</valUSD>
        <pctVal>0.0552898982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAMAR MEDIA CORP 5.375%</name>
        <lei>N/A</lei>
        <title>LAMAR MEDIA CORP 5.375%</title>
        <cusip>513075CA7</cusip>
        <identifiers>
          <isin value="US513075CA73"/>
          <ticker value="LAMR"/>
        </identifiers>
        <balance>22000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21561.75</valUSD>
        <pctVal>0.0150174810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCIENCE APPLICATIO 5.875%</name>
        <lei>549300LZPNZIXQGZPZ48</lei>
        <title>SCIENCE APPLICATIO 5.875%</title>
        <cusip>808625AB3</cusip>
        <identifiers>
          <isin value="US808625AB32"/>
          <ticker value="SAIC"/>
        </identifiers>
        <balance>48000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47274.48</valUSD>
        <pctVal>0.0329260661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELEK LOGISTICS PA 6.875%</name>
        <lei>N/A</lei>
        <title>DELEK LOGISTICS PA 6.875%</title>
        <cusip>24665FAG7</cusip>
        <identifiers>
          <isin value="US24665FAG72"/>
          <ticker value="DKL"/>
        </identifiers>
        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19905.7</valUSD>
        <pctVal>0.0138640635</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>6.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIONEER OPCO LLC TL</name>
        <lei>N/A</lei>
        <title>PIONEER OPCO LLC TL</title>
        <cusip>72382UAC4</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="VENRES"/>
          <other otherDesc="IDII" value="LX290012"/>
        </identifiers>
        <balance>52000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52158.08</valUSD>
        <pctVal>0.0363274306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.900000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>115000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>118033.57</valUSD>
        <pctVal>0.0822088605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PODS LLC 8.75%</name>
        <lei>984500EC4ZCD5U1SDF04</lei>
        <title>PODS LLC 8.75%</title>
        <cusip>69413FAA0</cusip>
        <identifiers>
          <isin value="US69413FAA03"/>
          <ticker value="PODLLC"/>
        </identifiers>
        <balance>44000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42991.2</valUSD>
        <pctVal>0.0299428168</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>8.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>129000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>131069.93</valUSD>
        <pctVal>0.0912885172</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PENNYMAC FINL. SERV 4.25%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SERV 4.25%</title>
        <cusip>70932MAB3</cusip>
        <identifiers>
          <isin value="US70932MAB37"/>
          <ticker value="PFSI"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47737.7</valUSD>
        <pctVal>0.0332486929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RHP HOTEL PROPS. LP 4.50%</name>
        <lei>N/A</lei>
        <title>RHP HOTEL PROPS. LP 4.50%</title>
        <cusip>749571AG0</cusip>
        <identifiers>
          <isin value="US749571AG03"/>
          <ticker value="RHP"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24511.46</valUSD>
        <pctVal>0.0170719160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEALER TIRE FINL. 10.375%</name>
        <lei>894500QBE5Z2XQWCJ779</lei>
        <title>DEALER TIRE FINL. 10.375%</title>
        <cusip>24230SAB6</cusip>
        <identifiers>
          <isin value="US24230SAB60"/>
          <ticker value="DEATIR"/>
        </identifiers>
        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14946.46</valUSD>
        <pctVal>0.0104100168</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>10.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAVIENT CORP 7.875%</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>NAVIENT CORP 7.875%</title>
        <cusip>63938CAQ1</cusip>
        <identifiers>
          <isin value="US63938CAQ15"/>
          <ticker value="NAVI"/>
        </identifiers>
        <balance>24000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22461.99</valUSD>
        <pctVal>0.0156444866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="22545.990000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIMMONS FOODS INC/ 4.625%</name>
        <lei>5493002Z1TVWRIL6NM97</lei>
        <title>SIMMONS FOODS INC/ 4.625%</title>
        <cusip>82873MAA1</cusip>
        <identifiers>
          <isin value="US82873MAA18"/>
          <ticker value="SIMFOO"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48304.11</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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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        <curCd>USD</curCd>
        <valUSD>175339.85</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CIPHER COMPUTE LLC 7.125%</name>
        <lei>N/A</lei>
        <title>CIPHER COMPUTE LLC 7.125%</title>
        <cusip>17253NAA5</cusip>
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          <ticker value="CIFR"/>
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        <curCd>USD</curCd>
        <valUSD>43659.95</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>2030-11-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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>29000</balance>
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        <curCd>USD</curCd>
        <valUSD>28530.26</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>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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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>49741.48</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>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>API GRP. DE INC 4.75%</name>
        <lei>N/A</lei>
        <title>API GRP. DE INC 4.75%</title>
        <cusip>00185PAA9</cusip>
        <identifiers>
          <isin value="US00185PAA93"/>
          <ticker value="APG"/>
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        <curCd>USD</curCd>
        <valUSD>24500.79</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VISTRA CORP F2V</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>VISTRA CORP F2V</title>
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        <identifiers>
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          <ticker value="VST"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100769.5</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>2049-12-31</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>
        <name>AVIENT CORP 7.125%</name>
        <lei>SM8L9RZYIB34LNTWO040</lei>
        <title>AVIENT CORP 7.125%</title>
        <cusip>05368VAA4</cusip>
        <identifiers>
          <isin value="US05368VAA44"/>
          <ticker value="AVNT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25460.16</valUSD>
        <pctVal>0.0177326733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</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>MAUSER PACKAGING TL</name>
        <lei>N/A</lei>
        <title>MAUSER PACKAGING TL</title>
        <cusip>57763TAF0</cusip>
        <identifiers>
          <isin value="US57763TAF03"/>
          <other otherDesc="IDII" value="LX275514"/>
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        <balance>90000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88650</valUSD>
        <pctVal>0.0617435826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.520000000000</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>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>332225</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>356754.5</valUSD>
        <pctVal>0.2484749119</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>ALTICE FRANCE SA 6.875%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA 6.875%</title>
        <cusip>02090DAB4</cusip>
        <identifiers>
          <isin value="US02090DAB47"/>
          <ticker value="SFRFP"/>
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        <balance>292059</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>283305.41</valUSD>
        <pctVal>0.1973185673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</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>COMMERCIAL METALS C 5.75%</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS C 5.75%</title>
        <cusip>201723AS2</cusip>
        <identifiers>
          <isin value="US201723AS24"/>
          <ticker value="CMC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49704.63</valUSD>
        <pctVal>0.0346186343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</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>CMG MEDIA CORP 8.875%</name>
        <lei>N/A</lei>
        <title>CMG MEDIA CORP 8.875%</title>
        <cusip>125773AA9</cusip>
        <identifiers>
          <isin value="US125773AA99"/>
          <ticker value="CMGMCO"/>
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        <balance>7000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5123.39</valUSD>
        <pctVal>0.0035683751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-18</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>ONEMAIN FIN. CORP 6.625%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 6.625%</title>
        <cusip>682691AH3</cusip>
        <identifiers>
          <isin value="US682691AH34"/>
          <ticker value="OMF"/>
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        <balance>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14275.23</valUSD>
        <pctVal>0.0099425137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</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>
        <name>PROOFPOINT INC TL</name>
        <lei>529900C5FODDK0WSR085</lei>
        <title>PROOFPOINT INC TL</title>
        <cusip>74345HAJ0</cusip>
        <identifiers>
          <isin value="US74345HAJ05"/>
          <ticker value="PFPT"/>
          <other otherDesc="IDII" value="LX263572"/>
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        <balance>8931.48</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8607.71</valUSD>
        <pctVal>0.0059951591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.320000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SEAGATE DATA STORAG 8.50%</name>
        <lei>N/A</lei>
        <title>SEAGATE DATA STORAG 8.50%</title>
        <cusip>81180LAQ8</cusip>
        <identifiers>
          <isin value="US81180LAQ86"/>
          <ticker value="STX"/>
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        <balance>40000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41799.16</valUSD>
        <pctVal>0.0291125763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>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>4000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4117.02</valUSD>
        <pctVal>0.0028674514</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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>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>34000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35126.59</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>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>
      <invstOrSec>
        <name>ECHOSTAR CORP PIK</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>ECHOSTAR CORP PIK</title>
        <cusip>278768AA4</cusip>
        <identifiers>
          <isin value="US278768AA44"/>
          <ticker value="ECHO"/>
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        <balance>250933</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255098.74</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>2030-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>XHR LP 6.625%</name>
        <lei>549300M88BPT83ZL2164</lei>
        <title>XHR LP 6.625%</title>
        <cusip>98372MAE5</cusip>
        <identifiers>
          <isin value="US98372MAE57"/>
          <ticker value="XHR"/>
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        <balance>23000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23530.77</valUSD>
        <pctVal>0.0163888781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>BUCKEYE PARTNERS LP 6.75%</name>
        <lei>549300C1PQJLVEIUBK50</lei>
        <title>BUCKEYE PARTNERS LP 6.75%</title>
        <cusip>118230AW1</cusip>
        <identifiers>
          <isin value="US118230AW12"/>
          <ticker value="BPL"/>
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        <balance>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14459.27</valUSD>
        <pctVal>0.0100706952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>APH SOMERSET INVST 7.875%</name>
        <lei>N/A</lei>
        <title>APH SOMERSET INVST 7.875%</title>
        <cusip>00188QAA4</cusip>
        <identifiers>
          <isin value="US00188QAA40"/>
          <ticker value="AQUARI"/>
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        <balance>65000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>65819</valUSD>
        <pctVal>0.0458420853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</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>ECHOSTAR CORP 10.75%</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>ECHOSTAR CORP 10.75%</title>
        <cusip>278768AC0</cusip>
        <identifiers>
          <isin value="US278768AC00"/>
          <ticker value="ECHO"/>
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        <balance>322057</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>348021.09</valUSD>
        <pctVal>0.2423922044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.750000000000</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>MCAFEE CORP TL</name>
        <lei>2549009UKR8UEZYVCR93</lei>
        <title>MCAFEE CORP TL</title>
        <cusip>57906HAF4</cusip>
        <identifiers>
          <isin value="US57906HAF47"/>
          <ticker value="MCFE"/>
          <other otherDesc="IDII" value="7TPJ9V2"/>
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        <balance>35126.21</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31086.7</valUSD>
        <pctVal>0.0216514860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.400000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASHTON WOODS USA L 6.875%</name>
        <lei>N/A</lei>
        <title>ASHTON WOODS USA L 6.875%</title>
        <cusip>045086AR6</cusip>
        <identifiers>
          <isin value="US045086AR68"/>
          <ticker value="ASHWOO"/>
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        <balance>42000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41628.88</valUSD>
        <pctVal>0.0289939785</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>6.875000000000</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>AMNEAL PHARMS. LLC 6.875%</name>
        <lei>54930037VIXE7LRZ1M66</lei>
        <title>AMNEAL PHARMS. LLC 6.875%</title>
        <cusip>03168LAA3</cusip>
        <identifiers>
          <isin value="US03168LAA35"/>
          <ticker value="AMNPHA"/>
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        <balance>30000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31140.27</valUSD>
        <pctVal>0.0216887968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69555.98</valUSD>
        <pctVal>0.0484448437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</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>SERVICE PROPS. TRUS 0.00%</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PROPS. TRUS 0.00%</title>
        <cusip>81761LAF9</cusip>
        <identifiers>
          <isin value="US81761LAF94"/>
          <ticker value="SVC"/>
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        <balance>42000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38942.87</valUSD>
        <pctVal>0.0271232071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</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>BAUSCH LOMB CORP TL</name>
        <lei>N/A</lei>
        <title>BAUSCH LOMB CORP TL</title>
        <cusip>C0787FAL6</cusip>
        <identifiers>
          <isin value="XAC0787FAL67"/>
          <other otherDesc="IDII" value="LX278575"/>
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        <balance>137773.54</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>137945.76</valUSD>
        <pctVal>0.0960774442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.431038936500</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>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>171000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>175826.05</valUSD>
        <pctVal>0.1224605780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <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>SABRE GLBL INC TL</name>
        <lei>549300O6WO3LW8K5NZ34</lei>
        <title>SABRE GLBL INC TL</title>
        <cusip>78571YBK5</cusip>
        <identifiers>
          <isin value="US78571YBK55"/>
          <ticker value="TSG"/>
          <other otherDesc="IDII" value="7TPJ990"/>
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        <balance>7138.5</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6346.13</valUSD>
        <pctVal>0.0044199978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.678380008770</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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 6.00%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 6.00%</title>
        <cusip>629377CW0</cusip>
        <identifiers>
          <isin value="US629377CW01"/>
          <ticker value="NRG"/>
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        <balance>30000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30160.2</valUSD>
        <pctVal>0.0210061906</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>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 6.25%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 6.25%</title>
        <cusip>629377CX8</cusip>
        <identifiers>
          <isin value="US629377CX83"/>
          <ticker value="NRG"/>
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        <balance>51000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51638.69</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</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>
      <invstOrSec>
        <name>CLOVER HOLDING 2 LLC TL</name>
        <lei>N/A</lei>
        <title>CLOVER HOLDING 2 LLC TL</title>
        <cusip>LX2513344</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX251334"/>
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        <balance>308517.86</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>292320.67</valUSD>
        <pctVal>0.2035975797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JANE STREET GRP. / 6.125%</name>
        <lei>N/A</lei>
        <title>JANE STREET GRP. / 6.125%</title>
        <cusip>47077WAD0</cusip>
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        <curCd>USD</curCd>
        <valUSD>15003.12</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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        <valUSD>12749.47</valUSD>
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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>
      <invstOrSec>
        <name>UNITED WHOLESALE MT 5.50%</name>
        <lei>549300HW662MN1WU8550</lei>
        <title>UNITED WHOLESALE MT 5.50%</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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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>BOYNE USA INC 4.75%</name>
        <lei>N/A</lei>
        <title>BOYNE USA INC 4.75%</title>
        <cusip>103557AC8</cusip>
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          <ticker value="BIGSKY"/>
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        <curCd>USD</curCd>
        <valUSD>31455.63</valUSD>
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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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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WEATHERFORD INTL. L 6.75%</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>WEATHERFORD INTL. L 6.75%</title>
        <cusip>947075AW7</cusip>
        <identifiers>
          <isin value="US947075AW79"/>
          <ticker value="WFRD"/>
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        <balance>110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>112232.52</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>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>NISSAN MOTOR ACCEP 6.125%</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
        <title>NISSAN MOTOR ACCEP 6.125%</title>
        <cusip>65480CAL9</cusip>
        <identifiers>
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          <ticker value="NSANY"/>
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        <curCd>USD</curCd>
        <valUSD>87488.82</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24723.18</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>7.000000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COEUR MINING INC 6.875%</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>COEUR MINING INC 6.875%</title>
        <cusip>192120AA1</cusip>
        <identifiers>
          <isin value="US192120AA16"/>
          <ticker value="CDE"/>
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        <balance>54000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55350</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>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GREAT CANADIAN GAMI 8.75%</name>
        <lei>549300FU60SSFLTE0M84</lei>
        <title>GREAT CANADIAN GAMI 8.75%</title>
        <cusip>389925AA6</cusip>
        <identifiers>
          <isin value="US389925AA64"/>
          <ticker value="GCCN"/>
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        <balance>66000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>66032.21</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DIGITAL REALTY TST 1.875%</name>
        <lei>CD4SPTZ3YBTHY0C1AH38</lei>
        <title>DIGITAL REALTY TST 1.875%</title>
        <cusip>25389JAX4</cusip>
        <identifiers>
          <isin value="US25389JAX46"/>
          <ticker value="DLR"/>
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        <balance>16000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17144</valUSD>
        <pctVal>0.0119405751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NEOGEN FOOD SAFETY 8.625%</name>
        <lei>N/A</lei>
        <title>NEOGEN FOOD SAFETY 8.625%</title>
        <cusip>365417AA2</cusip>
        <identifiers>
          <isin value="US365417AA28"/>
          <ticker value="NEOG"/>
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        <balance>71000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74680</valUSD>
        <pctVal>0.0520136576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>TENNECO INC TL</name>
        <lei>549300U0EXXFAQFAD785</lei>
        <title>TENNECO INC TL</title>
        <cusip>88037HAP9</cusip>
        <identifiers>
          <isin value="US88037HAP91"/>
          <ticker value="TENINC"/>
          <other otherDesc="IDII" value="7R50TF5"/>
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        <balance>37179</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36993.11</valUSD>
        <pctVal>0.0257652244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>9.240000000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>FREEDOM MTGE. HLDG 6.875%</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>FREEDOM MTGE. HLDG 6.875%</title>
        <cusip>35641AAE8</cusip>
        <identifiers>
          <isin value="US35641AAE82"/>
          <ticker value="FREMOR"/>
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        <balance>6000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5822.78</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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          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLARIOS GLOBAL LP TL</name>
        <lei>549300474L1ZLXZY2P98</lei>
        <title>CLARIOS GLOBAL LP TL</title>
        <cusip>C8000CAR4</cusip>
        <identifiers>
          <isin value="XAC8000CAR43"/>
          <ticker value="POWSOL"/>
          <other otherDesc="IDII" value="LX290599"/>
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        <balance>45259.56</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45259.56</valUSD>
        <pctVal>0.0315227003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.140000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ON SEMICON. CORP 0.00%</name>
        <lei>ZV20P4CNJVT8V1ZGJ064</lei>
        <title>ON SEMICON. CORP 0.00%</title>
        <cusip>682189AV7</cusip>
        <identifiers>
          <isin value="US682189AV76"/>
          <ticker value="ON"/>
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        <balance>10000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9940</valUSD>
        <pctVal>0.0069230819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-01</maturityDt>
          <couponKind>None</couponKind>
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          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HILTON DOMESTIC OPE 5.50%</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OPE 5.50%</title>
        <cusip>432833AU5</cusip>
        <identifiers>
          <isin value="US432833AU51"/>
          <ticker value="HLT"/>
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        <balance>88000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88225.1</valUSD>
        <pctVal>0.0614476452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ENDO FINANCETL</name>
        <lei>N/A</lei>
        <title>ENDO FINANCETL</title>
        <cusip>29280UAD5</cusip>
        <identifiers>
          <isin value="US29280UAD54"/>
          <ticker value="ENDP"/>
          <other otherDesc="IDII" value="LX250342"/>
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        <balance>34745.14</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34745.14</valUSD>
        <pctVal>0.0241995423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.630000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>ICAHN ENTS. LP / I 10.00%</name>
        <lei>N/A</lei>
        <title>ICAHN ENTS. LP / I 10.00%</title>
        <cusip>451102CK1</cusip>
        <identifiers>
          <isin value="US451102CK14"/>
          <ticker value="IEP"/>
        </identifiers>
        <balance>99000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97635.34</valUSD>
        <pctVal>0.0680017561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BASF COATINGS TL</name>
        <lei>N/A</lei>
        <title>BASF COATINGS TL</title>
        <cusip>LX2897465</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX289746"/>
        </identifiers>
        <balance>34000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34093.5</valUSD>
        <pctVal>0.0237456834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PENNYMAC FINL. SER 7.875%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SER 7.875%</title>
        <cusip>70932MAD9</cusip>
        <identifiers>
          <isin value="US70932MAD92"/>
          <ticker value="PFSI"/>
        </identifiers>
        <balance>24000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24958.06</valUSD>
        <pctVal>0.0173829672</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>7.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENBRIDGE INC F2V</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBRIDGE INC F2V</title>
        <cusip>29250NCG8</cusip>
        <identifiers>
          <isin value="US29250NCG88"/>
          <ticker value="ENBCN"/>
        </identifiers>
        <balance>31000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32604.19</valUSD>
        <pctVal>0.0227083982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEWELL BRANDS INC 6.375%</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NEWELL BRANDS INC 6.375%</title>
        <cusip>651229BF2</cusip>
        <identifiers>
          <isin value="US651229BF23"/>
          <ticker value="NWL"/>
        </identifiers>
        <balance>12000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12163.16</valUSD>
        <pctVal>0.0084714842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="12263.040000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAGNOLIA OIL &amp; GAS 6.875%</name>
        <lei>N/A</lei>
        <title>MAGNOLIA OIL &amp; GAS 6.875%</title>
        <cusip>559665AB0</cusip>
        <identifiers>
          <isin value="US559665AB08"/>
          <ticker value="MGY"/>
        </identifiers>
        <balance>28000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28508.56</valUSD>
        <pctVal>0.0198558447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALTAGAS LTD F2V</name>
        <lei>2549008X5V70MOS4HM10</lei>
        <title>ALTAGAS LTD F2V</title>
        <cusip>021361AD2</cusip>
        <identifiers>
          <isin value="US021361AD20"/>
          <ticker value="ALACN"/>
        </identifiers>
        <balance>42000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44032.97</valUSD>
        <pctVal>0.0306683962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.200000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEBBLEBROOK HOTEL 6.375%</name>
        <lei>N/A</lei>
        <title>PEBBLEBROOK HOTEL 6.375%</title>
        <cusip>70510LAA7</cusip>
        <identifiers>
          <isin value="US70510LAA70"/>
          <ticker value="PEB"/>
        </identifiers>
        <balance>24000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24409.2</valUSD>
        <pctVal>0.0170006933</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>6.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DOMINION ENERGY INC F2V</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>DOMINION ENERGY INC F2V</title>
        <cusip>25746UEC9</cusip>
        <identifiers>
          <isin value="US25746UEC99"/>
          <ticker value="D"/>
        </identifiers>
        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20060.72</valUSD>
        <pctVal>0.0139720330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.150000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STINGRAY COMPUTE LL 6.00%</name>
        <lei>N/A</lei>
        <title>STINGRAY COMPUTE LL 6.00%</title>
        <cusip>86083AAA4</cusip>
        <identifiers>
          <isin value="US86083AAA43"/>
          <ticker value="STNGRY"/>
        </identifiers>
        <balance>52000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52102.6</valUSD>
        <pctVal>0.0362887895</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>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYBAR LLC 7.375%</name>
        <lei>636700GY538OO3EGRW14</lei>
        <title>HYBAR LLC 7.375%</title>
        <cusip>44861JAA2</cusip>
        <identifiers>
          <isin value="US44861JAA25"/>
          <ticker value="REEBAR"/>
        </identifiers>
        <balance>61000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>61296.02</valUSD>
        <pctVal>0.0426918880</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>7.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXTERA ENERGY CAP. H F2V</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEXTERA ENERGY CAP. H F2V</title>
        <cusip>65339KEF3</cusip>
        <identifiers>
          <isin value="US65339KEF30"/>
          <ticker value="NEE"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49975.2</valUSD>
        <pctVal>0.0348070828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WALKER &amp; DUNLOP IN 6.625%</name>
        <lei>N/A</lei>
        <title>WALKER &amp; DUNLOP IN 6.625%</title>
        <cusip>93148PAA0</cusip>
        <identifiers>
          <isin value="US93148PAA03"/>
          <ticker value="WD"/>
        </identifiers>
        <balance>47000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47748.8</valUSD>
        <pctVal>0.0332564239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL PARTNERS LP 7.125%</name>
        <lei>N/A</lei>
        <title>GLOBAL PARTNERS LP 7.125%</title>
        <cusip>37954FAL8</cusip>
        <identifiers>
          <isin value="US37954FAL85"/>
          <ticker value="GLP"/>
        </identifiers>
        <balance>22000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22260.74</valUSD>
        <pctVal>0.0155043185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WASTE PRO USA INC 7.00%</name>
        <lei>549300BY1QXU5BI3UF28</lei>
        <title>WASTE PRO USA INC 7.00%</title>
        <cusip>94107JAC7</cusip>
        <identifiers>
          <isin value="US94107JAC71"/>
          <ticker value="WASPRO"/>
        </identifiers>
        <balance>203000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>207728.07</valUSD>
        <pctVal>0.1446799239</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>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>33000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33417.52</valUSD>
        <pctVal>0.0232748720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="33702.950000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW HOME CO INC/THE 8.50%</name>
        <lei>549300PLCE8TB3TVRQ85</lei>
        <title>NEW HOME CO INC/THE 8.50%</title>
        <cusip>645370AG2</cusip>
        <identifiers>
          <isin value="US645370AG22"/>
          <ticker value="NWHM"/>
        </identifiers>
        <balance>9000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9188.46</valUSD>
        <pctVal>0.0063996440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VERSANT MEDIA GRP. 7.25%</name>
        <lei>254900D2Q5F5F229PU30</lei>
        <title>VERSANT MEDIA GRP. 7.25%</title>
        <cusip>925283AA1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GARDA WORLD SEC. C 8.375%</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>GARDA WORLD SEC. C 8.375%</title>
        <cusip>36485MAP4</cusip>
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          <isin value="US36485MAP41"/>
          <ticker value="GWCN"/>
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        <curCd>USD</curCd>
        <valUSD>155504.21</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FERRELLGAS LP / FER 9.25%</name>
        <lei>549300EW667UKOZLEW85</lei>
        <title>FERRELLGAS LP / FER 9.25%</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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      <invstOrSec>
        <name>NABORS INDS. INC 7.625%</name>
        <lei>549300VFQWRKICUFNU92</lei>
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        <cusip>62957HAR6</cusip>
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          <ticker value="NBR"/>
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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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          <maturityDt>2032-11-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TENET HEALTHCARE CO 5.50%</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE CO 5.50%</title>
        <cusip>88033GDW7</cusip>
        <identifiers>
          <isin value="US88033GDW78"/>
          <ticker value="THC"/>
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        <curCd>USD</curCd>
        <valUSD>16904.05</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>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <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>63000</balance>
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        <curCd>USD</curCd>
        <valUSD>67963.41</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.250000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALLISON TRANSMISSI 5.875%</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
        <title>ALLISON TRANSMISSI 5.875%</title>
        <cusip>019736AH0</cusip>
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          <isin value="US019736AH02"/>
          <ticker value="ALSN"/>
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        <balance>51000</balance>
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        <curCd>USD</curCd>
        <valUSD>50841.71</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>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COMMERCIAL METALS C 6.00%</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS C 6.00%</title>
        <cusip>201723AV5</cusip>
        <identifiers>
          <isin value="US201723AV52"/>
          <ticker value="CMC"/>
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        <balance>46000</balance>
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        <curCd>USD</curCd>
        <valUSD>45880.92</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MAUSER PACKAGING S 7.875%</name>
        <lei>549300DNGHXL0OMHW304</lei>
        <title>MAUSER PACKAGING S 7.875%</title>
        <cusip>57763RAE7</cusip>
        <identifiers>
          <isin value="US57763RAE71"/>
          <ticker value="BWY"/>
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        <balance>396000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>404838.72</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>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SABRE FINL. BORRO 11.125%</name>
        <lei>N/A</lei>
        <title>SABRE FINL. BORRO 11.125%</title>
        <cusip>78573XAA8</cusip>
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          <isin value="US78573XAA81"/>
          <ticker value="SABHLD"/>
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        <curCd>USD</curCd>
        <valUSD>138264.58</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED RENTALS NOR 5.375%</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>UNITED RENTALS NOR 5.375%</title>
        <cusip>911365BS2</cusip>
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          <isin value="US911365BS20"/>
          <ticker value="URI"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRANSALTA CORP 5.875%</name>
        <lei>984500EE2ADD850F1C96</lei>
        <title>TRANSALTA CORP 5.875%</title>
        <cusip>89346DAL1</cusip>
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          <isin value="US89346DAL10"/>
          <ticker value="TACN"/>
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        <curCd>USD</curCd>
        <valUSD>7880.74</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KEHE DISTRIBUTORS 7.125%</name>
        <lei>N/A</lei>
        <title>KEHE DISTRIBUTORS 7.125%</title>
        <cusip>487930AA7</cusip>
        <identifiers>
          <isin value="US487930AA77"/>
          <ticker value="KEHEFO"/>
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        <balance>36000</balance>
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        <curCd>USD</curCd>
        <valUSD>36671.29</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>SERVICE CORP INTERN 4.00%</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>SERVICE CORP INTERN 4.00%</title>
        <cusip>817565CG7</cusip>
        <identifiers>
          <isin value="US817565CG79"/>
          <ticker value="SCI"/>
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        <balance>36000</balance>
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        <curCd>USD</curCd>
        <valUSD>33981.96</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>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALLIED UNIVERSAL H 4.625%</name>
        <lei>N/A</lei>
        <title>ALLIED UNIVERSAL H 4.625%</title>
        <cusip>019579AA9</cusip>
        <identifiers>
          <isin value="US019579AA90"/>
          <ticker value="UNSEAM"/>
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        <balance>185000</balance>
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        <curCd>USD</curCd>
        <valUSD>182315.63</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</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>UNITI GRP. LP / UNI 6.00%</name>
        <lei>N/A</lei>
        <title>UNITI GRP. LP / UNI 6.00%</title>
        <cusip>91327AAB8</cusip>
        <identifiers>
          <isin value="US91327AAB89"/>
          <ticker value="UNIT"/>
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        <balance>10000</balance>
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        <curCd>USD</curCd>
        <valUSD>9768.21</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>2030-01-15</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>NEW ENT. STONE &amp; LI 5.25%</name>
        <lei>549300O5DQ5Y61B8VF38</lei>
        <title>NEW ENT. STONE &amp; LI 5.25%</title>
        <cusip>644274AH5</cusip>
        <identifiers>
          <isin value="US644274AH54"/>
          <ticker value="NEENST"/>
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        <balance>44000</balance>
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        <curCd>USD</curCd>
        <valUSD>43824.53</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>2028-07-15</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>HILCORP ENERGY I LP 6.00%</name>
        <lei>N/A</lei>
        <title>HILCORP ENERGY I LP 6.00%</title>
        <cusip>431318AY0</cusip>
        <identifiers>
          <isin value="US431318AY04"/>
          <ticker value="HILCRP"/>
        </identifiers>
        <balance>2000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1964.98</valUSD>
        <pctVal>0.0013685832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</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>KINETIK HLDGS. LP 5.875%</name>
        <lei>549300RD6AJIMYC0HY12</lei>
        <title>KINETIK HLDGS. LP 5.875%</title>
        <cusip>49461MAA8</cusip>
        <identifiers>
          <isin value="US49461MAA80"/>
          <ticker value="KNTK"/>
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        <balance>10000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10058.11</valUSD>
        <pctVal>0.0070053440</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>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>STAR PARENT INC TL</name>
        <lei>254900GRGCJYRMDRWT73</lei>
        <title>STAR PARENT INC TL</title>
        <cusip>87169DAB1</cusip>
        <identifiers>
          <isin value="US87169DAB10"/>
          <ticker value="SYNH"/>
          <other otherDesc="IDII" value="7SRCL72"/>
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        <balance>47816.57</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47854.82</valUSD>
        <pctVal>0.0333302654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.400000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MATADOR RES. CO 6.50%</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>MATADOR RES. CO 6.50%</title>
        <cusip>576485AG1</cusip>
        <identifiers>
          <isin value="US576485AG13"/>
          <ticker value="MTDR"/>
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        <balance>74000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74404.04</valUSD>
        <pctVal>0.0518214551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>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>251000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254097.59</valUSD>
        <pctVal>0.1769756970</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>7.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="257989.800000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>WATCO COS LLC / WA 7.125%</name>
        <lei>N/A</lei>
        <title>WATCO COS LLC / WA 7.125%</title>
        <cusip>941130AD8</cusip>
        <identifiers>
          <isin value="US941130AD86"/>
          <ticker value="WATCOS"/>
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        <balance>13000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13348.28</valUSD>
        <pctVal>0.0092969050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</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>AMENTUM HLDGS. INC 7.25%</name>
        <lei>2549009FJIBLW40CU216</lei>
        <title>AMENTUM HLDGS. INC 7.25%</title>
        <cusip>02352BAA3</cusip>
        <identifiers>
          <isin value="US02352BAA35"/>
          <ticker value="AMNTEC"/>
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        <balance>17000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17509.56</valUSD>
        <pctVal>0.0121951829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>LIFEPOINT HEALTH INC TL</name>
        <lei>N/A</lei>
        <title>LIFEPOINT HEALTH INC TL</title>
        <cusip>75915TAK8</cusip>
        <identifiers>
          <isin value="US75915TAK88"/>
          <other otherDesc="IDII" value="7TCYVW5"/>
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        <balance>31244.8</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30737.07</valUSD>
        <pctVal>0.0214079732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.690000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIRECTV FING LLC TL</name>
        <lei>N/A</lei>
        <title>DIRECTV FING LLC TL</title>
        <cusip>25460HAF9</cusip>
        <identifiers>
          <isin value="US25460HAF91"/>
          <ticker value="DTV"/>
          <other otherDesc="IDII" value="LX258435"/>
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        <balance>123820</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>123974.78</valUSD>
        <pctVal>0.0863468367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.790000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>BARCLAYS PLC F2V</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC F2V</title>
        <cusip>06738EDC6</cusip>
        <identifiers>
          <isin value="US06738EDC66"/>
          <ticker value="BACR"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>209053.8</valUSD>
        <pctVal>0.1456032777</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>7.625000000000</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>AMSTED INDS. INC 6.375%</name>
        <lei>N2VLGYMEEBIU3PFSUY86</lei>
        <title>AMSTED INDS. INC 6.375%</title>
        <cusip>032177AK3</cusip>
        <identifiers>
          <isin value="US032177AK30"/>
          <ticker value="AMSIND"/>
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        <balance>36000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36401.08</valUSD>
        <pctVal>0.0253528831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</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>PHOENIX AVIATION CA 9.25%</name>
        <lei>8945008YQAKXZQ3VYJ15</lei>
        <title>PHOENIX AVIATION CA 9.25%</title>
        <cusip>71910DAA9</cusip>
        <identifiers>
          <isin value="US71910DAA90"/>
          <ticker value="PHOAVI"/>
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        <balance>171000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>176644.71</valUSD>
        <pctVal>0.1230307642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</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>ALTICE FRANCE SA 6.875%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA 6.875%</title>
        <cusip>02090DAE8</cusip>
        <identifiers>
          <isin value="US02090DAE85"/>
          <ticker value="SFRFP"/>
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        <balance>13000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12605.78</valUSD>
        <pctVal>0.0087797633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</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>ALBERTSONS COS INC 5.50%</name>
        <lei>N/A</lei>
        <title>ALBERTSONS COS INC 5.50%</title>
        <cusip>01309QAC2</cusip>
        <identifiers>
          <isin value="US01309QAC24"/>
          <ticker value="ACI"/>
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        <balance>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25404.45</valUSD>
        <pctVal>0.0176938721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-31</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>SUNOCO LP 6.625%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 6.625%</title>
        <cusip>86765KAL3</cusip>
        <identifiers>
          <isin value="US86765KAL35"/>
          <ticker value="SUN"/>
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        <balance>36000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36614.38</valUSD>
        <pctVal>0.0255014438</pctVal>
        <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>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>
      <invstOrSec>
        <name>NEPTUNE BIDCO US 10.375%</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NEPTUNE BIDCO US 10.375%</title>
        <cusip>640695AC6</cusip>
        <identifiers>
          <isin value="US640695AC66"/>
          <ticker value="NLSN"/>
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        <balance>18000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18655.47</valUSD>
        <pctVal>0.0129932945</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>10.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GENMAB A/S/GENMAB F 7.25%</name>
        <lei>N/A</lei>
        <title>GENMAB A/S/GENMAB F 7.25%</title>
        <cusip>37230JAB8</cusip>
        <identifiers>
          <isin value="US37230JAB89"/>
          <ticker value="GMABDC"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>208519.62</valUSD>
        <pctVal>0.1452312282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>VENTURE GBL. PLAQU 6.125%</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GBL. PLAQU 6.125%</title>
        <cusip>922966AE6</cusip>
        <identifiers>
          <isin value="US922966AE68"/>
          <ticker value="VEGLPL"/>
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        <curCd>USD</curCd>
        <valUSD>65482.11</valUSD>
        <pctVal>0.0456074458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</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>MERIDIAN ARC HOLDCO 6.25%</name>
        <lei>N/A</lei>
        <title>MERIDIAN ARC HOLDCO 6.25%</title>
        <cusip>58990CAA1</cusip>
        <identifiers>
          <isin value="US58990CAA18"/>
          <ticker value="MERIDI"/>
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        <balance>687000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>688538.88</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>2031-04-30</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>
      <invstOrSec>
        <name>CALIFORNIA RES. COR 7.25%</name>
        <lei>5493003Q8F0T4F4YMR48</lei>
        <title>CALIFORNIA RES. COR 7.25%</title>
        <cusip>13057QAM9</cusip>
        <identifiers>
          <isin value="US13057QAM96"/>
          <ticker value="CRC"/>
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        <balance>35000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34719.43</valUSD>
        <pctVal>0.0241816356</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>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>
      <invstOrSec>
        <name>SEAGATE DATA STORA 5.875%</name>
        <lei>N/A</lei>
        <title>SEAGATE DATA STORA 5.875%</title>
        <cusip>81180LAT2</cusip>
        <identifiers>
          <isin value="US81180LAT26"/>
          <ticker value="STX"/>
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        <balance>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14248.67</valUSD>
        <pctVal>0.0099240150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</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>MADISON IAQ LLC 4.125%</name>
        <lei>549300IXDNBXNHUPBU73</lei>
        <title>MADISON IAQ LLC 4.125%</title>
        <cusip>55760LAA5</cusip>
        <identifiers>
          <isin value="US55760LAA52"/>
          <ticker value="MADIAQ"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24594.08</valUSD>
        <pctVal>0.0171294598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</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>ICAHN ENTS. LP / I 4.375%</name>
        <lei>N/A</lei>
        <title>ICAHN ENTS. LP / I 4.375%</title>
        <cusip>451102CC9</cusip>
        <identifiers>
          <isin value="US451102CC97"/>
          <ticker value="IEP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21352.32</valUSD>
        <pctVal>0.0148716157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</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>LIONS GATE CAP. HLD 6%</name>
        <lei>N/A</lei>
        <title>LIONS GATE CAP. HLD 6%</title>
        <cusip>535939AA0</cusip>
        <identifiers>
          <isin value="US535939AA09"/>
          <ticker value="LGF"/>
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        <balance>66000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62947.5</valUSD>
        <pctVal>0.0438421226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</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>
      <invstOrSec>
        <name>ZEBRA TECHS. CORP 6.50%</name>
        <lei>PO0I32GKZ3HZMMDPZZ08</lei>
        <title>ZEBRA TECHS. CORP 6.50%</title>
        <cusip>989207AD7</cusip>
        <identifiers>
          <isin value="US989207AD75"/>
          <ticker value="ZBRA"/>
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        <balance>23000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23280.19</valUSD>
        <pctVal>0.0162143523</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>6.500000000000</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>SCIENCE APPLICATIO 4.875%</name>
        <lei>549300LZPNZIXQGZPZ48</lei>
        <title>SCIENCE APPLICATIO 4.875%</title>
        <cusip>808625AA5</cusip>
        <identifiers>
          <isin value="US808625AA58"/>
          <ticker value="SAIC"/>
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        <balance>35000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34744.77</valUSD>
        <pctVal>0.0241992846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>ATI INC 5.875%</name>
        <lei>ZW1LRE7C3H17O2ZN9B45</lei>
        <title>ATI INC 5.875%</title>
        <cusip>01741RAH5</cusip>
        <identifiers>
          <isin value="US01741RAH57"/>
          <ticker value="ATI"/>
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        <balance>18000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18008.82</valUSD>
        <pctVal>0.0125429111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</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>MATTAMY GRP. CORP 4.625%</name>
        <lei>5493008TNY7A82WCXU31</lei>
        <title>MATTAMY GRP. CORP 4.625%</title>
        <cusip>57701RAM4</cusip>
        <identifiers>
          <isin value="US57701RAM43"/>
          <ticker value="MATHOM"/>
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        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14395.33</valUSD>
        <pctVal>0.0100261618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</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>MELCO RESORTS FIN. 5.375%</name>
        <lei>5493000FQDBWKDBZEF60</lei>
        <title>MELCO RESORTS FIN. 5.375%</title>
        <cusip>58547DAD1</cusip>
        <identifiers>
          <isin value="US58547DAD12"/>
          <ticker value="MPEL"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>194866.36</valUSD>
        <pctVal>0.1357219086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375000000000</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>SINCLAIR TELEVISIO 8.125%</name>
        <lei>549300CQGEN0CH65UD62</lei>
        <title>SINCLAIR TELEVISIO 8.125%</title>
        <cusip>829259BH2</cusip>
        <identifiers>
          <isin value="US829259BH26"/>
          <ticker value="SBGI"/>
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        <balance>123000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>126341.42</valUSD>
        <pctVal>0.0879951709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</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>DAVITA INC 6.75%</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DAVITA INC 6.75%</title>
        <cusip>23918KAY4</cusip>
        <identifiers>
          <isin value="US23918KAY47"/>
          <ticker value="DVA"/>
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        <balance>11000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11350.34</valUSD>
        <pctVal>0.0079053655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CACI INTL. INC 6.375%</name>
        <lei>SYRPI2D1O9WRTS2WX210</lei>
        <title>CACI INTL. INC 6.375%</title>
        <cusip>127190AE6</cusip>
        <identifiers>
          <isin value="US127190AE62"/>
          <ticker value="CACI"/>
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        <balance>54000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>54767.88</valUSD>
        <pctVal>0.0381451227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ALLIED UNIVERSAL H 6.875%</name>
        <lei>N/A</lei>
        <title>ALLIED UNIVERSAL H 6.875%</title>
        <cusip>019576AF4</cusip>
        <identifiers>
          <isin value="US019576AF49"/>
          <ticker value="UNSEAM"/>
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        <balance>115000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>118173.66</valUSD>
        <pctVal>0.0823064313</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>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>ASCENT RES. UTICA 6.625%</name>
        <lei>N/A</lei>
        <title>ASCENT RES. UTICA 6.625%</title>
        <cusip>04364VBA0</cusip>
        <identifiers>
          <isin value="US04364VBA08"/>
          <ticker value="ASCRES"/>
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        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20226.96</valUSD>
        <pctVal>0.0140878170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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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>ZAYO GRP. HLDGS. INC PIK</name>
        <lei>529900Z6OTS7RT0V0I47</lei>
        <title>ZAYO GRP. HLDGS. INC PIK</title>
        <cusip>98919VAC9</cusip>
        <identifiers>
          <isin value="US98919VAC90"/>
          <ticker value="ZAYO"/>
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        <balance>24362</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24331.55</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARDAGH GRP. SA PIK</name>
        <lei>6354006L1NWUUOPYX274</lei>
        <title>ARDAGH GRP. SA PIK</title>
        <cusip>L0223LAF8</cusip>
        <identifiers>
          <isin value="XS3215484075"/>
          <ticker value="ARGID"/>
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        <balance>104125</balance>
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        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>113030.98</valUSD>
        <pctVal>0.0787246210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12</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>NEPTUNE BIDCO US IN 9.50%</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NEPTUNE BIDCO US IN 9.50%</title>
        <cusip>640695AD4</cusip>
        <identifiers>
          <isin value="US640695AD40"/>
          <ticker value="NLSN"/>
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        <balance>57000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>57630.25</valUSD>
        <pctVal>0.0401387265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</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>AHP HEALTH PARTNERS 5.75%</name>
        <lei>549300QMM8MQ6SM5KX05</lei>
        <title>AHP HEALTH PARTNERS 5.75%</title>
        <cusip>00150LAB7</cusip>
        <identifiers>
          <isin value="US00150LAB71"/>
          <ticker value="ARDT"/>
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        <balance>130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>128376.85</valUSD>
        <pctVal>0.0894128217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>HESS MIDSTREAM OPER 4.25%</name>
        <lei>N/A</lei>
        <title>HESS MIDSTREAM OPER 4.25%</title>
        <cusip>428102AE7</cusip>
        <identifiers>
          <isin value="US428102AE79"/>
          <ticker value="HESM"/>
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        <balance>18000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17363.17</valUSD>
        <pctVal>0.0120932242</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>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>DISH NETWORK CORP 11.75%</name>
        <lei>529900U350CWHH15G169</lei>
        <title>DISH NETWORK CORP 11.75%</title>
        <cusip>25470MAG4</cusip>
        <identifiers>
          <isin value="US25470MAG42"/>
          <ticker value="DISH"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>128444</valUSD>
        <pctVal>0.0894595908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.750000000000</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>TENET HEALTHCARE CO 4.25%</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE CO 4.25%</title>
        <cusip>88033GDM9</cusip>
        <identifiers>
          <isin value="US88033GDM96"/>
          <ticker value="THC"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72891.31</valUSD>
        <pctVal>0.0507678581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</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>NOVELIS CORP 3.875%</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>NOVELIS CORP 3.875%</title>
        <cusip>670001AH9</cusip>
        <identifiers>
          <isin value="US670001AH91"/>
          <ticker value="HNDLIN"/>
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        <balance>55000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50096.93</valUSD>
        <pctVal>0.0348918662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</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>FORTRESS TRANSPORTA 7.00%</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>FORTRESS TRANSPORTA 7.00%</title>
        <cusip>34960PAG6</cusip>
        <identifiers>
          <isin value="US34960PAG63"/>
          <ticker value="FTAI"/>
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        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>154913.25</valUSD>
        <pctVal>0.1078950823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</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>NOBLE FIN. II LLC 8.00%</name>
        <lei>N/A</lei>
        <title>NOBLE FIN. II LLC 8.00%</title>
        <cusip>65505PAA5</cusip>
        <identifiers>
          <isin value="US65505PAA57"/>
          <ticker value="NE"/>
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        <balance>59000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>61133.29</valUSD>
        <pctVal>0.0425785487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</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>VALARIS LTD 8.375%</name>
        <lei>N/A</lei>
        <title>VALARIS LTD 8.375%</title>
        <cusip>91889FAC5</cusip>
        <identifiers>
          <isin value="US91889FAC59"/>
          <ticker value="VAL"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51923.9</valUSD>
        <pctVal>0.0361643272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-30</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>LIFEPOINT HEALTH I 10.00%</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
        <title>LIFEPOINT HEALTH I 10.00%</title>
        <cusip>53219LAX7</cusip>
        <identifiers>
          <isin value="US53219LAX73"/>
          <ticker value="RGCARE"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49915.57</valUSD>
        <pctVal>0.0347655513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="50332.240000000000"/>
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      <invstOrSec>
        <name>INSIGHT ENTS. INC 6.625%</name>
        <lei>529900S8991TYW6YP792</lei>
        <title>INSIGHT ENTS. INC 6.625%</title>
        <cusip>45765UAC7</cusip>
        <identifiers>
          <isin value="US45765UAC71"/>
          <ticker value="NSIT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25408.93</valUSD>
        <pctVal>0.0176969923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</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>METHANEX US OPERATI 6.25%</name>
        <lei>N/A</lei>
        <title>METHANEX US OPERATI 6.25%</title>
        <cusip>59151LAA4</cusip>
        <identifiers>
          <isin value="US59151LAA44"/>
          <ticker value="MXCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25316.2</valUSD>
        <pctVal>0.0176324071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25899.93</valUSD>
        <pctVal>0.0180389675</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>IHEARTCOMMUNICATI 9.125%</name>
        <lei>54930076J6KDZL504O62</lei>
        <title>IHEARTCOMMUNICATI 9.125%</title>
        <cusip>45174HBJ5</cusip>
        <identifiers>
          <isin value="US45174HBJ59"/>
          <ticker value="IHRT"/>
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        <balance>70597</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>68500.27</valUSD>
        <pctVal>0.0477095553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</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>NOVELIS CORP 6.875%</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>NOVELIS CORP 6.875%</title>
        <cusip>670001AL0</cusip>
        <identifiers>
          <isin value="US670001AL04"/>
          <ticker value="HNDLIN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25629.48</valUSD>
        <pctVal>0.0178506025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-30</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JETBLUE AIRWAYS CORP TL</name>
        <lei>54930070J9H97ZO93T57</lei>
        <title>JETBLUE AIRWAYS CORP TL</title>
        <cusip>G5112TAB9</cusip>
        <identifiers>
          <isin value="XAG5112TAB98"/>
          <ticker value="JBLU"/>
          <other otherDesc="IDII" value="LX241336"/>
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        <curCd>USD</curCd>
        <valUSD>15087.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.620000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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"/>
          <ticker value="XIFR"/>
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        <balance>90000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>95985</valUSD>
        <pctVal>0.0668523156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALPHA GENERATION LL 6.25%</name>
        <lei>254900K5V62L4YGVKF49</lei>
        <title>ALPHA GENERATION LL 6.25%</title>
        <cusip>02073LAC5</cusip>
        <identifiers>
          <isin value="US02073LAC54"/>
          <ticker value="ALPGEN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24599.63</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALTICE FRANCE SA 6.875%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA 6.875%</title>
        <cusip>02090DAB4</cusip>
        <identifiers>
          <isin value="US02090DAB47"/>
          <ticker value="SFRFP"/>
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        <balance>24743</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24001.4</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CELESTIAL-SATURN TL</name>
        <lei>54930086CD8K2UIL0516</lei>
        <title>CELESTIAL-SATURN TL</title>
        <cusip>21870FBA6</cusip>
        <identifiers>
          <isin value="US21870FBA66"/>
          <ticker value="CLGX"/>
          <other otherDesc="IDII" value="7RFRK42"/>
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        <balance>41891.18</balance>
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        <curCd>USD</curCd>
        <valUSD>41367.54</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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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>9000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8969.58</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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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LONZA GROUP TL</name>
        <lei>2221002FZ55AMAUX4G64</lei>
        <title>LONZA GROUP TL</title>
        <cusip>L4780EAC8</cusip>
        <identifiers>
          <isin value="XAL4780EAC83"/>
          <ticker value="LNZING"/>
          <other otherDesc="IDII" value="7RGQ769"/>
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        <balance>80105.47</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75714.89</valUSD>
        <pctVal>0.0527344452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.190000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>ATHENAHEALTH GRP. I 6.50%</name>
        <lei>254900AA3KZN4Q7A5Z33</lei>
        <title>ATHENAHEALTH GRP. I 6.50%</title>
        <cusip>60337JAA4</cusip>
        <identifiers>
          <isin value="US60337JAA43"/>
          <ticker value="ATHENA"/>
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        <balance>323000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>309700.15</valUSD>
        <pctVal>0.2157021635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</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>
        <name>SCOTTS MIRACLE-GRO 4.375%</name>
        <lei>2TH9E0JTOUXOEGI2R879</lei>
        <title>SCOTTS MIRACLE-GRO 4.375%</title>
        <cusip>810186AW6</cusip>
        <identifiers>
          <isin value="US810186AW67"/>
          <ticker value="SMG"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46866.56</valUSD>
        <pctVal>0.0326419551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DARLING INGREDIENTS 6.00%</name>
        <lei>L1N0SPPKS7EXZYUMZ898</lei>
        <title>DARLING INGREDIENTS 6.00%</title>
        <cusip>237266AJ0</cusip>
        <identifiers>
          <isin value="US237266AJ06"/>
          <ticker value="DAR"/>
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        <balance>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26170.43</valUSD>
        <pctVal>0.0182273672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</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>LONG RIDGE ENERGY L 8.75%</name>
        <lei>984500764EC9AZ2FC764</lei>
        <title>LONG RIDGE ENERGY L 8.75%</title>
        <cusip>54288CAA1</cusip>
        <identifiers>
          <isin value="US54288CAA18"/>
          <ticker value="LONRID"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26387.49</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>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PENNYMAC FINL. SER 6.875%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SER 6.875%</title>
        <cusip>70932MAF4</cusip>
        <identifiers>
          <isin value="US70932MAF41"/>
          <ticker value="PFSI"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73123.7</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>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAUSCH HEALTH COS 11.00%</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS 11.00%</title>
        <cusip>071734AQ0</cusip>
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          <isin value="US071734AQ04"/>
          <ticker value="BHCCN"/>
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        <balance>316000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>321789.12</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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          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITGO PETROLEUM CO 8.375%</name>
        <lei>YX52P86PXMLYDOTUQ225</lei>
        <title>CITGO PETROLEUM CO 8.375%</title>
        <cusip>17302XAN6</cusip>
        <identifiers>
          <isin value="US17302XAN66"/>
          <ticker value="CITPET"/>
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        <balance>104000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>106996.03</valUSD>
        <pctVal>0.0745213561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.375000000000</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>ROGERS COMMS. INC F2V</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>ROGERS COMMS. INC F2V</title>
        <cusip>775109DH1</cusip>
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          <isin value="US775109DH13"/>
          <ticker value="RCICN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25685.19</valUSD>
        <pctVal>0.0178894038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-15</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>SNAP INC 6.875%</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
        <title>SNAP INC 6.875%</title>
        <cusip>83304AAL0</cusip>
        <identifiers>
          <isin value="US83304AAL08"/>
          <ticker value="SNAP"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97473.2</valUSD>
        <pctVal>0.0678888277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-01</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>PARAMOUNT GLOBAL 3.375%</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARAMOUNT GLOBAL 3.375%</title>
        <cusip>124857AT0</cusip>
        <identifiers>
          <isin value="US124857AT09"/>
          <ticker value="PARA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24334.78</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>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IRON MOUNTAIN INC 4.875%</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC 4.875%</title>
        <cusip>46284VAC5</cusip>
        <identifiers>
          <isin value="US46284VAC54"/>
          <ticker value="IRM"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49910.6</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>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>DARLING INGREDIENTS 5.25%</name>
        <lei>L1N0SPPKS7EXZYUMZ898</lei>
        <title>DARLING INGREDIENTS 5.25%</title>
        <cusip>237266AH4</cusip>
        <identifiers>
          <isin value="US237266AH40"/>
          <ticker value="DAR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24981.08</valUSD>
        <pctVal>0.0173990003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="25261.800000000000"/>
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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>275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63765.63</valUSD>
        <pctVal>0.0444119396</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>LITHIA MOTORS INC 4.625%</name>
        <lei>SE8N1EZEHPZQBCBVKD53</lei>
        <title>LITHIA MOTORS INC 4.625%</title>
        <cusip>536797AE3</cusip>
        <identifiers>
          <isin value="US536797AE38"/>
          <ticker value="LAD"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49761.68</valUSD>
        <pctVal>0.0346583689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</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>
      <invstOrSec>
        <name>TRAVEL + LEISURE C 4.625%</name>
        <lei>T4VNTWMFQ7JQB65L7T35</lei>
        <title>TRAVEL + LEISURE C 4.625%</title>
        <cusip>98310WAQ1</cusip>
        <identifiers>
          <isin value="US98310WAQ15"/>
          <ticker value="TNL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24206.42</valUSD>
        <pctVal>0.0168594596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>ONEMAIN FIN. CORP 7.875%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 7.875%</title>
        <cusip>682691AE0</cusip>
        <identifiers>
          <isin value="US682691AE03"/>
          <ticker value="OMF"/>
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        <balance>22000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22902.55</valUSD>
        <pctVal>0.0159513309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</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>CHAMPIONS FING INC TLB</name>
        <lei>391200ZDD75EGEUJ7625</lei>
        <title>CHAMPIONS FING INC TLB</title>
        <cusip>15870MAC0</cusip>
        <identifiers>
          <isin value="US15870MAC01"/>
          <ticker value="CRASHC"/>
          <other otherDesc="IDII" value="7SYR545"/>
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        <balance>74670</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69522.25</valUSD>
        <pctVal>0.0484213512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.070000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>SHIFT4 PAYMENTS LLC 6.75%</name>
        <lei>N/A</lei>
        <title>SHIFT4 PAYMENTS LLC 6.75%</title>
        <cusip>82453AAB3</cusip>
        <identifiers>
          <isin value="US82453AAB35"/>
          <ticker value="FOUR"/>
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        <balance>180000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>180344.11</valUSD>
        <pctVal>0.1256073486</pctVal>
        <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>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>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>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>388577.68</valUSD>
        <pctVal>0.2706393467</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>
        <name>EMRLD BORROWER LP / 6.75%</name>
        <lei>5493000GJYE7GAQCUC61</lei>
        <title>EMRLD BORROWER LP / 6.75%</title>
        <cusip>26873CAB8</cusip>
        <identifiers>
          <isin value="US26873CAB81"/>
          <ticker value="EMECLI"/>
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        <balance>45000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46577.21</valUSD>
        <pctVal>0.0324404265</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>6.750000000000</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>ARDONAGH GROUP FINCO TL</name>
        <lei>254900YP2E642AGM4G32</lei>
        <title>ARDONAGH GROUP FINCO TL</title>
        <cusip>Q0500HAB5</cusip>
        <identifiers>
          <isin value="XAQ0500HAB59"/>
          <other otherDesc="IDII" value="LX236634"/>
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        <balance>33957.32</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32790.21</valUSD>
        <pctVal>0.0228379587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.100000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY FOOTBALL TL</name>
        <lei>213800K6VVWALRH9UJ69</lei>
        <title>CITY FOOTBALL TL</title>
        <cusip>17781XAD8</cusip>
        <identifiers>
          <isin value="US17781XAD84"/>
          <ticker value="CITFBL"/>
          <other otherDesc="IDII" value="LX236578"/>
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        <balance>35829.03</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35649.88</valUSD>
        <pctVal>0.0248296820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.120694443840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>GOAT HOLDCO LLC 6.75%</name>
        <lei>N/A</lei>
        <title>GOAT HOLDCO LLC 6.75%</title>
        <cusip>38021MAA4</cusip>
        <identifiers>
          <isin value="US38021MAA45"/>
          <ticker value="B"/>
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        <balance>185000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>189601.32</valUSD>
        <pctVal>0.1320548761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CENTURY ALUMINUM C 6.875%</name>
        <lei>549300U5ODNGEYWKSW73</lei>
        <title>CENTURY ALUMINUM C 6.875%</title>
        <cusip>156431AS7</cusip>
        <identifiers>
          <isin value="US156431AS72"/>
          <ticker value="CENX"/>
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        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>411240</valUSD>
        <pctVal>0.2864233606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>PIONEER OPCO LLC 7.00%</name>
        <lei>N/A</lei>
        <title>PIONEER OPCO LLC 7.00%</title>
        <cusip>72382NAA4</cusip>
        <identifiers>
          <isin value="US72382NAA46"/>
          <ticker value="VENRES"/>
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        <balance>140000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>142464.7</valUSD>
        <pctVal>0.0992248277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</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>TEINE ENERGY LTD 6.875%</name>
        <lei>894500JBC83AX7PYEU16</lei>
        <title>TEINE ENERGY LTD 6.875%</title>
        <cusip>879068AB0</cusip>
        <identifiers>
          <isin value="US879068AB03"/>
          <ticker value="TEINEN"/>
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        <balance>275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>275193.88</valUSD>
        <pctVal>0.1916689911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SELECT MEDICAL CORP 6.25%</name>
        <lei>549300X05KS0JKR8CB50</lei>
        <title>SELECT MEDICAL CORP 6.25%</title>
        <cusip>816196AV1</cusip>
        <identifiers>
          <isin value="US816196AV14"/>
          <ticker value="SEM"/>
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        <balance>105000</balance>
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        <curCd>USD</curCd>
        <valUSD>102002.11</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FIESTA PURCHASER I 9.625%</name>
        <lei>N/A</lei>
        <title>FIESTA PURCHASER I 9.625%</title>
        <cusip>31659AAB2</cusip>
        <identifiers>
          <isin value="US31659AAB26"/>
          <ticker value="SHEARE"/>
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        <balance>460000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>450593.74</valUSD>
        <pctVal>0.3138327333</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BAUSCH HEALTH COS I 5.25%</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS I 5.25%</title>
        <cusip>071734AJ6</cusip>
        <identifiers>
          <isin value="US071734AJ60"/>
          <ticker value="BHCCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15997.7</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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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FULL HOUSE RESORTS 8.25%</name>
        <lei>5493009DKIWW0H901Y82</lei>
        <title>FULL HOUSE RESORTS 8.25%</title>
        <cusip>359678AC3</cusip>
        <identifiers>
          <isin value="US359678AC31"/>
          <ticker value="FLL"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48875</valUSD>
        <pctVal>0.0340408077</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>8.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="50433.330000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>GROUP 1 AUTOMOTIVE 6.375%</name>
        <lei>549300US8QAZJLWYAF63</lei>
        <title>GROUP 1 AUTOMOTIVE 6.375%</title>
        <cusip>398905AQ2</cusip>
        <identifiers>
          <isin value="US398905AQ20"/>
          <ticker value="GPI"/>
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        <balance>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26326.2</valUSD>
        <pctVal>0.0183358590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</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>PERMIAN RES. OPERAT 6.25%</name>
        <lei>5493004CTVUMQLRPOE23</lei>
        <title>PERMIAN RES. OPERAT 6.25%</title>
        <cusip>71424VAB6</cusip>
        <identifiers>
          <isin value="US71424VAB62"/>
          <ticker value="PR"/>
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        <balance>92000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>93952.88</valUSD>
        <pctVal>0.0654369702</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>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>CENTENE CORP 2.50%</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CENTENE CORP 2.50%</title>
        <cusip>15135BAX9</cusip>
        <identifiers>
          <isin value="US15135BAX91"/>
          <ticker value="CNC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43683.03</valUSD>
        <pctVal>0.0304246675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.500000000000</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>ROLLER BEARING CO 4.375%</name>
        <lei>254900U9XW6S76H2P167</lei>
        <title>ROLLER BEARING CO 4.375%</title>
        <cusip>775631AD6</cusip>
        <identifiers>
          <isin value="US775631AD66"/>
          <ticker value="RBC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48750.95</valUSD>
        <pctVal>0.0339544084</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>4.375000000000</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>ESC CB144A HIGH RIDGE</name>
        <lei>N/A</lei>
        <title>ESC CB144A HIGH RIDGE</title>
        <cusip>429ESCAA4</cusip>
        <identifiers>
          <isin value="US429ESCAA47"/>
          <ticker value="HIRIDG"/>
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        <balance>1100000</balance>
        <units>PA</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>EMRLD BORROWER LP / 6.75%</name>
        <lei>5493000GJYE7GAQCUC61</lei>
        <title>EMRLD BORROWER LP / 6.75%</title>
        <cusip>26873CAB8</cusip>
        <identifiers>
          <isin value="US26873CAB81"/>
          <ticker value="EMECLI"/>
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        <balance>65000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67278.19</valUSD>
        <pctVal>0.0468583924</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>6.750000000000</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>GRANITE CONSTRUCTI 6.375%</name>
        <lei>549300OM4BWMCIXVCZ39</lei>
        <title>GRANITE CONSTRUCTI 6.375%</title>
        <cusip>387328AG2</cusip>
        <identifiers>
          <isin value="US387328AG24"/>
          <ticker value="GVA"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76263.9</valUSD>
        <pctVal>0.0531168236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</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>SE COSMOS LLC 8.875%</name>
        <lei>2549000W7FTUJ3INRY47</lei>
        <title>SE COSMOS LLC 8.875%</title>
        <cusip>78438PAA0</cusip>
        <identifiers>
          <isin value="US78438PAA03"/>
          <ticker value="SECMOS"/>
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        <balance>230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>236456.56</valUSD>
        <pctVal>0.1646889469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</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>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>140000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>141995.63</valUSD>
        <pctVal>0.0988981265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</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>
        <name>BAFFINLAND IRON MIN 8.75%</name>
        <lei>N/A</lei>
        <title>BAFFINLAND IRON MIN 8.75%</title>
        <cusip>056623AA9</cusip>
        <identifiers>
          <isin value="US056623AA98"/>
          <ticker value="BIMCN"/>
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        <balance>1640000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>705200</valUSD>
        <pctVal>0.4911627124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</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>
      <invstOrSec>
        <name>JETBLUE AIRWAYS CO 9.875%</name>
        <lei>N/A</lei>
        <title>JETBLUE AIRWAYS CO 9.875%</title>
        <cusip>476920AA1</cusip>
        <identifiers>
          <isin value="US476920AA15"/>
          <ticker value="JBLU"/>
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        <balance>60000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>54342.77</valUSD>
        <pctVal>0.0378490390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.875000000000</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>ELLUCIAN HLDGS. INC 6.50%</name>
        <lei>549300RP8NIJ7FY7OS79</lei>
        <title>ELLUCIAN HLDGS. INC 6.50%</title>
        <cusip>289178AA3</cusip>
        <identifiers>
          <isin value="US289178AA37"/>
          <ticker value="DAEL"/>
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        <balance>230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>222330.1</valUSD>
        <pctVal>0.1548500496</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>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>
        <name>SUNOCO LP 5.625%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 5.625%</title>
        <cusip>86765KAN9</cusip>
        <identifiers>
          <isin value="US86765KAN90"/>
          <ticker value="SUN"/>
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        <balance>180000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>175674.51</valUSD>
        <pctVal>0.1223550324</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>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>GAP INC/THE 3.625%</name>
        <lei>T2ZG1WRWZ4BUCMQL9224</lei>
        <title>GAP INC/THE 3.625%</title>
        <cusip>364760AP3</cusip>
        <identifiers>
          <isin value="US364760AP35"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DISH DBS CORP 5.25%</name>
        <lei>N/A</lei>
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          <isin value="US25470XBE40"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DISH DBS CORP 5.75%</name>
        <lei>N/A</lei>
        <title>DISH DBS CORP 5.75%</title>
        <cusip>25470XBF1</cusip>
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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>
        <name>CAMELOT US ACQITN LLC TL</name>
        <lei>N/A</lei>
        <title>CAMELOT US ACQITN LLC TL</title>
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          <isin value="XAL2000AAG57"/>
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        <curCd>USD</curCd>
        <valUSD>25736.76</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-31</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ADT SEC. CORP/THE 5.875%</name>
        <lei>5493009JEEDYLVRA0J13</lei>
        <title>ADT SEC. CORP/THE 5.875%</title>
        <cusip>00109LAB9</cusip>
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          <isin value="US00109LAB99"/>
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        <curCd>USD</curCd>
        <valUSD>58942.07</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
        <identifiers>
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        <curCd>USD</curCd>
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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>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QXO BLDG PRODS INC TL</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>QXO BLDG PRODS INC TL</title>
        <cusip>07368RAN1</cusip>
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          <isin value="US07368RAN17"/>
          <ticker value="BECN"/>
          <other otherDesc="IDII" value="LX291857"/>
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        <curCd>USD</curCd>
        <valUSD>39888.8</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-03</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HAH GRP. HLDG. CO L 9.75%</name>
        <lei>254900FFJQHW9R90FL74</lei>
        <title>HAH GRP. HLDG. CO L 9.75%</title>
        <cusip>40518JAA7</cusip>
        <identifiers>
          <isin value="US40518JAA79"/>
          <ticker value="HAHGRO"/>
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        <balance>32000</balance>
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        <curCd>USD</curCd>
        <valUSD>28649.12</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>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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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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        <curCd>USD</curCd>
        <valUSD>12226.55</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WILLIAMS SCOTSMAN 6.625%</name>
        <lei>549300DAKDS8SCO1OT57</lei>
        <title>WILLIAMS SCOTSMAN 6.625%</title>
        <cusip>96949VAN3</cusip>
        <identifiers>
          <isin value="US96949VAN38"/>
          <ticker value="WLSC"/>
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        <balance>44000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45328.67</valUSD>
        <pctVal>0.0315708345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HERC HLDGS. INC 7.25%</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HERC HLDGS. INC 7.25%</title>
        <cusip>42704LAG9</cusip>
        <identifiers>
          <isin value="US42704LAG95"/>
          <ticker value="HRI"/>
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        <balance>69000</balance>
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        <curCd>USD</curCd>
        <valUSD>71936.43</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</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>
        <name>LEVEL 3 FINC. INC 6.875%</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>LEVEL 3 FINC. INC 6.875%</title>
        <cusip>527298CM3</cusip>
        <identifiers>
          <isin value="US527298CM39"/>
          <ticker value="LVLT"/>
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        <balance>345772</balance>
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        <curCd>USD</curCd>
        <valUSD>355246.15</valUSD>
        <pctVal>0.2474243656</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>2033-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AZORRA FIN. LTD 7.25%</name>
        <lei>254900MC1HXDAVUUP395</lei>
        <title>AZORRA FIN. LTD 7.25%</title>
        <cusip>05480AAB1</cusip>
        <identifiers>
          <isin value="US05480AAB17"/>
          <ticker value="AZORRA"/>
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        <balance>10000</balance>
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        <curCd>USD</curCd>
        <valUSD>10274.29</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>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OGX AUSTRIA GMBH 8.375%</name>
        <lei>N/A</lei>
        <title>OGX AUSTRIA GMBH 8.375%</title>
        <cusip>67089WAA0</cusip>
        <identifiers>
          <isin value="US67089WAA09"/>
          <ticker value="OGXPBZ"/>
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        <balance>1800000</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>AT</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2022-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>22482.05</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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          <isLoanByFund>N</isLoanByFund>
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        <name>ASCENT RES. UTICA H 9.00%</name>
        <lei>549300EGLQ2M2CL7JZ89</lei>
        <title>ASCENT RES. UTICA H 9.00%</title>
        <cusip>04364VAK9</cusip>
        <identifiers>
          <isin value="US04364VAK98"/>
          <ticker value="ASCRES"/>
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        <balance>32000</balance>
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        <curCd>USD</curCd>
        <valUSD>35520</valUSD>
        <pctVal>0.0247392223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-01</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>CCO HLDGS. LLC / CC 4.50%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.50%</title>
        <cusip>1248EPCN1</cusip>
        <identifiers>
          <isin value="US1248EPCN14"/>
          <ticker value="CHTR"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>44133.46</valUSD>
        <pctVal>0.0307383862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</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>GARDA WORLD SEC. CO 6.00%</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>GARDA WORLD SEC. CO 6.00%</title>
        <cusip>36485MAL3</cusip>
        <identifiers>
          <isin value="US36485MAL37"/>
          <ticker value="GWCN"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73885.13</valUSD>
        <pctVal>0.0514600409</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ATKORE INC 4.25%</name>
        <lei>52990002TI38AM4RPV48</lei>
        <title>ATKORE INC 4.25%</title>
        <cusip>047649AA6</cusip>
        <identifiers>
          <isin value="US047649AA63"/>
          <ticker value="ATKR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23940.42</valUSD>
        <pctVal>0.0166741940</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEWS CORP 5.125%</name>
        <lei>549300ITS31QK8VRBQ14</lei>
        <title>NEWS CORP 5.125%</title>
        <cusip>65249BAB5</cusip>
        <identifiers>
          <isin value="US65249BAB53"/>
          <ticker value="NWSA"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48986.3</valUSD>
        <pctVal>0.0341183267</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>5.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHURCHILL DOWNS INC 6.75%</name>
        <lei>529900FODTBQC8MIS994</lei>
        <title>CHURCHILL DOWNS INC 6.75%</title>
        <cusip>171484AJ7</cusip>
        <identifiers>
          <isin value="US171484AJ78"/>
          <ticker value="CHDN"/>
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        <balance>5000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5087.46</valUSD>
        <pctVal>0.0035433503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HESS MIDSTREAM OPER 6.50%</name>
        <lei>N/A</lei>
        <title>HESS MIDSTREAM OPER 6.50%</title>
        <cusip>428102AG2</cusip>
        <identifiers>
          <isin value="US428102AG28"/>
          <ticker value="HESM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25510.95</valUSD>
        <pctVal>0.0177680479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25523.46</valUSD>
        <pctVal>0.0177767610</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMERCIAL METALS 4.125%</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS 4.125%</title>
        <cusip>201723AQ6</cusip>
        <identifiers>
          <isin value="US201723AQ67"/>
          <ticker value="CMC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24227.6</valUSD>
        <pctVal>0.0168742112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCOTTS MIRACLE-GRO 4.00%</name>
        <lei>2TH9E0JTOUXOEGI2R879</lei>
        <title>SCOTTS MIRACLE-GRO 4.00%</title>
        <cusip>810186AX4</cusip>
        <identifiers>
          <isin value="US810186AX41"/>
          <ticker value="SMG"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46864.27</valUSD>
        <pctVal>0.0326403601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONEMAIN FIN. CORP 7.125%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 7.125%</title>
        <cusip>682691AG5</cusip>
        <identifiers>
          <isin value="US682691AG50"/>
          <ticker value="OMF"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76296.75</valUSD>
        <pctVal>0.0531397032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONEMAIN FIN. CORP 7.125%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 7.125%</title>
        <cusip>682691AG5</cusip>
        <identifiers>
          <isin value="US682691AG50"/>
          <ticker value="OMF"/>
        </identifiers>
        <balance>18000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18311.22</valUSD>
        <pctVal>0.0127535288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHIFT4 PAYMENTS LLC 6.75%</name>
        <lei>N/A</lei>
        <title>SHIFT4 PAYMENTS LLC 6.75%</title>
        <cusip>82453AAB3</cusip>
        <identifiers>
          <isin value="US82453AAB35"/>
          <ticker value="FOUR"/>
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        <balance>89000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>89170.14</valUSD>
        <pctVal>0.0621058534</pctVal>
        <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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KROGER CO/THE 5.00%</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
        <title>KROGER CO/THE 5.00%</title>
        <cusip>501044DV0</cusip>
        <identifiers>
          <isin value="US501044DV05"/>
          <ticker value="KR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24669.72</valUSD>
        <pctVal>0.0171821421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-15</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>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>44000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47297.27</valUSD>
        <pctVal>0.0329419391</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLIANT HLDGS. INT 7.375%</name>
        <lei>N/A</lei>
        <title>ALLIANT HLDGS. INT 7.375%</title>
        <cusip>01883LAH6</cusip>
        <identifiers>
          <isin value="US01883LAH69"/>
          <ticker value="ALIANT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24813.93</valUSD>
        <pctVal>0.0172825825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</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>ALTICE FRANCE SA 6.50%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA 6.50%</title>
        <cusip>02090DAD0</cusip>
        <identifiers>
          <isin value="US02090DAD03"/>
          <ticker value="SFRFP"/>
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        <balance>121000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>116937.1</valUSD>
        <pctVal>0.0814451832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</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>ARDAGH GRP. SA 9.50%</name>
        <lei>6354006L1NWUUOPYX274</lei>
        <title>ARDAGH GRP. SA 9.50%</title>
        <cusip>039959AA9</cusip>
        <identifiers>
          <isin value="US039959AA98"/>
          <ticker value="ARGID"/>
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        <balance>350363</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>374489.35</valUSD>
        <pctVal>0.2608270064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NFE FINC. LLC 12.00%</name>
        <lei>N/A</lei>
        <title>NFE FINC. LLC 12.00%</title>
        <cusip>62909BAA5</cusip>
        <identifiers>
          <isin value="US62909BAA52"/>
          <ticker value="NFE"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26250</valUSD>
        <pctVal>0.0182827867</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>12.000000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SABRE GLBL INC 11.125%</name>
        <lei>F2TJC7HPPHLHU1AQMP98</lei>
        <title>SABRE GLBL INC 11.125%</title>
        <cusip>78573NAM4</cusip>
        <identifiers>
          <isin value="US78573NAM48"/>
          <ticker value="SABHLD"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23981</valUSD>
        <pctVal>0.0167024575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASURION LLC TL</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>ASURION LLC TL</title>
        <cusip>04649VBE9</cusip>
        <identifiers>
          <isin value="US04649VBE92"/>
          <ticker value="ASUCOR"/>
          <other otherDesc="IDII" value="LX264387"/>
        </identifiers>
        <balance>66356.54</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>65568.89</valUSD>
        <pctVal>0.0456678869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.570000000000</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>BCPE FLAVOR DEBT ME 9.50%</name>
        <lei>N/A</lei>
        <title>BCPE FLAVOR DEBT ME 9.50%</title>
        <cusip>072933AA2</cusip>
        <identifiers>
          <isin value="US072933AA25"/>
          <ticker value="SIZPLT"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47282.92</valUSD>
        <pctVal>0.0329319445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LFS TOPCO LLC 8.75%</name>
        <lei>N/A</lei>
        <title>LFS TOPCO LLC 8.75%</title>
        <cusip>50203TAB2</cusip>
        <identifiers>
          <isin value="US50203TAB26"/>
          <ticker value="LENDMK"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100445.5</valUSD>
        <pctVal>0.0699589964</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>8.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="104504.510000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NISSAN MOTOR CO LT 8.125%</name>
        <lei>353800DRBDH1LUTNAY26</lei>
        <title>NISSAN MOTOR CO LT 8.125%</title>
        <cusip>654922AD5</cusip>
        <identifiers>
          <isin value="US654922AD53"/>
          <ticker value="NSANY"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>211794.15</valUSD>
        <pctVal>0.1475118962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25067.58</valUSD>
        <pctVal>0.0174592464</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CELANESE US HLDGS. LL STP</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>CELANESE US HLDGS. LL STP</title>
        <cusip>15089QAP9</cusip>
        <identifiers>
          <isin value="US15089QAP90"/>
          <ticker value="CE"/>
        </identifiers>
        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>157764.9</valUSD>
        <pctVal>0.1098812198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.379000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHITE CAP SUPPLY H 7.375%</name>
        <lei>254900L2N0T6GULCL366</lei>
        <title>WHITE CAP SUPPLY H 7.375%</title>
        <cusip>96467GAC2</cusip>
        <identifiers>
          <isin value="US96467GAC24"/>
          <ticker value="WHTCAP"/>
        </identifiers>
        <balance>336000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>340667.38</valUSD>
        <pctVal>0.2372704402</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>7.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="102351.940000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POST HLDGS. INC 6.50%</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST HLDGS. INC 6.50%</title>
        <cusip>737446AY0</cusip>
        <identifiers>
          <isin value="US737446AY09"/>
          <ticker value="POST"/>
        </identifiers>
        <balance>72000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71182.33</valUSD>
        <pctVal>0.0495775756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTURY ALUMINUM C 6.875%</name>
        <lei>549300U5ODNGEYWKSW73</lei>
        <title>CENTURY ALUMINUM C 6.875%</title>
        <cusip>156431AS7</cusip>
        <identifiers>
          <isin value="US156431AS72"/>
          <ticker value="CENX"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51405</valUSD>
        <pctVal>0.0358029201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER LP F2V</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP F2V</title>
        <cusip>29273VBH2</cusip>
        <identifiers>
          <isin value="US29273VBH24"/>
          <ticker value="ET"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25538.35</valUSD>
        <pctVal>0.0177871317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CELANESE US HLDGS. LL STP</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>CELANESE US HLDGS. LL STP</title>
        <cusip>15089QAN4</cusip>
        <identifiers>
          <isin value="US15089QAN43"/>
          <ticker value="CE"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26132.28</valUSD>
        <pctVal>0.0182007963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.330000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHEA HOMES LP / SHE 4.75%</name>
        <lei>N/A</lei>
        <title>SHEA HOMES LP / SHE 4.75%</title>
        <cusip>82088KAK4</cusip>
        <identifiers>
          <isin value="US82088KAK43"/>
          <ticker value="SHEAHM"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49511.18</valUSD>
        <pctVal>0.0344838988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLOCK INC 6.00%</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>BLOCK INC 6.00%</title>
        <cusip>852234AU7</cusip>
        <identifiers>
          <isin value="US852234AU71"/>
          <ticker value="XYZ"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75517.88</valUSD>
        <pctVal>0.0525972303</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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNOCO LP 5.625%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 5.625%</title>
        <cusip>86765KAF6</cusip>
        <identifiers>
          <isin value="US86765KAF66"/>
          <ticker value="SUN"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24817.65</valUSD>
        <pctVal>0.0172851734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MOLINA HEALTHCARE I 6.50%</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>MOLINA HEALTHCARE I 6.50%</title>
        <cusip>60855RAN0</cusip>
        <identifiers>
          <isin value="US60855RAN08"/>
          <ticker value="MOH"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25432.38</valUSD>
        <pctVal>0.0177133249</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>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24595.05</valUSD>
        <pctVal>0.0171301354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WYNDHAM HOTELS &amp; R 5.625%</name>
        <lei>549300FE3MQ4RVXXC673</lei>
        <title>WYNDHAM HOTELS &amp; R 5.625%</title>
        <cusip>98311AAE5</cusip>
        <identifiers>
          <isin value="US98311AAE55"/>
          <ticker value="WH"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49348.03</valUSD>
        <pctVal>0.0343702670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WS ESCROW LLC 7.75%</name>
        <lei>2549009ZUUWL3QLK6G24</lei>
        <title>WS ESCROW LLC 7.75%</title>
        <cusip>982104AA9</cusip>
        <identifiers>
          <isin value="US982104AA93"/>
          <ticker value="WS"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51340.86</valUSD>
        <pctVal>0.0357582474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLIANT HLDGS. INTE 4.25%</name>
        <lei>N/A</lei>
        <title>ALLIANT HLDGS. INTE 4.25%</title>
        <cusip>01883LAB9</cusip>
        <identifiers>
          <isin value="US01883LAB99"/>
          <ticker value="ALIANT"/>
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        <balance>123000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>121517.78</valUSD>
        <pctVal>0.0846355678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILTON GRAND VACATI 5.00%</name>
        <lei>N/A</lei>
        <title>HILTON GRAND VACATI 5.00%</title>
        <cusip>43284MAA6</cusip>
        <identifiers>
          <isin value="US43284MAA62"/>
          <ticker value="HGVLLC"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97603.43</valUSD>
        <pctVal>0.0679795312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CINEMARK USA INC 5.25%</name>
        <lei>54930008H2137JSCPQ09</lei>
        <title>CINEMARK USA INC 5.25%</title>
        <cusip>172441BF3</cusip>
        <identifiers>
          <isin value="US172441BF30"/>
          <ticker value="CNK"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49913.77</valUSD>
        <pctVal>0.0347642976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <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>
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      </invstOrSec>
      <invstOrSec>
        <name>PRECISION DRILLING 6.875%</name>
        <lei>549300WF2OE8T5BP4B84</lei>
        <title>PRECISION DRILLING 6.875%</title>
        <cusip>740212AM7</cusip>
        <identifiers>
          <isin value="US740212AM74"/>
          <ticker value="PDCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25133.65</valUSD>
        <pctVal>0.0175052633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</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>
      <invstOrSec>
        <name>DIRECTV FINC. LLC 5.875%</name>
        <lei>N/A</lei>
        <title>DIRECTV FINC. LLC 5.875%</title>
        <cusip>25461LAA0</cusip>
        <identifiers>
          <isin value="US25461LAA08"/>
          <ticker value="DTV"/>
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        <balance>2000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1997.09</valUSD>
        <pctVal>0.0013909474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>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>24000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24778.42</valUSD>
        <pctVal>0.0172578502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</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>WR GRACE HLDGS. LL 7.375%</name>
        <lei>549300WNOVFRGYOAEB12</lei>
        <title>WR GRACE HLDGS. LL 7.375%</title>
        <cusip>92943GAE1</cusip>
        <identifiers>
          <isin value="US92943GAE17"/>
          <ticker value="GRA"/>
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        <balance>45000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45187.11</valUSD>
        <pctVal>0.0314722398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>NRG ENERGY INC F2V</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC F2V</title>
        <cusip>629377CU4</cusip>
        <identifiers>
          <isin value="US629377CU45"/>
          <ticker value="NRG"/>
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        <balance>120000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>129483.96</valUSD>
        <pctVal>0.0901839095</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.250000000000</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>NRG ENERGY INC 7.00%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 7.00%</title>
        <cusip>629377CT7</cusip>
        <identifiers>
          <isin value="US629377CT71"/>
          <ticker value="NRG"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27119.68</valUSD>
        <pctVal>0.0188885076</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>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>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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48531.59</valUSD>
        <pctVal>0.0338016270</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>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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76675.05</valUSD>
        <pctVal>0.0534031843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</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>VISTAJET MALTA FIN. 9.50%</name>
        <lei>N/A</lei>
        <title>VISTAJET MALTA FIN. 9.50%</title>
        <cusip>92841HAA0</cusip>
        <identifiers>
          <isin value="US92841HAA05"/>
          <ticker value="VSTJET"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25308.48</valUSD>
        <pctVal>0.0176270302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="25506.390000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>KROGER CO/THE 5.65%</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
        <title>KROGER CO/THE 5.65%</title>
        <cusip>501044DX6</cusip>
        <identifiers>
          <isin value="US501044DX60"/>
          <ticker value="KR"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46858.77</valUSD>
        <pctVal>0.0326365295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.650000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NCL CORP LTD 6.25%</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL CORP LTD 6.25%</title>
        <cusip>62886HBP5</cusip>
        <identifiers>
          <isin value="US62886HBP55"/>
          <ticker value="NCLH"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24939.73</valUSD>
        <pctVal>0.0173702006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CROSSCOUNTRY INTERM 6.75%</name>
        <lei>N/A</lei>
        <title>CROSSCOUNTRY INTERM 6.75%</title>
        <cusip>22757VAB6</cusip>
        <identifiers>
          <isin value="US22757VAB62"/>
          <ticker value="CROSIN"/>
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        <balance>13000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12551.16</valUSD>
        <pctVal>0.0087417212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>HUSKY INJECTION TL</name>
        <lei>5493003ZDHRVP2N4C109</lei>
        <title>HUSKY INJECTION TL</title>
        <cusip>C8856UAH1</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="HUSKYI"/>
          <other otherDesc="IDII" value="LX275869"/>
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        <balance>18000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18045</valUSD>
        <pctVal>0.0125681100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.600000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25851.9</valUSD>
        <pctVal>0.0180055152</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>BALDWIN INS. GRP. 7.125%</name>
        <lei>5493004GCDREAQPPYG20</lei>
        <title>BALDWIN INS. GRP. 7.125%</title>
        <cusip>05825XAA7</cusip>
        <identifiers>
          <isin value="US05825XAA72"/>
          <ticker value="BWIN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50216.65</valUSD>
        <pctVal>0.0349752496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26046</valUSD>
        <pctVal>0.0181407034</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>64000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59699.2</valUSD>
        <pctVal>0.0415797235</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>PHH ESCROW ISSUER 9.875%</name>
        <lei>N/A</lei>
        <title>PHH ESCROW ISSUER 9.875%</title>
        <cusip>716964AA9</cusip>
        <identifiers>
          <isin value="US716964AA94"/>
          <ticker value="PHHESC"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73408.36</valUSD>
        <pctVal>0.0511279768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.875000000000</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>WASTE PRO USA INC 7.00%</name>
        <lei>549300BY1QXU5BI3UF28</lei>
        <title>WASTE PRO USA INC 7.00%</title>
        <cusip>94107JAC7</cusip>
        <identifiers>
          <isin value="US94107JAC71"/>
          <ticker value="WASPRO"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25582.28</valUSD>
        <pctVal>0.0178177284</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>7.000000000000</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>SINCLAIR TELEVISIO 8.125%</name>
        <lei>549300CQGEN0CH65UD62</lei>
        <title>SINCLAIR TELEVISIO 8.125%</title>
        <cusip>829259BH2</cusip>
        <identifiers>
          <isin value="US829259BH26"/>
          <ticker value="SBGI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25679.15</valUSD>
        <pctVal>0.0178851971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</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>DIRECTV FINC. LLC 10.00%</name>
        <lei>N/A</lei>
        <title>DIRECTV FINC. LLC 10.00%</title>
        <cusip>25461LAD4</cusip>
        <identifiers>
          <isin value="US25461LAD47"/>
          <ticker value="DTV"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>207541</valUSD>
        <pctVal>0.1445496320</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>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>TRI POINTE HOMES IN 5.25%</name>
        <lei>N/A</lei>
        <title>TRI POINTE HOMES IN 5.25%</title>
        <cusip>87265HAF6</cusip>
        <identifiers>
          <isin value="US87265HAF64"/>
          <ticker value="TPH"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24984.83</valUSD>
        <pctVal>0.0174016121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</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>
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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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24686.8</valUSD>
        <pctVal>0.0171940381</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>XPLR INFRA. OPERATI 4.50%</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>XPLR INFRA. OPERATI 4.50%</title>
        <cusip>65342QAB8</cusip>
        <identifiers>
          <isin value="US65342QAB86"/>
          <ticker value="XIFR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24781.19</valUSD>
        <pctVal>0.0172597795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</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>PRESTIGE BRANDS INC 3.75%</name>
        <lei>549300JBVP4J6D42I235</lei>
        <title>PRESTIGE BRANDS INC 3.75%</title>
        <cusip>74112BAM7</cusip>
        <identifiers>
          <isin value="US74112BAM72"/>
          <ticker value="PBH"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22942.41</valUSD>
        <pctVal>0.0159790929</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>3.750000000000</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>WESTJET AIRLINES LT 8.00%</name>
        <lei>5493009TSX7LVAH8LA03</lei>
        <title>WESTJET AIRLINES LT 8.00%</title>
        <cusip>96043UAA8</cusip>
        <identifiers>
          <isin value="US96043UAA88"/>
          <ticker value="WJACN"/>
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        <balance>34000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34128.81</valUSD>
        <pctVal>0.0237702764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-14</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>NCR VOYIX CORP 5.125%</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR VOYIX CORP 5.125%</title>
        <cusip>62886EBA5</cusip>
        <identifiers>
          <isin value="US62886EBA55"/>
          <ticker value="VYX"/>
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        <balance>30000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29265.82</valUSD>
        <pctVal>0.0203832665</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>5.125000000000</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>LAMB WESTON HLDGS. 4.375%</name>
        <lei>5493005SMYID1D2OY946</lei>
        <title>LAMB WESTON HLDGS. 4.375%</title>
        <cusip>513272AE4</cusip>
        <identifiers>
          <isin value="US513272AE49"/>
          <ticker value="LW"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70520.53</valUSD>
        <pctVal>0.0491166404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67094</valUSD>
        <pctVal>0.0467301064</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAVIENT CORP 5.50%</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>NAVIENT CORP 5.50%</title>
        <cusip>63938CAM0</cusip>
        <identifiers>
          <isin value="US63938CAM01"/>
          <ticker value="NAVI"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71982.89</valUSD>
        <pctVal>0.0501351553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRANSDIGM INC 6.00%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.00%</title>
        <cusip>893647BW6</cusip>
        <identifiers>
          <isin value="US893647BW65"/>
          <ticker value="TDG"/>
        </identifiers>
        <balance>227000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>229230.05</valUSD>
        <pctVal>0.1596557759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEAGATE DATA STORA 4.091%</name>
        <lei>N/A</lei>
        <title>SEAGATE DATA STORA 4.091%</title>
        <cusip>81180LAK1</cusip>
        <identifiers>
          <isin value="US81180LAK17"/>
          <ticker value="STX"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24329.49</valUSD>
        <pctVal>0.0169451763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.091000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FERTITTA ENTERTAINM 6.75%</name>
        <lei>N/A</lei>
        <title>FERTITTA ENTERTAINM 6.75%</title>
        <cusip>31556TAC3</cusip>
        <identifiers>
          <isin value="US31556TAC36"/>
          <ticker value="FRTITA"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73552.59</valUSD>
        <pctVal>0.0512284311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="24288.330000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>COMMERCIAL METALS 4.375%</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS 4.375%</title>
        <cusip>201723AR4</cusip>
        <identifiers>
          <isin value="US201723AR41"/>
          <ticker value="CMC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23606.41</valUSD>
        <pctVal>0.0164415604</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>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="23934.530000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 4.75%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.75%</title>
        <cusip>1248EPCQ4</cusip>
        <identifiers>
          <isin value="US1248EPCQ45"/>
          <ticker value="CHTR"/>
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        <balance>175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>156095.03</valUSD>
        <pctVal>0.1087181769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>CNX RES. CORP 7.375%</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX RES. CORP 7.375%</title>
        <cusip>12653CAK4</cusip>
        <identifiers>
          <isin value="US12653CAK45"/>
          <ticker value="CNX"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25603.85</valUSD>
        <pctVal>0.0178327516</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEAGATE DATA STORA 9.625%</name>
        <lei>N/A</lei>
        <title>SEAGATE DATA STORA 9.625%</title>
        <cusip>81180LAR6</cusip>
        <identifiers>
          <isin value="US81180LAR69"/>
          <ticker value="STX"/>
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        <balance>70000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77184.31</valUSD>
        <pctVal>0.0537578773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVISION COMMS. I 9.375%</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UNIVISION COMMS. I 9.375%</title>
        <cusip>914906BA9</cusip>
        <identifiers>
          <isin value="US914906BA95"/>
          <ticker value="UVN"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50801.95</valUSD>
        <pctVal>0.0353829035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25133.15</valUSD>
        <pctVal>0.0175049151</pctVal>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>134848.05</valUSD>
        <pctVal>0.0939199291</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>NEPTUNE BIDCO US IN 9.29%</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NEPTUNE BIDCO US IN 9.29%</title>
        <cusip>640695AA0</cusip>
        <identifiers>
          <isin value="US640695AA01"/>
          <ticker value="NLSN"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>127477.88</valUSD>
        <pctVal>0.0887867007</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>9.290000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>TENET HEALTHCARE C 5.125%</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE C 5.125%</title>
        <cusip>88033GDB3</cusip>
        <identifiers>
          <isin value="US88033GDB32"/>
          <ticker value="THC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49999.52</valUSD>
        <pctVal>0.0348240214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED RENTALS NOR 5.375%</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>UNITED RENTALS NOR 5.375%</title>
        <cusip>911365BS2</cusip>
        <identifiers>
          <isin value="US911365BS20"/>
          <ticker value="URI"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49245.62</valUSD>
        <pctVal>0.0342989397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375000000000</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>SPACE EXPLORATION 5.875%</name>
        <lei>549300B9WLO96RQCXP87</lei>
        <title>SPACE EXPLORATION 5.875%</title>
        <cusip>84615QAE3</cusip>
        <identifiers>
          <isin value="US84615QAE35"/>
          <ticker value="SPCX"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49348.23</valUSD>
        <pctVal>0.0343704063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARTIN MIDSTREAM P 11.50%</name>
        <lei>N/A</lei>
        <title>MARTIN MIDSTREAM P 11.50%</title>
        <cusip>573334AK5</cusip>
        <identifiers>
          <isin value="US573334AK58"/>
          <ticker value="MMLP"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75564.9</valUSD>
        <pctVal>0.0526299791</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>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRANSDIGM INC 6.75%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.75%</title>
        <cusip>893647BR7</cusip>
        <identifiers>
          <isin value="US893647BR70"/>
          <ticker value="TDG"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75746.93</valUSD>
        <pctVal>0.0527567606</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>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KNIFE RIVER CORP 7.75%</name>
        <lei>N/A</lei>
        <title>KNIFE RIVER CORP 7.75%</title>
        <cusip>498894AA2</cusip>
        <identifiers>
          <isin value="US498894AA29"/>
          <ticker value="KNIRIV"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25940.9</valUSD>
        <pctVal>0.0180675026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTHERN OIL &amp; GAS 8.75%</name>
        <lei>OKFF0PIZDDMNH4UCYE51</lei>
        <title>NORTHERN OIL &amp; GAS 8.75%</title>
        <cusip>665530AB7</cusip>
        <identifiers>
          <isin value="US665530AB71"/>
          <ticker value="NOG"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51500</valUSD>
        <pctVal>0.0358690863</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>8.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XPO INC 6.25%</name>
        <lei>54930096DB9LCLPN7H13</lei>
        <title>XPO INC 6.25%</title>
        <cusip>98379KAA0</cusip>
        <identifiers>
          <isin value="US98379KAA07"/>
          <ticker value="XPO"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25250.15</valUSD>
        <pctVal>0.0175864041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FMC CORP 5.65%</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC CORP 5.65%</title>
        <cusip>302491AX3</cusip>
        <identifiers>
          <isin value="US302491AX31"/>
          <ticker value="FMC"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67271.63</valUSD>
        <pctVal>0.0468538234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.650000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="67789.540000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL MARINE INC 7.00%</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>GLOBAL MARINE INC 7.00%</title>
        <cusip>379352AL1</cusip>
        <identifiers>
          <isin value="US379352AL15"/>
          <ticker value="GLBMRN"/>
        </identifiers>
        <balance>66000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67025.18</valUSD>
        <pctVal>0.0466821742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MGM RESORTS INTERN 4.625%</name>
        <lei>54930066VBP7DZEGGJ87</lei>
        <title>MGM RESORTS INTERN 4.625%</title>
        <cusip>552953CD1</cusip>
        <identifiers>
          <isin value="US552953CD18"/>
          <ticker value="MGM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24965.34</valUSD>
        <pctVal>0.0173880376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SERVICE CORP INTERN 4.00%</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>SERVICE CORP INTERN 4.00%</title>
        <cusip>817565CG7</cusip>
        <identifiers>
          <isin value="US817565CG79"/>
          <ticker value="SCI"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70795.75</valUSD>
        <pctVal>0.0493083276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CTR P/SHIP. LP / C 3.875%</name>
        <lei>N/A</lei>
        <title>CTR P/SHIP. LP / C 3.875%</title>
        <cusip>126458AE8</cusip>
        <identifiers>
          <isin value="US126458AE87"/>
          <ticker value="CTREV"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48726.26</valUSD>
        <pctVal>0.0339372122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVS HEALTH CORP F2V</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS HEALTH CORP F2V</title>
        <cusip>126650EH9</cusip>
        <identifiers>
          <isin value="US126650EH94"/>
          <ticker value="CVS"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51910.1</valUSD>
        <pctVal>0.0361547157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOEING CO/THE 6.528%</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BOEING CO/THE 6.528%</title>
        <cusip>097023DS1</cusip>
        <identifiers>
          <isin value="US097023DS12"/>
          <ticker value="BA"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27197.85</valUSD>
        <pctVal>0.0189429520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.528000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DISCOVERY PURCHASER TL</name>
        <lei>2549001LSO1ZBIPA5D65</lei>
        <title>DISCOVERY PURCHASER TL</title>
        <cusip>25471NAC0</cusip>
        <identifiers>
          <isin value="US25471NAC02"/>
          <ticker value="BAYENV"/>
          <other otherDesc="IDII" value="7R2CJ54"/>
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        <balance>56302.25</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56020.74</valUSD>
        <pctVal>0.0390177235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.965000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RR DONNELLEY &amp; SO 10.875%</name>
        <lei>SU4X0P4WWRGOQDTSV032</lei>
        <title>RR DONNELLEY &amp; SO 10.875%</title>
        <cusip>257867BK6</cusip>
        <identifiers>
          <isin value="US257867BK60"/>
          <ticker value="RRD"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25689</valUSD>
        <pctVal>0.0178920575</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>10.875000000000</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>INNOPHOS HLDGS. IN 11.50%</name>
        <lei>XQ0331QX53IRX25OY417</lei>
        <title>INNOPHOS HLDGS. IN 11.50%</title>
        <cusip>45774NAD0</cusip>
        <identifiers>
          <isin value="US45774NAD03"/>
          <ticker value="IPHS"/>
        </identifiers>
        <balance>75625</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69575</valUSD>
        <pctVal>0.0484580909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MPH ACQUISITION HLD 5.75%</name>
        <lei>5493002WXOPRPTXWTU06</lei>
        <title>MPH ACQUISITION HLD 5.75%</title>
        <cusip>553283AG7</cusip>
        <identifiers>
          <isin value="US553283AG73"/>
          <ticker value="MLTPLN"/>
        </identifiers>
        <balance>33714</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28120.81</valUSD>
        <pctVal>0.0195857818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIMO WATER HLDGS. 6.25%</name>
        <lei>N/A</lei>
        <title>PRIMO WATER HLDGS. 6.25%</title>
        <cusip>74168RAC7</cusip>
        <identifiers>
          <isin value="US74168RAC79"/>
          <ticker value="PRMWCN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50186.55</valUSD>
        <pctVal>0.0349542853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>WEEKLEY HOMES LLC / 6.75%</name>
        <lei>N/A</lei>
        <title>WEEKLEY HOMES LLC / 6.75%</title>
        <cusip>948565AF3</cusip>
        <identifiers>
          <isin value="US948565AF34"/>
          <ticker value="WEEKHM"/>
        </identifiers>
        <balance>42000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42111.68</valUSD>
        <pctVal>0.0293302424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19784.69</valUSD>
        <pctVal>0.0137797816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</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>ARUBA INVEST TL</name>
        <lei>254900GMIYFF4FZ0A357</lei>
        <title>ARUBA INVEST TL</title>
        <cusip>04317JAB4</cusip>
        <identifiers>
          <isin value="US04317JAB44"/>
          <ticker value="ARUINV"/>
          <other otherDesc="IDII" value="LX190488"/>
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        <balance>9970.66</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9123.15</valUSD>
        <pctVal>0.0063541564</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.210000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>LCM INVS. HLDGS. I 4.875%</name>
        <lei>549300P5V78NNQTG4428</lei>
        <title>LCM INVS. HLDGS. I 4.875%</title>
        <cusip>50190EAA2</cusip>
        <identifiers>
          <isin value="US50190EAA29"/>
          <ticker value="MAGLLC"/>
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        <balance>21000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20446.12</valUSD>
        <pctVal>0.0142404591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>MAJORDRIVE HLDGS. 6.375%</name>
        <lei>25490044R1FR5N8FIT62</lei>
        <title>MAJORDRIVE HLDGS. 6.375%</title>
        <cusip>56085RAA8</cusip>
        <identifiers>
          <isin value="US56085RAA86"/>
          <ticker value="CLUCAR"/>
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        <balance>38000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31864.74</valUSD>
        <pctVal>0.0221933808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ERO COPPER CORP 6.50%</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO COPPER CORP 6.50%</title>
        <cusip>296006AA7</cusip>
        <identifiers>
          <isin value="US296006AA71"/>
          <ticker value="EROCN"/>
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        <balance>129000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>128516.25</valUSD>
        <pctVal>0.0895099120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</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>CLOUD SOFTWARE GRP. 6.50%</name>
        <lei>N/A</lei>
        <title>CLOUD SOFTWARE GRP. 6.50%</title>
        <cusip>88632QAE3</cusip>
        <identifiers>
          <isin value="US88632QAE35"/>
          <ticker value="TIBX"/>
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        <balance>103000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99938.97</valUSD>
        <pctVal>0.0696062047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-31</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>ALLIANT HLDGS. INTE 7.00%</name>
        <lei>N/A</lei>
        <title>ALLIANT HLDGS. INTE 7.00%</title>
        <cusip>01883LAF0</cusip>
        <identifiers>
          <isin value="US01883LAF04"/>
          <ticker value="ALIANT"/>
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        <balance>72000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73170.58</valUSD>
        <pctVal>0.0509623661</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>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>CRESCENT ENERGY FI 7.375%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>CRESCENT ENERGY FI 7.375%</title>
        <cusip>45344LAE3</cusip>
        <identifiers>
          <isin value="US45344LAE39"/>
          <ticker value="CRGYFN"/>
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        <balance>54000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53675.62</valUSD>
        <pctVal>0.0373843776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</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>CLYDESDALE ACQUISI 6.875%</name>
        <lei>254900QKSDYFR3K5YD98</lei>
        <title>CLYDESDALE ACQUISI 6.875%</title>
        <cusip>18972EAC9</cusip>
        <identifiers>
          <isin value="US18972EAC93"/>
          <ticker value="NOVHOL"/>
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        <balance>2000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1992.56</valUSD>
        <pctVal>0.0013877924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</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>WILSONART LLC 11.00%</name>
        <lei>549300SAZRUMYKDJBY14</lei>
        <title>WILSONART LLC 11.00%</title>
        <cusip>97246JAA6</cusip>
        <identifiers>
          <isin value="US97246JAA60"/>
          <ticker value="WLSNRT"/>
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        <balance>109000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88305.15</valUSD>
        <pctVal>0.0615033990</pctVal>
        <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>11.000000000000</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>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>41000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39159.35</valUSD>
        <pctVal>0.0272739826</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="39801.110000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>ALPHA GENERATION LL 6.75%</name>
        <lei>254900K5V62L4YGVKF49</lei>
        <title>ALPHA GENERATION LL 6.75%</title>
        <cusip>02073LAA9</cusip>
        <identifiers>
          <isin value="US02073LAA98"/>
          <ticker value="ALPGEN"/>
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        <balance>43000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43791.37</valUSD>
        <pctVal>0.0305001249</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>6.750000000000</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>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>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20343.84</valUSD>
        <pctVal>0.0141692224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.375000000000</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>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>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14497.49</valUSD>
        <pctVal>0.0100973150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>CHORD ENERGY CORP 6.75%</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
        <title>CHORD ENERGY CORP 6.75%</title>
        <cusip>674215AN8</cusip>
        <identifiers>
          <isin value="US674215AN89"/>
          <ticker value="CHRD"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25370.15</valUSD>
        <pctVal>0.0176699825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>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>36000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36672.31</valUSD>
        <pctVal>0.0255417913</pctVal>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALTICE FRANCE SA 6.50%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA 6.50%</title>
        <cusip>02090DAC2</cusip>
        <identifiers>
          <isin value="US02090DAC20"/>
          <ticker value="SFRFP"/>
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        <balance>14351</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13904.88</valUSD>
        <pctVal>0.0096845697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAYLOR MORRISON COM 5.75%</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TAYLOR MORRISON COM 5.75%</title>
        <cusip>87724RAK8</cusip>
        <identifiers>
          <isin value="US87724RAK86"/>
          <ticker value="TMHC"/>
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        <balance>33000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33961.88</valUSD>
        <pctVal>0.0236540118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</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>ENERFLEX INC 6.875%</name>
        <lei>549300SQCOV1LC1GBK07</lei>
        <title>ENERFLEX INC 6.875%</title>
        <cusip>29281WAA6</cusip>
        <identifiers>
          <isin value="US29281WAA62"/>
          <ticker value="EFXINC"/>
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        <balance>6000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6140.77</valUSD>
        <pctVal>0.0042769672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</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>COREBRIDGE FINL. INC F2V</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>COREBRIDGE FINL. INC F2V</title>
        <cusip>21871XAT6</cusip>
        <identifiers>
          <isin value="US21871XAT63"/>
          <ticker value="CRBG"/>
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        <balance>48000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47652.16</valUSD>
        <pctVal>0.0331891154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-15</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>RYAN SPECIALTY LLC 5.875%</name>
        <lei>549300K52N7QBO3PYY45</lei>
        <title>RYAN SPECIALTY LLC 5.875%</title>
        <cusip>78351GAA3</cusip>
        <identifiers>
          <isin value="US78351GAA31"/>
          <ticker value="RYASPE"/>
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        <balance>7000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6887</valUSD>
        <pctVal>0.0047967068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>GGAM FIN. LTD 5.875%</name>
        <lei>254900X2QXEN0FVXRF65</lei>
        <title>GGAM FIN. LTD 5.875%</title>
        <cusip>36170JAE6</cusip>
        <identifiers>
          <isin value="US36170JAE64"/>
          <ticker value="GGAMFI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25026.3</valUSD>
        <pctVal>0.0174304954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</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>NRG ENERGY INC 6.00%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 6.00%</title>
        <cusip>629377CW0</cusip>
        <identifiers>
          <isin value="US629377CW01"/>
          <ticker value="NRG"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>125667.5</valUSD>
        <pctVal>0.0875257943</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>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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25130.1</valUSD>
        <pctVal>0.0175027908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26152.78</valUSD>
        <pctVal>0.0182150743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>SEAGATE DATA STORA 5.875%</name>
        <lei>N/A</lei>
        <title>SEAGATE DATA STORA 5.875%</title>
        <cusip>81180LAT2</cusip>
        <identifiers>
          <isin value="US81180LAT26"/>
          <ticker value="STX"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50888.1</valUSD>
        <pctVal>0.0354429059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</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>PARAMOUNT GLOBAL 4.95%</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARAMOUNT GLOBAL 4.95%</title>
        <cusip>92556HAC1</cusip>
        <identifiers>
          <isin value="US92556HAC16"/>
          <ticker value="PARA"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48435.71</valUSD>
        <pctVal>0.0337348478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-19</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>ACADIA HEALTHCARE C 5.50%</name>
        <lei>5493005CW985Y9D0NC11</lei>
        <title>ACADIA HEALTHCARE C 5.50%</title>
        <cusip>00404AAN9</cusip>
        <identifiers>
          <isin value="US00404AAN90"/>
          <ticker value="ACHC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49769.87</valUSD>
        <pctVal>0.0346640731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHURCHILL DOWNS INC 5.75%</name>
        <lei>N/A</lei>
        <title>CHURCHILL DOWNS INC 5.75%</title>
        <cusip>12511VAA6</cusip>
        <identifiers>
          <isin value="US12511VAA61"/>
          <ticker value="CHDN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49952.68</valUSD>
        <pctVal>0.0347913979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>HIG FINANCE 2 LTD TL</name>
        <lei>213800OOZO37Y7YL2O58</lei>
        <title>HIG FINANCE 2 LTD TL</title>
        <cusip>G4712JBD3</cusip>
        <identifiers>
          <isin value="XAG4712JBD37"/>
          <ticker value="HYPINS"/>
          <other otherDesc="IDII" value="LX277612"/>
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        <balance>5939.54</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5587.62</valUSD>
        <pctVal>0.0038917053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.520000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASURION LLC/ 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>157000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>158186.37</valUSD>
        <pctVal>0.1101747682</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>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NRG ENERGY INC 6.25%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 6.25%</title>
        <cusip>629377CX8</cusip>
        <identifiers>
          <isin value="US629377CX83"/>
          <ticker value="NRG"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75939.26</valUSD>
        <pctVal>0.0528907160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</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>
      <invstOrSec>
        <name>GOEASY LTD 6.875%</name>
        <lei>5493009DJVZG2P8YV435</lei>
        <title>GOEASY LTD 6.875%</title>
        <cusip>380355AM9</cusip>
        <identifiers>
          <isin value="US380355AM92"/>
          <ticker value="GSYCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22250.62</valUSD>
        <pctVal>0.0154972701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</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>
      <invstOrSec>
        <name>ATI INC 5.125%</name>
        <lei>ZW1LRE7C3H17O2ZN9B45</lei>
        <title>ATI INC 5.125%</title>
        <cusip>01741RAM4</cusip>
        <identifiers>
          <isin value="US01741RAM43"/>
          <ticker value="ATI"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49489.9</valUSD>
        <pctVal>0.0344690776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COINBASE GBL. INC 3.625%</name>
        <lei>5493004G3J2SC154DU06</lei>
        <title>COINBASE GBL. INC 3.625%</title>
        <cusip>19260QAD9</cusip>
        <identifiers>
          <isin value="US19260QAD97"/>
          <ticker value="COIN"/>
        </identifiers>
        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>130648.1</valUSD>
        <pctVal>0.0909947181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MINERAL RES. LTD 8.50%</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>MINERAL RES. LTD 8.50%</title>
        <cusip>603051AD5</cusip>
        <identifiers>
          <isin value="US603051AD53"/>
          <ticker value="MINAU"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51624.5</valUSD>
        <pctVal>0.0359557990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPSTONE COPPER COR 6.75%</name>
        <lei>549300III6KGKKC42W63</lei>
        <title>CAPSTONE COPPER COR 6.75%</title>
        <cusip>14071LAA6</cusip>
        <identifiers>
          <isin value="US14071LAA61"/>
          <ticker value="CAPCOP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25340.08</valUSD>
        <pctVal>0.0176490392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-31</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JANE STREET GRP. / 6.75%</name>
        <lei>N/A</lei>
        <title>JANE STREET GRP. / 6.75%</title>
        <cusip>47077WAE8</cusip>
        <identifiers>
          <isin value="US47077WAE84"/>
          <ticker value="JANEST"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25709.17</valUSD>
        <pctVal>0.0179061056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</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>DAVITA INC 6.75%</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DAVITA INC 6.75%</title>
        <cusip>23918KAY4</cusip>
        <identifiers>
          <isin value="US23918KAY47"/>
          <ticker value="DVA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25796.23</valUSD>
        <pctVal>0.0179667418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RHP HOTEL PROPS. LP 6.50%</name>
        <lei>N/A</lei>
        <title>RHP HOTEL PROPS. LP 6.50%</title>
        <cusip>749571AL9</cusip>
        <identifiers>
          <isin value="US749571AL97"/>
          <ticker value="RHP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25648.76</valUSD>
        <pctVal>0.0178640308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRANSDIGM INC 6.375%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.375%</title>
        <cusip>893647BY2</cusip>
        <identifiers>
          <isin value="US893647BY22"/>
          <ticker value="TDG"/>
        </identifiers>
        <balance>425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>429040.9</valUSD>
        <pctVal>0.2988214580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARNIVAL CORP 5.875%</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CARNIVAL CORP 5.875%</title>
        <cusip>143658BZ4</cusip>
        <identifiers>
          <isin value="US143658BZ43"/>
          <ticker value="CCL"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50900.45</valUSD>
        <pctVal>0.0354515075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CACI INTL. INC 6.375%</name>
        <lei>SYRPI2D1O9WRTS2WX210</lei>
        <title>CACI INTL. INC 6.375%</title>
        <cusip>127190AE6</cusip>
        <identifiers>
          <isin value="US127190AE62"/>
          <ticker value="CACI"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25355.5</valUSD>
        <pctVal>0.0176597790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>LCM INVS. HLDGS. II 8.25%</name>
        <lei>549300P5V78NNQTG4428</lei>
        <title>LCM INVS. HLDGS. II 8.25%</title>
        <cusip>50190EAC8</cusip>
        <identifiers>
          <isin value="US50190EAC84"/>
          <ticker value="MAGLLC"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26048.33</valUSD>
        <pctVal>0.0181423262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ATI INC 7.25%</name>
        <lei>ZW1LRE7C3H17O2ZN9B45</lei>
        <title>ATI INC 7.25%</title>
        <cusip>01741RAN2</cusip>
        <identifiers>
          <isin value="US01741RAN26"/>
          <ticker value="ATI"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25956.83</valUSD>
        <pctVal>0.0180785976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLIED UNIVERSAL H 6.875%</name>
        <lei>N/A</lei>
        <title>ALLIED UNIVERSAL H 6.875%</title>
        <cusip>019576AF4</cusip>
        <identifiers>
          <isin value="US019576AF49"/>
          <ticker value="UNSEAM"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51379.85</valUSD>
        <pctVal>0.0357854034</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JH NORTH AMERICA H 6.125%</name>
        <lei>254900A6FXA0D81TL967</lei>
        <title>JH NORTH AMERICA H 6.125%</title>
        <cusip>46593WAB1</cusip>
        <identifiers>
          <isin value="US46593WAB19"/>
          <ticker value="JHXAU"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25207.3</valUSD>
        <pctVal>0.0175565596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-31</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>ASCENT RES. UTICA 6.625%</name>
        <lei>N/A</lei>
        <title>ASCENT RES. UTICA 6.625%</title>
        <cusip>04364VBA0</cusip>
        <identifiers>
          <isin value="US04364VBA08"/>
          <ticker value="ASCRES"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25283.7</valUSD>
        <pctVal>0.0176097712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHIRLPOOL CORP 6.50%</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>WHIRLPOOL CORP 6.50%</title>
        <cusip>963320BE5</cusip>
        <identifiers>
          <isin value="US963320BE54"/>
          <ticker value="WHR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21671.85</valUSD>
        <pctVal>0.0150941643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="21744.070000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARADIGM PARENT TL</name>
        <lei>N/A</lei>
        <title>PARADIGM PARENT TL</title>
        <cusip>69902BAB5</cusip>
        <identifiers>
          <isin value="US69902BAB53"/>
          <other otherDesc="IDII" value="LX266919"/>
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        <balance>49625</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42473.05</valUSD>
        <pctVal>0.0295819320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.23222</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOVELIS CORP 6.375%</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>NOVELIS CORP 6.375%</title>
        <cusip>670001AN6</cusip>
        <identifiers>
          <isin value="US670001AN69"/>
          <ticker value="HNDLIN"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50360.2</valUSD>
        <pctVal>0.0350752303</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>6.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BALL CORP 5.50%</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
        <title>BALL CORP 5.50%</title>
        <cusip>058498BA3</cusip>
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          <isin value="US058498BA38"/>
          <ticker value="BALL"/>
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        <curCd>USD</curCd>
        <valUSD>25154.6</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>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FIVE POINT OPERATIN 8.00%</name>
        <lei>N/A</lei>
        <title>FIVE POINT OPERATIN 8.00%</title>
        <cusip>33834YAC2</cusip>
        <identifiers>
          <isin value="US33834YAC21"/>
          <ticker value="FPH"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25592.55</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GRAY MEDIA INC 9.625%</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY MEDIA INC 9.625%</title>
        <cusip>389375AN6</cusip>
        <identifiers>
          <isin value="US389375AN64"/>
          <ticker value="GTN"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24128.75</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>2032-07-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OSAIC HLDGS. INC 6.75%</name>
        <lei>549300XL60BDV6UW5C86</lei>
        <title>OSAIC HLDGS. INC 6.75%</title>
        <cusip>00791GAB3</cusip>
        <identifiers>
          <isin value="US00791GAB32"/>
          <ticker value="ADVGRO"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25042.75</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALTICE FRANCE LUX 10.00%</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE LUX 10.00%</title>
        <cusip>020956AA6</cusip>
        <identifiers>
          <isin value="US020956AA67"/>
          <ticker value="SFRFP"/>
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        <balance>55000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>54096.61</valUSD>
        <pctVal>0.0376775917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.000000000000</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>ALTICE FRANCE SA 9.50%</name>
        <lei>5299000JVHXKJPOE6H40</lei>
        <title>ALTICE FRANCE SA 9.50%</title>
        <cusip>02090DAA6</cusip>
        <identifiers>
          <isin value="US02090DAA63"/>
          <ticker value="SFRFP"/>
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        <balance>127696</balance>
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        <curCd>USD</curCd>
        <valUSD>129626.25</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</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>
        <name>CRESCENT ENERGY FIN 9.75%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>CRESCENT ENERGY FIN 9.75%</title>
        <cusip>45344LAJ2</cusip>
        <identifiers>
          <isin value="US45344LAJ26"/>
          <ticker value="CRGYFN"/>
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        <balance>40000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42400</valUSD>
        <pctVal>0.0295310536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</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>MIDWEST GAMING BOR 4.875%</name>
        <lei>N/A</lei>
        <title>MIDWEST GAMING BOR 4.875%</title>
        <cusip>59833DAB6</cusip>
        <identifiers>
          <isin value="US59833DAB64"/>
          <ticker value="MWGAME"/>
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        <balance>13000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12654.87</valUSD>
        <pctVal>0.0088139539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KAISER ALUMINUM CO 5.875%</name>
        <lei>N/A</lei>
        <title>KAISER ALUMINUM CO 5.875%</title>
        <cusip>483007AM2</cusip>
        <identifiers>
          <isin value="US483007AM21"/>
          <ticker value="KALU"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49480.3</valUSD>
        <pctVal>0.0344623913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25344.48</valUSD>
        <pctVal>0.0176521037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>
        <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>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>124965.3</valUSD>
        <pctVal>0.0870367211</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>6.500000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24854.15</valUSD>
        <pctVal>0.0173105952</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DEALER TIRE LLC / D 8.00%</name>
        <lei>549300XTS06OMOCRSE50</lei>
        <title>DEALER TIRE LLC / D 8.00%</title>
        <cusip>24229JAA1</cusip>
        <identifiers>
          <isin value="US24229JAA16"/>
          <ticker value="DEATIR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24969.32</valUSD>
        <pctVal>0.0173908096</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>8.000000000000</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>CCO HLDGS. LLC / CC 4.50%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.50%</title>
        <cusip>1248EPCE1</cusip>
        <identifiers>
          <isin value="US1248EPCE15"/>
          <ticker value="CHTR"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>23238.58</valUSD>
        <pctVal>0.0161853715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GEO GRP. INC/THE 8.625%</name>
        <lei>54930024XOXET7NQVZ63</lei>
        <title>GEO GRP. INC/THE 8.625%</title>
        <cusip>36162JAG1</cusip>
        <identifiers>
          <isin value="US36162JAG13"/>
          <ticker value="GEO"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>26044.35</valUSD>
        <pctVal>0.0181395542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625000000000</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>STANDARD BLDG. SOLS 6.50%</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>STANDARD BLDG. SOLS 6.50%</title>
        <cusip>853191AA2</cusip>
        <identifiers>
          <isin value="US853191AA25"/>
          <ticker value="BMCAUS"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50302.2</valUSD>
        <pctVal>0.0350348341</pctVal>
        <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>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>
        <name>UNITI GRP. LP / UN 8.625%</name>
        <lei>N/A</lei>
        <title>UNITI GRP. LP / UN 8.625%</title>
        <cusip>91327TAC5</cusip>
        <identifiers>
          <isin value="US91327TAC53"/>
          <ticker value="UNIT"/>
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        <balance>175000</balance>
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        <curCd>USD</curCd>
        <valUSD>182562.74</valUSD>
        <pctVal>0.1271525958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <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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          <isin value="US811054AH89"/>
          <ticker value="SSP"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>43763.69</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAKS GBL. ENTS. LL 11.00%</name>
        <lei>5493007HQSJGRH78Q684</lei>
        <title>SAKS GBL. ENTS. LL 11.00%</title>
        <cusip>79380MAB1</cusip>
        <identifiers>
          <isin value="US79380MAB19"/>
          <ticker value="SAGLEN"/>
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        <balance>67050</balance>
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        <curCd>USD</curCd>
        <valUSD>83.81</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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          <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>TRANSDIGM INC 6.25%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.25%</title>
        <cusip>893647BZ9</cusip>
        <identifiers>
          <isin value="US893647BZ96"/>
          <ticker value="TDG"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25509.9</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>2034-01-31</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALTICE LUXEMBOURG SA 0%</name>
        <lei>5299000JVHXKJPOE6H40</lei>
        <title>ALTICE LUXEMBOURG SA 0%</title>
        <cusip>999011315</cusip>
        <identifiers>
          <isin value="XS3154194339"/>
          <ticker value="SFRFP"/>
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        <balance>334</balance>
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        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>None</couponKind>
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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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25517.35</valUSD>
        <pctVal>0.0177725054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TENNECO INC 8.00%</name>
        <lei>549300U0EXXFAQFAD785</lei>
        <title>TENNECO INC 8.00%</title>
        <cusip>880349AU9</cusip>
        <identifiers>
          <isin value="US880349AU90"/>
          <ticker value="TENINC"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100625.4</valUSD>
        <pctVal>0.0700842944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-17</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>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>26625</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27525.59</valUSD>
        <pctVal>0.0191712187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>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>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>95234.53</valUSD>
        <pctVal>0.0663296229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</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>TENET HEALTHCARE CO 6.00%</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE CO 6.00%</title>
        <cusip>88033GDV9</cusip>
        <identifiers>
          <isin value="US88033GDV95"/>
          <ticker value="THC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25218.58</valUSD>
        <pctVal>0.0175644160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ADVANCED DRAINAGE 5.375%</name>
        <lei>6QQTOZ5MF5DHM7K92I60</lei>
        <title>ADVANCED DRAINAGE 5.375%</title>
        <cusip>00790RAC8</cusip>
        <identifiers>
          <isin value="US00790RAC88"/>
          <ticker value="WMS"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24425.8</valUSD>
        <pctVal>0.0170122549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375000000000</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>144A SV RNO PRO 5.87%</name>
        <lei>N/A</lei>
        <title>144A SV RNO PRO 5.87%</title>
        <cusip>78488XAA2</cusip>
        <identifiers>
          <isin value="US78488XAA28"/>
          <ticker value="TRACTC"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98558.34</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</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>CNX RES. CORP 5.875%</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX RES. CORP 5.875%</title>
        <cusip>12653CAM0</cusip>
        <identifiers>
          <isin value="US12653CAM01"/>
          <ticker value="CNX"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24328.44</valUSD>
        <pctVal>0.0169444450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>SWORD PURCHASER LL 10.50%</name>
        <lei>254900S0VY2QTAITBR94</lei>
        <title>SWORD PURCHASER LL 10.50%</title>
        <cusip>87110CAA5</cusip>
        <identifiers>
          <isin value="US87110CAA53"/>
          <ticker value="SEE"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52310.15</valUSD>
        <pctVal>0.0364333454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.500000000000</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>OSAIC HLDGS. INC 8.00%</name>
        <lei>549300XL60BDV6UW5C86</lei>
        <title>OSAIC HLDGS. INC 8.00%</title>
        <cusip>00791GAC1</cusip>
        <identifiers>
          <isin value="US00791GAC15"/>
          <ticker value="ADVGRO"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50184.65</valUSD>
        <pctVal>0.0349529620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</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>STANDARD BLDG. SOLS 6.25%</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>STANDARD BLDG. SOLS 6.25%</title>
        <cusip>853191AC8</cusip>
        <identifiers>
          <isin value="US853191AC80"/>
          <ticker value="BMCAUS"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74478.23</valUSD>
        <pctVal>0.0518731274</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>6.250000000000</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>KAISER ALUMINUM COR 4.50%</name>
        <lei>N/A</lei>
        <title>KAISER ALUMINUM COR 4.50%</title>
        <cusip>483007AL4</cusip>
        <identifiers>
          <isin value="US483007AL48"/>
          <ticker value="KALU"/>
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        <balance>140000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>134023.11</valUSD>
        <pctVal>0.0933453690</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>4.500000000000</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>NEWELL BRANDS INC 6.625%</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NEWELL BRANDS INC 6.625%</title>
        <cusip>651229BD7</cusip>
        <identifiers>
          <isin value="US651229BD74"/>
          <ticker value="NWL"/>
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        <balance>9000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9150.29</valUSD>
        <pctVal>0.0063730591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</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>
      <invstOrSec>
        <name>SES SA 0.0%</name>
        <lei>5493008JPA4HYMH1HX51</lei>
        <title>SES SA 0.0%</title>
        <cusip>L8176HAF7</cusip>
        <identifiers>
          <isin value="USL8176HAF75"/>
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        <balance>1201</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17714.75</valUSD>
        <pctVal>0.0123380951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-14</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANTERO MIDSTREAM PA 5.75%</name>
        <lei>N/A</lei>
        <title>ANTERO MIDSTREAM PA 5.75%</title>
        <cusip>03690AAM8</cusip>
        <identifiers>
          <isin value="US03690AAM80"/>
          <ticker value="AM"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49517.63</valUSD>
        <pctVal>0.0344883912</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>5.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="50132.560000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FXI HLDGS. INC 11.00%</name>
        <lei>549300VLKCUZW3MSVS50</lei>
        <title>FXI HLDGS. INC 11.00%</title>
        <cusip>36120RAG4</cusip>
        <identifiers>
          <isin value="US36120RAG48"/>
          <ticker value="FXIHLD"/>
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        <balance>78352</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>65815.68</valUSD>
        <pctVal>0.0458397730</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>11.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="66640.160000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>RR DONNELLEY &amp; SONS C PIK</name>
        <lei>SU4X0P4WWRGOQDTSV032</lei>
        <title>RR DONNELLEY &amp; SONS C PIK</title>
        <cusip>257867BL4</cusip>
        <identifiers>
          <isin value="US257867BL44"/>
          <ticker value="RRD"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48361.06</valUSD>
        <pctVal>0.0336828551</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>11.000000000000</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>MURPHY OIL USA INC 5.875%</name>
        <lei>N32S6DTR2ZZ5222WHV58</lei>
        <title>MURPHY OIL USA INC 5.875%</title>
        <cusip>626738AG3</cusip>
        <identifiers>
          <isin value="US626738AG37"/>
          <ticker value="MUSA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25078.83</valUSD>
        <pctVal>0.0174670819</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>5.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24948.12</valUSD>
        <pctVal>0.0173760441</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>5.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AVIS BUDGET CAR REN 8.00%</name>
        <lei>N/A</lei>
        <title>AVIS BUDGET CAR REN 8.00%</title>
        <cusip>053773BH9</cusip>
        <identifiers>
          <isin value="US053773BH95"/>
          <ticker value="CAR"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25246</valUSD>
        <pctVal>0.0175835137</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>8.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LGI HOMES INC 8.75%</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC 8.75%</title>
        <cusip>50187TAH9</cusip>
        <identifiers>
          <isin value="US50187TAH95"/>
          <ticker value="LGIH"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25834.18</valUSD>
        <pctVal>0.0179931735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</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>VENTURE GBL. LNG I 6.375%</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENTURE GBL. LNG I 6.375%</title>
        <cusip>92332YAG6</cusip>
        <identifiers>
          <isin value="US92332YAG61"/>
          <ticker value="VENLNG"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24569.06</valUSD>
        <pctVal>0.0171120337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FS KKR CAP. CORP 7.50%</name>
        <lei>549300TYRSI1T21B1360</lei>
        <title>FS KKR CAP. CORP 7.50%</title>
        <cusip>302635AR8</cusip>
        <identifiers>
          <isin value="US302635AR85"/>
          <ticker value="FSK"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24901.24</valUSD>
        <pctVal>0.0173433928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GFL ENVIRON. INC 6.75%</name>
        <lei>894500E7NLBY9VZRT696</lei>
        <title>GFL ENVIRON. INC 6.75%</title>
        <cusip>36168QAQ7</cusip>
        <identifiers>
          <isin value="US36168QAQ73"/>
          <ticker value="GFLCN"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25719.45</valUSD>
        <pctVal>0.0179132655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>DELUXE CORP 8.125%</name>
        <lei>KWGNKB8TX9LE5TV29231</lei>
        <title>DELUXE CORP 8.125%</title>
        <cusip>248019AW1</cusip>
        <identifiers>
          <isin value="US248019AW14"/>
          <ticker value="DLX"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25881.5</valUSD>
        <pctVal>0.0180261312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREAT CANADIAN GA TL</name>
        <lei>549300FU60SSFLTE0M84</lei>
        <title>GREAT CANADIAN GA TL</title>
        <cusip>C4111RAJ4</cusip>
        <identifiers>
          <isin value="XAC4111RAJ41"/>
          <ticker value="GCCN"/>
          <other otherDesc="IDII" value="LX250597"/>
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        <balance>21275.26</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20929.54</valUSD>
        <pctVal>0.0145771549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.370000000000</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>GOAT HOLDCO LLC 6.75%</name>
        <lei>N/A</lei>
        <title>GOAT HOLDCO LLC 6.75%</title>
        <cusip>38021MAA4</cusip>
        <identifiers>
          <isin value="US38021MAA45"/>
          <ticker value="B"/>
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        <balance>22000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22547.18</valUSD>
        <pctVal>0.0157038203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAFTECH INTERNATIONAL TL</name>
        <lei>549300GY32W00XP57351</lei>
        <title>GRAFTECH INTERNATIONAL TL</title>
        <cusip>LX2566300</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="GTI"/>
          <other otherDesc="IDII" value="7TQ0K99"/>
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        <balance>22459.16</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21454.11</valUSD>
        <pctVal>0.0149425111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.853720000000</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>GRAFTECH GBL. ENTS 9.875%</name>
        <lei>N/A</lei>
        <title>GRAFTECH GBL. ENTS 9.875%</title>
        <cusip>38431AAB2</cusip>
        <identifiers>
          <isin value="US38431AAB26"/>
          <ticker value="EAF"/>
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        <balance>31000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22785</valUSD>
        <pctVal>0.0158694589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACCENDRA HEALTH INC 9.75%</name>
        <lei>549300LMT5KQQXCEZ733</lei>
        <title>ACCENDRA HEALTH INC 9.75%</title>
        <cusip>690732AK8</cusip>
        <identifiers>
          <isin value="US690732AK82"/>
          <ticker value="ACH"/>
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        <balance>14900</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10112.33</valUSD>
        <pctVal>0.0070431075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</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>ACCENDRA HEALTH INC 9.75%</name>
        <lei>549300LMT5KQQXCEZ733</lei>
        <title>ACCENDRA HEALTH INC 9.75%</title>
        <cusip>690732AL6</cusip>
        <identifiers>
          <isin value="US690732AL65"/>
          <ticker value="ACH"/>
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        <balance>21625</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14676.45</valUSD>
        <pctVal>0.0102219583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</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>BUCKEYE PARTNERS LP 5.85%</name>
        <lei>549300C1PQJLVEIUBK50</lei>
        <title>BUCKEYE PARTNERS LP 5.85%</title>
        <cusip>118230AM3</cusip>
        <identifiers>
          <isin value="US118230AM30"/>
          <ticker value="BPL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22923.6</valUSD>
        <pctVal>0.0159659920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.850000000000</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>VMED O2 UK FINC. I 4.25%</name>
        <lei>213800MRR46ECNGZ7L69</lei>
        <title>VMED O2 UK FINC. I 4.25%</title>
        <cusip>92858RAA8</cusip>
        <identifiers>
          <isin value="US92858RAA86"/>
          <ticker value="VMED"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>164470.56</valUSD>
        <pctVal>0.1145516256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</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>TENNECO INC TL</name>
        <lei>N/A</lei>
        <title>TENNECO INC TL</title>
        <cusip>88037HAN4</cusip>
        <identifiers>
          <isin value="US88037HAN44"/>
          <ticker value="TEN"/>
          <other otherDesc="IDII" value="LX209531"/>
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        <balance>5738.78</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5705.9</valUSD>
        <pctVal>0.0039740858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.411081643280</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CNX RES. CORP 7.25%</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX RES. CORP 7.25%</title>
        <cusip>12653CAL2</cusip>
        <identifiers>
          <isin value="US12653CAL28"/>
          <ticker value="CNX"/>
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        <balance>16000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16483.95</valUSD>
        <pctVal>0.0114808588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>1011778 BC ULC / NE 4.00%</name>
        <lei>N/A</lei>
        <title>1011778 BC ULC / NE 4.00%</title>
        <cusip>68245XAM1</cusip>
        <identifiers>
          <isin value="US68245XAM11"/>
          <ticker value="BCULC"/>
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        <balance>32000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30209.57</valUSD>
        <pctVal>0.0210405762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</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>KBR INC 4.75%</name>
        <lei>254900OFQDXZRKRCV808</lei>
        <title>KBR INC 4.75%</title>
        <cusip>48242WAC0</cusip>
        <identifiers>
          <isin value="US48242WAC01"/>
          <ticker value="KBR"/>
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        <balance>54000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53308.2</valUSD>
        <pctVal>0.0371284743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>VIKING OCEAN CRUIS 5.625%</name>
        <lei>N/A</lei>
        <title>VIKING OCEAN CRUIS 5.625%</title>
        <cusip>92682RAA0</cusip>
        <identifiers>
          <isin value="US92682RAA05"/>
          <ticker value="VIKCRU"/>
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        <balance>9000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8999.29</valUSD>
        <pctVal>0.0062678895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIRIUS XM RADIO LLC 4.00%</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRIUS XM RADIO LLC 4.00%</title>
        <cusip>82967NBJ6</cusip>
        <identifiers>
          <isin value="US82967NBJ63"/>
          <ticker value="SIRI"/>
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        <balance>5000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4868.92</valUSD>
        <pctVal>0.0033911400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <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>NEW HOME CO INC/THE 9.25%</name>
        <lei>549300PLCE8TB3TVRQ85</lei>
        <title>NEW HOME CO INC/THE 9.25%</title>
        <cusip>645370AF4</cusip>
        <identifiers>
          <isin value="US645370AF49"/>
          <ticker value="NWHM"/>
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        <balance>48000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49647.6</valUSD>
        <pctVal>0.0345789136</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>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>LIFEPOINT HEALTH I 10.00%</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
        <title>LIFEPOINT HEALTH I 10.00%</title>
        <cusip>53219LAX7</cusip>
        <identifiers>
          <isin value="US53219LAX73"/>
          <ticker value="RGCARE"/>
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        <balance>63000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62893.62</valUSD>
        <pctVal>0.0438045959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="63418.620000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>BLUE RACER MIDSTREA 7.00%</name>
        <lei>N/A</lei>
        <title>BLUE RACER MIDSTREA 7.00%</title>
        <cusip>095796AJ7</cusip>
        <identifiers>
          <isin value="US095796AJ72"/>
          <ticker value="BLURAC"/>
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        <balance>45000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46127.66</valUSD>
        <pctVal>0.0321273208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>OVG BUSINESS SERVICES TL</name>
        <lei>N/A</lei>
        <title>OVG BUSINESS SERVICES TL</title>
        <cusip>62955EAJ3</cusip>
        <identifiers>
          <isin value="US62955EAJ38"/>
          <ticker value="OVGBUS"/>
          <other otherDesc="IDII" value="7S582X5"/>
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        <balance>2514.2</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2512.64</valUSD>
        <pctVal>0.0017500214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.340000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>CONCENTRA HEALTH S 6.875%</name>
        <lei>984500GB84105F75DE32</lei>
        <title>CONCENTRA HEALTH S 6.875%</title>
        <cusip>20600DAA1</cusip>
        <identifiers>
          <isin value="US20600DAA19"/>
          <ticker value="CON"/>
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        <balance>60000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62108.11</valUSD>
        <pctVal>0.0432574983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CINEMARK USA INC 7.00%</name>
        <lei>54930008H2137JSCPQ09</lei>
        <title>CINEMARK USA INC 7.00%</title>
        <cusip>172441BH9</cusip>
        <identifiers>
          <isin value="US172441BH95"/>
          <ticker value="CNK"/>
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        <balance>16000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16506.5</valUSD>
        <pctVal>0.0114965645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="16973.160000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>RESIDEO FNDG. INC 6.50%</name>
        <lei>5493000IFJ6XJKH66598</lei>
        <title>RESIDEO FNDG. INC 6.50%</title>
        <cusip>76119LAD3</cusip>
        <identifiers>
          <isin value="US76119LAD38"/>
          <ticker value="REZI"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50249.9</valUSD>
        <pctVal>0.0349984078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GARDA WORLD SEC. CO 8.25%</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>GARDA WORLD SEC. CO 8.25%</title>
        <cusip>36485MAN9</cusip>
        <identifiers>
          <isin value="US36485MAN92"/>
          <ticker value="GWCN"/>
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        <balance>175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>179081.88</valUSD>
        <pctVal>0.1247282217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOLDMAN SACHS GRP. IN F2V</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <cusip>38141GB52</cusip>
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        <curCd>USD</curCd>
        <valUSD>122283.28</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AETHON UTD. BR LP / 7.50%</name>
        <lei>N/A</lei>
        <title>AETHON UTD. BR LP / 7.50%</title>
        <cusip>00810GAD6</cusip>
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          <isin value="US00810GAD60"/>
          <ticker value="AETUNI"/>
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        <curCd>USD</curCd>
        <valUSD>54080.31</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KAMAN CORP TL</name>
        <lei>5493003YK076OLTEQF95</lei>
        <title>KAMAN CORP TL</title>
        <cusip>48354VAM4</cusip>
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          <isin value="US48354VAM46"/>
          <ticker value="KAMN"/>
          <other otherDesc="IDII" value="LX258138"/>
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        <curCd>USD</curCd>
        <valUSD>6543.36</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-30</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>EFESTO BIDCO S.P.A 7.50%</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>EFESTO BIDCO S.P.A 7.50%</title>
        <cusip>28201XAB1</cusip>
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          <ticker value="EBIDCO"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>200133.8</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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      <invstOrSec>
        <name>SNAP INC 6.875%</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
        <title>SNAP INC 6.875%</title>
        <cusip>83304AAL0</cusip>
        <identifiers>
          <isin value="US83304AAL08"/>
          <ticker value="SNAP"/>
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        <balance>57000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55559.72</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>ALBERTSONS COS / SA 6.25%</name>
        <lei>N/A</lei>
        <title>ALBERTSONS COS / SA 6.25%</title>
        <cusip>01309QAB4</cusip>
        <identifiers>
          <isin value="US01309QAB41"/>
          <ticker value="ACI"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1982.38</valUSD>
        <pctVal>0.0013807021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>XPLR INFRA. OPERATI 7.75%</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>XPLR INFRA. OPERATI 7.75%</title>
        <cusip>98379YAA0</cusip>
        <identifiers>
          <isin value="US98379YAA01"/>
          <ticker value="XIFR"/>
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        <balance>138000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>145254.66</valUSD>
        <pctVal>0.1011679989</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>7.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>JONES DESLAURIERS TL</name>
        <lei>N/A</lei>
        <title>JONES DESLAURIERS TL</title>
        <cusip>991101346</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX278129"/>
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        <balance>29993.32</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28651.12</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.66339</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>HERC HLDGS. INC 5.75%</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HERC HLDGS. INC 5.75%</title>
        <cusip>42704LAH7</cusip>
        <identifiers>
          <isin value="US42704LAH78"/>
          <ticker value="HRI"/>
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        <balance>23000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22970.92</valUSD>
        <pctVal>0.0159989498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>APOLLO DEBT SOLS. 5.875%</name>
        <lei>549300UMUGX092P8DW87</lei>
        <title>APOLLO DEBT SOLS. 5.875%</title>
        <cusip>03770DAK9</cusip>
        <identifiers>
          <isin value="US03770DAK90"/>
          <ticker value="APODS"/>
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        <balance>16000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15832.08</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>2030-08-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLEAN HARBORS INC 6.375%</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>CLEAN HARBORS INC 6.375%</title>
        <cusip>184496AQ0</cusip>
        <identifiers>
          <isin value="US184496AQ03"/>
          <ticker value="CLH"/>
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        <balance>9000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9127.12</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>2031-02-01</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>
        <name>GARDA WORLD SEC. CO 7.75%</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>GARDA WORLD SEC. CO 7.75%</title>
        <cusip>36485MAM1</cusip>
        <identifiers>
          <isin value="US36485MAM10"/>
          <ticker value="GWCN"/>
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        <balance>52000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52917.12</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>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.750000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>RR DONNELLEY &amp; SONS 9.50%</name>
        <lei>SU4X0P4WWRGOQDTSV032</lei>
        <title>RR DONNELLEY &amp; SONS 9.50%</title>
        <cusip>257867BJ9</cusip>
        <identifiers>
          <isin value="US257867BJ97"/>
          <ticker value="RRD"/>
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        <balance>143000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>148265.4</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>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RR DONNELLEY &amp; SONS 9.50%</name>
        <lei>SU4X0P4WWRGOQDTSV032</lei>
        <title>RR DONNELLEY &amp; SONS 9.50%</title>
        <cusip>257867BJ9</cusip>
        <identifiers>
          <isin value="US257867BJ97"/>
          <ticker value="RRD"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>51841.05</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>
          <annualizedRt>9.500000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SIX FLAGS ENTERTAI 8.625%</name>
        <lei>N/A</lei>
        <title>SIX FLAGS ENTERTAI 8.625%</title>
        <cusip>83003AAA8</cusip>
        <identifiers>
          <isin value="US83003AAA88"/>
          <ticker value="FUN"/>
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        <balance>17000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17504.5</valUSD>
        <pctVal>0.0121916587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <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>INSTALLED BLDG. PR 5.625%</name>
        <lei>549300I95Y9P9YM5FI86</lei>
        <title>INSTALLED BLDG. PR 5.625%</title>
        <cusip>45780RAB7</cusip>
        <identifiers>
          <isin value="US45780RAB78"/>
          <ticker value="IBP"/>
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        <balance>42000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41689.06</valUSD>
        <pctVal>0.0290358931</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>5.625000000000</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>
        <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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43833.45</valUSD>
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        <fairValLevel>2</fairValLevel>
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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>
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        <cusip>59565XAD2</cusip>
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        <curCd>USD</curCd>
        <valUSD>28053.41</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>8.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GULFPORT ENERGY COR 6.75%</name>
        <lei>549300FJX18IDUFPHD40</lei>
        <title>GULFPORT ENERGY COR 6.75%</title>
        <cusip>402635AT3</cusip>
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        <curCd>USD</curCd>
        <valUSD>30597.36</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>
          <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>GULFPORT ENERGY COR 6.75%</name>
        <lei>549300FJX18IDUFPHD40</lei>
        <title>GULFPORT ENERGY COR 6.75%</title>
        <cusip>402635AT3</cusip>
        <identifiers>
          <isin value="US402635AT32"/>
          <ticker value="GPOR"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25497.8</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
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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>2000</balance>
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        <curCd>USD</curCd>
        <valUSD>2026.64</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>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>ROYAL CARIBBEAN CR 5.625%</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>ROYAL CARIBBEAN CR 5.625%</title>
        <cusip>780153BW1</cusip>
        <identifiers>
          <isin value="US780153BW11"/>
          <ticker value="RCL"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75630.22</valUSD>
        <pctVal>0.0526754736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OLIN CORP 6.625%</name>
        <lei>549300GKK294V7W57P06</lei>
        <title>OLIN CORP 6.625%</title>
        <cusip>680665AN6</cusip>
        <identifiers>
          <isin value="US680665AN65"/>
          <ticker value="OLN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24685.46</valUSD>
        <pctVal>0.0171931048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</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>
      <invstOrSec>
        <name>AZORRA FIN. LTD 7.25%</name>
        <lei>254900MC1HXDAVUUP395</lei>
        <title>AZORRA FIN. LTD 7.25%</title>
        <cusip>05480AAB1</cusip>
        <identifiers>
          <isin value="US05480AAB17"/>
          <ticker value="AZORRA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25685.73</valUSD>
        <pctVal>0.0178897799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</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>
      <invstOrSec>
        <name>AMYNTA AGENCY BORRO 7.50%</name>
        <lei>N/A</lei>
        <title>AMYNTA AGENCY BORRO 7.50%</title>
        <cusip>03238AAA3</cusip>
        <identifiers>
          <isin value="US03238AAA34"/>
          <ticker value="AMYNTA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23928.18</valUSD>
        <pctVal>0.0166656690</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</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>ARBOR REALTY SR IN 7.875%</name>
        <lei>549300TW7RTL2CI3CN08</lei>
        <title>ARBOR REALTY SR IN 7.875%</title>
        <cusip>03881NAJ6</cusip>
        <identifiers>
          <isin value="US03881NAJ63"/>
          <ticker value="ABR"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47061.28</valUSD>
        <pctVal>0.0327775751</pctVal>
        <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>
          <annualizedRt>7.875000000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>COREWEAVE INC 9.00%</name>
        <lei>984500511DP2B6186053</lei>
        <title>COREWEAVE INC 9.00%</title>
        <cusip>21873SAC2</cusip>
        <identifiers>
          <isin value="US21873SAC26"/>
          <ticker value="CRWV"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24705.36</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>
          <annualizedRt>9.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CLEAR CHANNEL OUTD 7.125%</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CLEAR CHANNEL OUTD 7.125%</title>
        <cusip>18453HAG1</cusip>
        <identifiers>
          <isin value="US18453HAG11"/>
          <ticker value="CCO"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25887.38</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SYNERGY INFRA. HLD 7.875%</name>
        <lei>N/A</lei>
        <title>SYNERGY INFRA. HLD 7.875%</title>
        <cusip>87191JAA2</cusip>
        <identifiers>
          <isin value="US87191JAA25"/>
          <ticker value="SYNRGY"/>
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        <curCd>USD</curCd>
        <valUSD>26128.27</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>ACUSHNET CO 5.625%</name>
        <lei>549300H805O14KEFES79</lei>
        <title>ACUSHNET CO 5.625%</title>
        <cusip>005095AB0</cusip>
        <identifiers>
          <isin value="US005095AB02"/>
          <ticker value="GOLF"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24867.67</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>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</annualizedRt>
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        <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>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>49432.17</valUSD>
        <pctVal>0.0344288694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CROSSCOUNTRY INTERM 6.75%</name>
        <lei>N/A</lei>
        <title>CROSSCOUNTRY INTERM 6.75%</title>
        <cusip>22757VAB6</cusip>
        <identifiers>
          <isin value="US22757VAB62"/>
          <ticker value="CROSIN"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>48273.71</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>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DISCOVERY COMMS. L 4.125%</name>
        <lei>L2Z2MO2EQURH3BREWI15</lei>
        <title>DISCOVERY COMMS. L 4.125%</title>
        <cusip>25470DCQ0</cusip>
        <identifiers>
          <isin value="US25470DCQ07"/>
          <ticker value="WBD"/>
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        <balance>125000</balance>
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        <curCd>USD</curCd>
        <valUSD>123750</valUSD>
        <pctVal>0.0861902803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</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>GOODYEAR TIRE &amp; RU 8.875%</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>GOODYEAR TIRE &amp; RU 8.875%</title>
        <cusip>382550BT7</cusip>
        <identifiers>
          <isin value="US382550BT77"/>
          <ticker value="GT"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CRESCENT ENERGY FIN 7.75%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>CRESCENT ENERGY FIN 7.75%</title>
        <cusip>45344LAH6</cusip>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CCO HLDGS. LLC / C 7.375%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / C 7.375%</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EMBARQ CORP 7.995%</name>
        <lei>N/A</lei>
        <title>EMBARQ CORP 7.995%</title>
        <cusip>29078EAA3</cusip>
        <identifiers>
          <isin value="US29078EAA38"/>
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        <curCd>USD</curCd>
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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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          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PARAMOUNT GLOBAL 6.875%</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARAMOUNT GLOBAL 6.875%</title>
        <cusip>925524AX8</cusip>
        <identifiers>
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        <balance>100000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MACY S RET. HLDGS. 5.125%</name>
        <lei>549300JMONK27O4SQQ19</lei>
        <title>MACY S RET. HLDGS. 5.125%</title>
        <cusip>55616XAG2</cusip>
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          <ticker value="M"/>
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        <balance>75000</balance>
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        <curCd>USD</curCd>
        <valUSD>62062.26</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>2042-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WHIRLPOOL CORP 4.50%</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>WHIRLPOOL CORP 4.50%</title>
        <cusip>963320AV8</cusip>
        <identifiers>
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          <ticker value="WHR"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>14881.44</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>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>LEVI STRAUSS &amp; CO 3.50%</name>
        <lei>MB0UERO0RDFKU8258G77</lei>
        <title>LEVI STRAUSS &amp; CO 3.50%</title>
        <cusip>52736RBJ0</cusip>
        <identifiers>
          <isin value="US52736RBJ05"/>
          <ticker value="LEVI"/>
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        <balance>47000</balance>
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        <curCd>USD</curCd>
        <valUSD>43537.36</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>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.500000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUBURBAN PROPANE PA 5.00%</name>
        <lei>N/A</lei>
        <title>SUBURBAN PROPANE PA 5.00%</title>
        <cusip>864486AL9</cusip>
        <identifiers>
          <isin value="US864486AL98"/>
          <ticker value="SPH"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>23699.77</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>MAJORDRIVE HLDGS. 6.375%</name>
        <lei>25490044R1FR5N8FIT62</lei>
        <title>MAJORDRIVE HLDGS. 6.375%</title>
        <cusip>56085RAA8</cusip>
        <identifiers>
          <isin value="US56085RAA86"/>
          <ticker value="CLUCAR"/>
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        <balance>75000</balance>
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        <curCd>USD</curCd>
        <valUSD>62890.94</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>2029-06-01</maturityDt>
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      <invstOrSec>
        <name>CAESARS ENTE. TL</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTE. TL</title>
        <cusip>12768EAG1</cusip>
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          <isin value="US12768EAG17"/>
          <ticker value="CZR"/>
          <other otherDesc="IDII" value="LX210680"/>
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        <curCd>USD</curCd>
        <valUSD>24804.11</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>STAR PARENT INC 9.00%</name>
        <lei>254900GRGCJYRMDRWT73</lei>
        <title>STAR PARENT INC 9.00%</title>
        <cusip>855170AA4</cusip>
        <identifiers>
          <isin value="US855170AA41"/>
          <ticker value="SYNH"/>
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        <balance>71000</balance>
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        <curCd>USD</curCd>
        <valUSD>74305.26</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>9.000000000000</annualizedRt>
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        <name>CRESCENT ENERGY FI 7.375%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>CRESCENT ENERGY FI 7.375%</title>
        <cusip>45344LAE3</cusip>
        <identifiers>
          <isin value="US45344LAE39"/>
          <ticker value="CRGYFN"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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      <invstOrSec>
        <name>ARCHROCK PARTNERS 6.625%</name>
        <lei>N/A</lei>
        <title>ARCHROCK PARTNERS 6.625%</title>
        <cusip>03959KAD2</cusip>
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          <isin value="US03959KAD28"/>
          <ticker value="AROC"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>POST HLDGS. INC 6.375%</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST HLDGS. INC 6.375%</title>
        <cusip>737446AV6</cusip>
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        <balance>49000</balance>
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        <curCd>USD</curCd>
        <valUSD>48626.12</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>POST HLDGS. INC 6.375%</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST HLDGS. INC 6.375%</title>
        <cusip>737446AV6</cusip>
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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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        <balance>44000</balance>
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        <curCd>USD</curCd>
        <valUSD>45966.31</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>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.375000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KROGER CO/THE 5.50%</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
        <title>KROGER CO/THE 5.50%</title>
        <cusip>501044DW8</cusip>
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        <curCd>USD</curCd>
        <valUSD>93796.12</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>23877.66</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COMPOSECURE HLDGS LLC TL</name>
        <lei>N/A</lei>
        <title>COMPOSECURE HLDGS LLC TL</title>
        <cusip>20459KAB5</cusip>
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          <isin value="US20459KAB52"/>
          <ticker value="COMPOS"/>
          <other otherDesc="IDII" value="LX281101"/>
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        <curCd>USD</curCd>
        <valUSD>37747.68</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-07</maturityDt>
          <couponKind>Floating</couponKind>
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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>
          <isin value="US629377DG42"/>
          <ticker value="NRG"/>
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        <balance>121000</balance>
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        <curCd>USD</curCd>
        <valUSD>121056.02</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-05-15</maturityDt>
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        <securityLending>
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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"/>
          <ticker value="NRG"/>
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        <balance>36000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-15</maturityDt>
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      <invstOrSec>
        <name>TALEN ENERGY SUPPL 6.375%</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>TALEN ENERGY SUPPL 6.375%</title>
        <cusip>87422VAP3</cusip>
        <identifiers>
          <isin value="US87422VAP31"/>
          <ticker value="TLN"/>
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        <balance>569000</balance>
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        <curCd>USD</curCd>
        <valUSD>568281.81</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>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>HILTON DOMESTIC OP 5.875%</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OP 5.875%</title>
        <cusip>432833AR2</cusip>
        <identifiers>
          <isin value="US432833AR23"/>
          <ticker value="HLT"/>
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        <balance>6000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6054.89</valUSD>
        <pctVal>0.0042171529</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>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>TARGA RES. CORP 6.125%</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>TARGA RES. CORP 6.125%</title>
        <cusip>87612GAN1</cusip>
        <identifiers>
          <isin value="US87612GAN16"/>
          <ticker value="TRGP"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49896.89</valUSD>
        <pctVal>0.0347525409</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</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>STARWOOD PROP. TST. 6.50%</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROP. TST. 6.50%</title>
        <cusip>85571BBE4</cusip>
        <identifiers>
          <isin value="US85571BBE48"/>
          <ticker value="STWD"/>
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        <balance>22000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22507.87</valUSD>
        <pctVal>0.0156764414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25468.88</valUSD>
        <pctVal>0.0177387467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375000000000</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>CARNIVAL CORP LTD 5.75%</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CARNIVAL CORP LTD 5.75%</title>
        <cusip>143658CA8</cusip>
        <identifiers>
          <isin value="US143658CA82"/>
          <ticker value="CCL"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100976.74</valUSD>
        <pctVal>0.0703289982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</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>
      <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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25435.9</valUSD>
        <pctVal>0.0177157766</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>CLEAR CHANNEL OUTDO 7.50%</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CLEAR CHANNEL OUTDO 7.50%</title>
        <cusip>18453HAD8</cusip>
        <identifiers>
          <isin value="US18453HAD89"/>
          <ticker value="CCO"/>
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        <balance>82000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>82042.23</valUSD>
        <pctVal>0.0571413560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</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>ROCKCLIFF ENERGY II 5.50%</name>
        <lei>5493007AZNVKZ5HEMT23</lei>
        <title>ROCKCLIFF ENERGY II 5.50%</title>
        <cusip>77289KAA3</cusip>
        <identifiers>
          <isin value="US77289KAA34"/>
          <ticker value="RCKENE"/>
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        <balance>68000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>66917.51</valUSD>
        <pctVal>0.0466071834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</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>CHURCHILL DOWNS INC 5.75%</name>
        <lei>N/A</lei>
        <title>CHURCHILL DOWNS INC 5.75%</title>
        <cusip>12511VAA6</cusip>
        <identifiers>
          <isin value="US12511VAA61"/>
          <ticker value="CHDN"/>
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        <balance>120000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>119886.43</valUSD>
        <pctVal>0.0834993536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</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>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>4000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3994.99</valUSD>
        <pctVal>0.0027824591</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>6.625000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25243.98</valUSD>
        <pctVal>0.0175821068</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>
          <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>STONEBRIAR ABF ISS 8.125%</name>
        <lei>N/A</lei>
        <title>STONEBRIAR ABF ISS 8.125%</title>
        <cusip>86177CAA7</cusip>
        <identifiers>
          <isin value="US86177CAA71"/>
          <ticker value="STONEB"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52274.55</valUSD>
        <pctVal>0.0364085504</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>8.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENERFLEX INC 6.875%</name>
        <lei>549300SQCOV1LC1GBK07</lei>
        <title>ENERFLEX INC 6.875%</title>
        <cusip>29281WAA6</cusip>
        <identifiers>
          <isin value="US29281WAA62"/>
          <ticker value="EFXINC"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25586.55</valUSD>
        <pctVal>0.0178207024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXSTAR MEDIA INC 7.25%</name>
        <lei>52990083ZRR5UT591988</lei>
        <title>NEXSTAR MEDIA INC 7.25%</title>
        <cusip>65346UAA7</cusip>
        <identifiers>
          <isin value="US65346UAA79"/>
          <ticker value="NXST"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24936.99</valUSD>
        <pctVal>0.0173682922</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>7.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DISCOVERY GLOB HLDGS TL</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>DISCOVERY GLOB HLDGS TL</title>
        <cusip>25472YAB7</cusip>
        <identifiers>
          <isin value="US25472YAB74"/>
          <ticker value="WBD"/>
          <other otherDesc="IDII" value="LX291101"/>
        </identifiers>
        <balance>24519.23</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24517.02</valUSD>
        <pctVal>0.0170757885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.170000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24750.23</valUSD>
        <pctVal>0.0172382163</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>7.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DISCOVERY GBL. HLD 4.054%</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>DISCOVERY GBL. HLD 4.054%</title>
        <cusip>254948AP7</cusip>
        <identifiers>
          <isin value="US254948AP74"/>
          <ticker value="WBD"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49503.5</valUSD>
        <pctVal>0.0344785498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.054000000000</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>TELEFLEX INC 5.875%</name>
        <lei>UUL85LWXB4NGSWWXIQ25</lei>
        <title>TELEFLEX INC 5.875%</title>
        <cusip>879369AH9</cusip>
        <identifiers>
          <isin value="US879369AH94"/>
          <ticker value="TFX"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25188.93</valUSD>
        <pctVal>0.0175437651</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>5.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLYDESDALETL</name>
        <lei>N/A</lei>
        <title>CLYDESDALETL</title>
        <cusip>18972FAC6</cusip>
        <identifiers>
          <isin value="US18972FAC68"/>
          <other otherDesc="IDII" value="LX203629"/>
        </identifiers>
        <balance>58300</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>57199.88</valUSD>
        <pctVal>0.0398389793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.847008601110</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15040.55</valUSD>
        <pctVal>0.0104755493</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOWMET AEROSPACE IN 5.95%</name>
        <lei>549300HO5WFZUT5N2T22</lei>
        <title>HOWMET AEROSPACE IN 5.95%</title>
        <cusip>013817AK7</cusip>
        <identifiers>
          <isin value="US013817AK77"/>
          <ticker value="HWM"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26524.26</valUSD>
        <pctVal>0.0184738053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.950000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARAMOUNT GLOBAL 4.375%</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARAMOUNT GLOBAL 4.375%</title>
        <cusip>92553PAP7</cusip>
        <identifiers>
          <isin value="US92553PAP71"/>
          <ticker value="PARA"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16138.55</valUSD>
        <pctVal>0.0112402921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEWELL BRANDS INC STP</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NEWELL BRANDS INC STP</title>
        <cusip>651229AY2</cusip>
        <identifiers>
          <isin value="US651229AY21"/>
          <ticker value="NWL"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23322.85</valUSD>
        <pctVal>0.0162440645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILCORP ENERGY I LP 5.75%</name>
        <lei>N/A</lei>
        <title>HILCORP ENERGY I LP 5.75%</title>
        <cusip>431318AU8</cusip>
        <identifiers>
          <isin value="US431318AU81"/>
          <ticker value="HILCRP"/>
        </identifiers>
        <balance>8000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7968.92</valUSD>
        <pctVal>0.0055502501</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>5.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OUTFRONT MEDIA CAP. 4.25%</name>
        <lei>N/A</lei>
        <title>OUTFRONT MEDIA CAP. 4.25%</title>
        <cusip>69007TAE4</cusip>
        <identifiers>
          <isin value="US69007TAE47"/>
          <ticker value="OUT"/>
        </identifiers>
        <balance>40000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38948.52</valUSD>
        <pctVal>0.0271271423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIMMONS FOODS INC/ 4.625%</name>
        <lei>5493002Z1TVWRIL6NM97</lei>
        <title>SIMMONS FOODS INC/ 4.625%</title>
        <cusip>82873MAA1</cusip>
        <identifiers>
          <isin value="US82873MAA18"/>
          <ticker value="SIMFOO"/>
        </identifiers>
        <balance>33000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31880.71</valUSD>
        <pctVal>0.0222045037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KAISER ALUMINUM COR 4.50%</name>
        <lei>N/A</lei>
        <title>KAISER ALUMINUM COR 4.50%</title>
        <cusip>483007AL4</cusip>
        <identifiers>
          <isin value="US483007AL48"/>
          <ticker value="KALU"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23932.7</valUSD>
        <pctVal>0.0166688171</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>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KB HOME 4.00%</name>
        <lei>549300LGUCWQURMWLG09</lei>
        <title>KB HOME 4.00%</title>
        <cusip>48666KAZ2</cusip>
        <identifiers>
          <isin value="US48666KAZ21"/>
          <ticker value="KBH"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23385.43</valUSD>
        <pctVal>0.0162876506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LITHIA MOTORS INC 3.875%</name>
        <lei>SE8N1EZEHPZQBCBVKD53</lei>
        <title>LITHIA MOTORS INC 3.875%</title>
        <cusip>536797AG8</cusip>
        <identifiers>
          <isin value="US536797AG85"/>
          <ticker value="LAD"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47891.92</valUSD>
        <pctVal>0.0333561051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FS KKR CAP. CORP 2.625%</name>
        <lei>549300TYRSI1T21B1360</lei>
        <title>FS KKR CAP. CORP 2.625%</title>
        <cusip>302635AH0</cusip>
        <identifiers>
          <isin value="US302635AH04"/>
          <ticker value="FSK"/>
        </identifiers>
        <balance>10000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9815.45</valUSD>
        <pctVal>0.0068363344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUILDERS FIRSTSOURC 4.25%</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BUILDERS FIRSTSOURC 4.25%</title>
        <cusip>12008RAP2</cusip>
        <identifiers>
          <isin value="US12008RAP29"/>
          <ticker value="BLDR"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>116428.86</valUSD>
        <pctVal>0.0810912006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30000</valUSD>
        <pctVal>0.0208946134</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DISH NETWORK CORP 11.75%</name>
        <lei>529900U350CWHH15G169</lei>
        <title>DISH NETWORK CORP 11.75%</title>
        <cusip>25470MAG4</cusip>
        <identifiers>
          <isin value="US25470MAG42"/>
          <ticker value="DISH"/>
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        <balance>234000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>240447.17</valUSD>
        <pctVal>0.1674683554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.750000000000</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>NOBLE FIN. II LLC 8.00%</name>
        <lei>N/A</lei>
        <title>NOBLE FIN. II LLC 8.00%</title>
        <cusip>65505PAA5</cusip>
        <identifiers>
          <isin value="US65505PAA57"/>
          <ticker value="NE"/>
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        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15542.36</valUSD>
        <pctVal>0.0108250535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALARIS LTD 8.375%</name>
        <lei>N/A</lei>
        <title>VALARIS LTD 8.375%</title>
        <cusip>91889FAC5</cusip>
        <identifiers>
          <isin value="US91889FAC59"/>
          <ticker value="VAL"/>
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        <balance>43000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44654.55</valUSD>
        <pctVal>0.0311013186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-30</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLARIOS GBL. LP / C 6.75%</name>
        <lei>N/A</lei>
        <title>CLARIOS GBL. LP / C 6.75%</title>
        <cusip>18060TAC9</cusip>
        <identifiers>
          <isin value="US18060TAC99"/>
          <ticker value="POWSOL"/>
        </identifiers>
        <balance>58000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58849.14</valUSD>
        <pctVal>0.0409876677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAUSCH + LOMB CORP 8.375%</name>
        <lei>549300NY6OZM39SO6475</lei>
        <title>BAUSCH + LOMB CORP 8.375%</title>
        <cusip>071705AA5</cusip>
        <identifiers>
          <isin value="US071705AA56"/>
          <ticker value="BLCOCN"/>
        </identifiers>
        <balance>159000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>163372.5</valUSD>
        <pctVal>0.1137868410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENET HEALTHCARE CO 6.75%</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE CO 6.75%</title>
        <cusip>88033GDU1</cusip>
        <identifiers>
          <isin value="US88033GDU13"/>
          <ticker value="THC"/>
        </identifiers>
        <balance>74000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75806.04</valUSD>
        <pctVal>0.0527979300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</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>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76497.08</valUSD>
        <pctVal>0.0532792304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MUVICO LLC PIK</name>
        <lei>N/A</lei>
        <title>MUVICO LLC PIK</title>
        <cusip>62844JAE8</cusip>
        <identifiers>
          <isin value="US62844JAE82"/>
          <ticker value="AMC"/>
        </identifiers>
        <balance>156314</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>170812</valUSD>
        <pctVal>0.1189683568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>15</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="175031.490000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>STAPLES INC 12.75%</name>
        <lei>XQM2JINI1UL7642TU573</lei>
        <title>STAPLES INC 12.75%</title>
        <cusip>855030AS1</cusip>
        <identifiers>
          <isin value="US855030AS17"/>
          <ticker value="SPLS"/>
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        <balance>37863</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28999.32</valUSD>
        <pctVal>0.0201976527</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>12.750000000000</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>DAVITA INC 6.875%</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DAVITA INC 6.875%</title>
        <cusip>23918KAW8</cusip>
        <identifiers>
          <isin value="US23918KAW80"/>
          <ticker value="DVA"/>
        </identifiers>
        <balance>10000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10313.23</valUSD>
        <pctVal>0.0071830318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL AIRCRAFT LEA 8.75%</name>
        <lei>N/A</lei>
        <title>GLOBAL AIRCRAFT LEA 8.75%</title>
        <cusip>37960JAC2</cusip>
        <identifiers>
          <isin value="US37960JAC27"/>
          <ticker value="GALCLD"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101634.7</valUSD>
        <pctVal>0.0707872588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="104599.970000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>MGM RESORTS INTERN 6.125%</name>
        <lei>54930066VBP7DZEGGJ87</lei>
        <title>MGM RESORTS INTERN 6.125%</title>
        <cusip>552953CK5</cusip>
        <identifiers>
          <isin value="US552953CK50"/>
          <ticker value="MGM"/>
        </identifiers>
        <balance>31000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31304.08</valUSD>
        <pctVal>0.0218028883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>1261229 BC LTD 10.00%</name>
        <lei>N/A</lei>
        <title>1261229 BC LTD 10.00%</title>
        <cusip>68288AAA5</cusip>
        <identifiers>
          <isin value="US68288AAA51"/>
          <ticker value="BHCCN"/>
        </identifiers>
        <balance>686000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>694805.5</valUSD>
        <pctVal>0.4839230771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCKET COS INC 6.375%</name>
        <lei>N/A</lei>
        <title>ROCKET COS INC 6.375%</title>
        <cusip>77311WAB7</cusip>
        <identifiers>
          <isin value="US77311WAB72"/>
          <ticker value="RKT"/>
        </identifiers>
        <balance>99000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100679.48</valUSD>
        <pctVal>0.0701219604</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>6.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILSONART LLC TL</name>
        <lei>549300SAZRUMYKDJBY14</lei>
        <title>WILSONART LLC TL</title>
        <cusip>97246FAM8</cusip>
        <identifiers>
          <isin value="US97246FAM86"/>
          <ticker value="WLSNRT"/>
          <other otherDesc="IDII" value="7S8N624"/>
        </identifiers>
        <balance>29056.13</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26194.1</valUSD>
        <pctVal>0.0182438531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.510000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIRECTV FINC. LLC 10.00%</name>
        <lei>N/A</lei>
        <title>DIRECTV FINC. LLC 10.00%</title>
        <cusip>25461LAD4</cusip>
        <identifiers>
          <isin value="US25461LAD47"/>
          <ticker value="DTV"/>
        </identifiers>
        <balance>60000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62262.3</valUSD>
        <pctVal>0.0433648896</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RADIOLOGY PARTNERS 8.50%</name>
        <lei>549300SFTAG2177WUZ08</lei>
        <title>RADIOLOGY PARTNERS 8.50%</title>
        <cusip>75041VAE4</cusip>
        <identifiers>
          <isin value="US75041VAE48"/>
          <ticker value="RADPAR"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26089.98</valUSD>
        <pctVal>0.0181713349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LITHIA MOTORS INC 5.50%</name>
        <lei>SE8N1EZEHPZQBCBVKD53</lei>
        <title>LITHIA MOTORS INC 5.50%</title>
        <cusip>536797AJ2</cusip>
        <identifiers>
          <isin value="US536797AJ25"/>
          <ticker value="LAD"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24691.41</valUSD>
        <pctVal>0.0171972489</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>5.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52204.05</valUSD>
        <pctVal>0.0363594481</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>9.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53691.7</valUSD>
        <pctVal>0.0373955772</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25731.35</valUSD>
        <pctVal>0.0179215537</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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25828.38</valUSD>
        <pctVal>0.0179891338</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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNOCO LP F2V</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP F2V</title>
        <cusip>86765KAE9</cusip>
        <identifiers>
          <isin value="US86765KAE91"/>
          <ticker value="SUN"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77995.28</valUSD>
        <pctVal>0.0543227074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMERCIAL METALS C 5.75%</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS C 5.75%</title>
        <cusip>201723AS2</cusip>
        <identifiers>
          <isin value="US201723AS24"/>
          <ticker value="CMC"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24852.31</valUSD>
        <pctVal>0.0173093137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</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>ONEMAIN FIN. CORP 6.75%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 6.75%</title>
        <cusip>682691AN0</cusip>
        <identifiers>
          <isin value="US682691AN02"/>
          <ticker value="OMF"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49496.82</valUSD>
        <pctVal>0.0344738973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51411.13</valUSD>
        <pctVal>0.0358071895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <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>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24715.98</valUSD>
        <pctVal>0.0172143616</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FERRELLGAS PARTNERS LP</name>
        <lei>529900YP52A6C5K57L34</lei>
        <title>FERRELLGAS PARTNERS LP</title>
        <cusip>315293209</cusip>
        <identifiers>
          <isin value="US3152932097"/>
          <ticker value="FGPR"/>
        </identifiers>
        <balance>900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21600</valUSD>
        <pctVal>0.0150441217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN AXLE &amp; MFG 5.00%</name>
        <lei>RY5TAKFOBLDUGX31MS24</lei>
        <title>AMERICAN AXLE &amp; MFG 5.00%</title>
        <cusip>02406PBB5</cusip>
        <identifiers>
          <isin value="US02406PBB58"/>
          <ticker value="AXL"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72761.48</valUSD>
        <pctVal>0.0506774332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="73709.390000000000"/>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>50468</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12995.51</valUSD>
        <pctVal>0.0090512052</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESCO DIST. INC 5.25%</name>
        <lei>549300I2CEZJG9N4AH67</lei>
        <title>WESCO DIST. INC 5.25%</title>
        <cusip>95081QAT1</cusip>
        <identifiers>
          <isin value="US95081QAT13"/>
          <ticker value="WCC"/>
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        <curCd>USD</curCd>
        <valUSD>24743.45</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TRANSDIGM INC 4.875%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 4.875%</title>
        <cusip>893647BQ9</cusip>
        <identifiers>
          <isin value="US893647BQ97"/>
          <ticker value="TDG"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24633</valUSD>
        <pctVal>0.0171565671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72092.11</valUSD>
        <pctVal>0.0502112256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROCKET MTGE. LLC / 4.00%</name>
        <lei>N/A</lei>
        <title>ROCKET MTGE. LLC / 4.00%</title>
        <cusip>77313LAB9</cusip>
        <identifiers>
          <isin value="US77313LAB99"/>
          <ticker value="RKT"/>
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        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>135007.67</valUSD>
        <pctVal>0.0940311024</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>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>ARSENAL AIC PARENT 8.00%</name>
        <lei>N/A</lei>
        <title>ARSENAL AIC PARENT 8.00%</title>
        <cusip>04288BAB6</cusip>
        <identifiers>
          <isin value="US04288BAB62"/>
          <ticker value="ARNC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52110</valUSD>
        <pctVal>0.0362939435</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>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>ANYWHERE REAL ESTAT 7.00%</name>
        <lei>N/A</lei>
        <title>ANYWHERE REAL ESTAT 7.00%</title>
        <cusip>75606DAS0</cusip>
        <identifiers>
          <isin value="US75606DAS09"/>
          <ticker value="HOUS"/>
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        <balance>107800</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>108645.8</valUSD>
        <pctVal>0.0756703996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>VENTURE GBL. LNG IN 9.50%</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENTURE GBL. LNG IN 9.50%</title>
        <cusip>92332YAC5</cusip>
        <identifiers>
          <isin value="US92332YAC57"/>
          <ticker value="VENLNG"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>134543.88</valUSD>
        <pctVal>0.0937080786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.500000000000</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>TALLGRASS ENERGY PA 6.00%</name>
        <lei>549300IQ3DN0F3VERF65</lei>
        <title>TALLGRASS ENERGY PA 6.00%</title>
        <cusip>87470LAK7</cusip>
        <identifiers>
          <isin value="US87470LAK70"/>
          <ticker value="TEP"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49467.65</valUSD>
        <pctVal>0.0344535808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CCO HLDGS. LLC / CC 4.25%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.25%</title>
        <cusip>1248EPCP6</cusip>
        <identifiers>
          <isin value="US1248EPCP61"/>
          <ticker value="CHTR"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84652.94</valUSD>
        <pctVal>0.0589596818</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>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>CORE SCIENTIFIC FIN 7.75%</name>
        <lei>N/A</lei>
        <title>CORE SCIENTIFIC FIN 7.75%</title>
        <cusip>21874LAA0</cusip>
        <identifiers>
          <isin value="US21874LAA08"/>
          <ticker value="CORZ"/>
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        <balance>175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>177459.76</valUSD>
        <pctVal>0.1235984360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.750000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25297.23</valUSD>
        <pctVal>0.0176191947</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>
        <name>DISCOVERY COMMS. L 3.625%</name>
        <lei>L2Z2MO2EQURH3BREWI15</lei>
        <title>DISCOVERY COMMS. L 3.625%</title>
        <cusip>25470DCR8</cusip>
        <identifiers>
          <isin value="US25470DCR89"/>
          <ticker value="WBD"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69749.76</valUSD>
        <pctVal>0.0485798090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.625000000000</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>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>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>109885.5</valUSD>
        <pctVal>0.0765338347</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>
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      </invstOrSec>
      <invstOrSec>
        <name>HYBAR LLC 7.375%</name>
        <lei>636700GY538OO3EGRW14</lei>
        <title>HYBAR LLC 7.375%</title>
        <cusip>44861JAA2</cusip>
        <identifiers>
          <isin value="US44861JAA25"/>
          <ticker value="REEBAR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25121.32</valUSD>
        <pctVal>0.0174966757</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>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>TRANSOCEAN INC 6.80%</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>TRANSOCEAN INC 6.80%</title>
        <cusip>893830AT6</cusip>
        <identifiers>
          <isin value="US893830AT68"/>
          <ticker value="RIG"/>
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        <balance>146000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>135421.64</valUSD>
        <pctVal>0.0943194272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.800000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>NOKIA OYJ 6.625%</name>
        <lei>549300A0JPRWG1KI7U06</lei>
        <title>NOKIA OYJ 6.625%</title>
        <cusip>654902AC9</cusip>
        <identifiers>
          <isin value="US654902AC90"/>
          <ticker value="NOKIA"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53143.65</valUSD>
        <pctVal>0.0370138674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-15</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>
      <invstOrSec>
        <name>ADT SEC. CORP/THE 4.875%</name>
        <lei>5493009JEEDYLVRA0J13</lei>
        <title>ADT SEC. CORP/THE 4.875%</title>
        <cusip>74166NAA2</cusip>
        <identifiers>
          <isin value="US74166NAA28"/>
          <ticker value="ADT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23625.83</valUSD>
        <pctVal>0.0164550861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="11611.770000000000"/>
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      <invstOrSec>
        <name>BATH &amp; BODY WORKS I 6.75%</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
        <title>BATH &amp; BODY WORKS I 6.75%</title>
        <cusip>501797AM6</cusip>
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          <isin value="US501797AM65"/>
          <ticker value="BBWI"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITED NATURAL FOOD 6.75%</name>
        <lei>549300GKGW6WPZ282D40</lei>
        <title>UNITED NATURAL FOOD 6.75%</title>
        <cusip>911163AA1</cusip>
        <identifiers>
          <isin value="US911163AA17"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>ACRISURE LLC / ACRI 6.00%</name>
        <lei>N/A</lei>
        <title>ACRISURE LLC / ACRI 6.00%</title>
        <cusip>00489LAH6</cusip>
        <identifiers>
          <isin value="US00489LAH69"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CENTURY COMMUNITIE 3.875%</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>CENTURY COMMUNITIE 3.875%</title>
        <cusip>156504AM4</cusip>
        <identifiers>
          <isin value="US156504AM47"/>
          <ticker value="CCS"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47782.15</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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      <invstOrSec>
        <name>CHEMOURS CO/THE 5.75%</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO/THE 5.75%</title>
        <cusip>163851AF5</cusip>
        <identifiers>
          <isin value="US163851AF58"/>
          <ticker value="CC"/>
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        <balance>133000</balance>
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        <curCd>USD</curCd>
        <valUSD>132892.51</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>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MOLINA HEALTHCARE 3.875%</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>MOLINA HEALTHCARE 3.875%</title>
        <cusip>60855RAK6</cusip>
        <identifiers>
          <isin value="US60855RAK68"/>
          <ticker value="MOH"/>
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        <balance>24000</balance>
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        <curCd>USD</curCd>
        <valUSD>22381.16</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>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITI GRP. LP / UNI 6.50%</name>
        <lei>N/A</lei>
        <title>UNITI GRP. LP / UNI 6.50%</title>
        <cusip>91327BAA8</cusip>
        <identifiers>
          <isin value="US91327BAA89"/>
          <ticker value="UNIT"/>
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        <balance>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13889.5</valUSD>
        <pctVal>0.0096738578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>HOWARD HUGHES CORP 4.375%</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>HOWARD HUGHES CORP 4.375%</title>
        <cusip>44267DAF4</cusip>
        <identifiers>
          <isin value="US44267DAF42"/>
          <ticker value="HHH"/>
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        <balance>36000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34045.88</valUSD>
        <pctVal>0.0237125167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</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>CLEAR CHANNEL OUTDO 7.75%</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CLEAR CHANNEL OUTDO 7.75%</title>
        <cusip>18453HAC0</cusip>
        <identifiers>
          <isin value="US18453HAC07"/>
          <ticker value="CCO"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100161.1</valUSD>
        <pctVal>0.0697609154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.750000000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>XHR LP 4.875%</name>
        <lei>549300M88BPT83ZL2164</lei>
        <title>XHR LP 4.875%</title>
        <cusip>98372MAC9</cusip>
        <identifiers>
          <isin value="US98372MAC91"/>
          <ticker value="XHR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24545.34</valUSD>
        <pctVal>0.0170955130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BAUSCH HEALTH COS 4.875%</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS 4.875%</title>
        <cusip>071734AN7</cusip>
        <identifiers>
          <isin value="US071734AN72"/>
          <ticker value="BHCCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23116</valUSD>
        <pctVal>0.0160999961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</annualizedRt>
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      <invstOrSec>
        <name>BAUSCH HEALTH COS 4.875%</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS 4.875%</title>
        <cusip>071734AN7</cusip>
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          <isin value="US071734AN72"/>
          <ticker value="BHCCN"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CQP HOLDCO LP / BIP 5.50%</name>
        <lei>N/A</lei>
        <title>CQP HOLDCO LP / BIP 5.50%</title>
        <cusip>12657NAA8</cusip>
        <identifiers>
          <isin value="US12657NAA81"/>
          <ticker value="BLKCQP"/>
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        <balance>265000</balance>
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        <curCd>USD</curCd>
        <valUSD>260112</valUSD>
        <pctVal>0.1811646561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
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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>15400</balance>
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        <curCd>USD</curCd>
        <valUSD>16002.25</valUSD>
        <pctVal>0.0111453609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLOUD SOFTWARE GRP. 9.00%</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>CLOUD SOFTWARE GRP. 9.00%</title>
        <cusip>18912UAA0</cusip>
        <identifiers>
          <isin value="US18912UAA07"/>
          <ticker value="TIBX"/>
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        <balance>292000</balance>
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        <curCd>USD</curCd>
        <valUSD>283424.5</valUSD>
        <pctVal>0.1974015119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</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>JETBLUE AIRWAYS CO 9.875%</name>
        <lei>N/A</lei>
        <title>JETBLUE AIRWAYS CO 9.875%</title>
        <cusip>476920AA1</cusip>
        <identifiers>
          <isin value="US476920AA15"/>
          <ticker value="JBLU"/>
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        <balance>67000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>60682.76</valUSD>
        <pctVal>0.0422647604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.875000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JETBLUE AIRWAYS CO 9.875%</name>
        <lei>N/A</lei>
        <title>JETBLUE AIRWAYS CO 9.875%</title>
        <cusip>476920AA1</cusip>
        <identifiers>
          <isin value="US476920AA15"/>
          <ticker value="JBLU"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>45285.65</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PERFORMANCE FOOD G 6.125%</name>
        <lei>549300OMUOGBYK0FFO76</lei>
        <title>PERFORMANCE FOOD G 6.125%</title>
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      <invstOrSec>
        <name>SIRIUS XM RADIO LL 3.875%</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CENTENE CORP 2.625%</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
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          <ticker value="CNC"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PERFORMANCE FOOD G 6.125%</name>
        <lei>549300OMUOGBYK0FFO76</lei>
        <title>PERFORMANCE FOOD G 6.125%</title>
        <cusip>71376LAF7</cusip>
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          <ticker value="PFGC"/>
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        <curCd>USD</curCd>
        <valUSD>14171.23</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>GLATFELTER CORP TLB</name>
        <lei>N/A</lei>
        <title>GLATFELTER CORP TLB</title>
        <cusip>LX2480213</cusip>
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        <curCd>USD</curCd>
        <valUSD>44645.08</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WEX INC 6.50%</name>
        <lei>T9M5IGROL1TL1G5OV478</lei>
        <title>WEX INC 6.50%</title>
        <cusip>96208TAD6</cusip>
        <identifiers>
          <isin value="US96208TAD63"/>
          <ticker value="WEX"/>
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        <curCd>USD</curCd>
        <valUSD>49784.5</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>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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      <invstOrSec>
        <name>AXON ENT. INC 6.25%</name>
        <lei>549300QP2IEEGFE16681</lei>
        <title>AXON ENT. INC 6.25%</title>
        <cusip>05464CAD3</cusip>
        <identifiers>
          <isin value="US05464CAD39"/>
          <ticker value="AXON"/>
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        <balance>100000</balance>
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        <curCd>USD</curCd>
        <valUSD>102496.8</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>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ROCKET COS INC 6.125%</name>
        <lei>N/A</lei>
        <title>ROCKET COS INC 6.125%</title>
        <cusip>77311WAA9</cusip>
        <identifiers>
          <isin value="US77311WAA99"/>
          <ticker value="RKT"/>
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        <balance>120000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>122060.64</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>6.125000000000</annualizedRt>
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      <invstOrSec>
        <name>CHAMPION IRON CANA 7.875%</name>
        <lei>N/A</lei>
        <title>CHAMPION IRON CANA 7.875%</title>
        <cusip>15853BAA9</cusip>
        <identifiers>
          <isin value="US15853BAA98"/>
          <ticker value="CIACN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25886.28</valUSD>
        <pctVal>0.0180294604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>UNITED RENTALS NORT 3.75%</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>UNITED RENTALS NORT 3.75%</title>
        <cusip>911365BP8</cusip>
        <identifiers>
          <isin value="US911365BP80"/>
          <ticker value="URI"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46336.98</valUSD>
        <pctVal>0.0322731094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CHEMOURS CO/THE 4.625%</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO/THE 4.625%</title>
        <cusip>163851AH1</cusip>
        <identifiers>
          <isin value="US163851AH15"/>
          <ticker value="CC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23861.97</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>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>SGUS LLC 11.00%</name>
        <lei>N/A</lei>
        <title>SGUS LLC 11.00%</title>
        <cusip>81880AAA0</cusip>
        <identifiers>
          <isin value="US81880AAA07"/>
          <ticker value="SGUSLL"/>
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        <balance>29414</balance>
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        <curCd>USD</curCd>
        <valUSD>1029.49</valUSD>
        <pctVal>0.0007170265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.000000000000</annualizedRt>
          <isDefault>Y</isDefault>
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      <invstOrSec>
        <name>NASSAU COS OF NEW 7.875%</name>
        <lei>549300Q3ENSFI87YLC32</lei>
        <title>NASSAU COS OF NEW 7.875%</title>
        <cusip>63155AAA6</cusip>
        <identifiers>
          <isin value="US63155AAA60"/>
          <ticker value="PNX"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23887.06</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>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>GRAY MEDIA INC 7.25%</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY MEDIA INC 7.25%</title>
        <cusip>389375AP1</cusip>
        <identifiers>
          <isin value="US389375AP13"/>
          <ticker value="GTN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24616.32</valUSD>
        <pctVal>0.0171449497</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>7.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>MILLROSE PROPS. INC 6.25%</name>
        <lei>N/A</lei>
        <title>MILLROSE PROPS. INC 6.25%</title>
        <cusip>601137AB8</cusip>
        <identifiers>
          <isin value="US601137AB81"/>
          <ticker value="MRP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25217.55</valUSD>
        <pctVal>0.0175636986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMKOR TECH. INC 5.875%</name>
        <lei>529900VHLRTKPWZJBM84</lei>
        <title>AMKOR TECH. INC 5.875%</title>
        <cusip>031652BL3</cusip>
        <identifiers>
          <isin value="US031652BL34"/>
          <ticker value="AMKR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25086.81</valUSD>
        <pctVal>0.0174726399</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>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>ONEMAIN FIN. CORP 6.50%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 6.50%</title>
        <cusip>682691AM2</cusip>
        <identifiers>
          <isin value="US682691AM29"/>
          <ticker value="OMF"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49201.58</valUSD>
        <pctVal>0.0342682664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JEFFERSON CAP. HLDG 6.00%</name>
        <lei>N/A</lei>
        <title>JEFFERSON CAP. HLDG 6.00%</title>
        <cusip>472481AA8</cusip>
        <identifiers>
          <isin value="US472481AA80"/>
          <ticker value="JEFCAP"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49875</valUSD>
        <pctVal>0.0347372948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GBL. CALCA 4.125%</name>
        <lei>549300GKHS6RS20NLH85</lei>
        <title>VENTURE GBL. CALCA 4.125%</title>
        <cusip>92328MAB9</cusip>
        <identifiers>
          <isin value="US92328MAB90"/>
          <ticker value="VENTGL"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46942.77</valUSD>
        <pctVal>0.0326950344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILTON DOMESTIC OPE 5.50%</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OPE 5.50%</title>
        <cusip>432833AT8</cusip>
        <identifiers>
          <isin value="US432833AT88"/>
          <ticker value="HLT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24785.63</valUSD>
        <pctVal>0.0172628719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DBR LAND HLDGS. LLC 6.25%</name>
        <lei>N/A</lei>
        <title>DBR LAND HLDGS. LLC 6.25%</title>
        <cusip>24024BAA5</cusip>
        <identifiers>
          <isin value="US24024BAA52"/>
          <ticker value="LB"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25390.5</valUSD>
        <pctVal>0.0176841561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50802.3</valUSD>
        <pctVal>0.0353831473</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>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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44867.5</valUSD>
        <pctVal>0.0312496356</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18718.6</valUSD>
        <pctVal>0.0130372637</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>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25354.4</valUSD>
        <pctVal>0.0176590129</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHOBANI LLC / CHOB 4.625%</name>
        <lei>N/A</lei>
        <title>CHOBANI LLC / CHOB 4.625%</title>
        <cusip>17027NAB8</cusip>
        <identifiers>
          <isin value="US17027NAB82"/>
          <ticker value="CHBANI"/>
        </identifiers>
        <balance>63000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62388.43</valUSD>
        <pctVal>0.0434527375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</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>
      <invstOrSec>
        <name>ONEMAIN FIN. CORP 4.00%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 4.00%</title>
        <cusip>682691AA8</cusip>
        <identifiers>
          <isin value="US682691AA80"/>
          <ticker value="OMF"/>
        </identifiers>
        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18486.82</valUSD>
        <pctVal>0.0128758319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="11236.090000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>NRG ENERGY INC 3.875%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 3.875%</title>
        <cusip>629377CS9</cusip>
        <identifiers>
          <isin value="US629377CS98"/>
          <ticker value="NRG"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22985.05</valUSD>
        <pctVal>0.0160087911</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>3.875000000000</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>CROCS INC 4.125%</name>
        <lei>549300B0J6YCXD63OG72</lei>
        <title>CROCS INC 4.125%</title>
        <cusip>227046AB5</cusip>
        <identifiers>
          <isin value="US227046AB51"/>
          <ticker value="CROX"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46718.76</valUSD>
        <pctVal>0.0325390143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROOKFIELD RESIDENT 5.00%</name>
        <lei>N/A</lei>
        <title>BROOKFIELD RESIDENT 5.00%</title>
        <cusip>11283YAG5</cusip>
        <identifiers>
          <isin value="US11283YAG52"/>
          <ticker value="BRPCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23805.72</valUSD>
        <pctVal>0.0165803772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>BOYD GAMING CORP 4.75%</name>
        <lei>254900787YGRYS2A1Z35</lei>
        <title>BOYD GAMING CORP 4.75%</title>
        <cusip>103304BV2</cusip>
        <identifiers>
          <isin value="US103304BV23"/>
          <ticker value="BYD"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>120704.11</valUSD>
        <pctVal>0.0840688572</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>4.750000000000</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>PREMIER ENTERTAINM 5.625%</name>
        <lei>N/A</lei>
        <title>PREMIER ENTERTAINM 5.625%</title>
        <cusip>74052HAA2</cusip>
        <identifiers>
          <isin value="US74052HAA23"/>
          <ticker value="BALY"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34777.43</valUSD>
        <pctVal>0.0242220318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WR GRACE HLDGS. LL 5.625%</name>
        <lei>549300WNOVFRGYOAEB12</lei>
        <title>WR GRACE HLDGS. LL 5.625%</title>
        <cusip>92943GAA9</cusip>
        <identifiers>
          <isin value="US92943GAA94"/>
          <ticker value="GRA"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70491.86</valUSD>
        <pctVal>0.0490966721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LUMEN TECHS. INC 5.375%</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
        <title>LUMEN TECHS. INC 5.375%</title>
        <cusip>550241AA1</cusip>
        <identifiers>
          <isin value="US550241AA19"/>
          <ticker value="LUMN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24264.66</valUSD>
        <pctVal>0.0169000230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SIX FLAGS ENTERTAIN 6.50%</name>
        <lei>529900AS2CYWYFHRS781</lei>
        <title>SIX FLAGS ENTERTAIN 6.50%</title>
        <cusip>150190AK2</cusip>
        <identifiers>
          <isin value="US150190AK25"/>
          <ticker value="FUN"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100165</valUSD>
        <pctVal>0.0697636317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</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>NOVELIS CORP 3.875%</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>NOVELIS CORP 3.875%</title>
        <cusip>670001AH9</cusip>
        <identifiers>
          <isin value="US670001AH91"/>
          <ticker value="HNDLIN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22771.33</valUSD>
        <pctVal>0.0158599379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</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>NEPTUNE BIDCO US IN 9.29%</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NEPTUNE BIDCO US IN 9.29%</title>
        <cusip>640695AA0</cusip>
        <identifiers>
          <isin value="US640695AA01"/>
          <ticker value="NLSN"/>
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        <balance>58000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59149.73</valUSD>
        <pctVal>0.0411970247</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>9.290000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>PREMIER ENTERTAINM 5.875%</name>
        <lei>N/A</lei>
        <title>PREMIER ENTERTAINM 5.875%</title>
        <cusip>74052HAB0</cusip>
        <identifiers>
          <isin value="US74052HAB06"/>
          <ticker value="BALY"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48750</valUSD>
        <pctVal>0.0339537468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>RAND PARENT LLC 8.50%</name>
        <lei>N/A</lei>
        <title>RAND PARENT LLC 8.50%</title>
        <cusip>753272AA1</cusip>
        <identifiers>
          <isin value="US753272AA11"/>
          <ticker value="AAWW"/>
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        <balance>47000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48684.76</valUSD>
        <pctVal>0.0339083080</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>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>LABL INC 9.50%</name>
        <lei>5493004FUZN8R6Y3VB98</lei>
        <title>LABL INC 9.50%</title>
        <cusip>50168QAE5</cusip>
        <identifiers>
          <isin value="US50168QAE52"/>
          <ticker value="LABL"/>
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        <balance>130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>57200</valUSD>
        <pctVal>0.0398390629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>AMERICAN ELEC. POWER F2V</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>AMERICAN ELEC. POWER F2V</title>
        <cusip>025537BA8</cusip>
        <identifiers>
          <isin value="US025537BA89"/>
          <ticker value="AEP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26699.93</valUSD>
        <pctVal>0.0185961572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.950000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25407.63</valUSD>
        <pctVal>0.0176960869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375000000000</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>MOSS CREEK RES. HLD 8.25%</name>
        <lei>54930037SLMSPWKYIX36</lei>
        <title>MOSS CREEK RES. HLD 8.25%</title>
        <cusip>61965RAC9</cusip>
        <identifiers>
          <isin value="US61965RAC97"/>
          <ticker value="MSSCRK"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49571.58</valUSD>
        <pctVal>0.0345259667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.250000000000</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>LIGHTNING PWR LLC TL</name>
        <lei>254900BWCHJ03XRL8K59</lei>
        <title>LIGHTNING PWR LLC TL</title>
        <cusip>53229LAB3</cusip>
        <identifiers>
          <isin value="US53229LAB36"/>
          <ticker value="LIGPLL"/>
          <other otherDesc="IDII" value="7S9J085"/>
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        <balance>24625</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24628.2</valUSD>
        <pctVal>0.0171532239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-07</maturityDt>
          <couponKind>Floating</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>AVIS BUDGET CAR RE 8.375%</name>
        <lei>N/A</lei>
        <title>AVIS BUDGET CAR RE 8.375%</title>
        <cusip>053773BK2</cusip>
        <identifiers>
          <isin value="US053773BK25"/>
          <ticker value="CAR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25165.35</valUSD>
        <pctVal>0.0175273420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>RIVIAN HLDGS. LLC/ 10.00%</name>
        <lei>N/A</lei>
        <title>RIVIAN HLDGS. LLC/ 10.00%</title>
        <cusip>76954LAD1</cusip>
        <identifiers>
          <isin value="US76954LAD10"/>
          <ticker value="RIVHOL"/>
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        <balance>40000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39840.04</valUSD>
        <pctVal>0.0277480745</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>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>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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49558.19</valUSD>
        <pctVal>0.0345166407</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>6.875000000000</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>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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49690.2</valUSD>
        <pctVal>0.0346085840</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>6.500000000000</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>SUNOCO LP 5.875%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 5.875%</title>
        <cusip>86765KAG4</cusip>
        <identifiers>
          <isin value="US86765KAG40"/>
          <ticker value="SUN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24657.22</valUSD>
        <pctVal>0.0171734360</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>5.875000000000</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>NOBLE FIN. II LLC 6.25%</name>
        <lei>N/A</lei>
        <title>NOBLE FIN. II LLC 6.25%</title>
        <cusip>65505PAC1</cusip>
        <identifiers>
          <isin value="US65505PAC14"/>
          <ticker value="NE"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49003.07</valUSD>
        <pctVal>0.0341300068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>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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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25168.92</valUSD>
        <pctVal>0.0175298284</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>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>NOVA CHEMS. CORP 8.50%</name>
        <lei>549300ZOD6N7RI2FJP09</lei>
        <title>NOVA CHEMS. CORP 8.50%</title>
        <cusip>66977WAT6</cusip>
        <identifiers>
          <isin value="US66977WAT62"/>
          <ticker value="NCX"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51748.33</valUSD>
        <pctVal>0.0360420450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</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>CURO GROUP HLDGS LLC COM</name>
        <lei>54930007KH8KCGJ4YE72</lei>
        <title>CURO GROUP HLDGS LLC COM</title>
        <cusip>23132H105</cusip>
        <identifiers>
          <isin value="US23132H1059"/>
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        <balance>549</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6176.25</valUSD>
        <pctVal>0.0043016785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AZORRA FIN. LTD 7.75%</name>
        <lei>254900MC1HXDAVUUP395</lei>
        <title>AZORRA FIN. LTD 7.75%</title>
        <cusip>05480AAA3</cusip>
        <identifiers>
          <isin value="US05480AAA34"/>
          <ticker value="AZORRA"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51861.1</valUSD>
        <pctVal>0.0361205878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</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>STARWOOD PROP. TST. 6.50%</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROP. TST. 6.50%</title>
        <cusip>85571BBD6</cusip>
        <identifiers>
          <isin value="US85571BBD64"/>
          <ticker value="STWD"/>
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        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15318.3</valUSD>
        <pctVal>0.0106689986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>SWF HLDGS I TL</name>
        <lei>N/A</lei>
        <title>SWF HLDGS I TL</title>
        <cusip>LX2568512</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX256851"/>
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        <balance>16689.18</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16511.94</valUSD>
        <pctVal>0.0115003534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.14392</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>GRAFTECH INTERNATIONAL TL</name>
        <lei>549300GY32W00XP57351</lei>
        <title>GRAFTECH INTERNATIONAL TL</title>
        <cusip>LX2566318</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="GTI"/>
          <other otherDesc="IDII" value="7TQ0K99"/>
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        <balance>12833.8</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12259.49</valUSD>
        <pctVal>0.0085385768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.853720000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>CATURUS ENERGY LLC 8.50%</name>
        <lei>254900LM244SIFQ1QY31</lei>
        <title>CATURUS ENERGY LLC 8.50%</title>
        <cusip>49446BAA2</cusip>
        <identifiers>
          <isin value="US49446BAA26"/>
          <ticker value="KTGLLC"/>
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        <balance>153000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>159428.91</valUSD>
        <pctVal>0.1110401813</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RITE AID CORP</name>
        <lei>N/A</lei>
        <title>RITE AID CORP</title>
        <cusip>54999OK14</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="1B1D76U"/>
        </identifiers>
        <balance>3929</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39.29</valUSD>
        <pctVal>0.0000273650</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WALKER &amp; DUNLOP IN 6.625%</name>
        <lei>N/A</lei>
        <title>WALKER &amp; DUNLOP IN 6.625%</title>
        <cusip>93148PAA0</cusip>
        <identifiers>
          <isin value="US93148PAA03"/>
          <ticker value="WD"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25398.3</valUSD>
        <pctVal>0.0176895887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARDAGH HLDGS. SA</name>
        <lei>549300SO59UL53O4D221</lei>
        <title>ARDAGH HLDGS. SA</title>
        <cusip>985923101</cusip>
        <identifiers>
          <isin value="US9859231014"/>
          <ticker value="ARDHF"/>
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        <balance>889</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>5789.9</valUSD>
        <pctVal>0.0040325907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANTERO MIDSTREAM PA 5.75%</name>
        <lei>N/A</lei>
        <title>ANTERO MIDSTREAM PA 5.75%</title>
        <cusip>03690AAN6</cusip>
        <identifiers>
          <isin value="US03690AAN63"/>
          <ticker value="AM"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49374.73</valUSD>
        <pctVal>0.0343888632</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>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>TRANSALTA CORP 5.875%</name>
        <lei>984500EE2ADD850F1C96</lei>
        <title>TRANSALTA CORP 5.875%</title>
        <cusip>89346DAL1</cusip>
        <identifiers>
          <isin value="US89346DAL10"/>
          <ticker value="TACN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24627.33</valUSD>
        <pctVal>0.0171526180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RITHM CAP. CORP 8.50%</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>RITHM CAP. CORP 8.50%</title>
        <cusip>64828TAD4</cusip>
        <identifiers>
          <isin value="US64828TAD46"/>
          <ticker value="RITM"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50117.5</valUSD>
        <pctVal>0.0349061929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</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>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
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        <balance>375277.84</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>375277.84</valUSD>
        <pctVal>0.2613761795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
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        <balance>3150499.91</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3150499.91</valUSD>
        <pctVal>2.1942825884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BALL CORP 3.125%</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
        <title>BALL CORP 3.125%</title>
        <cusip>058498AX4</cusip>
        <identifiers>
          <isin value="US058498AX40"/>
          <ticker value="BALL"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22627.5</valUSD>
        <pctVal>0.0157597622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ATI INC 4.875%</name>
        <lei>ZW1LRE7C3H17O2ZN9B45</lei>
        <title>ATI INC 4.875%</title>
        <cusip>01741RAL6</cusip>
        <identifiers>
          <isin value="US01741RAL69"/>
          <ticker value="ATI"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24725.99</valUSD>
        <pctVal>0.0172213334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RLJ LODGING TST. LP 4.00%</name>
        <lei>549300RX5I8Z6I6LDZ74</lei>
        <title>RLJ LODGING TST. LP 4.00%</title>
        <cusip>74965LAB7</cusip>
        <identifiers>
          <isin value="US74965LAB71"/>
          <ticker value="RLJ"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71437.5</valUSD>
        <pctVal>0.0497552982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="72337.500000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BELLRING BRANDS INC 7.00%</name>
        <lei>549300S3BOK5CMTS8054</lei>
        <title>BELLRING BRANDS INC 7.00%</title>
        <cusip>07831CAA1</cusip>
        <identifiers>
          <isin value="US07831CAA18"/>
          <ticker value="BRBR"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74984.44</valUSD>
        <pctVal>0.0522256962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOODYEAR TIRE &amp; RUB 5.25%</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>GOODYEAR TIRE &amp; RUB 5.25%</title>
        <cusip>382550BR1</cusip>
        <identifiers>
          <isin value="US382550BR12"/>
          <ticker value="GT"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44503.64</valUSD>
        <pctVal>0.0309962118</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>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>KINETIK HLDGS. LP 5.875%</name>
        <lei>549300RD6AJIMYC0HY12</lei>
        <title>KINETIK HLDGS. LP 5.875%</title>
        <cusip>49461MAA8</cusip>
        <identifiers>
          <isin value="US49461MAA80"/>
          <ticker value="KNTK"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25145.28</valUSD>
        <pctVal>0.0175133635</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIFEPOINT HEALTH I 9.875%</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
        <title>LIFEPOINT HEALTH I 9.875%</title>
        <cusip>53219LAV1</cusip>
        <identifiers>
          <isin value="US53219LAV18"/>
          <ticker value="RGCARE"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26341.5</valUSD>
        <pctVal>0.0183465153</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>9.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CELANESE US HLDGS. LL STP</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>CELANESE US HLDGS. LL STP</title>
        <cusip>15089QAX2</cusip>
        <identifiers>
          <isin value="US15089QAX25"/>
          <ticker value="CE"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26499.25</valUSD>
        <pctVal>0.0184563861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.550000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>B&amp;G FOODS INC 8.00%</name>
        <lei>549300TRW1LZMDJZAQ78</lei>
        <title>B&amp;G FOODS INC 8.00%</title>
        <cusip>05508WAC9</cusip>
        <identifiers>
          <isin value="US05508WAC91"/>
          <ticker value="BGS"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50045.7</valUSD>
        <pctVal>0.0348561851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="51245.700000000000"/>
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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"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78095.21</valUSD>
        <pctVal>0.0543923074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MALLINCKRODT PLC UNLISTED</name>
        <lei>N/A</lei>
        <title>MALLINCKRODT PLC UNLISTED</title>
        <cusip>292ESCBW9</cusip>
        <identifiers>
          <isin value="US292ESCBW93"/>
        </identifiers>
        <balance>416</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40040</valUSD>
        <pctVal>0.0278873440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHOBANI LLC / CHOB 7.625%</name>
        <lei>N/A</lei>
        <title>CHOBANI LLC / CHOB 7.625%</title>
        <cusip>17027NAC6</cusip>
        <identifiers>
          <isin value="US17027NAC65"/>
          <ticker value="CHBANI"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25779.4</valUSD>
        <pctVal>0.0179550199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIFEPOINT HEALTH INC TL</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
        <title>LIFEPOINT HEALTH INC TL</title>
        <cusip>75915TAL6</cusip>
        <identifiers>
          <isin value="US75915TAL61"/>
          <ticker value="RGCARE"/>
          <other otherDesc="IDII" value="7TNGR66"/>
        </identifiers>
        <balance>29837.26</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29274.23</valUSD>
        <pctVal>0.0203891240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.020000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALTICE STOCK EUR</name>
        <lei>N/A</lei>
        <title>ALTICE STOCK EUR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="2B23WMU"/>
        </identifiers>
        <balance>4619</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>92557.13</valUSD>
        <pctVal>0.0644648483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GBL. PLAQU 6.125%</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GBL. PLAQU 6.125%</title>
        <cusip>922966AE6</cusip>
        <identifiers>
          <isin value="US922966AE68"/>
          <ticker value="VEGLPL"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51157.9</valUSD>
        <pctVal>0.0356308181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLEN MEDIA TL</name>
        <lei>549300ERNJNM4RN5JP79</lei>
        <title>ALLEN MEDIA TL</title>
        <cusip>01771JAH6</cusip>
        <identifiers>
          <isin value="US01771JAG85"/>
          <ticker value="ALNMED"/>
          <other otherDesc="IDII" value="7RJTYS6"/>
        </identifiers>
        <balance>46204.67</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31419.18</valUSD>
        <pctVal>0.0218830540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.630000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOODYEAR TIRE &amp; RUB 5.00%</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>GOODYEAR TIRE &amp; RUB 5.00%</title>
        <cusip>382550BN0</cusip>
        <identifiers>
          <isin value="US382550BN08"/>
          <ticker value="GT"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71693.84</valUSD>
        <pctVal>0.0499338357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DREAM FINDERS HOMES 8.25%</name>
        <lei>N/A</lei>
        <title>DREAM FINDERS HOMES 8.25%</title>
        <cusip>26154DAA8</cusip>
        <identifiers>
          <isin value="US26154DAA81"/>
          <ticker value="DFH"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51126</valUSD>
        <pctVal>0.0356086002</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US FOODS INC 7.25%</name>
        <lei>5493000JOOFAOUY1JZ87</lei>
        <title>US FOODS INC 7.25%</title>
        <cusip>90290MAH4</cusip>
        <identifiers>
          <isin value="US90290MAH43"/>
          <ticker value="USFOOD"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25942.9</valUSD>
        <pctVal>0.0180688955</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NCR ATLEOS CORP 9.50%</name>
        <lei>9845005FC3S0VA714741</lei>
        <title>NCR ATLEOS CORP 9.50%</title>
        <cusip>638962AA8</cusip>
        <identifiers>
          <isin value="US638962AA84"/>
          <ticker value="NCRATL"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26657.18</valUSD>
        <pctVal>0.0185663824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRANSOCEAN AQUILA L 8.00%</name>
        <lei>N/A</lei>
        <title>TRANSOCEAN AQUILA L 8.00%</title>
        <cusip>893790AA3</cusip>
        <identifiers>
          <isin value="US893790AA34"/>
          <ticker value="RIG"/>
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        <balance>15384.62</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15738.53</valUSD>
        <pctVal>0.0109616833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-30</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>
        </securityLending>
      </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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24544.38</valUSD>
        <pctVal>0.0170948444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</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>INFRABUILD AUSTRAL 14.50%</name>
        <lei>549300W2CPB5W6GFH859</lei>
        <title>INFRABUILD AUSTRAL 14.50%</title>
        <cusip>45682RAC4</cusip>
        <identifiers>
          <isin value="US45682RAC43"/>
          <ticker value="INFRAB"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26734.76</valUSD>
        <pctVal>0.0186204158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14.500000000000</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>HELIX ENERGY SOLS. 9.75%</name>
        <lei>416AP2JOUTCWEGSOZW41</lei>
        <title>HELIX ENERGY SOLS. 9.75%</title>
        <cusip>42330PAL1</cusip>
        <identifiers>
          <isin value="US42330PAL13"/>
          <ticker value="HLX"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52414.75</valUSD>
        <pctVal>0.0365061979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</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>DIGICEL GRP. HLDGS. 0.00%</name>
        <lei>N/A</lei>
        <title>DIGICEL GRP. HLDGS. 0.00%</title>
        <cusip>25381HAM0</cusip>
        <identifiers>
          <isin value="US25381HAM07"/>
          <ticker value="DLLTD"/>
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        <balance>8541.82</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85.42</valUSD>
        <pctVal>0.0000594939</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</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>ARCHKEY HLDGS TL</name>
        <lei>N/A</lei>
        <title>ARCHKEY HLDGS TL</title>
        <cusip>LX2485345</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX248534"/>
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        <balance>13973.98</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13991.45</valUSD>
        <pctVal>0.0097448646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.732219999999999</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>GENESIS ENERGY LP / 8.00%</name>
        <lei>N/A</lei>
        <title>GENESIS ENERGY LP / 8.00%</title>
        <cusip>37185LAR3</cusip>
        <identifiers>
          <isin value="US37185LAR33"/>
          <ticker value="GEL"/>
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        <balance>8000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8321.33</valUSD>
        <pctVal>0.0057956991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</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>
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      </invstOrSec>
      <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>47000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49701.37</valUSD>
        <pctVal>0.0346163637</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>
      <invstOrSec>
        <name>CONTRA MALLINCKRO</name>
        <lei>N/A</lei>
        <title>CONTRA MALLINCKRO</title>
        <cusip>292CNT011</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="4B1UMMU"/>
        </identifiers>
        <balance>481</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46296.25</valUSD>
        <pctVal>0.0322447415</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLOUD PEAK ENERGY INC</name>
        <lei>529900UPE2TSMT20WT39</lei>
        <title>CLOUD PEAK ENERGY INC</title>
        <cusip>18911Q300</cusip>
        <identifiers>
          <isin value="US18911Q3002"/>
          <ticker value="CLD"/>
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        <balance>20</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>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BRAND INDL. SERVS 10.375%</name>
        <lei>549300B658W2BPDQMW42</lei>
        <title>BRAND INDL. SERVS 10.375%</title>
        <cusip>104931AA8</cusip>
        <identifiers>
          <isin value="US104931AA85"/>
          <ticker value="BRANDI"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40744.94</valUSD>
        <pctVal>0.0283783257</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>10.375000000000</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>FREEDOM MTGE. CORP 6.625%</name>
        <lei>549300LYRWPSYPK6S325</lei>
        <title>FREEDOM MTGE. CORP 6.625%</title>
        <cusip>35640YAJ6</cusip>
        <identifiers>
          <isin value="US35640YAJ64"/>
          <ticker value="FREMOR"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>125000</valUSD>
        <pctVal>0.0870608892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GBL. LNG I 9.875%</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENTURE GBL. LNG I 9.875%</title>
        <cusip>92332YAD3</cusip>
        <identifiers>
          <isin value="US92332YAD31"/>
          <ticker value="VENLNG"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>106755.7</valUSD>
        <pctVal>0.0743539693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.875000000000</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>WEX INC 6.50%</name>
        <lei>T9M5IGROL1TL1G5OV478</lei>
        <title>WEX INC 6.50%</title>
        <cusip>96208TAD6</cusip>
        <identifiers>
          <isin value="US96208TAD63"/>
          <ticker value="WEX"/>
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        <balance>63000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62728.46</valUSD>
        <pctVal>0.0436895640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>ONEMAIN FIN. CORP 6.75%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 6.75%</title>
        <cusip>682691AJ9</cusip>
        <identifiers>
          <isin value="US682691AJ99"/>
          <ticker value="OMF"/>
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        <balance>48000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48115.42</valUSD>
        <pctVal>0.0335117700</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>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>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>9000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9320.11</valUSD>
        <pctVal>0.0064913365</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ION PLATFORM FIN. U 5.00%</name>
        <lei>213800FKHT3BRRKMCC89</lei>
        <title>ION PLATFORM FIN. U 5.00%</title>
        <cusip>46206AAE2</cusip>
        <identifiers>
          <isin value="US46206AAE29"/>
          <ticker value="IONPLA"/>
        </identifiers>
        <balance>105000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>96468.6</valUSD>
        <pctVal>0.0671891368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KAISER ALUMINUM CO 5.875%</name>
        <lei>N/A</lei>
        <title>KAISER ALUMINUM CO 5.875%</title>
        <cusip>483007AM2</cusip>
        <identifiers>
          <isin value="US483007AM21"/>
          <ticker value="KALU"/>
        </identifiers>
        <balance>63000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62345.18</valUSD>
        <pctVal>0.0434226145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>HILTON DOMESTIC OPE 5.50%</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OPE 5.50%</title>
        <cusip>432833AT8</cusip>
        <identifiers>
          <isin value="US432833AT88"/>
          <ticker value="HLT"/>
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        <balance>61000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>60476.94</valUSD>
        <pctVal>0.0421214094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</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>CARNIVAL CORP 6.65%</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CARNIVAL CORP 6.65%</title>
        <cusip>143658AH5</cusip>
        <identifiers>
          <isin value="US143658AH53"/>
          <ticker value="CCL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25511.22</valUSD>
        <pctVal>0.0177682360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.650000000000</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>DBR LAND HLDGS. LLC 6.25%</name>
        <lei>N/A</lei>
        <title>DBR LAND HLDGS. LLC 6.25%</title>
        <cusip>24024BAA5</cusip>
        <identifiers>
          <isin value="US24024BAA52"/>
          <ticker value="LB"/>
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        <balance>28000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28437.36</valUSD>
        <pctVal>0.0198062548</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>PERIMETER HLDGS. LL 6.25%</name>
        <lei>N/A</lei>
        <title>PERIMETER HLDGS. LL 6.25%</title>
        <cusip>71384AAA2</cusip>
        <identifiers>
          <isin value="US71384AAA25"/>
          <ticker value="PRM"/>
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        <balance>82000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>81845.51</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>6.250000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SABRE GLBL INC 2025 TL</name>
        <lei>F2TJC7HPPHLHU1AQMP98</lei>
        <title>SABRE GLBL INC 2025 TL</title>
        <cusip>78571YBN9</cusip>
        <identifiers>
          <isin value="US78571YBN94"/>
          <ticker value="SABHLD"/>
          <other otherDesc="IDII" value="LX278623"/>
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        <balance>1560.37</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1387.43</valUSD>
        <pctVal>0.0009663271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.954180657820</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>CCO HLDGS. LLC / CC 7.00%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 7.00%</title>
        <cusip>1248EPCU5</cusip>
        <identifiers>
          <isin value="US1248EPCU56"/>
          <ticker value="CHTR"/>
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        <balance>48000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47072.92</valUSD>
        <pctVal>0.0327856822</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>7.000000000000</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>SIX FLAGS ENTERTAIN 5.25%</name>
        <lei>529900AS2CYWYFHRS781</lei>
        <title>SIX FLAGS ENTERTAIN 5.25%</title>
        <cusip>150190AE6</cusip>
        <identifiers>
          <isin value="US150190AE64"/>
          <ticker value="FUN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24353.37</valUSD>
        <pctVal>0.0169618084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="24962.220000000000"/>
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      <invstOrSec>
        <name>ON SEMICON. CORP 3.875%</name>
        <lei>ZV20P4CNJVT8V1ZGJ064</lei>
        <title>ON SEMICON. CORP 3.875%</title>
        <cusip>682189AQ8</cusip>
        <identifiers>
          <isin value="US682189AQ81"/>
          <ticker value="ON"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48650.29</valUSD>
        <pctVal>0.0338843001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</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>MINERAL RES. LTD 6.25%</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>MINERAL RES. LTD 6.25%</title>
        <cusip>603051AH6</cusip>
        <identifiers>
          <isin value="US603051AH67"/>
          <ticker value="MINAU"/>
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        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19665.93</valUSD>
        <pctVal>0.0136970668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-01</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>
      <invstOrSec>
        <name>DYCOM INDS. INC 4.50%</name>
        <lei>549300F56EKTHQI3WT60</lei>
        <title>DYCOM INDS. INC 4.50%</title>
        <cusip>267475AD3</cusip>
        <identifiers>
          <isin value="US267475AD30"/>
          <ticker value="DY"/>
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        <balance>42000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41077.81</valUSD>
        <pctVal>0.0286101653</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>4.500000000000</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>FORTRESS TRANSPORTA 5.50%</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>FORTRESS TRANSPORTA 5.50%</title>
        <cusip>34960PAD3</cusip>
        <identifiers>
          <isin value="US34960PAD33"/>
          <ticker value="FTAI"/>
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        <balance>58000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>57860.62</valUSD>
        <pctVal>0.0402991762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>BROOKFIELD RESIDENT 5.00%</name>
        <lei>N/A</lei>
        <title>BROOKFIELD RESIDENT 5.00%</title>
        <cusip>11283YAG5</cusip>
        <identifiers>
          <isin value="US11283YAG52"/>
          <ticker value="BRPCN"/>
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        <balance>101000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>96175.1</valUSD>
        <pctVal>0.0669847178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>EDISON INTERNATIONAL F2V</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>EDISON INTERNATIONAL F2V</title>
        <cusip>281020AZ0</cusip>
        <identifiers>
          <isin value="US281020AZ01"/>
          <ticker value="EIX"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51430.75</valUSD>
        <pctVal>0.0358208546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</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>NORTHEAST GROCERY TL</name>
        <lei>N/A</lei>
        <title>NORTHEAST GROCERY TL</title>
        <cusip>LX2201973</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX220197"/>
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        <balance>82784.47</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>83163.62</valUSD>
        <pctVal>0.0579223896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.14106</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>ALLIED UNIVERSAL HO 6.00%</name>
        <lei>N/A</lei>
        <title>ALLIED UNIVERSAL HO 6.00%</title>
        <cusip>019576AC1</cusip>
        <identifiers>
          <isin value="US019576AC18"/>
          <ticker value="UNSEAM"/>
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        <balance>325000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>323568.96</valUSD>
        <pctVal>0.2253616110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="325193.930000000000"/>
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      <invstOrSec>
        <name>MAJOR DRIVE TL</name>
        <lei>25490044R1FR5N8FIT62</lei>
        <title>MAJOR DRIVE TL</title>
        <cusip>56085UAB9</cusip>
        <identifiers>
          <isin value="US56085UAB98"/>
          <ticker value="CLUCAR"/>
          <other otherDesc="IDII" value="LX194777"/>
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        <balance>7624.87</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7302.57</valUSD>
        <pctVal>0.0050861459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.160000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>CARNELIAN PT HOLDINGS</name>
        <lei>N/A</lei>
        <title>CARNELIAN PT HOLDINGS</title>
        <cusip>9KY999D66</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="5AZXFAU"/>
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        <balance>8610</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>92213.1</valUSD>
        <pctVal>0.0642252358</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENDO GUC TR COM</name>
        <lei>N/A</lei>
        <title>ENDO GUC TR COM</title>
        <cusip>29281F105</cusip>
        <identifiers>
          <isin value="US29281F1057"/>
        </identifiers>
        <balance>10702</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>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PERMIAN RES. OPERAT 7.00%</name>
        <lei>5493004CTVUMQLRPOE23</lei>
        <title>PERMIAN RES. OPERAT 7.00%</title>
        <cusip>71424VAA8</cusip>
        <identifiers>
          <isin value="US71424VAA89"/>
          <ticker value="PR"/>
        </identifiers>
        <balance>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26891.81</valUSD>
        <pctVal>0.0187297991</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARDONAGH FINCO LTD 7.75%</name>
        <lei>254900D2T84O1K03BA28</lei>
        <title>ARDONAGH FINCO LTD 7.75%</title>
        <cusip>039853AA4</cusip>
        <identifiers>
          <isin value="US039853AA46"/>
          <ticker value="ARDGRP"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202253.4</valUSD>
        <pctVal>0.1408668868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRON MOUNTAIN INC 6.25%</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC 6.25%</title>
        <cusip>46284VAQ4</cusip>
        <identifiers>
          <isin value="US46284VAQ41"/>
          <ticker value="IRM"/>
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        <balance>35000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35366.59</valUSD>
        <pctVal>0.0246323742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADVANCE AUTO PARTS 7.375%</name>
        <lei>529900UCNQ5H9FSL0Y70</lei>
        <title>ADVANCE AUTO PARTS 7.375%</title>
        <cusip>00751YAL0</cusip>
        <identifiers>
          <isin value="US00751YAL02"/>
          <ticker value="AAP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25911.75</valUSD>
        <pctVal>0.0180472000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="26679.980000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>SUMMER BC BIDCO B LLC TL</name>
        <lei>213800CCW2O2WZ7YV169</lei>
        <title>SUMMER BC BIDCO B LLC TL</title>
        <cusip>L8869UAC7</cusip>
        <identifiers>
          <isin value="XAL8869UAC70"/>
          <ticker value="KANGRP"/>
          <other otherDesc="IDII" value="LX226824"/>
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        <balance>16779.95</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14302.56</valUSD>
        <pctVal>0.0099615487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.580000000000</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>FORTRESS INTERMEDIA 7.50%</name>
        <lei>254900NLAZ3JQJW5JP75</lei>
        <title>FORTRESS INTERMEDIA 7.50%</title>
        <cusip>34966MAA0</cusip>
        <identifiers>
          <isin value="US34966MAA09"/>
          <ticker value="PSDO"/>
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        <balance>70000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71164.1</valUSD>
        <pctVal>0.0495648786</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>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PAR HEALTH DUMMY</name>
        <lei>N/A</lei>
        <title>PAR HEALTH DUMMY</title>
        <cusip>35999YB60</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="5B27V9U"/>
        </identifiers>
        <balance>897</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3251.63</valUSD>
        <pctVal>0.0022647184</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>STANDARD BLDG. SOL 5.875%</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>STANDARD BLDG. SOL 5.875%</title>
        <cusip>853192AA0</cusip>
        <identifiers>
          <isin value="US853192AA08"/>
          <ticker value="BMCAUS"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72271.72</valUSD>
        <pctVal>0.0503363217</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>5.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUE RACER MIDSTREA 7.25%</name>
        <lei>N/A</lei>
        <title>BLUE RACER MIDSTREA 7.25%</title>
        <cusip>095796AK4</cusip>
        <identifiers>
          <isin value="US095796AK46"/>
          <ticker value="BLURAC"/>
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        <balance>17000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17587.4</valUSD>
        <pctVal>0.0122493975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>ENBRIDGE INC F2V</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBRIDGE INC F2V</title>
        <cusip>29250NCF0</cusip>
        <identifiers>
          <isin value="US29250NCF06"/>
          <ticker value="ENBCN"/>
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        <balance>35000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37198.49</valUSD>
        <pctVal>0.0259082689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.200000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="37226.490000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>NORTHRIVER MIDSTREA 6.75%</name>
        <lei>549300SOLNLY3BL6GF18</lei>
        <title>NORTHRIVER MIDSTREA 6.75%</title>
        <cusip>66679NAB6</cusip>
        <identifiers>
          <isin value="US66679NAB64"/>
          <ticker value="NORMID"/>
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        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20253.88</valUSD>
        <pctVal>0.0141065664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</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>ASURION LLC TL</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>ASURION LLC TL</title>
        <cusip>04649VBD1</cusip>
        <identifiers>
          <isin value="US04649VBD10"/>
          <ticker value="ASUCOR"/>
          <other otherDesc="IDII" value="7TC05C1"/>
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        <balance>9316.29</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9195.18</valUSD>
        <pctVal>0.0064043244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.180000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>ACADIA HEALTHCARE 7.375%</name>
        <lei>5493005CW985Y9D0NC11</lei>
        <title>ACADIA HEALTHCARE 7.375%</title>
        <cusip>00404AAQ2</cusip>
        <identifiers>
          <isin value="US00404AAQ22"/>
          <ticker value="ACHC"/>
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        <balance>19000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19559.04</valUSD>
        <pctVal>0.0136226193</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>7.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="19979.410000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>ARCLINE FM HLDS TL</name>
        <lei>2549000HKCEC1E8UTO17</lei>
        <title>ARCLINE FM HLDS TL</title>
        <cusip>03960DAJ2</cusip>
        <identifiers>
          <isin value="US03960DAJ28"/>
          <ticker value="ARCFMH"/>
          <other otherDesc="IDII" value="LX269834"/>
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        <balance>12.53</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12.56</valUSD>
        <pctVal>0.0000087479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.770000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCKET COS INC 6.50%</name>
        <lei>N/A</lei>
        <title>ROCKET COS INC 6.50%</title>
        <cusip>77311WAC5</cusip>
        <identifiers>
          <isin value="US77311WAC55"/>
          <ticker value="RKT"/>
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        <balance>9000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9186.25</valUSD>
        <pctVal>0.0063981047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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>104000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99043.91</valUSD>
        <pctVal>0.0689828070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENET HEALTHCARE CO 6.00%</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE CO 6.00%</title>
        <cusip>88033GDV9</cusip>
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          <isin value="US88033GDV95"/>
          <ticker value="THC"/>
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        <curCd>USD</curCd>
        <valUSD>33288.52</valUSD>
        <pctVal>0.0231850252</pctVal>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <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>PROPULSION BC FINCO TL</name>
        <lei>254900S4YQSQVLEZ8D35</lei>
        <title>PROPULSION BC FINCO TL</title>
        <cusip>74347UAG5</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="ITPAER"/>
          <other otherDesc="IDII" value="LX275909"/>
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        <balance>9876.06</balance>
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        <curCd>USD</curCd>
        <valUSD>9897.69</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-22</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <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>49000</balance>
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        <curCd>USD</curCd>
        <valUSD>48674.42</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>APOLLO DEBT SOLS. B 6.55%</name>
        <lei>549300UMUGX092P8DW87</lei>
        <title>APOLLO DEBT SOLS. B 6.55%</title>
        <cusip>03770DAF0</cusip>
        <identifiers>
          <isin value="US03770DAF06"/>
          <ticker value="APODS"/>
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        <balance>4000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4034.26</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>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.550000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMPOSECURE HLDGS. 5.625%</name>
        <lei>N/A</lei>
        <title>COMPOSECURE HLDGS. 5.625%</title>
        <cusip>20459XAC5</cusip>
        <identifiers>
          <isin value="US20459XAC56"/>
          <ticker value="COMPOS"/>
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        <balance>72000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70283.31</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>2033-02-01</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>ARCHROCK SERVS. LP 6.00%</name>
        <lei>N/A</lei>
        <title>ARCHROCK SERVS. LP 6.00%</title>
        <cusip>03958CAA7</cusip>
        <identifiers>
          <isin value="US03958CAA71"/>
          <ticker value="AROC"/>
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        <balance>46000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45723.78</valUSD>
        <pctVal>0.0318460236</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>6.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75566.74</valUSD>
        <pctVal>0.0526312606</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>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CRESCENT ENERGY FIN 9.75%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>CRESCENT ENERGY FIN 9.75%</title>
        <cusip>45344LAJ2</cusip>
        <identifiers>
          <isin value="US45344LAJ26"/>
          <ticker value="CRGYFN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26500</valUSD>
        <pctVal>0.0184569085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</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>ROCKET COS INC 6.50%</name>
        <lei>N/A</lei>
        <title>ROCKET COS INC 6.50%</title>
        <cusip>77311WAF8</cusip>
        <identifiers>
          <isin value="US77311WAF86"/>
          <ticker value="RKT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25641.99</valUSD>
        <pctVal>0.0178593156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>DISH DBS CORP 5.125%</name>
        <lei>N/A</lei>
        <title>DISH DBS CORP 5.125%</title>
        <cusip>25470XBD6</cusip>
        <identifiers>
          <isin value="US25470XBD66"/>
          <ticker value="DISH"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67492.86</valUSD>
        <pctVal>0.0470079072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125000000000</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>CCO HLDGS. LLC / CC 4.50%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.50%</title>
        <cusip>1248EPCL5</cusip>
        <identifiers>
          <isin value="US1248EPCL57"/>
          <ticker value="CHTR"/>
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        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>130137.02</valUSD>
        <pctVal>0.0906387574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ESC GCB144A HERTZ 5.500%</name>
        <lei>549300PD0C69OJ0NLB27</lei>
        <title>ESC GCB144A HERTZ 5.500%</title>
        <cusip>428ESCAB3</cusip>
        <identifiers>
          <isin value="US428ESCAB39"/>
          <ticker value="HTZ"/>
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        <balance>125000</balance>
        <units>PA</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>
        <name>ADT SEC. CORP/THE 4.125%</name>
        <lei>5493009JEEDYLVRA0J13</lei>
        <title>ADT SEC. CORP/THE 4.125%</title>
        <cusip>00109LAA1</cusip>
        <identifiers>
          <isin value="US00109LAA17"/>
          <ticker value="ADT"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47939.44</valUSD>
        <pctVal>0.0333892022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</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>MCGRAW-HILL EDUCATI 8.00%</name>
        <lei>254900U6YJ9QZ4IQOR26</lei>
        <title>MCGRAW-HILL EDUCATI 8.00%</title>
        <cusip>57767XAB6</cusip>
        <identifiers>
          <isin value="US57767XAB64"/>
          <ticker value="MHED"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25049.3</valUSD>
        <pctVal>0.0174465147</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>8.000000000000</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>GEN DIGITAL INC 7.125%</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>GEN DIGITAL INC 7.125%</title>
        <cusip>668771AL2</cusip>
        <identifiers>
          <isin value="US668771AL22"/>
          <ticker value="GEN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50889.9</valUSD>
        <pctVal>0.0354441596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-30</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="51800.310000000000"/>
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      <invstOrSec>
        <name>AES CORP/THE F2V</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES CORP/THE F2V</title>
        <cusip>00130HCK9</cusip>
        <identifiers>
          <isin value="US00130HCK95"/>
          <ticker value="AES"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51193.85</valUSD>
        <pctVal>0.0356558568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.600000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26873.45</valUSD>
        <pctVal>0.0187170116</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>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>PENNYMAC FINL. SERV 5.75%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SERV 5.75%</title>
        <cusip>70932MAC1</cusip>
        <identifiers>
          <isin value="US70932MAC10"/>
          <ticker value="PFSI"/>
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        <balance>75000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TEMPUR SEALY INTL. 3.875%</name>
        <lei>549300HFEKVR3US71V91</lei>
        <title>TEMPUR SEALY INTL. 3.875%</title>
        <cusip>88023UAJ0</cusip>
        <identifiers>
          <isin value="US88023UAJ07"/>
          <ticker value="SGI"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>22977.69</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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          <maturityDt>2031-10-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WYNDHAM HOTELS &amp; R 5.625%</name>
        <lei>549300FE3MQ4RVXXC673</lei>
        <title>WYNDHAM HOTELS &amp; R 5.625%</title>
        <cusip>98311AAE5</cusip>
        <identifiers>
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          <ticker value="WH"/>
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        <curCd>USD</curCd>
        <valUSD>17765.29</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KODIAK GAS SERVS. 5.875%</name>
        <lei>549300ZQBRWEUOVOM131</lei>
        <title>KODIAK GAS SERVS. 5.875%</title>
        <cusip>50012LAF1</cusip>
        <identifiers>
          <isin value="US50012LAF13"/>
          <ticker value="KGS"/>
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        <balance>73000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CARNELIAN PT HOLDINGS L.</name>
        <lei>N/A</lei>
        <title>CARNELIAN PT HOLDINGS L.</title>
        <cusip>6YT999T27</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="6AYEYHU"/>
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        <balance>50</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <pctVal>0.0003729688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EQUIPMENTSHARE.COM 9.00%</name>
        <lei>254900PWJK48CGPKPI80</lei>
        <title>EQUIPMENTSHARE.COM 9.00%</title>
        <cusip>29450YAA7</cusip>
        <identifiers>
          <isin value="US29450YAA73"/>
          <ticker value="EQMSRM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25502.83</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>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</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>SM ENERGY CO 6.625%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM ENERGY CO 6.625%</title>
        <cusip>78454LAZ3</cusip>
        <identifiers>
          <isin value="US78454LAZ31"/>
          <ticker value="SM"/>
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        <balance>105000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103353.94</valUSD>
        <pctVal>0.0719846873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MOOG INC 5.50%</name>
        <lei>549300WM2I4U7OBAHG07</lei>
        <title>MOOG INC 5.50%</title>
        <cusip>615394AP8</cusip>
        <identifiers>
          <isin value="US615394AP83"/>
          <ticker value="MOGA"/>
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        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19695.46</valUSD>
        <pctVal>0.0137176341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</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>
      <invstOrSec>
        <name>CYPRIUM CORP / CYP 6.125%</name>
        <lei>N/A</lei>
        <title>CYPRIUM CORP / CYP 6.125%</title>
        <cusip>23292NAA6</cusip>
        <identifiers>
          <isin value="US23292NAA63"/>
          <ticker value="VGNT"/>
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        <balance>33000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32998.55</valUSD>
        <pctVal>0.0229830648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COREWEAVE INC 9.75%</name>
        <lei>984500511DP2B6186053</lei>
        <title>COREWEAVE INC 9.75%</title>
        <cusip>21873SAG3</cusip>
        <identifiers>
          <isin value="US21873SAG30"/>
          <ticker value="CRWV"/>
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        <balance>153000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>152662.48</valUSD>
        <pctVal>0.1063274500</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>9.750000000000</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>
      <invstOrSec>
        <name>CHOBANI LLC / CHOB 6.375%</name>
        <lei>N/A</lei>
        <title>CHOBANI LLC / CHOB 6.375%</title>
        <cusip>17027NAD4</cusip>
        <identifiers>
          <isin value="US17027NAD49"/>
          <ticker value="CHBANI"/>
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        <balance>276000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>280111.02</valUSD>
        <pctVal>0.1950937158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LIFEPOINT HEALTH IN 7.00%</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
        <title>LIFEPOINT HEALTH IN 7.00%</title>
        <cusip>53219LBA6</cusip>
        <identifiers>
          <isin value="US53219LBA61"/>
          <ticker value="RGCARE"/>
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        <balance>137000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>131309.29</valUSD>
        <pctVal>0.0914552284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-01</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>
        <name>LIFEPOINT HEALTH IN 7.00%</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
        <title>LIFEPOINT HEALTH IN 7.00%</title>
        <cusip>53219LBA6</cusip>
        <identifiers>
          <isin value="US53219LBA61"/>
          <ticker value="RGCARE"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>47923.1</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>2034-05-01</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>OXFORD FIN. LLC / O 7.75%</name>
        <lei>549300LDNS0EYYWL5V49</lei>
        <title>OXFORD FIN. LLC / O 7.75%</title>
        <cusip>69145LAE4</cusip>
        <identifiers>
          <isin value="US69145LAE48"/>
          <ticker value="OXDFLL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24780.15</valUSD>
        <pctVal>0.0172590551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OWENS-BROCKWAY GLAS 9.50%</name>
        <lei>V2UQUCDZJ9WY98W8QU33</lei>
        <title>OWENS-BROCKWAY GLAS 9.50%</title>
        <cusip>69073TAW3</cusip>
        <identifiers>
          <isin value="US69073TAW36"/>
          <ticker value="OI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25609.25</valUSD>
        <pctVal>0.0178365126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOLARIS ENERGY INF 6.375%</name>
        <lei>N/A</lei>
        <title>SOLARIS ENERGY INF 6.375%</title>
        <cusip>83419YAA4</cusip>
        <identifiers>
          <isin value="US83419YAA47"/>
          <ticker value="SOILIN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25278.93</valUSD>
        <pctVal>0.0176064490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</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>WS ESCROW LLC 7.75%</name>
        <lei>2549009ZUUWL3QLK6G24</lei>
        <title>WS ESCROW LLC 7.75%</title>
        <cusip>982104AA9</cusip>
        <identifiers>
          <isin value="US982104AA93"/>
          <ticker value="WS"/>
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        <balance>13000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13348.62</valUSD>
        <pctVal>0.0092971418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>TTM TECHS. INC 4.00%</name>
        <lei>549300SC4BDOIS008048</lei>
        <title>TTM TECHS. INC 4.00%</title>
        <cusip>87305RAK5</cusip>
        <identifiers>
          <isin value="US87305RAK59"/>
          <ticker value="TTMI"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48298.01</valUSD>
        <pctVal>0.0336389416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="34283.050000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PATRICK INDS. INC 4.75%</name>
        <lei>549300FZ5ZTCCJ3Z5W14</lei>
        <title>PATRICK INDS. INC 4.75%</title>
        <cusip>703343AD5</cusip>
        <identifiers>
          <isin value="US703343AD59"/>
          <ticker value="PATK"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49170.6</valUSD>
        <pctVal>0.0342466893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>ORGANON / ORGANON 5.125%</name>
        <lei>549300AMCKY57OK2CO56</lei>
        <title>ORGANON / ORGANON 5.125%</title>
        <cusip>68622TAB7</cusip>
        <identifiers>
          <isin value="US68622TAB70"/>
          <ticker value="OGN"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>197869.14</valUSD>
        <pctVal>0.1378133062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOYNE USA INC 4.75%</name>
        <lei>N/A</lei>
        <title>BOYNE USA INC 4.75%</title>
        <cusip>103557AC8</cusip>
        <identifiers>
          <isin value="US103557AC88"/>
          <ticker value="BIGSKY"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24574.71</valUSD>
        <pctVal>0.0171159688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>HLF FINC. SARL LLC 4.875%</name>
        <lei>N/A</lei>
        <title>HLF FINC. SARL LLC 4.875%</title>
        <cusip>40390DAC9</cusip>
        <identifiers>
          <isin value="US40390DAC92"/>
          <ticker value="HLF"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46810.54</valUSD>
        <pctVal>0.0326029379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHS/COMMUNITY HEAL 6.125%</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/COMMUNITY HEAL 6.125%</title>
        <cusip>12543DBL3</cusip>
        <identifiers>
          <isin value="US12543DBL38"/>
          <ticker value="CYH"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67345.31</valUSD>
        <pctVal>0.0469051406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</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>SEASPAN CORP 5.50%</name>
        <lei>5493007Z8Q1H45KT7W98</lei>
        <title>SEASPAN CORP 5.50%</title>
        <cusip>81254UAK2</cusip>
        <identifiers>
          <isin value="US81254UAK25"/>
          <ticker value="SSW"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24527.99</valUSD>
        <pctVal>0.0170834290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SS&amp;C TECHS. INC 6.50%</name>
        <lei>549300KY09TR3J12JU49</lei>
        <title>SS&amp;C TECHS. INC 6.50%</title>
        <cusip>78466CAD8</cusip>
        <identifiers>
          <isin value="US78466CAD83"/>
          <ticker value="SSNC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25213.28</valUSD>
        <pctVal>0.0175607246</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>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRANSDIGM INC 6.00%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.00%</title>
        <cusip>893647BW6</cusip>
        <identifiers>
          <isin value="US893647BW65"/>
          <ticker value="TDG"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25245.6</valUSD>
        <pctVal>0.0175832351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMNEAL PHARMACEUTICALS TL</name>
        <lei>54930037VIXE7LRZ1M66</lei>
        <title>AMNEAL PHARMACEUTICALS TL</title>
        <cusip>03167DAS3</cusip>
        <identifiers>
          <isin value="US03167DAS36"/>
          <ticker value="AMNPHA"/>
          <other otherDesc="IDII" value="LX281487"/>
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        <balance>46655.25</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46801.28</valUSD>
        <pctVal>0.0325964884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.650000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>CHEMOURS CO/THE 7.875%</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO/THE 7.875%</title>
        <cusip>163851AL2</cusip>
        <identifiers>
          <isin value="US163851AL27"/>
          <ticker value="CC"/>
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        <balance>27000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27131.63</valUSD>
        <pctVal>0.0188968307</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>7.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NGL ENERGY OPER LLC TL</name>
        <lei>N/A</lei>
        <title>NGL ENERGY OPER LLC TL</title>
        <cusip>LX2862303</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX286230"/>
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        <balance>18952.5</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19010.12</valUSD>
        <pctVal>0.0132403036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.1253899999999994</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>176000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>186792.67</valUSD>
        <pctVal>0.1300986876</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>NUSTAR LOGISTICS L 6.375%</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NUSTAR LOGISTICS L 6.375%</title>
        <cusip>67059TAH8</cusip>
        <identifiers>
          <isin value="US67059TAH86"/>
          <ticker value="NSUS"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77501.85</valUSD>
        <pctVal>0.0539790398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</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>METHANEX CORP 5.125%</name>
        <lei>549300TSJHRXT9QXRD13</lei>
        <title>METHANEX CORP 5.125%</title>
        <cusip>59151KAM0</cusip>
        <identifiers>
          <isin value="US59151KAM09"/>
          <ticker value="MXCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24975.18</valUSD>
        <pctVal>0.0173948910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125000000000</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>CATURUS ENERGY LLC 7.125%</name>
        <lei>254900LM244SIFQ1QY31</lei>
        <title>CATURUS ENERGY LLC 7.125%</title>
        <cusip>149482AA9</cusip>
        <identifiers>
          <isin value="US149482AA91"/>
          <ticker value="KTGLLC"/>
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        <balance>105000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103884.97</valUSD>
        <pctVal>0.0723545429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KEHE DISTRIBUTORS 7.125%</name>
        <lei>N/A</lei>
        <title>KEHE DISTRIBUTORS 7.125%</title>
        <cusip>487930AA7</cusip>
        <identifiers>
          <isin value="US487930AA77"/>
          <ticker value="KEHEFO"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25466.18</valUSD>
        <pctVal>0.0177368662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-30</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="25777.890000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLM CORP F2F</name>
        <lei>N/A</lei>
        <title>SLM CORP F2F</title>
        <cusip>78442PGG5</cusip>
        <identifiers>
          <isin value="US78442PGG54"/>
          <ticker value="SLM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24971.06</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>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NAVIENT CORP 9.375%</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>NAVIENT CORP 9.375%</title>
        <cusip>63938CAR9</cusip>
        <identifiers>
          <isin value="US63938CAR97"/>
          <ticker value="NAVI"/>
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        <balance>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25901.05</valUSD>
        <pctVal>0.0180397476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.375000000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHIRLPOOL CORP 7.50%</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>WHIRLPOOL CORP 7.50%</title>
        <cusip>963320BF2</cusip>
        <identifiers>
          <isin value="US963320BF20"/>
          <ticker value="WHR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25298.7</valUSD>
        <pctVal>0.0176202185</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>7.500000000000</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>144A APLD COMPU 7.0%</name>
        <lei>N/A</lei>
        <title>144A APLD COMPU 7.0%</title>
        <cusip>03790NAA5</cusip>
        <identifiers>
          <isin value="US03790NAA54"/>
          <ticker value="ELNFOR"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49897.51</valUSD>
        <pctVal>0.0347529727</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>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>CARRIAGE SERVS. INC 4.25%</name>
        <lei>N/A</lei>
        <title>CARRIAGE SERVS. INC 4.25%</title>
        <cusip>143905AP2</cusip>
        <identifiers>
          <isin value="US143905AP21"/>
          <ticker value="CSV"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23924.96</valUSD>
        <pctVal>0.0166634263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</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>RLJ LODGING TST. LP 3.75%</name>
        <lei>549300RX5I8Z6I6LDZ74</lei>
        <title>RLJ LODGING TST. LP 3.75%</title>
        <cusip>74965LAA9</cusip>
        <identifiers>
          <isin value="US74965LAA98"/>
          <ticker value="RLJ"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25000</valUSD>
        <pctVal>0.0174121778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.750000000000</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>COMSTOCK RES. INC 5.875%</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>COMSTOCK RES. INC 5.875%</title>
        <cusip>205768AT1</cusip>
        <identifiers>
          <isin value="US205768AT12"/>
          <ticker value="CRK"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>94316.7</valUSD>
        <pctVal>0.0656903661</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>5.875000000000</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>INGLES MKTS. INC 4.00%</name>
        <lei>549300XH5RYBMYP8TF26</lei>
        <title>INGLES MKTS. INC 4.00%</title>
        <cusip>457030AK0</cusip>
        <identifiers>
          <isin value="US457030AK02"/>
          <ticker value="IMKTA"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70774.83</valUSD>
        <pctVal>0.0492937571</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>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>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>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>164330.77</valUSD>
        <pctVal>0.1144542637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>FIESTA PURCHASER I 9.625%</name>
        <lei>N/A</lei>
        <title>FIESTA PURCHASER I 9.625%</title>
        <cusip>31659AAB2</cusip>
        <identifiers>
          <isin value="US31659AAB26"/>
          <ticker value="SHEARE"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24488.79</valUSD>
        <pctVal>0.0170561267</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>9.625000000000</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>RYAN SPECIALTY LLC 5.875%</name>
        <lei>549300K52N7QBO3PYY45</lei>
        <title>RYAN SPECIALTY LLC 5.875%</title>
        <cusip>78351GAA3</cusip>
        <identifiers>
          <isin value="US78351GAA31"/>
          <ticker value="RYASPE"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49192.88</valUSD>
        <pctVal>0.0342622070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ALLIANT HLDGS. INTE 6.50%</name>
        <lei>N/A</lei>
        <title>ALLIANT HLDGS. INTE 6.50%</title>
        <cusip>01883LAG8</cusip>
        <identifiers>
          <isin value="US01883LAG86"/>
          <ticker value="ALIANT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24931.43</valUSD>
        <pctVal>0.0173644197</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>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>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>87000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>86328.37</valUSD>
        <pctVal>0.0601265972</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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74287.1</valUSD>
        <pctVal>0.0517400078</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>ASCENT RES. UTICA H 9.00%</name>
        <lei>549300EGLQ2M2CL7JZ89</lei>
        <title>ASCENT RES. UTICA H 9.00%</title>
        <cusip>04364VAK9</cusip>
        <identifiers>
          <isin value="US04364VAK98"/>
          <ticker value="ASCRES"/>
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        <balance>54000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59940</valUSD>
        <pctVal>0.0417474376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</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>DISH DBS CORP 7.375%</name>
        <lei>N/A</lei>
        <title>DISH DBS CORP 7.375%</title>
        <cusip>25470XBB0</cusip>
        <identifiers>
          <isin value="US25470XBB01"/>
          <ticker value="DISH"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48005.34</valUSD>
        <pctVal>0.0334351007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>APLD COMPUTECO 2 LL 6.75%</name>
        <lei>N/A</lei>
        <title>APLD COMPUTECO 2 LL 6.75%</title>
        <cusip>03772CAA1</cusip>
        <identifiers>
          <isin value="US03772CAA18"/>
          <ticker value="PFORGE"/>
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        <balance>107000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>107384.45</valUSD>
        <pctVal>0.0747918856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="35867.320000000000"/>
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      <invstOrSec>
        <name>SKEENA RES. LTD 8.50%</name>
        <lei>549300DCWSQFVVZ21289</lei>
        <title>SKEENA RES. LTD 8.50%</title>
        <cusip>83056PAA1</cusip>
        <identifiers>
          <isin value="US83056PAA12"/>
          <ticker value="SKECN"/>
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        <balance>7000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7352.93</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PR RNO PROP. OWNER 6.50%</name>
        <lei>N/A</lei>
        <title>PR RNO PROP. OWNER 6.50%</title>
        <cusip>69393LAA1</cusip>
        <identifiers>
          <isin value="US69393LAA17"/>
          <ticker value="TRACTD"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24963.92</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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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GBL. LNG I 6.375%</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENTURE GBL. LNG I 6.375%</title>
        <cusip>92332YAG6</cusip>
        <identifiers>
          <isin value="US92332YAG61"/>
          <ticker value="VENLNG"/>
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        <balance>201000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>197535.2</valUSD>
        <pctVal>0.1375807213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</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>UNITED AIRLINES IN 4.625%</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
        <title>UNITED AIRLINES IN 4.625%</title>
        <cusip>90932LAH0</cusip>
        <identifiers>
          <isin value="US90932LAH06"/>
          <ticker value="UAL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24653.4</valUSD>
        <pctVal>0.0171707754</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>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>
      <invstOrSec>
        <name>SIRIUS XM RADIO LLC 4.00%</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRIUS XM RADIO LLC 4.00%</title>
        <cusip>82967NBJ6</cusip>
        <identifiers>
          <isin value="US82967NBJ63"/>
          <ticker value="SIRI"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73033.76</valUSD>
        <pctVal>0.0508670727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <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>ALLIANT HLDGS. INTE 6.75%</name>
        <lei>N/A</lei>
        <title>ALLIANT HLDGS. INTE 6.75%</title>
        <cusip>01883LAE3</cusip>
        <identifiers>
          <isin value="US01883LAE39"/>
          <ticker value="ALIANT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25199.67</valUSD>
        <pctVal>0.0175512454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</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>GENESIS ENERGY LP 7.875%</name>
        <lei>N/A</lei>
        <title>GENESIS ENERGY LP 7.875%</title>
        <cusip>37185LAQ5</cusip>
        <identifiers>
          <isin value="US37185LAQ59"/>
          <ticker value="GEL"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77331</valUSD>
        <pctVal>0.0538600450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</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>AVIS BUDGET CAR REN 8.25%</name>
        <lei>N/A</lei>
        <title>AVIS BUDGET CAR REN 8.25%</title>
        <cusip>053773BJ5</cusip>
        <identifiers>
          <isin value="US053773BJ51"/>
          <ticker value="CAR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25750</valUSD>
        <pctVal>0.0179345432</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>8.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="26706.770000000000"/>
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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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25333.05</valUSD>
        <pctVal>0.0176441429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASURION LLC/ ASURI 8.375%</name>
        <lei>N/A</lei>
        <title>ASURION LLC/ ASURI 8.375%</title>
        <cusip>045941AB7</cusip>
        <identifiers>
          <isin value="US045941AB79"/>
          <ticker value="ASUCOR"/>
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        <balance>131000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>121263.95</valUSD>
        <pctVal>0.0844587785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MULTI-COLOR CORP TL</name>
        <lei>N/A</lei>
        <title>MULTI-COLOR CORP TL</title>
        <cusip>LX2853070</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="4B2FNKU"/>
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        <balance>3688.46</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3688.46</valUSD>
        <pctVal>0.0025689649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.398</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>74000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73313.51</valUSD>
        <pctVal>0.0510619150</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JUPITER BORROWER INC TL</name>
        <lei>N/A</lei>
        <title>JUPITER BORROWER INC TL</title>
        <cusip>48207CAB9</cusip>
        <identifiers>
          <isin value="US48207CAB90"/>
          <ticker value="JHG"/>
          <other otherDesc="IDII" value="LX287291"/>
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        <balance>17000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16964.64</valUSD>
        <pctVal>0.0118156531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.460000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>SWORD PURCHASER LLC TL</name>
        <lei>254900S0VY2QTAITBR94</lei>
        <title>SWORD PURCHASER LLC TL</title>
        <cusip>87110SAB8</cusip>
        <identifiers>
          <isin value="US87110SAB88"/>
          <ticker value="SEE"/>
          <other otherDesc="IDII" value="LX287532"/>
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        <balance>45000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43825.95</valUSD>
        <pctVal>0.0305242094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.680000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24730.86</valUSD>
        <pctVal>0.0172247253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25269.83</valUSD>
        <pctVal>0.0176001110</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>
          <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>ALASKA AIRLINES INC 6.50%</name>
        <lei>PG4W4UTDTMMEBRGLO537</lei>
        <title>ALASKA AIRLINES INC 6.50%</title>
        <cusip>011662AJ2</cusip>
        <identifiers>
          <isin value="US011662AJ21"/>
          <ticker value="ALK"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25131.26</valUSD>
        <pctVal>0.0175035987</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>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>
        </securityLending>
      </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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        <curCd>USD</curCd>
        <valUSD>25000.4</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DISCOVERY COMMS. L 4.125%</name>
        <lei>L2Z2MO2EQURH3BREWI15</lei>
        <title>DISCOVERY COMMS. L 4.125%</title>
        <cusip>25470DCQ0</cusip>
        <identifiers>
          <isin value="US25470DCQ07"/>
          <ticker value="WBD"/>
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        <balance>14000</balance>
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        <curCd>USD</curCd>
        <valUSD>13860</valUSD>
        <pctVal>0.0096533114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TRONOX INC 4.625%</name>
        <lei>549300EPZ4YXC7E5P181</lei>
        <title>TRONOX INC 4.625%</title>
        <cusip>897051AC2</cusip>
        <identifiers>
          <isin value="US897051AC29"/>
          <ticker value="TROX"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35002.44</valUSD>
        <pctVal>0.0243787484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LCM INVS. HLDGS. I 4.875%</name>
        <lei>549300P5V78NNQTG4428</lei>
        <title>LCM INVS. HLDGS. I 4.875%</title>
        <cusip>50190EAA2</cusip>
        <identifiers>
          <isin value="US50190EAA29"/>
          <ticker value="MAGLLC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48681.23</valUSD>
        <pctVal>0.0339058494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>HILTON GRAND VACAT 4.875%</name>
        <lei>N/A</lei>
        <title>HILTON GRAND VACAT 4.875%</title>
        <cusip>43284MAB4</cusip>
        <identifiers>
          <isin value="US43284MAB46"/>
          <ticker value="HGVLLC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46997.05</valUSD>
        <pctVal>0.0327328397</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>4.875000000000</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>API GRP. DE INC 4.125%</name>
        <lei>549300XP4G7B4QYA0G83</lei>
        <title>API GRP. DE INC 4.125%</title>
        <cusip>001877AA7</cusip>
        <identifiers>
          <isin value="US001877AA71"/>
          <ticker value="APG"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47949.84</valUSD>
        <pctVal>0.0333964457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</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>PENN ENTERTAINMENT 4.125%</name>
        <lei>N/A</lei>
        <title>PENN ENTERTAINMENT 4.125%</title>
        <cusip>707569AV1</cusip>
        <identifiers>
          <isin value="US707569AV14"/>
          <ticker value="PENN"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>95879.44</valUSD>
        <pctVal>0.0667787944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="95879.440000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>CENTENE CORP 2.45%</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CENTENE CORP 2.45%</title>
        <cusip>15135BAY7</cusip>
        <identifiers>
          <isin value="US15135BAY74"/>
          <ticker value="CNC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23756.79</valUSD>
        <pctVal>0.0165462981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.450000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>GEN DIGITAL INC 6.75%</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>GEN DIGITAL INC 6.75%</title>
        <cusip>668771AK4</cusip>
        <identifiers>
          <isin value="US668771AK49"/>
          <ticker value="GEN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25075.43</valUSD>
        <pctVal>0.0174647139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-30</maturityDt>
          <couponKind>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>GARRETT MOTION HLDG 7.75%</name>
        <lei>N/A</lei>
        <title>GARRETT MOTION HLDG 7.75%</title>
        <cusip>366504AA6</cusip>
        <identifiers>
          <isin value="US366504AA61"/>
          <ticker value="GTX"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26249.73</valUSD>
        <pctVal>0.0182825987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-31</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>HILTON DOMESTIC OP 5.875%</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OP 5.875%</title>
        <cusip>432833AR2</cusip>
        <identifiers>
          <isin value="US432833AR23"/>
          <ticker value="HLT"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75686.18</valUSD>
        <pctVal>0.0527144490</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>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>SERVICE CORP INTERN 5.75%</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>SERVICE CORP INTERN 5.75%</title>
        <cusip>817565CH5</cusip>
        <identifiers>
          <isin value="US817565CH52"/>
          <ticker value="SCI"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50201.2</valUSD>
        <pctVal>0.0349644889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</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>AMYNTA AGY BOR INC TL</name>
        <lei>N/A</lei>
        <title>AMYNTA AGY BOR INC TL</title>
        <cusip>57810JAN8</cusip>
        <identifiers>
          <isin value="US57810JAN81"/>
          <ticker value="AMYNTA"/>
          <other otherDesc="IDII" value="LX282252"/>
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        <balance>8504.69</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8379.5</valUSD>
        <pctVal>0.0058362138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.170000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>CROWN AMERICAS LLC 5.875%</name>
        <lei>RPPGGRL1J75WGF2DFO04</lei>
        <title>CROWN AMERICAS LLC 5.875%</title>
        <cusip>22819CAA6</cusip>
        <identifiers>
          <isin value="US22819CAA62"/>
          <ticker value="CCK"/>
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        <balance>49000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49344.45</valUSD>
        <pctVal>0.0343677735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PECF USS INT HLD III TL</name>
        <lei>N/A</lei>
        <title>PECF USS INT HLD III TL</title>
        <cusip>LX2864366</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX286436"/>
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        <balance>5624.95</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5361.31</valUSD>
        <pctVal>0.0037340833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.25019</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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 8.875%</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UNIVISION COMMS. I 8.875%</title>
        <cusip>914906BB7</cusip>
        <identifiers>
          <isin value="US914906BB78"/>
          <ticker value="UVN"/>
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        <balance>82000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>80722.75</valUSD>
        <pctVal>0.0562223551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</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>TALEN ENERGY SUPPL 6.125%</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>TALEN ENERGY SUPPL 6.125%</title>
        <cusip>87422VAQ1</cusip>
        <identifiers>
          <isin value="US87422VAQ14"/>
          <ticker value="TLN"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100001.9</valUSD>
        <pctVal>0.0696500347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</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>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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25356.36</valUSD>
        <pctVal>0.0176603780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COREWEAVE FING DDTL V TL</name>
        <lei>213800SYIQPA3L3T1Q68</lei>
        <title>COREWEAVE FING DDTL V TL</title>
        <cusip>21882DAB6</cusip>
        <identifiers>
          <isin value="US21882DAB64"/>
          <ticker value="CRWC"/>
          <other otherDesc="IDII" value="LX289889"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25494.75</valUSD>
        <pctVal>0.0177567648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.160000000000</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>DISCOVERY GLOB HLDGS TL</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>DISCOVERY GLOB HLDGS TL</title>
        <cusip>25472YAB7</cusip>
        <identifiers>
          <isin value="US25472YAB74"/>
          <ticker value="WBD"/>
          <other otherDesc="IDII" value="LX291101"/>
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        <balance>28442.31</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28439.75</valUSD>
        <pctVal>0.0198079194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.170000000000</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>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>13000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12870.12</valUSD>
        <pctVal>0.0089638727</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>7.250000000000</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>ATI INC 5.875%</name>
        <lei>ZW1LRE7C3H17O2ZN9B45</lei>
        <title>ATI INC 5.875%</title>
        <cusip>01741RAP7</cusip>
        <identifiers>
          <isin value="US01741RAP73"/>
          <ticker value="ATI"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25347.31</valUSD>
        <pctVal>0.0176540748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUPERIOR PLUS LP / 4.50%</name>
        <lei>N/A</lei>
        <title>SUPERIOR PLUS LP / 4.50%</title>
        <cusip>86828LAC6</cusip>
        <identifiers>
          <isin value="US86828LAC63"/>
          <ticker value="SPBCN"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24241.33</valUSD>
        <pctVal>0.0168837740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIDWEST GAMING BOR 4.875%</name>
        <lei>N/A</lei>
        <title>MIDWEST GAMING BOR 4.875%</title>
        <cusip>59833DAB6</cusip>
        <identifiers>
          <isin value="US59833DAB64"/>
          <ticker value="MWGAME"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24336.28</valUSD>
        <pctVal>0.0169499054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARDAGH METAL PACKAG 4.00%</name>
        <lei>N/A</lei>
        <title>ARDAGH METAL PACKAG 4.00%</title>
        <cusip>03969YAB4</cusip>
        <identifiers>
          <isin value="US03969YAB48"/>
          <ticker value="AMPBEV"/>
        </identifiers>
        <balance>280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>266158.98</valUSD>
        <pctVal>0.1853762997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="269954.520000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>TELESAT CANADA / T 5.625%</name>
        <lei>N/A</lei>
        <title>TELESAT CANADA / T 5.625%</title>
        <cusip>87952VAR7</cusip>
        <identifiers>
          <isin value="US87952VAR78"/>
          <ticker value="TELSAT"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44500</valUSD>
        <pctVal>0.0309936766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARRIOTT OWNERSHIP 4.50%</name>
        <lei>BW4532OH033VURR0IT68</lei>
        <title>MARRIOTT OWNERSHIP 4.50%</title>
        <cusip>57164PAH9</cusip>
        <identifiers>
          <isin value="US57164PAH91"/>
          <ticker value="VAC"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24124.06</valUSD>
        <pctVal>0.0168020969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIGHT &amp; WONDER INTL 7.50%</name>
        <lei>RLTHESQ0RNFQJWPBJN60</lei>
        <title>LIGHT &amp; WONDER INTL 7.50%</title>
        <cusip>531968AA3</cusip>
        <identifiers>
          <isin value="US531968AA36"/>
          <ticker value="LNW"/>
        </identifiers>
        <balance>45000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46641.11</valUSD>
        <pctVal>0.0324849321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="47784.850000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>PBF HLDG. CO LLC / 7.875%</name>
        <lei>N/A</lei>
        <title>PBF HLDG. CO LLC / 7.875%</title>
        <cusip>69318FAL2</cusip>
        <identifiers>
          <isin value="US69318FAL22"/>
          <ticker value="PBFENE"/>
        </identifiers>
        <balance>42000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42799.22</valUSD>
        <pctVal>0.0298091052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TENNECO INC 8.00%</name>
        <lei>549300U0EXXFAQFAD785</lei>
        <title>TENNECO INC 8.00%</title>
        <cusip>880349AU9</cusip>
        <identifiers>
          <isin value="US880349AU90"/>
          <ticker value="TENINC"/>
        </identifiers>
        <balance>79000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>79494.07</valUSD>
        <pctVal>0.0553665954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-17</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRANSDIGM INC 6.625%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.625%</title>
        <cusip>893647BV8</cusip>
        <identifiers>
          <isin value="US893647BV82"/>
          <ticker value="TDG"/>
        </identifiers>
        <balance>76000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77947.19</valUSD>
        <pctVal>0.0542892134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>PERMIAN RES. OPERA 5.875%</name>
        <lei>5493004CTVUMQLRPOE23</lei>
        <title>PERMIAN RES. OPERA 5.875%</title>
        <cusip>19416MAB5</cusip>
        <identifiers>
          <isin value="US19416MAB54"/>
          <ticker value="PR"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49993.05</valUSD>
        <pctVal>0.0348195151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEWELL BRANDS INC 6.625%</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NEWELL BRANDS INC 6.625%</title>
        <cusip>651229BD7</cusip>
        <identifiers>
          <isin value="US651229BD74"/>
          <ticker value="NWL"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50834.95</valUSD>
        <pctVal>0.0354058876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLEAR CHANNEL TL</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CLEAR CHANNEL TL</title>
        <cusip>18452RAF2</cusip>
        <identifiers>
          <isin value="US18452RAF29"/>
          <ticker value="CCO"/>
          <other otherDesc="IDII" value="7S0VBZ4"/>
        </identifiers>
        <balance>88966.52</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88887.34</valUSD>
        <pctVal>0.0619088869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.590000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRUIST INSURANCE TL</name>
        <lei>N/A</lei>
        <title>TRUIST INSURANCE TL</title>
        <cusip>LX2277676</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX227767"/>
        </identifiers>
        <balance>43280</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41873.4</valUSD>
        <pctVal>0.0291642835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.48222</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>PANTHER ESCROW ISS 7.125%</name>
        <lei>N/A</lei>
        <title>PANTHER ESCROW ISS 7.125%</title>
        <cusip>69867RAA5</cusip>
        <identifiers>
          <isin value="US69867RAA59"/>
          <ticker value="TIHLLC"/>
        </identifiers>
        <balance>234000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>233253.84</valUSD>
        <pctVal>0.1624582937</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LATAM AIRLINES GRP 7.875%</name>
        <lei>549300HX3UUDPEFTG707</lei>
        <title>LATAM AIRLINES GRP 7.875%</title>
        <cusip>51817RAD8</cusip>
        <identifiers>
          <isin value="US51817RAD89"/>
          <ticker value="LTMCI"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52025</valUSD>
        <pctVal>0.0362347421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</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>NEWELL BRANDS INC 6.375%</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NEWELL BRANDS INC 6.375%</title>
        <cusip>651229BC9</cusip>
        <identifiers>
          <isin value="US651229BC91"/>
          <ticker value="NWL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25181.15</valUSD>
        <pctVal>0.0175383465</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</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>AMERICAN AIRLINES I 7.25%</name>
        <lei>N/A</lei>
        <title>AMERICAN AIRLINES I 7.25%</title>
        <cusip>023771T32</cusip>
        <identifiers>
          <isin value="US023771T329"/>
          <ticker value="AAL"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50608</valUSD>
        <pctVal>0.0352478198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="50937.890000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GBL. LNG INC F2V</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENTURE GBL. LNG INC F2V</title>
        <cusip>92332YAF8</cusip>
        <identifiers>
          <isin value="US92332YAF88"/>
          <ticker value="VENLNG"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24407.88</valUSD>
        <pctVal>0.0169997739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="24414.130000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>LIFE TIME INC 6.00%</name>
        <lei>549300PALKE96VYH4X17</lei>
        <title>LIFE TIME INC 6.00%</title>
        <cusip>53190FAE5</cusip>
        <identifiers>
          <isin value="US53190FAE51"/>
          <ticker value="LTH"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76162.3</valUSD>
        <pctVal>0.0530460605</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>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="25583.270000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>HARVEST MIDSTREAM I 7.50%</name>
        <lei>549300DW5M17KJOXCY66</lei>
        <title>HARVEST MIDSTREAM I 7.50%</title>
        <cusip>417558AB9</cusip>
        <identifiers>
          <isin value="US417558AB90"/>
          <ticker value="HARMID"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25894.2</valUSD>
        <pctVal>0.0180349766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUE RACER MIDSTREA 7.00%</name>
        <lei>N/A</lei>
        <title>BLUE RACER MIDSTREA 7.00%</title>
        <cusip>095796AJ7</cusip>
        <identifiers>
          <isin value="US095796AJ72"/>
          <ticker value="BLURAC"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25626.48</valUSD>
        <pctVal>0.0178485131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ECHOSTAR CORP PIK</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>ECHOSTAR CORP PIK</title>
        <cusip>278768AA4</cusip>
        <identifiers>
          <isin value="US278768AA44"/>
          <ticker value="ECHO"/>
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        <balance>103712</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>105433.72</valUSD>
        <pctVal>0.0734332273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-30</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XHR LP 6.625%</name>
        <lei>549300M88BPT83ZL2164</lei>
        <title>XHR LP 6.625%</title>
        <cusip>98372MAE5</cusip>
        <identifiers>
          <isin value="US98372MAE57"/>
          <ticker value="XHR"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25576.93</valUSD>
        <pctVal>0.0178140021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHINIA INC 6.625%</name>
        <lei>254900HG6MORZE1FFM18</lei>
        <title>PHINIA INC 6.625%</title>
        <cusip>71880KAB7</cusip>
        <identifiers>
          <isin value="US71880KAB70"/>
          <ticker value="PHIN"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25536.68</valUSD>
        <pctVal>0.0177859685</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>6.625000000000</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>WESCO DIST. INC 5.50%</name>
        <lei>549300I2CEZJG9N4AH67</lei>
        <title>WESCO DIST. INC 5.50%</title>
        <cusip>95081QAU8</cusip>
        <identifiers>
          <isin value="US95081QAU85"/>
          <ticker value="WCC"/>
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        <balance>28000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27698.5</valUSD>
        <pctVal>0.0192916483</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COREWEAVE INC 9.75%</name>
        <lei>984500511DP2B6186053</lei>
        <title>COREWEAVE INC 9.75%</title>
        <cusip>21873SAG3</cusip>
        <identifiers>
          <isin value="US21873SAG30"/>
          <ticker value="CRWV"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249448.5</valUSD>
        <pctVal>0.1737376657</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>9.750000000000</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>CHOBANI LLC / CHOB 6.375%</name>
        <lei>N/A</lei>
        <title>CHOBANI LLC / CHOB 6.375%</title>
        <cusip>17027NAD4</cusip>
        <identifiers>
          <isin value="US17027NAD49"/>
          <ticker value="CHBANI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25372.38</valUSD>
        <pctVal>0.0176715357</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>6.375000000000</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>WESCO DIST. INC 5.25%</name>
        <lei>549300I2CEZJG9N4AH67</lei>
        <title>WESCO DIST. INC 5.25%</title>
        <cusip>95081QAT1</cusip>
        <identifiers>
          <isin value="US95081QAT13"/>
          <ticker value="WCC"/>
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        <balance>32000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31671.62</valUSD>
        <pctVal>0.0220588752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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>TEGA MC AUSTRALIA HOLD TL</name>
        <lei>N/A</lei>
        <title>TEGA MC AUSTRALIA HOLD TL</title>
        <cusip>87901TAB9</cusip>
        <identifiers>
          <isin value="US87901TAB98"/>
          <other otherDesc="IDII" value="LX287244"/>
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        <balance>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14061.32</valUSD>
        <pctVal>0.0097935282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.16043</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEXKO GBL. INC 7.50%</name>
        <lei>549300SMZ4OV1KBH1M19</lei>
        <title>DEXKO GBL. INC 7.50%</title>
        <cusip>252142AB0</cusip>
        <identifiers>
          <isin value="US252142AB03"/>
          <ticker value="DEXAXL"/>
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        <balance>77250</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63751.52</valUSD>
        <pctVal>0.0444021121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>7.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GLB CALCA PASS TL</name>
        <lei>N/A</lei>
        <title>VENTURE GLB CALCA PASS TL</title>
        <cusip>LX2881238</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX288123"/>
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        <balance>21000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21038.01</valUSD>
        <pctVal>0.0146527029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95397</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>ACCENDRA HEALTH INC 9.00%</name>
        <lei>549300LMT5KQQXCEZ733</lei>
        <title>ACCENDRA HEALTH INC 9.00%</title>
        <cusip>690732AJ1</cusip>
        <identifiers>
          <isin value="US690732AJ10"/>
          <ticker value="ACH"/>
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        <balance>18872</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17566.81</valUSD>
        <pctVal>0.0122350568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="17642.300000000000"/>
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      <invstOrSec>
        <name>COMPASS GRP. DIVS. 5.25%</name>
        <lei>549300I6PTUQPX21TE93</lei>
        <title>COMPASS GRP. DIVS. 5.25%</title>
        <cusip>20451RAB8</cusip>
        <identifiers>
          <isin value="US20451RAB87"/>
          <ticker value="CODI"/>
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        <balance>47351</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45102.67</valUSD>
        <pctVal>0.0314134284</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>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>
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      </invstOrSec>
      <invstOrSec>
        <name>STARWOOD PROP. TST. 7.25%</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROP. TST. 7.25%</title>
        <cusip>85571BBB0</cusip>
        <identifiers>
          <isin value="US85571BBB09"/>
          <ticker value="STWD"/>
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        <balance>4000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4129.89</valUSD>
        <pctVal>0.0028764152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>ALPHA GENERATION LLC TL</name>
        <lei>254900K5V62L4YGVKF49</lei>
        <title>ALPHA GENERATION LLC TL</title>
        <cusip>02072UAC6</cusip>
        <identifiers>
          <isin value="US02072UAC62"/>
          <ticker value="ALPGEN"/>
          <other otherDesc="IDII" value="7TC05K9"/>
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        <balance>49125</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48624.42</valUSD>
        <pctVal>0.0338662819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-19</maturityDt>
          <couponKind>Floating</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>NRG ENERGY INC 6.125%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 6.125%</title>
        <cusip>629377DG4</cusip>
        <identifiers>
          <isin value="US629377DG42"/>
          <ticker value="NRG"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25011.58</valUSD>
        <pctVal>0.0174202432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</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>CORE SCIENTIFIC FIN 7.75%</name>
        <lei>N/A</lei>
        <title>CORE SCIENTIFIC FIN 7.75%</title>
        <cusip>21874LAA0</cusip>
        <identifiers>
          <isin value="US21874LAA08"/>
          <ticker value="CORZ"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101405.58</valUSD>
        <pctVal>0.0706276797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.750000000000</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>KRAKEN OIL &amp; GAS P 7.125%</name>
        <lei>549300DR5HSL4YAU3X12</lei>
        <title>KRAKEN OIL &amp; GAS P 7.125%</title>
        <cusip>50076PAB4</cusip>
        <identifiers>
          <isin value="US50076PAB40"/>
          <ticker value="KRAOIG"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24444.06</valUSD>
        <pctVal>0.0170249728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</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>STINGRAY COMPUTE LL 6.00%</name>
        <lei>N/A</lei>
        <title>STINGRAY COMPUTE LL 6.00%</title>
        <cusip>86083AAA4</cusip>
        <identifiers>
          <isin value="US86083AAA43"/>
          <ticker value="STNGRY"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25049.33</valUSD>
        <pctVal>0.0174465355</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>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>NOVA CHEMS. CORP 4.25%</name>
        <lei>549300ZOD6N7RI2FJP09</lei>
        <title>NOVA CHEMS. CORP 4.25%</title>
        <cusip>66977WAS8</cusip>
        <identifiers>
          <isin value="US66977WAS89"/>
          <ticker value="NCX"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24311.69</valUSD>
        <pctVal>0.0169327788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</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>SCIH SALT HLDGS. I 6.625%</name>
        <lei>N/A</lei>
        <title>SCIH SALT HLDGS. I 6.625%</title>
        <cusip>78433BAB4</cusip>
        <identifiers>
          <isin value="US78433BAB45"/>
          <ticker value="MORTON"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74348.66</valUSD>
        <pctVal>0.0517828836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</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>
      <invstOrSec>
        <name>CENTRAL GARDEN &amp; P 4.125%</name>
        <lei>5493004DVZLD37DJ0H83</lei>
        <title>CENTRAL GARDEN &amp; P 4.125%</title>
        <cusip>153527AP1</cusip>
        <identifiers>
          <isin value="US153527AP10"/>
          <ticker value="CENT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23597.07</valUSD>
        <pctVal>0.0164350552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</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>MAVIS TIRE EXPRESS 6.50%</name>
        <lei>254900NVDM4GTLBL9E56</lei>
        <title>MAVIS TIRE EXPRESS 6.50%</title>
        <cusip>59155LAA0</cusip>
        <identifiers>
          <isin value="US59155LAA08"/>
          <ticker value="EOCGRO"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24893.8</valUSD>
        <pctVal>0.0173382109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ICAHN ENTS. LP / I 4.375%</name>
        <lei>N/A</lei>
        <title>ICAHN ENTS. LP / I 4.375%</title>
        <cusip>451102CC9</cusip>
        <identifiers>
          <isin value="US451102CC97"/>
          <ticker value="IEP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21352.32</valUSD>
        <pctVal>0.0148716157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</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>PERFORMANCE FOOD GR 4.25%</name>
        <lei>549300EUK8GR9IT1YK57</lei>
        <title>PERFORMANCE FOOD GR 4.25%</title>
        <cusip>71376LAE0</cusip>
        <identifiers>
          <isin value="US71376LAE02"/>
          <ticker value="PFGC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48533.29</valUSD>
        <pctVal>0.0338028111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</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>ALLY FINL. INC 6.70%</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY FINL. INC 6.70%</title>
        <cusip>02005NBS8</cusip>
        <identifiers>
          <isin value="US02005NBS80"/>
          <ticker value="ALLY"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51466.54</valUSD>
        <pctVal>0.0358457819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.700000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EQUIPMENTSHARE.COM 8.00%</name>
        <lei>254900PWJK48CGPKPI80</lei>
        <title>EQUIPMENTSHARE.COM 8.00%</title>
        <cusip>29450YAC3</cusip>
        <identifiers>
          <isin value="US29450YAC30"/>
          <ticker value="EQMSRM"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51186.71</valUSD>
        <pctVal>0.0356508839</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>8.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="52386.710000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>MATADOR RES. CO 6.00%</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>MATADOR RES. CO 6.00%</title>
        <cusip>576485AJ5</cusip>
        <identifiers>
          <isin value="US576485AJ51"/>
          <ticker value="MTDR"/>
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        <balance>41000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39971.27</valUSD>
        <pctVal>0.0278394745</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>
          <areIntrstPmntsInArrs>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>BCPE EMPIRE HOLDINGS TL</name>
        <lei>N/A</lei>
        <title>BCPE EMPIRE HOLDINGS TL</title>
        <cusip>05550HAT2</cusip>
        <identifiers>
          <isin value="US05550HAT23"/>
          <other otherDesc="IDII" value="LX287074"/>
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        <balance>59850</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59052.2</valUSD>
        <pctVal>0.0411290963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.14392</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLY FINL. INC F2V</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY FINL. INC F2V</title>
        <cusip>02005NCB4</cusip>
        <identifiers>
          <isin value="US02005NCB47"/>
          <ticker value="ALLY"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25337.43</valUSD>
        <pctVal>0.0176471935</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>7.100000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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 6.875%</name>
        <lei>N/A</lei>
        <title>DELEK LOGISTICS PA 6.875%</title>
        <cusip>24665FAG7</cusip>
        <identifiers>
          <isin value="US24665FAG72"/>
          <ticker value="DKL"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49764.26</valUSD>
        <pctVal>0.0346601658</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>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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25659.47</valUSD>
        <pctVal>0.0178714902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-15</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>
      <invstOrSec>
        <name>PODS LLC 8.75%</name>
        <lei>984500EC4ZCD5U1SDF04</lei>
        <title>PODS LLC 8.75%</title>
        <cusip>69413FAA0</cusip>
        <identifiers>
          <isin value="US69413FAA03"/>
          <ticker value="PODLLC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48853.64</valUSD>
        <pctVal>0.0340259307</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>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>155000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>139089.25</valUSD>
        <pctVal>0.0968738703</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>NCL FIN. LTD 6.125%</name>
        <lei>N/A</lei>
        <title>NCL FIN. LTD 6.125%</title>
        <cusip>62888HAA7</cusip>
        <identifiers>
          <isin value="US62888HAA77"/>
          <ticker value="NCLH"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25190.68</valUSD>
        <pctVal>0.0175449840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</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>UNITI GRP. LP / UNI 4.75%</name>
        <lei>N/A</lei>
        <title>UNITI GRP. LP / UNI 4.75%</title>
        <cusip>91327BAB6</cusip>
        <identifiers>
          <isin value="US91327BAB62"/>
          <ticker value="UNIT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24919.64</valUSD>
        <pctVal>0.0173562081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>CSC HOLDINGS LLC 4.50%</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC HOLDINGS LLC 4.50%</title>
        <cusip>126307BH9</cusip>
        <identifiers>
          <isin value="US126307BH94"/>
          <ticker value="CSCHLD"/>
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        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>236347.95</valUSD>
        <pctVal>0.1646133015</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>4.500000000000</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>ALLIED UNIVERSAL HO 6.00%</name>
        <lei>N/A</lei>
        <title>ALLIED UNIVERSAL HO 6.00%</title>
        <cusip>019576AC1</cusip>
        <identifiers>
          <isin value="US019576AC18"/>
          <ticker value="UNSEAM"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>199119.36</valUSD>
        <pctVal>0.1386840683</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="200119.340000000000"/>
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      <invstOrSec>
        <name>VISTRA OPERATIONS 4.375%</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VISTRA OPERATIONS 4.375%</title>
        <cusip>92840VAH5</cusip>
        <identifiers>
          <isin value="US92840VAH50"/>
          <ticker value="VST"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24562.01</valUSD>
        <pctVal>0.0171071234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="24747.340000000000"/>
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      <invstOrSec>
        <name>LGI HOMES INC 4.00%</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC 4.00%</title>
        <cusip>50187TAF3</cusip>
        <identifiers>
          <isin value="US50187TAF30"/>
          <ticker value="LGIH"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23295.2</valUSD>
        <pctVal>0.0162248066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>AHP HEALTH PARTNERS 5.75%</name>
        <lei>549300QMM8MQ6SM5KX05</lei>
        <title>AHP HEALTH PARTNERS 5.75%</title>
        <cusip>00150LAB7</cusip>
        <identifiers>
          <isin value="US00150LAB71"/>
          <ticker value="ARDT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24687.86</valUSD>
        <pctVal>0.0171947764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RAND PARENT LLC 8.50%</name>
        <lei>N/A</lei>
        <title>RAND PARENT LLC 8.50%</title>
        <cusip>753272AA1</cusip>
        <identifiers>
          <isin value="US753272AA11"/>
          <ticker value="AAWW"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25896.15</valUSD>
        <pctVal>0.0180363348</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>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>PG&amp;E CORP F2V</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PG&amp;E CORP F2V</title>
        <cusip>69331CAM0</cusip>
        <identifiers>
          <isin value="US69331CAM01"/>
          <ticker value="PCG"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101898.2</valUSD>
        <pctVal>0.0709707832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>WYNN RESORTS FIN. L 6.25%</name>
        <lei>N/A</lei>
        <title>WYNN RESORTS FIN. L 6.25%</title>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>LSF12 HELIX PARENT 7.125%</name>
        <lei>254900H70V4IL22BHL88</lei>
        <title>LSF12 HELIX PARENT 7.125%</title>
        <cusip>548916AA3</cusip>
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          <ticker value="HI"/>
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        <curCd>USD</curCd>
        <valUSD>96821.5</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOMBARDIER INC 5.875%</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC 5.875%</title>
        <cusip>097751CE9</cusip>
        <identifiers>
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          <ticker value="BBDBCN"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25092.55</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NISSAN MOTOR ACCEP 5.625%</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
        <title>NISSAN MOTOR ACCEP 5.625%</title>
        <cusip>65480CAK1</cusip>
        <identifiers>
          <isin value="US65480CAK18"/>
          <ticker value="NSANY"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24942.67</valUSD>
        <pctVal>0.0173722482</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TMS INTL. CORP/DE 6.25%</name>
        <lei>549300L4K0F1YF8WKF23</lei>
        <title>TMS INTL. CORP/DE 6.25%</title>
        <cusip>87261QAC7</cusip>
        <identifiers>
          <isin value="US87261QAC78"/>
          <ticker value="TMS"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25016.63</valUSD>
        <pctVal>0.0174237604</pctVal>
        <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>
          <annualizedRt>6.250000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNIVISION COMMS. IN 4.50%</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UNIVISION COMMS. IN 4.50%</title>
        <cusip>914906AV4</cusip>
        <identifiers>
          <isin value="US914906AV42"/>
          <ticker value="UVN"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>95491.9</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>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</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>CONSTELLATION ENERG 5.00%</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
        <title>CONSTELLATION ENERG 5.00%</title>
        <cusip>210385AJ9</cusip>
        <identifiers>
          <isin value="US210385AJ90"/>
          <ticker value="CEG"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99972.27</valUSD>
        <pctVal>0.0696293978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74287.1</valUSD>
        <pctVal>0.0517400078</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>
        <name>IMOLA MERGER CORP 4.75%</name>
        <lei>549300KJMEWPKRQZHX63</lei>
        <title>IMOLA MERGER CORP 4.75%</title>
        <cusip>45258LAA5</cusip>
        <identifiers>
          <isin value="US45258LAA52"/>
          <ticker value="IM"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>196421.6</valUSD>
        <pctVal>0.1368051132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>S&amp;S HLDGS. LLC 8.375%</name>
        <lei>25490047QJT06H3Z7U34</lei>
        <title>S&amp;S HLDGS. LLC 8.375%</title>
        <cusip>78525CAA3</cusip>
        <identifiers>
          <isin value="US78525CAA36"/>
          <ticker value="SSACTI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23656.83</valUSD>
        <pctVal>0.0164766772</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>
          <annualizedRt>8.375000000000</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>
      <invstOrSec>
        <name>PEBBLEBROOK HOTEL 6.375%</name>
        <lei>N/A</lei>
        <title>PEBBLEBROOK HOTEL 6.375%</title>
        <cusip>70510LAA7</cusip>
        <identifiers>
          <isin value="US70510LAA70"/>
          <ticker value="PEB"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25426.25</valUSD>
        <pctVal>0.0177090555</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>6.375000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24696.68</valUSD>
        <pctVal>0.0172009194</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>
        <name>MINERAL RES. LTD 7.00%</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>MINERAL RES. LTD 7.00%</title>
        <cusip>603051AF0</cusip>
        <identifiers>
          <isin value="US603051AF02"/>
          <ticker value="MINAU"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25877.68</valUSD>
        <pctVal>0.0180234706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        <name>AMN HEALTHCARE INC 6.50%</name>
        <lei>549300H27NUKBFFQEE84</lei>
        <title>AMN HEALTHCARE INC 6.50%</title>
        <cusip>00175PAD5</cusip>
        <identifiers>
          <isin value="US00175PAD50"/>
          <ticker value="AMN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25152.03</valUSD>
        <pctVal>0.0175180648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="26361.740000000000"/>
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      <invstOrSec>
        <name>GOODYEAR TIRE &amp; RU 5.625%</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>GOODYEAR TIRE &amp; RU 5.625%</title>
        <cusip>382550BK6</cusip>
        <identifiers>
          <isin value="US382550BK68"/>
          <ticker value="GT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21780.71</valUSD>
        <pctVal>0.0151699838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-30</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="22022.900000000000"/>
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      <invstOrSec>
        <name>CENTRAL GARDEN &amp; P 4.125%</name>
        <lei>5493004DVZLD37DJ0H83</lei>
        <title>CENTRAL GARDEN &amp; P 4.125%</title>
        <cusip>153527AN6</cusip>
        <identifiers>
          <isin value="US153527AN61"/>
          <ticker value="CENT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23839.61</valUSD>
        <pctVal>0.0166039812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="24060.180000000000"/>
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      <invstOrSec>
        <name>HILTON DOMESTIC OPE 4.00%</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OPE 4.00%</title>
        <cusip>432833AL5</cusip>
        <identifiers>
          <isin value="US432833AL52"/>
          <ticker value="HLT"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>94510.5</valUSD>
        <pctVal>0.0658253453</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POST HLDGS. INC 6.25%</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST HLDGS. INC 6.25%</title>
        <cusip>737446AX2</cusip>
        <identifiers>
          <isin value="US737446AX26"/>
          <ticker value="POST"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24563.85</valUSD>
        <pctVal>0.0171084050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US FOODS INC 5.75%</name>
        <lei>5493000JOOFAOUY1JZ87</lei>
        <title>US FOODS INC 5.75%</title>
        <cusip>90290MAJ0</cusip>
        <identifiers>
          <isin value="US90290MAJ09"/>
          <ticker value="USFOOD"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50068.1</valUSD>
        <pctVal>0.0348717864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</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>FORTRESS TRANSPORT 5.875%</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>FORTRESS TRANSPORT 5.875%</title>
        <cusip>34960PAH4</cusip>
        <identifiers>
          <isin value="US34960PAH47"/>
          <ticker value="FTAI"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49951.08</valUSD>
        <pctVal>0.0347902835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</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>AZORRA FIN. LTD 7.75%</name>
        <lei>254900MC1HXDAVUUP395</lei>
        <title>AZORRA FIN. LTD 7.75%</title>
        <cusip>05480AAA3</cusip>
        <identifiers>
          <isin value="US05480AAA34"/>
          <ticker value="AZORRA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25930.55</valUSD>
        <pctVal>0.0180602939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</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>APH SOMERSET INVST 7.875%</name>
        <lei>N/A</lei>
        <title>APH SOMERSET INVST 7.875%</title>
        <cusip>00188QAA4</cusip>
        <identifiers>
          <isin value="US00188QAA40"/>
          <ticker value="AQUARI"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50630</valUSD>
        <pctVal>0.0352631426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</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>P&amp;L DEV. LLC / PLD FI PIK</name>
        <lei>549300TSXG3VFTR8PB29</lei>
        <title>P&amp;L DEV. LLC / PLD FI PIK</title>
        <cusip>69306RAB2</cusip>
        <identifiers>
          <isin value="US69306RAB24"/>
          <ticker value="PLDEVE"/>
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        <balance>41108</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40122.64</valUSD>
        <pctVal>0.0279449017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.5</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>ECHOSTAR CORP 10.75%</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>ECHOSTAR CORP 10.75%</title>
        <cusip>278768AC0</cusip>
        <identifiers>
          <isin value="US278768AC00"/>
          <ticker value="ECHO"/>
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        <balance>175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>189108.42</valUSD>
        <pctVal>0.1317115776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.750000000000</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>CHEMOURS CO/THE 8.00%</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO/THE 8.00%</title>
        <cusip>163851AJ7</cusip>
        <identifiers>
          <isin value="US163851AJ70"/>
          <ticker value="CC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25319.4</valUSD>
        <pctVal>0.0176346358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</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>CHEMOURS CO/THE 7.875%</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO/THE 7.875%</title>
        <cusip>163851AL2</cusip>
        <identifiers>
          <isin value="US163851AL27"/>
          <ticker value="CC"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75365.63</valUSD>
        <pctVal>0.0524911901</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>7.875000000000</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>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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75292.34</valUSD>
        <pctVal>0.0524401446</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>
          <areIntrstPmntsInArrs>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>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>139430.87</valUSD>
        <pctVal>0.0971118042</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>PRAIRIE ACQUIROR LP 9.00%</name>
        <lei>254900Q6KU2LVSIISH22</lei>
        <title>PRAIRIE ACQUIROR LP 9.00%</title>
        <cusip>73943NAA4</cusip>
        <identifiers>
          <isin value="US73943NAA46"/>
          <ticker value="TGE"/>
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        <balance>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27006.51</valUSD>
        <pctVal>0.0188096862</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>9.000000000000</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>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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46626.73</valUSD>
        <pctVal>0.0324749166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>NRG ENERGY INC 5.75%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 5.75%</title>
        <cusip>629377CY6</cusip>
        <identifiers>
          <isin value="US629377CY66"/>
          <ticker value="NRG"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>125028.5</valUSD>
        <pctVal>0.0870807391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CHORD ENERGY CORP 6.00%</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
        <title>CHORD ENERGY CORP 6.00%</title>
        <cusip>674215AQ1</cusip>
        <identifiers>
          <isin value="US674215AQ11"/>
          <ticker value="CHRD"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25105.6</valUSD>
        <pctVal>0.0174857269</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>6.000000000000</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>SOLSTICE ADVANCED 5.625%</name>
        <lei>2138004GZ4H9TW6HK435</lei>
        <title>SOLSTICE ADVANCED 5.625%</title>
        <cusip>83443QAA1</cusip>
        <identifiers>
          <isin value="US83443QAA13"/>
          <ticker value="SOLADV"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24844.54</valUSD>
        <pctVal>0.0173039020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-30</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>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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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MERIDIAN ARC HOLDCO 6.25%</name>
        <lei>N/A</lei>
        <title>MERIDIAN ARC HOLDCO 6.25%</title>
        <cusip>58990CAA1</cusip>
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          <isin value="US58990CAA18"/>
          <ticker value="MERIDI"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CENTENE CORP 4.625%</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CENTENE CORP 4.625%</title>
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          <ticker value="CNC"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 4.25%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.25%</title>
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      <invstOrSec>
        <name>NORTHERN OIL &amp; GAS 7.875%</name>
        <lei>OKFF0PIZDDMNH4UCYE51</lei>
        <title>NORTHERN OIL &amp; GAS 7.875%</title>
        <cusip>665531AL3</cusip>
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          <ticker value="NOG"/>
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        <curCd>USD</curCd>
        <valUSD>74522.99</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <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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        <curCd>USD</curCd>
        <valUSD>24640.8</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>DARLING INGREDIENTS 6.00%</name>
        <lei>L1N0SPPKS7EXZYUMZ898</lei>
        <title>DARLING INGREDIENTS 6.00%</title>
        <cusip>237266AJ0</cusip>
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          <isin value="US237266AJ06"/>
          <ticker value="DAR"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25163.88</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>6.000000000000</annualizedRt>
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      <invstOrSec>
        <name>DREAM FINDERS HOMES 8.25%</name>
        <lei>N/A</lei>
        <title>DREAM FINDERS HOMES 8.25%</title>
        <cusip>26154DAA8</cusip>
        <identifiers>
          <isin value="US26154DAA81"/>
          <ticker value="DFH"/>
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        <balance>21000</balance>
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        <curCd>USD</curCd>
        <valUSD>21472.92</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>8.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AAR ESCROW ISSUER L 6.75%</name>
        <lei>MP76T5YQX3YK5VVAQ802</lei>
        <title>AAR ESCROW ISSUER L 6.75%</title>
        <cusip>00253PAA6</cusip>
        <identifiers>
          <isin value="US00253PAA66"/>
          <ticker value="AIR"/>
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        <balance>27000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27583.82</valUSD>
        <pctVal>0.0192117752</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COTIVITI HLDGS INC TL</name>
        <lei>N/A</lei>
        <title>COTIVITI HLDGS INC TL</title>
        <cusip>22164MAD9</cusip>
        <identifiers>
          <isin value="US22164MAD92"/>
          <ticker value="VCVHHO"/>
          <other otherDesc="IDII" value="LX227236"/>
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        <balance>280847</balance>
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        <curCd>USD</curCd>
        <valUSD>261889.83</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.330000000000</annualizedRt>
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      <invstOrSec>
        <name>CLEAR CHANNEL OUTD 7.875%</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CLEAR CHANNEL OUTD 7.875%</title>
        <cusip>18453HAF3</cusip>
        <identifiers>
          <isin value="US18453HAF38"/>
          <ticker value="CCO"/>
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        <balance>178000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>185418.51</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>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>USA COMPRESSION PA 7.125%</name>
        <lei>N/A</lei>
        <title>USA COMPRESSION PA 7.125%</title>
        <cusip>91740PAG3</cusip>
        <identifiers>
          <isin value="US91740PAG37"/>
          <ticker value="USAC"/>
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        <balance>21000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21511.12</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <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>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99687.41</valUSD>
        <pctVal>0.0694309964</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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          <isLoanByFund>N</isLoanByFund>
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        <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>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99219.14</valUSD>
        <pctVal>0.0691048524</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>5.750000000000</annualizedRt>
          <isDefault>N</isDefault>
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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>
      <invstOrSec>
        <name>BAUSCH HEALTH COS I 5.25%</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS I 5.25%</title>
        <cusip>071734AL1</cusip>
        <identifiers>
          <isin value="US071734AL17"/>
          <ticker value="BHCCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14760.32</valUSD>
        <pctVal>0.0102803727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
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      </invstOrSec>
      <invstOrSec>
        <name>MPT OPERATING P/SHI 3.50%</name>
        <lei>N/A</lei>
        <title>MPT OPERATING P/SHI 3.50%</title>
        <cusip>55342UAM6</cusip>
        <identifiers>
          <isin value="US55342UAM62"/>
          <ticker value="MPW"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34382.96</valUSD>
        <pctVal>0.0239472886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.500000000000</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>CRESCENT ENERGY FI 7.625%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>CRESCENT ENERGY FI 7.625%</title>
        <cusip>45344LAD5</cusip>
        <identifiers>
          <isin value="US45344LAD55"/>
          <ticker value="CRGYFN"/>
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        <balance>46000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46370.9</valUSD>
        <pctVal>0.0322967343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.625000000000</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>ESAB CORP 6.25%</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
        <title>ESAB CORP 6.25%</title>
        <cusip>29605JAA4</cusip>
        <identifiers>
          <isin value="US29605JAA43"/>
          <ticker value="ESAB"/>
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        <balance>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26380.15</valUSD>
        <pctVal>0.0183734345</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>6.250000000000</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>ASCENT RES. UTICA 6.625%</name>
        <lei>N/A</lei>
        <title>ASCENT RES. UTICA 6.625%</title>
        <cusip>04364VAX1</cusip>
        <identifiers>
          <isin value="US04364VAX10"/>
          <ticker value="ASCRES"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25312.33</valUSD>
        <pctVal>0.0176297117</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>6.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49036.43</valUSD>
        <pctVal>0.0341532416</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>9.750000000000</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>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>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97742.07</valUSD>
        <pctVal>0.0680760922</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>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>GREAT CANADIAN GAMI 8.75%</name>
        <lei>549300FU60SSFLTE0M84</lei>
        <title>GREAT CANADIAN GAMI 8.75%</title>
        <cusip>389925AA6</cusip>
        <identifiers>
          <isin value="US389925AA64"/>
          <ticker value="GCCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25012.2</valUSD>
        <pctVal>0.0174206750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</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>LGI HOMES INC 7.00%</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC 7.00%</title>
        <cusip>50187TAK2</cusip>
        <identifiers>
          <isin value="US50187TAK25"/>
          <ticker value="LGIH"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24843.97</valUSD>
        <pctVal>0.0173035050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="25072.440000000000"/>
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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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24768.08</valUSD>
        <pctVal>0.0172506485</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>COREWEAVE INC 9.625%</name>
        <lei>984500511DP2B6186053</lei>
        <title>COREWEAVE INC 9.625%</title>
        <cusip>21873SAK4</cusip>
        <identifiers>
          <isin value="US21873SAK42"/>
          <ticker value="CRWV"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73878.74</valUSD>
        <pctVal>0.0514555904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.625000000000</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>AVANTOR FNDG. INC 4.625%</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>AVANTOR FNDG. INC 4.625%</title>
        <cusip>05352TAA7</cusip>
        <identifiers>
          <isin value="US05352TAA79"/>
          <ticker value="AVTR"/>
        </identifiers>
        <balance>4000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3958.01</valUSD>
        <pctVal>0.0027567030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4043.830000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>PLAYTIKA HLDG. CORP 4.25%</name>
        <lei>254900E35Z4TKA4UFG64</lei>
        <title>PLAYTIKA HLDG. CORP 4.25%</title>
        <cusip>72815LAA5</cusip>
        <identifiers>
          <isin value="US72815LAA52"/>
          <ticker value="PLTK"/>
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        <balance>21000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18795</valUSD>
        <pctVal>0.0130904753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="19062.750000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>MURPHY OIL CORP 6.00%</name>
        <lei>QBKYQD0ODE7DC7PDIN91</lei>
        <title>MURPHY OIL CORP 6.00%</title>
        <cusip>626717AP7</cusip>
        <identifiers>
          <isin value="US626717AP72"/>
          <ticker value="MUR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24899.84</valUSD>
        <pctVal>0.0173424177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="25279.000000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>ALPHA GENERATION LL 6.75%</name>
        <lei>254900K5V62L4YGVKF49</lei>
        <title>ALPHA GENERATION LL 6.75%</title>
        <cusip>02073LAA9</cusip>
        <identifiers>
          <isin value="US02073LAA98"/>
          <ticker value="ALPGEN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50920.2</valUSD>
        <pctVal>0.0354652631</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>6.750000000000</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>BEAZER HOMES USA IN 8.00%</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>BEAZER HOMES USA IN 8.00%</title>
        <cusip>07556QBV6</cusip>
        <identifiers>
          <isin value="US07556QBV68"/>
          <ticker value="BZH"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25067.18</valUSD>
        <pctVal>0.0174589678</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>8.000000000000</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>MURPHY OIL CORP 6.50%</name>
        <lei>QBKYQD0ODE7DC7PDIN91</lei>
        <title>MURPHY OIL CORP 6.50%</title>
        <cusip>626717AQ5</cusip>
        <identifiers>
          <isin value="US626717AQ55"/>
          <ticker value="MUR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24766.51</valUSD>
        <pctVal>0.0172495551</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HA SUSTBL. INFRA. CAP F2V</name>
        <lei>254900ZZRL7MWL1X8E92</lei>
        <title>HA SUSTBL. INFRA. CAP F2V</title>
        <cusip>41068XAH3</cusip>
        <identifiers>
          <isin value="US41068XAH35"/>
          <ticker value="HASI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25379.03</valUSD>
        <pctVal>0.0176761673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTENE CORP 3.375%</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CENTENE CORP 3.375%</title>
        <cusip>15135BAV3</cusip>
        <identifiers>
          <isin value="US15135BAV36"/>
          <ticker value="CNC"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46599.2</valUSD>
        <pctVal>0.0324557423</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>3.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ON SEMICON. CORP 0.50%</name>
        <lei>ZV20P4CNJVT8V1ZGJ064</lei>
        <title>ON SEMICON. CORP 0.50%</title>
        <cusip>682189AU9</cusip>
        <identifiers>
          <isin value="US682189AU93"/>
          <ticker value="ON"/>
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        <balance>48000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>57840</valUSD>
        <pctVal>0.0402848146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26000.15</valUSD>
        <pctVal>0.0181087694</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>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>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>131819.38</valUSD>
        <pctVal>0.0918104995</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>STARWOOD PROP. TST. 6.00%</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROP. TST. 6.00%</title>
        <cusip>85571BBC8</cusip>
        <identifiers>
          <isin value="US85571BBC81"/>
          <ticker value="STWD"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50182.1</valUSD>
        <pctVal>0.0349511860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</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>CLEVELAND-CLIFFS I 7.375%</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS I 7.375%</title>
        <cusip>185899AR2</cusip>
        <identifiers>
          <isin value="US185899AR28"/>
          <ticker value="CLF"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49974.96</valUSD>
        <pctVal>0.0348069156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</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>ICAHN ENTS. LP / I 10.00%</name>
        <lei>N/A</lei>
        <title>ICAHN ENTS. LP / I 10.00%</title>
        <cusip>451102CK1</cusip>
        <identifiers>
          <isin value="US451102CK14"/>
          <ticker value="IEP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24655.39</valUSD>
        <pctVal>0.0171721614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.000000000000</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>NRG ENERGY INC 5.875%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 5.875%</title>
        <cusip>629377DF6</cusip>
        <identifiers>
          <isin value="US629377DF68"/>
          <ticker value="NRG"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49737</valUSD>
        <pctVal>0.0346411796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</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>TALEN ENERGY SUPPL 6.375%</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>TALEN ENERGY SUPPL 6.375%</title>
        <cusip>87422VAP3</cusip>
        <identifiers>
          <isin value="US87422VAP31"/>
          <ticker value="TLN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24968.45</valUSD>
        <pctVal>0.0173902037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</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>PATTERN ENERGY OPER 4.50%</name>
        <lei>N/A</lei>
        <title>PATTERN ENERGY OPER 4.50%</title>
        <cusip>70339PAA7</cusip>
        <identifiers>
          <isin value="US70339PAA75"/>
          <ticker value="PEGI"/>
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        <balance>8000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7832.97</valUSD>
        <pctVal>0.0054555627</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>4.500000000000</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>VITAL ENERGY INC 7.875%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>VITAL ENERGY INC 7.875%</title>
        <cusip>516806AK2</cusip>
        <identifiers>
          <isin value="US516806AK23"/>
          <ticker value="CRGYFN"/>
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        <balance>41000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41513.94</valUSD>
        <pctVal>0.0289139242</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>7.875000000000</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>GGAM FIN. LTD 6.875%</name>
        <lei>254900X2QXEN0FVXRF65</lei>
        <title>GGAM FIN. LTD 6.875%</title>
        <cusip>36170JAD8</cusip>
        <identifiers>
          <isin value="US36170JAD81"/>
          <ticker value="GGAMFI"/>
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        <balance>4000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4087.21</valUSD>
        <pctVal>0.0028466891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</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>
      <invstOrSec>
        <name>CLEVELAND-CLIFFS I 6.875%</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS I 6.875%</title>
        <cusip>185899AQ4</cusip>
        <identifiers>
          <isin value="US185899AQ45"/>
          <ticker value="CLF"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25219.61</valUSD>
        <pctVal>0.0175651334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</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>VIKING BAKED GOODS 8.625%</name>
        <lei>254900DBFD2H1FJK0893</lei>
        <title>VIKING BAKED GOODS 8.625%</title>
        <cusip>92676AAA5</cusip>
        <identifiers>
          <isin value="US92676AAA51"/>
          <ticker value="RISBAK"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50540.3</valUSD>
        <pctVal>0.0352006677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>8.625000000000</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>NEWELL BRANDS INC 6.375%</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NEWELL BRANDS INC 6.375%</title>
        <cusip>651229BF2</cusip>
        <identifiers>
          <isin value="US651229BF23"/>
          <ticker value="NWL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25339.93</valUSD>
        <pctVal>0.0176489347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="25548.000000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>MAGNOLIA OIL &amp; GAS 6.875%</name>
        <lei>N/A</lei>
        <title>MAGNOLIA OIL &amp; GAS 6.875%</title>
        <cusip>559665AB0</cusip>
        <identifiers>
          <isin value="US559665AB08"/>
          <ticker value="MGY"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50908.15</valUSD>
        <pctVal>0.0354568704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24372.73</valUSD>
        <pctVal>0.0169752924</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>
          <areIntrstPmntsInArrs>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>MINERAL RES. LTD 6.25%</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>MINERAL RES. LTD 6.25%</title>
        <cusip>603051AH6</cusip>
        <identifiers>
          <isin value="US603051AH67"/>
          <ticker value="MINAU"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24582.41</valUSD>
        <pctVal>0.0171213318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRIFFON CORP 5.75%</name>
        <lei>5493000C2SGNC7ZN3242</lei>
        <title>GRIFFON CORP 5.75%</title>
        <cusip>398433AP7</cusip>
        <identifiers>
          <isin value="US398433AP71"/>
          <ticker value="GFF"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100010.9</valUSD>
        <pctVal>0.0696563031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COMSTOCK RES. INC 6.75%</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>COMSTOCK RES. INC 6.75%</title>
        <cusip>205768AS3</cusip>
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          <isin value="US205768AS39"/>
          <ticker value="CRK"/>
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        <curCd>USD</curCd>
        <valUSD>74836</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PARK INTERMEDIATE 4.875%</name>
        <lei>N/A</lei>
        <title>PARK INTERMEDIATE 4.875%</title>
        <cusip>70052LAC7</cusip>
        <identifiers>
          <isin value="US70052LAC72"/>
          <ticker value="PK"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48888.61</valUSD>
        <pctVal>0.0340502869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PARK RIVER HLDGS. I 8.00%</name>
        <lei>254900PGY077KWCROT75</lei>
        <title>PARK RIVER HLDGS. I 8.00%</title>
        <cusip>70082LAC1</cusip>
        <identifiers>
          <isin value="US70082LAC19"/>
          <ticker value="PRIMBP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25218.2</valUSD>
        <pctVal>0.0175641513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>STATION CASINOS LL 6.625%</name>
        <lei>5493004E7Q60TX54WL62</lei>
        <title>STATION CASINOS LL 6.625%</title>
        <cusip>857691AJ8</cusip>
        <identifiers>
          <isin value="US857691AJ89"/>
          <ticker value="RRR"/>
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        <balance>12000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12186.9</valUSD>
        <pctVal>0.0084880188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLUE RACER MIDSTREA 7.25%</name>
        <lei>N/A</lei>
        <title>BLUE RACER MIDSTREA 7.25%</title>
        <cusip>095796AK4</cusip>
        <identifiers>
          <isin value="US095796AK46"/>
          <ticker value="BLURAC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25863.83</valUSD>
        <pctVal>0.0180138243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>
      <invstOrSec>
        <name>MATIV HLDGS. INC 8.00%</name>
        <lei>549300Z1FU4IDULG1R21</lei>
        <title>MATIV HLDGS. INC 8.00%</title>
        <cusip>808541AC0</cusip>
        <identifiers>
          <isin value="US808541AC08"/>
          <ticker value="MATV"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24817.6</valUSD>
        <pctVal>0.0172851386</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>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>MATADOR RES. CO 6.25%</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>MATADOR RES. CO 6.25%</title>
        <cusip>576485AH9</cusip>
        <identifiers>
          <isin value="US576485AH95"/>
          <ticker value="MTDR"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74726.87</valUSD>
        <pctVal>0.0520463020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25316.3</valUSD>
        <pctVal>0.0176324767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="25532.540000000000"/>
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      <invstOrSec>
        <name>BEACH ACQ BIDCO TLB</name>
        <lei>254900F2FNX3GBTB6202</lei>
        <title>BEACH ACQ BIDCO TLB</title>
        <cusip>07337FAB1</cusip>
        <identifiers>
          <isin value="US07337FAB13"/>
          <ticker value="SKX"/>
          <other otherDesc="IDII" value="LX264893"/>
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        <balance>24875.16</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24972.92</valUSD>
        <pctVal>0.0173933170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.410000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>WESCO DIST. INC 5.50%</name>
        <lei>549300I2CEZJG9N4AH67</lei>
        <title>WESCO DIST. INC 5.50%</title>
        <cusip>95081QAU8</cusip>
        <identifiers>
          <isin value="US95081QAU85"/>
          <ticker value="WCC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24730.81</valUSD>
        <pctVal>0.0172246905</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>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>
      <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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24912.11</valUSD>
        <pctVal>0.0173509636</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>6.375000000000</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>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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50887.15</valUSD>
        <pctVal>0.0354422442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.875000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24768.02</valUSD>
        <pctVal>0.0172506068</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>6.000000000000</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>LAMAR MEDIA CORP 5.375%</name>
        <lei>N/A</lei>
        <title>LAMAR MEDIA CORP 5.375%</title>
        <cusip>513075CA7</cusip>
        <identifiers>
          <isin value="US513075CA73"/>
          <ticker value="LAMR"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49003.98</valUSD>
        <pctVal>0.0341306406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375000000000</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>CLEAN HARBORS INC 5.75%</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>CLEAN HARBORS INC 5.75%</title>
        <cusip>184496AR8</cusip>
        <identifiers>
          <isin value="US184496AR85"/>
          <ticker value="CLH"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25164.3</valUSD>
        <pctVal>0.0175266107</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>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>FORTRESS TRANSPORTA 5.50%</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>FORTRESS TRANSPORTA 5.50%</title>
        <cusip>34960PAD3</cusip>
        <identifiers>
          <isin value="US34960PAD33"/>
          <ticker value="FTAI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24939.92</valUSD>
        <pctVal>0.0173703329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>WEATHERFORD INTL. L 6.75%</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>WEATHERFORD INTL. L 6.75%</title>
        <cusip>947075AW7</cusip>
        <identifiers>
          <isin value="US947075AW79"/>
          <ticker value="WFRD"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76522.17</valUSD>
        <pctVal>0.0532967053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NISSAN MOTOR ACCEP 6.125%</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
        <title>NISSAN MOTOR ACCEP 6.125%</title>
        <cusip>65480CAL9</cusip>
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          <isin value="US65480CAL90"/>
          <ticker value="NSANY"/>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA RES. COR 7.00%</name>
        <lei>5493003Q8F0T4F4YMR48</lei>
        <title>CALIFORNIA RES. COR 7.00%</title>
        <cusip>13057QAL1</cusip>
        <identifiers>
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          <ticker value="CRC"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24723.18</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CELANESE US HLDGS. LL STP</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>CELANESE US HLDGS. LL STP</title>
        <cusip>15089QAY0</cusip>
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          <isin value="US15089QAY08"/>
          <ticker value="CE"/>
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        <curCd>USD</curCd>
        <valUSD>133554.15</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>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VISTRA OPERATIONS C 7.75%</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VISTRA OPERATIONS C 7.75%</title>
        <cusip>92840VAP7</cusip>
        <identifiers>
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          <ticker value="VST"/>
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        <balance>100000</balance>
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        <curCd>USD</curCd>
        <valUSD>104628</valUSD>
        <pctVal>0.0728720537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COMPOSECURE HLDGS. 5.625%</name>
        <lei>N/A</lei>
        <title>COMPOSECURE HLDGS. 5.625%</title>
        <cusip>20459XAC5</cusip>
        <identifiers>
          <isin value="US20459XAC56"/>
          <ticker value="COMPOS"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73211.78</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>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BRISTOW GRP. INC 6.75%</name>
        <lei>5493005Q24EN3UC1PV68</lei>
        <title>BRISTOW GRP. INC 6.75%</title>
        <cusip>11040GAB9</cusip>
        <identifiers>
          <isin value="US11040GAB95"/>
          <ticker value="VTOL"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50144.9</valUSD>
        <pctVal>0.0349252767</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>6.750000000000</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>
        <name>TRANSDIGM INC 7.125%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 7.125%</title>
        <cusip>893647BT3</cusip>
        <identifiers>
          <isin value="US893647BT37"/>
          <ticker value="TDG"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51773.05</valUSD>
        <pctVal>0.0360592622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DIGICEL GRP. HLDGS. 0.00%</name>
        <lei>N/A</lei>
        <title>DIGICEL GRP. HLDGS. 0.00%</title>
        <cusip>25381HAD0</cusip>
        <identifiers>
          <isin value="US25381HAD08"/>
          <ticker value="DLLTD"/>
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        <balance>24796.84</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1239.84</valUSD>
        <pctVal>0.0008635326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>PG&amp;E CORP F2V</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PG&amp;E CORP F2V</title>
        <cusip>69331CAN8</cusip>
        <identifiers>
          <isin value="US69331CAN83"/>
          <ticker value="PCG"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24911.22</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>2056-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.850000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHS/COMMUNITY HEA 10.875%</name>
        <lei>549300BQWM4WENQ3YW73</lei>
        <title>CHS/COMMUNITY HEA 10.875%</title>
        <cusip>12543DBN9</cusip>
        <identifiers>
          <isin value="US12543DBN93"/>
          <ticker value="CYH"/>
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        <balance>29000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31231.29</valUSD>
        <pctVal>0.0217521910</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>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ANTERO MIDSTREAM P 6.625%</name>
        <lei>N/A</lei>
        <title>ANTERO MIDSTREAM P 6.625%</title>
        <cusip>03690AAK2</cusip>
        <identifiers>
          <isin value="US03690AAK25"/>
          <ticker value="AM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25534.4</valUSD>
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        <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>6.625000000000</annualizedRt>
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      <invstOrSec>
        <name>CORNERSTONE CHEMICAL</name>
        <lei>N/A</lei>
        <title>CORNERSTONE CHEMICAL</title>
        <cusip>7QA999U88</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="6AZLWZU"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>METHANEX US OPERATI 6.25%</name>
        <lei>N/A</lei>
        <title>METHANEX US OPERATI 6.25%</title>
        <cusip>59151LAA4</cusip>
        <identifiers>
          <isin value="US59151LAA44"/>
          <ticker value="MXCN"/>
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        <balance>16000</balance>
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        <curCd>USD</curCd>
        <valUSD>16202.37</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
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          <annualizedRt>6.250000000000</annualizedRt>
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      <invstOrSec>
        <name>CMG MEDIA TL</name>
        <lei>N/A</lei>
        <title>CMG MEDIA TL</title>
        <cusip>88145LAF1</cusip>
        <identifiers>
          <isin value="US88145LAF13"/>
          <ticker value="CMGMCO"/>
          <other otherDesc="IDII" value="LX251050"/>
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        <balance>48207.48</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43440.24</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2029-06-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.149228387120</annualizedRt>
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      <invstOrSec>
        <name>BROOKFIELD FIN. INC F2V</name>
        <lei>549300XH8D8K6OYWGD17</lei>
        <title>BROOKFIELD FIN. INC F2V</title>
        <cusip>11271LAN2</cusip>
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          <isin value="US11271LAN29"/>
          <ticker value="BNCN"/>
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        <balance>115000</balance>
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        <curCd>USD</curCd>
        <valUSD>111543.5</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SWF HLDGS I TL</name>
        <lei>N/A</lei>
        <title>SWF HLDGS I TL</title>
        <cusip>LX2568496</cusip>
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          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX256849"/>
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        <balance>12516.87</balance>
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        <curCd>USD</curCd>
        <valUSD>12383.94</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.14392</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>NOVELIS CORP 6.875%</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>NOVELIS CORP 6.875%</title>
        <cusip>670001AL0</cusip>
        <identifiers>
          <isin value="US670001AL04"/>
          <ticker value="HNDLIN"/>
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        <balance>47000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48183.41</valUSD>
        <pctVal>0.0335591241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SINCLAIR TELEVISION GR TL</name>
        <lei>549300CQGEN0CH65UD62</lei>
        <title>SINCLAIR TELEVISION GR TL</title>
        <cusip>829229AU7</cusip>
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          <isin value="US829229AU76"/>
          <ticker value="SBGI"/>
          <other otherDesc="IDII" value="LX259112"/>
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        <curCd>USD</curCd>
        <valUSD>21797</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WESTERN MIDSTREAM O 7.25%</name>
        <lei>5493007AWQW8ZKCHVV46</lei>
        <title>WESTERN MIDSTREAM O 7.25%</title>
        <cusip>04041NAA0</cusip>
        <identifiers>
          <isin value="US04041NAA00"/>
          <ticker value="WES"/>
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        <curCd>USD</curCd>
        <valUSD>26211.65</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARBOR REALTY SR INC 8.50%</name>
        <lei>549300TW7RTL2CI3CN08</lei>
        <title>ARBOR REALTY SR INC 8.50%</title>
        <cusip>03881NAL1</cusip>
        <identifiers>
          <isin value="US03881NAL10"/>
          <ticker value="ABR"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24661.37</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SIX FLAGS ENTERTAI 8.625%</name>
        <lei>N/A</lei>
        <title>SIX FLAGS ENTERTAI 8.625%</title>
        <cusip>83003AAA8</cusip>
        <identifiers>
          <isin value="US83003AAA88"/>
          <ticker value="FUN"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77225.72</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>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INSTALLED BLDG. PR 5.625%</name>
        <lei>549300I95Y9P9YM5FI86</lei>
        <title>INSTALLED BLDG. PR 5.625%</title>
        <cusip>45780RAB7</cusip>
        <identifiers>
          <isin value="US45780RAB78"/>
          <ticker value="IBP"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24814.92</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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          <annualizedRt>5.625000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COINBASE GBL. INC 3.375%</name>
        <lei>5493004G3J2SC154DU06</lei>
        <title>COINBASE GBL. INC 3.375%</title>
        <cusip>19260QAC1</cusip>
        <identifiers>
          <isin value="US19260QAC15"/>
          <ticker value="COIN"/>
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        <balance>175000</balance>
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        <curCd>USD</curCd>
        <valUSD>166138.18</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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.375000000000</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>C&amp;S GRP. ENTS. LLC 5.00%</name>
        <lei>N/A</lei>
        <title>C&amp;S GRP. ENTS. LLC 5.00%</title>
        <cusip>12467AAF5</cusip>
        <identifiers>
          <isin value="US12467AAF57"/>
          <ticker value="CSWHOL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23694.6</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>2028-12-15</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>TALLGRASS ENERGY P 7.375%</name>
        <lei>N/A</lei>
        <title>TALLGRASS ENERGY P 7.375%</title>
        <cusip>87470LAL5</cusip>
        <identifiers>
          <isin value="US87470LAL53"/>
          <ticker value="TEP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25644.13</valUSD>
        <pctVal>0.0178608061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        <name>ALBERTSONS COS / S 4.875%</name>
        <lei>N/A</lei>
        <title>ALBERTSONS COS / S 4.875%</title>
        <cusip>013092AE1</cusip>
        <identifiers>
          <isin value="US013092AE14"/>
          <ticker value="ACI"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48377.65</valUSD>
        <pctVal>0.0336944098</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>4.875000000000</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>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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25500.4</valUSD>
        <pctVal>0.0177607000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        <name>BUCKEYE PARTNERS L 6.875%</name>
        <lei>549300C1PQJLVEIUBK50</lei>
        <title>BUCKEYE PARTNERS L 6.875%</title>
        <cusip>118230AV3</cusip>
        <identifiers>
          <isin value="US118230AV39"/>
          <ticker value="BPL"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51042.15</valUSD>
        <pctVal>0.0355501997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>STAR HLDG. LLC 8.75%</name>
        <lei>254900BDGPE9N1WAKD59</lei>
        <title>STAR HLDG. LLC 8.75%</title>
        <cusip>85513AAA6</cusip>
        <identifiers>
          <isin value="US85513AAA60"/>
          <ticker value="SLCA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25057.8</valUSD>
        <pctVal>0.0174524348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-01</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>
        <name>ROYAL CARIBBEAN CRU 6.00%</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>ROYAL CARIBBEAN CRU 6.00%</title>
        <cusip>780153BV3</cusip>
        <identifiers>
          <isin value="US780153BV38"/>
          <ticker value="RCL"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>126762.05</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</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>BRANDYWINE OPERATI 6.125%</name>
        <lei>IXBXSCONLDQ1ZI73YU71</lei>
        <title>BRANDYWINE OPERATI 6.125%</title>
        <cusip>105340AT0</cusip>
        <identifiers>
          <isin value="US105340AT03"/>
          <ticker value="BDN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23890.92</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>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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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>
        <cusip>91327CAA6</cusip>
        <identifiers>
          <isin value="US91327CAA62"/>
          <ticker value="UNIT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26080.39</valUSD>
        <pctVal>0.0181646556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625000000000</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>
        <name>ROCKIES EXPRESS PIP 4.80%</name>
        <lei>W2ZGZGZKY5GGNY6F3V51</lei>
        <title>ROCKIES EXPRESS PIP 4.80%</title>
        <cusip>77340RAT4</cusip>
        <identifiers>
          <isin value="US77340RAT41"/>
          <ticker value="ROCKIE"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24443.15</valUSD>
        <pctVal>0.0170243390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.800000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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 7.00%</name>
        <lei>N/A</lei>
        <title>LADDER CAP. FIN. HL 7.00%</title>
        <cusip>505742AR7</cusip>
        <identifiers>
          <isin value="US505742AR75"/>
          <ticker value="LADR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25921.73</valUSD>
        <pctVal>0.0180541509</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>7.000000000000</annualizedRt>
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        <name>GFL ENVIRON. HLDGS. 5.50%</name>
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        <lei>XQM2JINI1UL7642TU573</lei>
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        <name>UNIVISION COMMS. IN 8.50%</name>
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        <name>BRINK S CO/THE 6.75%</name>
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        <curCd>USD</curCd>
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        <name>1011778 BC ULC / N 6.125%</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SM ENERGY CO 6.75%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <cusip>78454LAX8</cusip>
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        <valUSD>25455.48</valUSD>
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        <name>WATCO COS LLC / WA 7.125%</name>
        <lei>N/A</lei>
        <title>WATCO COS LLC / WA 7.125%</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>AT&amp;T INC 6.00%</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T INC 6.00%</title>
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          <ticker value="T"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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        <name>UNITED AIRLINES HL 5.375%</name>
        <lei>98450079DA0B78DD6764</lei>
        <title>UNITED AIRLINES HL 5.375%</title>
        <cusip>910047AL3</cusip>
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          <ticker value="UAL"/>
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        <curCd>USD</curCd>
        <valUSD>49640.89</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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        <name>TKC HLDGS. INC 8.50%</name>
        <lei>N/A</lei>
        <title>TKC HLDGS. INC 8.50%</title>
        <cusip>87256YAE3</cusip>
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          <ticker value="TKCHOL"/>
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        <curCd>USD</curCd>
        <valUSD>51455.15</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>HOWARD HUGHES CORP 6.125%</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>HOWARD HUGHES CORP 6.125%</title>
        <cusip>44267DAH0</cusip>
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          <ticker value="HHH"/>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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        <name>LD HLDGS. GRP. LLC 8.75%</name>
        <lei>N/A</lei>
        <title>LD HLDGS. GRP. LLC 8.75%</title>
        <cusip>521088AD6</cusip>
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          <ticker value="LNDPT"/>
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        <curCd>USD</curCd>
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        <name>ENERGY TRANSFER LP F2V</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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          <ticker value="ET"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>SM ENERGY CO 7.00%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM ENERGY CO 7.00%</title>
        <cusip>78454LAY6</cusip>
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          <ticker value="SM"/>
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        <name>NABORS INDS. INC 8.875%</name>
        <lei>549300VFQWRKICUFNU92</lei>
        <title>NABORS INDS. INC 8.875%</title>
        <cusip>62957HAQ8</cusip>
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        <valUSD>51338.2</valUSD>
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        <name>ALBERTSONS COS INC 5.625%</name>
        <lei>N/A</lei>
        <title>ALBERTSONS COS INC 5.625%</title>
        <cusip>01309QAE8</cusip>
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          <ticker value="ACI"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ASURION LLC/ ASURI 8.375%</name>
        <lei>N/A</lei>
        <title>ASURION LLC/ ASURI 8.375%</title>
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          <isin value="US045941AB79"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CVR ENERGY INC 7.50%</name>
        <lei>529900SOYZIXZBTXB558</lei>
        <title>CVR ENERGY INC 7.50%</title>
        <cusip>12662PAH1</cusip>
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        <curCd>USD</curCd>
        <valUSD>24881.01</valUSD>
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        <payoffProfile>Long</payoffProfile>
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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>
        <cusip>12662PAJ7</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRANSDIGM INC 6.625%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.625%</title>
        <cusip>893647BV8</cusip>
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          <isin value="US893647BV82"/>
          <ticker value="TDG"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOEASY LTD 7.625%</name>
        <lei>5493009DJVZG2P8YV435</lei>
        <title>GOEASY LTD 7.625%</title>
        <cusip>380355AJ6</cusip>
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          <ticker value="GSYCN"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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>
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          <ticker value="THS"/>
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        <curCd>USD</curCd>
        <valUSD>25478.48</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BLACK PEARL COMPUT 6.125%</name>
        <lei>N/A</lei>
        <title>BLACK PEARL COMPUT 6.125%</title>
        <cusip>09216NAA8</cusip>
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          <ticker value="BLKPRL"/>
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        <curCd>USD</curCd>
        <valUSD>50640.75</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STATION CASINOS LLC 4.50%</name>
        <lei>5493004E7Q60TX54WL62</lei>
        <title>STATION CASINOS LLC 4.50%</title>
        <cusip>857691AG4</cusip>
        <identifiers>
          <isin value="US857691AG41"/>
          <ticker value="RRR"/>
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        <curCd>USD</curCd>
        <valUSD>24713.31</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>4.500000000000</annualizedRt>
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      <invstOrSec>
        <name>OWENS-BROCKWAY GLA 7.375%</name>
        <lei>V2UQUCDZJ9WY98W8QU33</lei>
        <title>OWENS-BROCKWAY GLA 7.375%</title>
        <cusip>69073TAV5</cusip>
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          <isin value="US69073TAV52"/>
          <ticker value="OI"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>23952.26</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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      <invstOrSec>
        <name>TRANSDIGM INC 6.875%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.875%</title>
        <cusip>893647BS5</cusip>
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          <isin value="US893647BS53"/>
          <ticker value="TDG"/>
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        <curCd>USD</curCd>
        <valUSD>25692.5</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US FOODS INC 6.875%</name>
        <lei>5493000JOOFAOUY1JZ87</lei>
        <title>US FOODS INC 6.875%</title>
        <cusip>90290MAG6</cusip>
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          <isin value="US90290MAG69"/>
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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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        <name>SOTERA HEALTH HLDG 7.375%</name>
        <lei>549300OVT7MBXFLOFU20</lei>
        <title>SOTERA HEALTH HLDG 7.375%</title>
        <cusip>83600WAE9</cusip>
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          <ticker value="STENOR"/>
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        <curCd>USD</curCd>
        <valUSD>51843.06</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HERTZ CORP/THE 12.625%</name>
        <lei>549300PD0C69OJ0NLB27</lei>
        <title>HERTZ CORP/THE 12.625%</title>
        <cusip>428040DC0</cusip>
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          <ticker value="HTZ"/>
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        <curCd>USD</curCd>
        <valUSD>40694.38</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>CIVITAS RES. INC 8.625%</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>CIVITAS RES. INC 8.625%</title>
        <cusip>17888HAC7</cusip>
        <identifiers>
          <isin value="US17888HAC79"/>
          <ticker value="SM"/>
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        <curCd>USD</curCd>
        <valUSD>105021.73</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>BOMBARDIER INC 8.75%</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC 8.75%</title>
        <cusip>097751CA7</cusip>
        <identifiers>
          <isin value="US097751CA78"/>
          <ticker value="BBDBCN"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>26426.35</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>8.750000000000</annualizedRt>
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      <invstOrSec>
        <name>KRAKEN OIL &amp; GAS P 7.625%</name>
        <lei>549300DR5HSL4YAU3X12</lei>
        <title>KRAKEN OIL &amp; GAS P 7.625%</title>
        <cusip>50076PAA6</cusip>
        <identifiers>
          <isin value="US50076PAA66"/>
          <ticker value="KRAOIG"/>
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        <balance>100000</balance>
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        <curCd>USD</curCd>
        <valUSD>100989.1</valUSD>
        <pctVal>0.0703376068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.625000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLYDESDALE ACQUISI 6.875%</name>
        <lei>254900QKSDYFR3K5YD98</lei>
        <title>CLYDESDALE ACQUISI 6.875%</title>
        <cusip>18972EAC9</cusip>
        <identifiers>
          <isin value="US18972EAC93"/>
          <ticker value="NOVHOL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24906.98</valUSD>
        <pctVal>0.0173473906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WILSONART LLC 11.00%</name>
        <lei>549300SAZRUMYKDJBY14</lei>
        <title>WILSONART LLC 11.00%</title>
        <cusip>97246JAA6</cusip>
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          <isin value="US97246JAA60"/>
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        <curCd>USD</curCd>
        <valUSD>20253.47</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COLUMBUS MCKINNON 7.125%</name>
        <lei>549300W3HQB0HO1F3G69</lei>
        <title>COLUMBUS MCKINNON 7.125%</title>
        <cusip>199333AK1</cusip>
        <identifiers>
          <isin value="US199333AK12"/>
          <ticker value="CMCO"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25053.23</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ACRISURE LLC / ACRI 7.50%</name>
        <lei>N/A</lei>
        <title>ACRISURE LLC / ACRI 7.50%</title>
        <cusip>00489LAL7</cusip>
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          <isin value="US00489LAL71"/>
          <ticker value="ACRISU"/>
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        <curCd>USD</curCd>
        <valUSD>71132.66</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>2030-11-06</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CONCENTRA HEALTH S 6.875%</name>
        <lei>984500GB84105F75DE32</lei>
        <title>CONCENTRA HEALTH S 6.875%</title>
        <cusip>20600DAA1</cusip>
        <identifiers>
          <isin value="US20600DAA19"/>
          <ticker value="CON"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>51756.76</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>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CINEMARK USA INC 7.00%</name>
        <lei>54930008H2137JSCPQ09</lei>
        <title>CINEMARK USA INC 7.00%</title>
        <cusip>172441BH9</cusip>
        <identifiers>
          <isin value="US172441BH95"/>
          <ticker value="CNK"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25791.4</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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      <invstOrSec>
        <name>GARDA WORLD SEC. CO 8.25%</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>GARDA WORLD SEC. CO 8.25%</title>
        <cusip>36485MAN9</cusip>
        <identifiers>
          <isin value="US36485MAN92"/>
          <ticker value="GWCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25583.13</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>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LAMB WESTON HLDGS. INC</name>
        <lei>5493005SMYID1D2OY946</lei>
        <title>LAMB WESTON HLDGS. INC</title>
        <cusip>513272104</cusip>
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          <isin value="US5132721045"/>
          <ticker value="LW"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30096.46</valUSD>
        <pctVal>0.0209617966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CLYDESDALE ACQUISIT 6.75%</name>
        <lei>254900QKSDYFR3K5YD98</lei>
        <title>CLYDESDALE ACQUISIT 6.75%</title>
        <cusip>18972EAD7</cusip>
        <identifiers>
          <isin value="US18972EAD76"/>
          <ticker value="NOVHOL"/>
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        <balance>44000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42706.63</valUSD>
        <pctVal>0.0297446175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>6.750000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HILLENBRAND INC TL</name>
        <lei>254900H70V4IL22BHL88</lei>
        <title>HILLENBRAND INC TL</title>
        <cusip>54913EAB8</cusip>
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          <isin value="US54913EAB83"/>
          <ticker value="HI"/>
          <other otherDesc="IDII" value="LX282254"/>
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        <curCd>USD</curCd>
        <valUSD>32079.12</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-22</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>RESILIENCE PARENT LLC TLB</name>
        <lei>N/A</lei>
        <title>RESILIENCE PARENT LLC TLB</title>
        <cusip>75908HAC1</cusip>
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          <ticker value="RESPAR"/>
          <other otherDesc="IDII" value="LX282548"/>
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        <curCd>USD</curCd>
        <valUSD>41899.2</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AZURIA WATER SOLU TL</name>
        <lei>549300AG3DVJURRIT691</lei>
        <title>AZURIA WATER SOLU TL</title>
        <cusip>05503BAB2</cusip>
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          <isin value="US05503BAB27"/>
          <ticker value="AEGN"/>
          <other otherDesc="IDII" value="LX282529"/>
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        <curCd>USD</curCd>
        <valUSD>27256.41</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.420000000000</annualizedRt>
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      <invstOrSec>
        <name>WHITE CAP SUPPLY TL</name>
        <lei>254900L2N0T6GULCL366</lei>
        <title>WHITE CAP SUPPLY TL</title>
        <cusip>96350TAK6</cusip>
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          <ticker value="WHTCAP"/>
          <other otherDesc="IDII" value="LX284454"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>CONSTELLIUM SE</name>
        <lei>724500KRJEMC79KAAU28</lei>
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        <invCountry>FR</invCountry>
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        <name>BLOCK COMMS. INC 10.25%</name>
        <lei>M5G68A9OHJWIL4SFC742</lei>
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        <curCd>USD</curCd>
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        <name>ENTERPRISE PRODS. PARTNER</name>
        <lei>K4CDIF4M54DJZ6TB4Q48</lei>
        <title>ENTERPRISE PRODS. PARTNER</title>
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          <ticker value="EPD"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
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          <ticker value="BNGXX"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALTICE STOCK EUR</name>
        <lei>N/A</lei>
        <title>ALTICE STOCK EUR</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>UNITED AIRLINES HL 5.375%</name>
        <lei>98450079DA0B78DD6764</lei>
        <title>UNITED AIRLINES HL 5.375%</title>
        <cusip>910047AL3</cusip>
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          <isin value="US910047AL34"/>
          <ticker value="UAL"/>
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        <balance>47000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46662.44</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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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HOWARD HUGHES CORP 6.125%</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>HOWARD HUGHES CORP 6.125%</title>
        <cusip>44267DAH0</cusip>
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          <isin value="US44267DAH08"/>
          <ticker value="HHH"/>
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        <curCd>USD</curCd>
        <valUSD>51378.18</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CHS/COMMUNITY HEALT 4.75%</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/COMMUNITY HEALT 4.75%</title>
        <cusip>12543DBK5</cusip>
        <identifiers>
          <isin value="US12543DBK54"/>
          <ticker value="CYH"/>
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        <balance>65000</balance>
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        <curCd>USD</curCd>
        <valUSD>59797.58</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</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>LSF12 CROWN US TL</name>
        <lei>N/A</lei>
        <title>LSF12 CROWN US TL</title>
        <cusip>LX2814635</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX281463"/>
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        <balance>30059.56</balance>
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        <curCd>USD</curCd>
        <valUSD>30113.37</valUSD>
        <pctVal>0.0209735741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.6467</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CVR ENERGY INC 7.50%</name>
        <lei>529900SOYZIXZBTXB558</lei>
        <title>CVR ENERGY INC 7.50%</title>
        <cusip>12662PAH1</cusip>
        <identifiers>
          <isin value="US12662PAH10"/>
          <ticker value="CVI"/>
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        <balance>20000</balance>
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        <curCd>USD</curCd>
        <valUSD>19904.81</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>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HERC HLDGS. INC 5.75%</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HERC HLDGS. INC 5.75%</title>
        <cusip>42704LAH7</cusip>
        <identifiers>
          <isin value="US42704LAH78"/>
          <ticker value="HRI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24968.4</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>5.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRANSDIGM INC 6.125%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.125%</title>
        <cusip>893647CB1</cusip>
        <identifiers>
          <isin value="US893647CB10"/>
          <ticker value="TDG"/>
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        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>149807.09</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>2034-07-31</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>ZEBRA TECHS. CORP 6.50%</name>
        <lei>PO0I32GKZ3HZMMDPZZ08</lei>
        <title>ZEBRA TECHS. CORP 6.50%</title>
        <cusip>989207AD7</cusip>
        <identifiers>
          <isin value="US989207AD75"/>
          <ticker value="ZBRA"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50609.1</valUSD>
        <pctVal>0.0352485860</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>6.500000000000</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>ACRISURE LLC / ACRI 8.50%</name>
        <lei>N/A</lei>
        <title>ACRISURE LLC / ACRI 8.50%</title>
        <cusip>00489LAM5</cusip>
        <identifiers>
          <isin value="US00489LAM54"/>
          <ticker value="ACRISU"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47010.33</valUSD>
        <pctVal>0.0327420890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>AMERICAN ELEC. POWER F2V</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>AMERICAN ELEC. POWER F2V</title>
        <cusip>025537AZ4</cusip>
        <identifiers>
          <isin value="US025537AZ40"/>
          <ticker value="AEP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25996.85</valUSD>
        <pctVal>0.0181064710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.050000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TENET HEALTHCARE CO 6.75%</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE CO 6.75%</title>
        <cusip>88033GDU1</cusip>
        <identifiers>
          <isin value="US88033GDU13"/>
          <ticker value="THC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25610.15</valUSD>
        <pctVal>0.0178371394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</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>
        <name>ZAYO GRP. HLDGS. INC PIK</name>
        <lei>529900Z6OTS7RT0V0I47</lei>
        <title>ZAYO GRP. HLDGS. INC PIK</title>
        <cusip>98919VAC9</cusip>
        <identifiers>
          <isin value="US98919VAC90"/>
          <ticker value="ZAYO"/>
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        <balance>24207</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24176.74</valUSD>
        <pctVal>0.0168387879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEPTUNE BIDCO US IN 9.50%</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NEPTUNE BIDCO US IN 9.50%</title>
        <cusip>640695AD4</cusip>
        <identifiers>
          <isin value="US640695AD40"/>
          <ticker value="NLSN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50552.85</valUSD>
        <pctVal>0.0352094086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</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>
        <name>WR GRACE HLDGS. LLC 7.00%</name>
        <lei>549300WNOVFRGYOAEB12</lei>
        <title>WR GRACE HLDGS. LLC 7.00%</title>
        <cusip>92943GAH4</cusip>
        <identifiers>
          <isin value="US92943GAH48"/>
          <ticker value="GRA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24343.94</valUSD>
        <pctVal>0.0169552405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HOWARD HUGHES CORP 5.875%</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>HOWARD HUGHES CORP 5.875%</title>
        <cusip>44267DAG2</cusip>
        <identifiers>
          <isin value="US44267DAG25"/>
          <ticker value="HHH"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24786.3</valUSD>
        <pctVal>0.0172633385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AZORRA FIN. LTD 6.25%</name>
        <lei>254900MC1HXDAVUUP395</lei>
        <title>AZORRA FIN. LTD 6.25%</title>
        <cusip>05480AAC9</cusip>
        <identifiers>
          <isin value="US05480AAC99"/>
          <ticker value="AZORRA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24160.9</valUSD>
        <pctVal>0.0168277555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>ALTA EQUIP. GRP. IN 9.00%</name>
        <lei>549300DGOB28CLGS1X27</lei>
        <title>ALTA EQUIP. GRP. IN 9.00%</title>
        <cusip>02128LAC0</cusip>
        <identifiers>
          <isin value="US02128LAC00"/>
          <ticker value="ALTG"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23985.2</valUSD>
        <pctVal>0.0167053827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="24172.700000000000"/>
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      <invstOrSec>
        <name>FORTRESS TRANSPORTA 7.00%</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>FORTRESS TRANSPORTA 7.00%</title>
        <cusip>34960PAG6</cusip>
        <identifiers>
          <isin value="US34960PAG63"/>
          <ticker value="FTAI"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103275.5</valUSD>
        <pctVal>0.0719300549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALGOMA STEEL INC 9.125%</name>
        <lei>N/A</lei>
        <title>ALGOMA STEEL INC 9.125%</title>
        <cusip>01566MAD7</cusip>
        <identifiers>
          <isin value="US01566MAD74"/>
          <ticker value="ALGSTE"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23365.33</valUSD>
        <pctVal>0.0162736512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTHRIVER MIDSTREA 6.75%</name>
        <lei>549300SOLNLY3BL6GF18</lei>
        <title>NORTHRIVER MIDSTREA 6.75%</title>
        <cusip>66679NAB6</cusip>
        <identifiers>
          <isin value="US66679NAB64"/>
          <ticker value="NORMID"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50634.7</valUSD>
        <pctVal>0.0352664160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADT SEC. CORP/THE 5.875%</name>
        <lei>5493009JEEDYLVRA0J13</lei>
        <title>ADT SEC. CORP/THE 5.875%</title>
        <cusip>00109LAB9</cusip>
        <identifiers>
          <isin value="US00109LAB99"/>
          <ticker value="ADT"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49118.4</valUSD>
        <pctVal>0.0342103326</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>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>CVR ENERGY INC 7.875%</name>
        <lei>529900SOYZIXZBTXB558</lei>
        <title>CVR ENERGY INC 7.875%</title>
        <cusip>12662PAJ7</cusip>
        <identifiers>
          <isin value="US12662PAJ75"/>
          <ticker value="CVI"/>
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        <balance>13000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12861.11</valUSD>
        <pctVal>0.0089575974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</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>RXO INC 6.375%</name>
        <lei>549300KL8CA6GP8XPM30</lei>
        <title>RXO INC 6.375%</title>
        <cusip>74982TAA1</cusip>
        <identifiers>
          <isin value="US74982TAA16"/>
          <ticker value="RXO"/>
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        <balance>13000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13180.58</valUSD>
        <pctVal>0.0091801041</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>6.375000000000</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>VIKING CRUISES LTD 5.875%</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>VIKING CRUISES LTD 5.875%</title>
        <cusip>92676XAH0</cusip>
        <identifiers>
          <isin value="US92676XAH08"/>
          <ticker value="VIKCRU"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50078.05</valUSD>
        <pctVal>0.0348787165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEAM SERVS. HLDG. I 9.00%</name>
        <lei>N/A</lei>
        <title>TEAM SERVS. HLDG. I 9.00%</title>
        <cusip>87821TAA8</cusip>
        <identifiers>
          <isin value="US87821TAA88"/>
          <ticker value="TEAPUB"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25302.25</valUSD>
        <pctVal>0.0176226911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="26164.750000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLACK PEARL COMPUT 6.125%</name>
        <lei>N/A</lei>
        <title>BLACK PEARL COMPUT 6.125%</title>
        <cusip>09216NAA8</cusip>
        <identifiers>
          <isin value="US09216NAA81"/>
          <ticker value="BLKPRL"/>
        </identifiers>
        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15192.23</valUSD>
        <pctVal>0.0105811924</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRANSDIGM INC TLN</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC TLN</title>
        <cusip>89364MCG7</cusip>
        <identifiers>
          <isin value="US89364MCG78"/>
          <ticker value="TDG"/>
          <other otherDesc="IDII" value="LX285249"/>
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        <balance>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25995.84</valUSD>
        <pctVal>0.0181057676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.140000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELEK LOGISTICS PA 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>62000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>64439.97</valUSD>
        <pctVal>0.0448816087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PANTHER ESCROW ISS 7.125%</name>
        <lei>N/A</lei>
        <title>PANTHER ESCROW ISS 7.125%</title>
        <cusip>69867RAA5</cusip>
        <identifiers>
          <isin value="US69867RAA59"/>
          <ticker value="TIHLLC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49840.56</valUSD>
        <pctVal>0.0347133078</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>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP</title>
        <cusip>29273V100</cusip>
        <identifiers>
          <isin value="US29273V1008"/>
          <ticker value="ET"/>
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        <balance>7215</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>137950.8</valUSD>
        <pctVal>0.0960809545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VICI PROPS. INC</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>VICI PROPS. INC</title>
        <cusip>925652109</cusip>
        <identifiers>
          <isin value="US9256521090"/>
          <ticker value="VICI"/>
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        <balance>4579</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>121572.45</valUSD>
        <pctVal>0.0846736448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GENESEE &amp; WYOMING I 6.25%</name>
        <lei>G617XSG94Z7G0RMW3L02</lei>
        <title>GENESEE &amp; WYOMING I 6.25%</title>
        <cusip>371559AB1</cusip>
        <identifiers>
          <isin value="US371559AB15"/>
          <ticker value="GWR"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50716.6</valUSD>
        <pctVal>0.0353234583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>TRANSOCEAN INTL. LT 8.50%</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>TRANSOCEAN INTL. LT 8.50%</title>
        <cusip>893830BZ1</cusip>
        <identifiers>
          <isin value="US893830BZ10"/>
          <ticker value="RIG"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77864.46</valUSD>
        <pctVal>0.0542315930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</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>VISTRA OPERATIONS 6.875%</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VISTRA OPERATIONS 6.875%</title>
        <cusip>92840VAR3</cusip>
        <identifiers>
          <isin value="US92840VAR33"/>
          <ticker value="VST"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103569.4</valUSD>
        <pctVal>0.0721347525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BIG RIVER STEEL LL 6.625%</name>
        <lei>549300FDOTXSG1N4RG27</lei>
        <title>BIG RIVER STEEL LL 6.625%</title>
        <cusip>08949LAB6</cusip>
        <identifiers>
          <isin value="US08949LAB62"/>
          <ticker value="BIGBRS"/>
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        <balance>40000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40050.91</valUSD>
        <pctVal>0.0278949427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCRIPPS ESCROW II 5.375%</name>
        <lei>549300U1OW41QPKYW028</lei>
        <title>SCRIPPS ESCROW II 5.375%</title>
        <cusip>81105DAB1</cusip>
        <identifiers>
          <isin value="US81105DAB10"/>
          <ticker value="SSP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14932.5</valUSD>
        <pctVal>0.0104002938</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANYWHERE REAL ESTAT 5.75%</name>
        <lei>N/A</lei>
        <title>ANYWHERE REAL ESTAT 5.75%</title>
        <cusip>75606DAL5</cusip>
        <identifiers>
          <isin value="US75606DAL55"/>
          <ticker value="HOUS"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49733.81</valUSD>
        <pctVal>0.0346389578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEVEL 3 FINC. INC 3.75%</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>LEVEL 3 FINC. INC 3.75%</title>
        <cusip>527298BT9</cusip>
        <identifiers>
          <isin value="US527298BT90"/>
          <ticker value="LVLT"/>
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        <balance>4000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3860</valUSD>
        <pctVal>0.0026884403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3929.580000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREEDOM MTGE. HLDGS 9.25%</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>FREEDOM MTGE. HLDGS 9.25%</title>
        <cusip>35641AAA6</cusip>
        <identifiers>
          <isin value="US35641AAA60"/>
          <ticker value="FREMOR"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51669</valUSD>
        <pctVal>0.0359867927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.250000000000</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>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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24263.81</valUSD>
        <pctVal>0.0168994310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22280.58</valUSD>
        <pctVal>0.0155181369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="22749.330000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>NEPTUNE BIDCO US INC TLB</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NEPTUNE BIDCO US INC TLB</title>
        <cusip>64069JAK8</cusip>
        <identifiers>
          <isin value="US64069JAK88"/>
          <ticker value="NLSN"/>
          <other otherDesc="IDII" value="LX283376"/>
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        <balance>26000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25761.58</valUSD>
        <pctVal>0.0179426085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.270000000000</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>AZURIA WATER SOLU TL</name>
        <lei>549300AG3DVJURRIT691</lei>
        <title>AZURIA WATER SOLU TL</title>
        <cusip>05503BAC0</cusip>
        <identifiers>
          <isin value="US05503BAC00"/>
          <ticker value="AEGN"/>
          <other otherDesc="IDII" value="LX282530"/>
        </identifiers>
        <balance>3646.81</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3634.19</valUSD>
        <pctVal>0.0025311665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.404375581980</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>KINETIK HLDGS. LP 6.625%</name>
        <lei>549300RD6AJIMYC0HY12</lei>
        <title>KINETIK HLDGS. LP 6.625%</title>
        <cusip>49461MAB6</cusip>
        <identifiers>
          <isin value="US49461MAB63"/>
          <ticker value="KNTK"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25413.2</valUSD>
        <pctVal>0.0176999663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHPPR HLDGS INC</name>
        <lei>N/A</lei>
        <title>CHPPR HLDGS INC</title>
        <cusip>12595S104</cusip>
        <identifiers>
          <isin value="US12595S1042"/>
        </identifiers>
        <balance>20</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2550</valUSD>
        <pctVal>0.0017760421</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLEVELAND-CLIFFS I 6.875%</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS I 6.875%</title>
        <cusip>185899AQ4</cusip>
        <identifiers>
          <isin value="US185899AQ45"/>
          <ticker value="CLF"/>
        </identifiers>
        <balance>84000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84737.88</valUSD>
        <pctVal>0.0590188414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</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>ONEMAIN FIN. CORP 6.75%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 6.75%</title>
        <cusip>682691AJ9</cusip>
        <identifiers>
          <isin value="US682691AJ99"/>
          <ticker value="OMF"/>
        </identifiers>
        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>150360.67</valUSD>
        <pctVal>0.1047242690</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>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>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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24864.5</valUSD>
        <pctVal>0.0173178038</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GBL. PLAQUE 6.50%</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GBL. PLAQUE 6.50%</title>
        <cusip>922966AF3</cusip>
        <identifiers>
          <isin value="US922966AF34"/>
          <ticker value="VEGLPL"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78133.13</valUSD>
        <pctVal>0.0544187182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 7.00%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 7.00%</title>
        <cusip>1248EPCU5</cusip>
        <identifiers>
          <isin value="US1248EPCU56"/>
          <ticker value="CHTR"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98068.59</valUSD>
        <pctVal>0.0683035092</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>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK MOHAWK HLDNGS SCS</name>
        <lei>N/A</lei>
        <title>SK MOHAWK HLDNGS SCS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="7B2JW8U"/>
        </identifiers>
        <balance>329</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>2819.37</valUSD>
        <pctVal>0.0019636549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HARDWOOD HOLDINGS LLC</name>
        <lei>N/A</lei>
        <title>HARDWOOD HOLDINGS LLC</title>
        <cusip>8399959Q2</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="8AX5JXU"/>
        </identifiers>
        <balance>187</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>187</valUSD>
        <pctVal>0.0001302431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEAWORLD PARKS &amp; EN 5.25%</name>
        <lei>549300UZV72O3371JJ53</lei>
        <title>SEAWORLD PARKS &amp; EN 5.25%</title>
        <cusip>81282UAG7</cusip>
        <identifiers>
          <isin value="US81282UAG76"/>
          <ticker value="PRKS"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48930.8</valUSD>
        <pctVal>0.0340796717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="49922.460000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T INC 3.55%</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T INC 3.55%</title>
        <cusip>00206RLJ9</cusip>
        <identifiers>
          <isin value="US00206RLJ94"/>
          <ticker value="T"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16098.61</valUSD>
        <pctVal>0.0112124744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.550000000000</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>ASHTON WOODS USA L 4.625%</name>
        <lei>N/A</lei>
        <title>ASHTON WOODS USA L 4.625%</title>
        <cusip>045086AP0</cusip>
        <identifiers>
          <isin value="US045086AP03"/>
          <ticker value="ASHWOO"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71155.99</valUSD>
        <pctVal>0.0495592301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CUSHMAN &amp; WAKEFIEL 8.875%</name>
        <lei>549300870CMN3WI5IF97</lei>
        <title>CUSHMAN &amp; WAKEFIEL 8.875%</title>
        <cusip>23166MAC7</cusip>
        <identifiers>
          <isin value="US23166MAC73"/>
          <ticker value="CWK"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26168.75</valUSD>
        <pctVal>0.0182261972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADAMS HOMES INC 9.25%</name>
        <lei>N/A</lei>
        <title>ADAMS HOMES INC 9.25%</title>
        <cusip>00623PAB7</cusip>
        <identifiers>
          <isin value="US00623PAB76"/>
          <ticker value="AHOMES"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>129137.5</valUSD>
        <pctVal>0.0899426046</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>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>NAVIENT CORP 11.50%</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>NAVIENT CORP 11.50%</title>
        <cusip>63938CAP3</cusip>
        <identifiers>
          <isin value="US63938CAP32"/>
          <ticker value="NAVI"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52779.55</valUSD>
        <pctVal>0.0367602764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.500000000000</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>ESAB CORP 5.625%</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
        <title>ESAB CORP 5.625%</title>
        <cusip>29605JAB2</cusip>
        <identifiers>
          <isin value="US29605JAB26"/>
          <ticker value="ESAB"/>
        </identifiers>
        <balance>79000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>79085.73</valUSD>
        <pctVal>0.0550821918</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INFINITY NATURAL R 7.625%</name>
        <lei>54930021094IFVB5ND43</lei>
        <title>INFINITY NATURAL R 7.625%</title>
        <cusip>45690BAA3</cusip>
        <identifiers>
          <isin value="US45690BAA35"/>
          <ticker value="INFNAR"/>
        </identifiers>
        <balance>33000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32776.47</valUSD>
        <pctVal>0.0228283890</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>7.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEVEL 3 FINAN INC TL</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>LEVEL 3 FINAN INC TL</title>
        <cusip>52729KAV8</cusip>
        <identifiers>
          <isin value="US52729KAV89"/>
          <ticker value="LVLT"/>
          <other otherDesc="IDII" value="LX290385"/>
        </identifiers>
        <balance>182000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>181943.58</valUSD>
        <pctVal>0.1267213589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.400000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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 7.50%</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GBL. PLAQUE 7.50%</title>
        <cusip>922966AA4</cusip>
        <identifiers>
          <isin value="US922966AA47"/>
          <ticker value="VEGLPL"/>
        </identifiers>
        <balance>65000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71338.35</valUSD>
        <pctVal>0.0496862415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APOLLO GBL. MGT. INC F2V</name>
        <lei>254900LMFT1CY9IYB476</lei>
        <title>APOLLO GBL. MGT. INC F2V</title>
        <cusip>03769MAD8</cusip>
        <identifiers>
          <isin value="US03769MAD83"/>
          <ticker value="APO"/>
        </identifiers>
        <balance>69000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>66936.52</valUSD>
        <pctVal>0.0466204236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-15</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>
      <invstOrSec>
        <name>UWM HLDGS. LLC 6.625%</name>
        <lei>N/A</lei>
        <title>UWM HLDGS. LLC 6.625%</title>
        <cusip>903522AA8</cusip>
        <identifiers>
          <isin value="US903522AA85"/>
          <ticker value="UWMC"/>
        </identifiers>
        <balance>88000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>81997.07</valUSD>
        <pctVal>0.0571099026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHIFT4 PMTS INC 6% MANDAT</name>
        <lei>N/A</lei>
        <title>SHIFT4 PMTS INC 6% MANDAT</title>
        <cusip>82452J307</cusip>
        <identifiers>
          <isin value="US82452J3077"/>
          <ticker value="FOUR"/>
        </identifiers>
        <balance>241</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15007.07</valUSD>
        <pctVal>0.0104522309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEDLINE INC</name>
        <lei>984500FAN6J1P8566D43</lei>
        <title>MEDLINE INC</title>
        <cusip>58507V107</cusip>
        <identifiers>
          <isin value="US58507V1070"/>
          <ticker value="MDLN"/>
        </identifiers>
        <balance>1883</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>74265.52</valUSD>
        <pctVal>0.0517249777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRANSDIGM INC 6.125%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.125%</title>
        <cusip>893647CB1</cusip>
        <identifiers>
          <isin value="US893647CB10"/>
          <ticker value="TDG"/>
        </identifiers>
        <balance>183000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>182764.64</valUSD>
        <pctVal>0.1272932166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-31</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARCWOOD ENVIRONMENTAL TL</name>
        <lei>549300E3IIHNPMXFHC03</lei>
        <title>ARCWOOD ENVIRONMENTAL TL</title>
        <cusip>03970GAC8</cusip>
        <identifiers>
          <isin value="US03970GAC87"/>
          <ticker value="HRENSR"/>
          <other otherDesc="IDII" value="LX287232"/>
        </identifiers>
        <balance>12000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12045</valUSD>
        <pctVal>0.0083891873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.700000000000</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>IRON MOUNTAIN INFO. 5.00%</name>
        <lei>N/A</lei>
        <title>IRON MOUNTAIN INFO. 5.00%</title>
        <cusip>46285MAA8</cusip>
        <identifiers>
          <isin value="US46285MAA80"/>
          <ticker value="IRM"/>
        </identifiers>
        <balance>175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>168145.09</valUSD>
        <pctVal>0.1171108884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOAT HOLDCO LLC 6.75%</name>
        <lei>N/A</lei>
        <title>GOAT HOLDCO LLC 6.75%</title>
        <cusip>38021MAA4</cusip>
        <identifiers>
          <isin value="US38021MAA45"/>
          <ticker value="B"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25621.8</valUSD>
        <pctVal>0.0178452535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUGHES SATELLITE S 6.625%</name>
        <lei>N/A</lei>
        <title>HUGHES SATELLITE S 6.625%</title>
        <cusip>444454AF9</cusip>
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          <isin value="US444454AF95"/>
          <ticker value="ECHO"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ESC RRI ENERGY 7.875%</name>
        <lei>N/A</lei>
        <title>ESC RRI ENERGY 7.875%</title>
        <cusip>7497ESC93</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="1A8EQ6U"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TERRAFORM POWER OPE 4.75%</name>
        <lei>5493000S2OLR3UT5BE13</lei>
        <title>TERRAFORM POWER OPE 4.75%</title>
        <cusip>88104LAG8</cusip>
        <identifiers>
          <isin value="US88104LAG86"/>
          <ticker value="TERP"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24183.33</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>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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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>213000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>222821.71</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</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>LABELS BUYER LLC PRF</name>
        <lei>N/A</lei>
        <title>LABELS BUYER LLC PRF</title>
        <cusip>504917121</cusip>
        <identifiers>
          <isin value="US5049171219"/>
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        <balance>31</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31000</valUSD>
        <pctVal>0.0215911005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>PENNYMAC FINL. SER 7.875%</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PENNYMAC FINL. SER 7.875%</title>
        <cusip>70932MAD9</cusip>
        <identifiers>
          <isin value="US70932MAD92"/>
          <ticker value="PFSI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25997.98</valUSD>
        <pctVal>0.0181072580</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>7.875000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75000</valUSD>
        <pctVal>0.0522365335</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>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FMC CORP 8.00%</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC CORP 8.00%</title>
        <cusip>302491BA2</cusip>
        <identifiers>
          <isin value="US302491BA29"/>
          <ticker value="FMC"/>
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        <balance>87000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>90548.68</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</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>WR GRACE HLDGS. LLC 7.00%</name>
        <lei>549300WNOVFRGYOAEB12</lei>
        <title>WR GRACE HLDGS. LLC 7.00%</title>
        <cusip>92943GAH4</cusip>
        <identifiers>
          <isin value="US92943GAH48"/>
          <ticker value="GRA"/>
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        <balance>76000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74005.58</valUSD>
        <pctVal>0.0515439328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</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>PERFORMANCE FOOD G 5.625%</name>
        <lei>549300OMUOGBYK0FFO76</lei>
        <title>PERFORMANCE FOOD G 5.625%</title>
        <cusip>71376LAH3</cusip>
        <identifiers>
          <isin value="US71376LAH33"/>
          <ticker value="PFGC"/>
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        <balance>79000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77538.22</valUSD>
        <pctVal>0.0540043710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HOWARD HUGHES CORP 5.875%</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>HOWARD HUGHES CORP 5.875%</title>
        <cusip>44267DAG2</cusip>
        <identifiers>
          <isin value="US44267DAG25"/>
          <ticker value="HHH"/>
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        <balance>23000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AZORRA FIN. LTD 6.25%</name>
        <lei>254900MC1HXDAVUUP395</lei>
        <title>AZORRA FIN. LTD 6.25%</title>
        <cusip>05480AAC9</cusip>
        <identifiers>
          <isin value="US05480AAC99"/>
          <ticker value="AZORRA"/>
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        <balance>9000</balance>
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        <curCd>USD</curCd>
        <valUSD>8697.92</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>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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      <invstOrSec>
        <name>ALPHABET INC DEP SHS REPS</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC DEP SHS REPS</title>
        <cusip>02079K602</cusip>
        <identifiers>
          <isin value="US02079K6029"/>
          <ticker value="GOOGL"/>
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        <balance>650</balance>
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        <curCd>USD</curCd>
        <valUSD>32695</valUSD>
        <pctVal>0.0227716462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>144A SV RNO PRO 5.87%</name>
        <lei>N/A</lei>
        <title>144A SV RNO PRO 5.87%</title>
        <cusip>78488XAA2</cusip>
        <identifiers>
          <isin value="US78488XAA28"/>
          <ticker value="TRACTC"/>
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        <balance>318000</balance>
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        <curCd>USD</curCd>
        <valUSD>313415.52</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PG&amp;E CORP F2V</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PG&amp;E CORP F2V</title>
        <cusip>69331CAN8</cusip>
        <identifiers>
          <isin value="US69331CAN83"/>
          <ticker value="PCG"/>
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        <balance>53000</balance>
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        <curCd>USD</curCd>
        <valUSD>52811.79</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>2056-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.850000000000</annualizedRt>
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      <invstOrSec>
        <name>CNX RES. CORP 5.875%</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX RES. CORP 5.875%</title>
        <cusip>12653CAM0</cusip>
        <identifiers>
          <isin value="US12653CAM01"/>
          <ticker value="CNX"/>
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        <balance>42000</balance>
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        <curCd>USD</curCd>
        <valUSD>40871.78</valUSD>
        <pctVal>0.0284666681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>ALPHABET INC DEP SHS REPS</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC DEP SHS REPS</title>
        <cusip>02079K404</cusip>
        <identifiers>
          <isin value="US02079K4040"/>
          <ticker value="GOOGL"/>
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        <balance>650</balance>
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        <curCd>USD</curCd>
        <valUSD>33078.5</valUSD>
        <pctVal>0.0230387490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="33078.500000000000"/>
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      <invstOrSec>
        <name>AMNEAL PHARMS. LLC 6.875%</name>
        <lei>54930037VIXE7LRZ1M66</lei>
        <title>AMNEAL PHARMS. LLC 6.875%</title>
        <cusip>03168LAA3</cusip>
        <identifiers>
          <isin value="US03168LAA35"/>
          <ticker value="AMNPHA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25950.23</valUSD>
        <pctVal>0.0180740008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>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"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24833.89</valUSD>
        <pctVal>0.0172964844</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>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLEARWAY ENERGY OPE 5.75%</name>
        <lei>549300Z3NFMM54NWBB87</lei>
        <title>CLEARWAY ENERGY OPE 5.75%</title>
        <cusip>18539UAG0</cusip>
        <identifiers>
          <isin value="US18539UAG04"/>
          <ticker value="CWENA"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24512.82</valUSD>
        <pctVal>0.0170728632</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARCHROCK SERVS. LP 6.00%</name>
        <lei>N/A</lei>
        <title>ARCHROCK SERVS. LP 6.00%</title>
        <cusip>03958CAA7</cusip>
        <identifiers>
          <isin value="US03958CAA71"/>
          <ticker value="AROC"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24849.88</valUSD>
        <pctVal>0.0173076212</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>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NINE ENERGY SERV. INC</name>
        <lei>549300KRLJCZBPZMKT65</lei>
        <title>NINE ENERGY SERV. INC</title>
        <cusip>65441V200</cusip>
        <identifiers>
          <isin value="US65441V2007"/>
          <ticker value="NINE"/>
        </identifiers>
        <balance>2325</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30248.25</valUSD>
        <pctVal>0.0210675163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERIGAS PARTNERS 6.875%</name>
        <lei>N/A</lei>
        <title>AMERIGAS PARTNERS 6.875%</title>
        <cusip>030981AR5</cusip>
        <identifiers>
          <isin value="US030981AR58"/>
          <ticker value="APU"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50623.7</valUSD>
        <pctVal>0.0352587547</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILTON DOMESTIC OPE 5.50%</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OPE 5.50%</title>
        <cusip>432833AU5</cusip>
        <identifiers>
          <isin value="US432833AU51"/>
          <ticker value="HLT"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25063.95</valUSD>
        <pctVal>0.0174567182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NRG ENERGY INC 5.75%</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC 5.75%</title>
        <cusip>629377CE0</cusip>
        <identifiers>
          <isin value="US629377CE03"/>
          <ticker value="NRG"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25011.56</valUSD>
        <pctVal>0.0174202292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITI GRP. LP / UNI 6.00%</name>
        <lei>N/A</lei>
        <title>UNITI GRP. LP / UNI 6.00%</title>
        <cusip>91327AAB8</cusip>
        <identifiers>
          <isin value="US91327AAB89"/>
          <ticker value="UNIT"/>
        </identifiers>
        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73261.58</valUSD>
        <pctVal>0.0510257464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TALOS PRODUCTION IN 9.00%</name>
        <lei>549300GZ2DZZE2Y8TX15</lei>
        <title>TALOS PRODUCTION IN 9.00%</title>
        <cusip>87485LAD6</cusip>
        <identifiers>
          <isin value="US87485LAD64"/>
          <ticker value="TALO"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26047.33</valUSD>
        <pctVal>0.0181416297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NGL ENERGY OPERATI 8.125%</name>
        <lei>5493008CQD36WWZJ3O79</lei>
        <title>NGL ENERGY OPERATI 8.125%</title>
        <cusip>62922LAC2</cusip>
        <identifiers>
          <isin value="US62922LAC28"/>
          <ticker value="NGL"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103507.2</valUSD>
        <pctVal>0.0720914310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW ENT. STONE &amp; LI 5.25%</name>
        <lei>549300O5DQ5Y61B8VF38</lei>
        <title>NEW ENT. STONE &amp; LI 5.25%</title>
        <cusip>644274AH5</cusip>
        <identifiers>
          <isin value="US644274AH54"/>
          <ticker value="NEENST"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24900.3</valUSD>
        <pctVal>0.0173427381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEDLINE BORROWER LP 5.25%</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDLINE BORROWER LP 5.25%</title>
        <cusip>62482BAB8</cusip>
        <identifiers>
          <isin value="US62482BAB80"/>
          <ticker value="MEDIND"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99388.92</valUSD>
        <pctVal>0.0692231020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRSTCASH INC 5.625%</name>
        <lei>N/A</lei>
        <title>FIRSTCASH INC 5.625%</title>
        <cusip>31944TAA8</cusip>
        <identifiers>
          <isin value="US31944TAA88"/>
          <ticker value="FCFS"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24852.49</valUSD>
        <pctVal>0.0173094390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COHERENT CORP 5.00%</name>
        <lei>549300O5C25A0MMHHU33</lei>
        <title>COHERENT CORP 5.00%</title>
        <cusip>902104AC2</cusip>
        <identifiers>
          <isin value="US902104AC24"/>
          <ticker value="COHR"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98459.53</valUSD>
        <pctVal>0.0685757938</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRINITY INDS. INC 7.75%</name>
        <lei>R1JB4KXN77XFCXOQKV49</lei>
        <title>TRINITY INDS. INC 7.75%</title>
        <cusip>896522AJ8</cusip>
        <identifiers>
          <isin value="US896522AJ82"/>
          <ticker value="TRN"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51166.3</valUSD>
        <pctVal>0.0356366686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIEBOLD NIXDORF INC 7.75%</name>
        <lei>549300XZK6EWDBAZSY16</lei>
        <title>DIEBOLD NIXDORF INC 7.75%</title>
        <cusip>253651AK9</cusip>
        <identifiers>
          <isin value="US253651AK94"/>
          <ticker value="DBD"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26035.53</valUSD>
        <pctVal>0.0181334111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARD FIN. SA PIK</name>
        <lei>6354006P6QPGGPVJW880</lei>
        <title>ARD FIN. SA PIK</title>
        <cusip>00191AAD8</cusip>
        <identifiers>
          <isin value="US00191AAD81"/>
          <ticker value="ARDFIN"/>
        </identifiers>
        <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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENET HEALTHCARE C 6.125%</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE C 6.125%</title>
        <cusip>88033GDQ0</cusip>
        <identifiers>
          <isin value="US88033GDQ01"/>
          <ticker value="THC"/>
        </identifiers>
        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>151099.2</valUSD>
        <pctVal>0.1052386457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIASAT INC 7.50%</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
        <title>VIASAT INC 7.50%</title>
        <cusip>92552VAR1</cusip>
        <identifiers>
          <isin value="US92552VAR15"/>
          <ticker value="VSAT"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25246.52</valUSD>
        <pctVal>0.0175838758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="25413.180000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNOCO LP / SUNOCO 7.00%</name>
        <lei>N/A</lei>
        <title>SUNOCO LP / SUNOCO 7.00%</title>
        <cusip>86765KAA7</cusip>
        <identifiers>
          <isin value="US86765KAA79"/>
          <ticker value="SUN"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25498.5</valUSD>
        <pctVal>0.0177593767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</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>CITGO PETROLEUM CO 8.375%</name>
        <lei>YX52P86PXMLYDOTUQ225</lei>
        <title>CITGO PETROLEUM CO 8.375%</title>
        <cusip>17302XAN6</cusip>
        <identifiers>
          <isin value="US17302XAN66"/>
          <ticker value="CITPET"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51440.4</valUSD>
        <pctVal>0.0358275757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XPO INC 7.125%</name>
        <lei>54930096DB9LCLPN7H13</lei>
        <title>XPO INC 7.125%</title>
        <cusip>983793AK6</cusip>
        <identifiers>
          <isin value="US983793AK61"/>
          <ticker value="XPO"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25926.3</valUSD>
        <pctVal>0.0180573339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONEMAIN FIN. CORP 7.875%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 7.875%</title>
        <cusip>682691AE0</cusip>
        <identifiers>
          <isin value="US682691AE03"/>
          <ticker value="OMF"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78076.88</valUSD>
        <pctVal>0.0543795408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GENESIS ENERGY LP / 8.00%</name>
        <lei>N/A</lei>
        <title>GENESIS ENERGY LP / 8.00%</title>
        <cusip>37185LAR3</cusip>
        <identifiers>
          <isin value="US37185LAR33"/>
          <ticker value="GEL"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52008.3</valUSD>
        <pctVal>0.0362231107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="52530.520000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABBVIE INC 5.60%</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBVIE INC 5.60%</title>
        <cusip>00287YEB1</cusip>
        <identifiers>
          <isin value="US00287YEB11"/>
          <ticker value="ABBV"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24783.8</valUSD>
        <pctVal>0.0172615973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.600000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OUTFRONT MEDIA CAP 4.625%</name>
        <lei>N/A</lei>
        <title>OUTFRONT MEDIA CAP 4.625%</title>
        <cusip>69007TAC8</cusip>
        <identifiers>
          <isin value="US69007TAC80"/>
          <ticker value="OUT"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48494.23</valUSD>
        <pctVal>0.0337756063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANYWHERE REAL ESTAT 5.25%</name>
        <lei>N/A</lei>
        <title>ANYWHERE REAL ESTAT 5.25%</title>
        <cusip>75606DAQ4</cusip>
        <identifiers>
          <isin value="US75606DAQ43"/>
          <ticker value="HOUS"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48253.62</valUSD>
        <pctVal>0.0336080245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>JB POINDEXTER INC 8.75%</name>
        <lei>549300W6P81HOZZGPQ16</lei>
        <title>JB POINDEXTER INC 8.75%</title>
        <cusip>465965AC5</cusip>
        <identifiers>
          <isin value="US465965AC53"/>
          <ticker value="JBPOIN"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51406.25</valUSD>
        <pctVal>0.0358037907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</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>TRANSDIGM INC 6.375%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.375%</title>
        <cusip>893647BU0</cusip>
        <identifiers>
          <isin value="US893647BU00"/>
          <ticker value="TDG"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25382.03</valUSD>
        <pctVal>0.0176782568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STARWOOD PROP. TST. 7.25%</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROP. TST. 7.25%</title>
        <cusip>85571BBB0</cusip>
        <identifiers>
          <isin value="US85571BBB09"/>
          <ticker value="STWD"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25811.83</valUSD>
        <pctVal>0.0179776070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>VERMILION ENERGY IN 7.25%</name>
        <lei>8945009D1HGCJC8M8A68</lei>
        <title>VERMILION ENERGY IN 7.25%</title>
        <cusip>923725AE5</cusip>
        <identifiers>
          <isin value="US923725AE50"/>
          <ticker value="VETCN"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24578.2</valUSD>
        <pctVal>0.0171183996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARNIVAL CORP 6.125%</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CARNIVAL CORP 6.125%</title>
        <cusip>143658BX9</cusip>
        <identifiers>
          <isin value="US143658BX94"/>
          <ticker value="CCL"/>
        </identifiers>
        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>126518.12</valUSD>
        <pctVal>0.0881182402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITER BRANDS ACQUIS 6.75%</name>
        <lei>N/A</lei>
        <title>MITER BRANDS ACQUIS 6.75%</title>
        <cusip>60672JAA7</cusip>
        <identifiers>
          <isin value="US60672JAA79"/>
          <ticker value="MIWIDO"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24784.86</valUSD>
        <pctVal>0.0172623356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOMBARDIER INC 7.25%</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC 7.25%</title>
        <cusip>097751CB5</cusip>
        <identifiers>
          <isin value="US097751CB51"/>
          <ticker value="BBDBCN"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52316.15</valUSD>
        <pctVal>0.0364375243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUIPMENTSHARE.COM 8.625%</name>
        <lei>254900PWJK48CGPKPI80</lei>
        <title>EQUIPMENTSHARE.COM 8.625%</title>
        <cusip>29450YAB5</cusip>
        <identifiers>
          <isin value="US29450YAB56"/>
          <ticker value="EQMSRM"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52011.75</valUSD>
        <pctVal>0.0362255136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PG&amp;E CORP 5.00%</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PG&amp;E CORP 5.00%</title>
        <cusip>69331CAH1</cusip>
        <identifiers>
          <isin value="US69331CAH16"/>
          <ticker value="PCG"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49724.48</valUSD>
        <pctVal>0.0346324595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRSTCASH INC 4.625%</name>
        <lei>549300V2X3UU7K0DG350</lei>
        <title>FIRSTCASH INC 4.625%</title>
        <cusip>33767DAB1</cusip>
        <identifiers>
          <isin value="US33767DAB10"/>
          <ticker value="FCFS"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24577.09</valUSD>
        <pctVal>0.0171176265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEEKLEY HOMES LLC 4.875%</name>
        <lei>5493009MTTQO8ZN53F13</lei>
        <title>WEEKLEY HOMES LLC 4.875%</title>
        <cusip>948565AD8</cusip>
        <identifiers>
          <isin value="US948565AD85"/>
          <ticker value="WEEKHM"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49310.44</valUSD>
        <pctVal>0.0343440860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHS/COMMUNITY HEALT 6.00%</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/COMMUNITY HEALT 6.00%</title>
        <cusip>12543DBH2</cusip>
        <identifiers>
          <isin value="US12543DBH26"/>
          <ticker value="CYH"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49500</valUSD>
        <pctVal>0.0344761121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILTON DOMESTIC OP 3.625%</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HILTON DOMESTIC OP 3.625%</title>
        <cusip>432833AN1</cusip>
        <identifiers>
          <isin value="US432833AN19"/>
          <ticker value="HLT"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22881.82</valUSD>
        <pctVal>0.0159368928</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>3.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TALOS PRODUCTION I 9.375%</name>
        <lei>549300GZ2DZZE2Y8TX15</lei>
        <title>TALOS PRODUCTION I 9.375%</title>
        <cusip>87485LAE4</cusip>
        <identifiers>
          <isin value="US87485LAE48"/>
          <ticker value="TALO"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52516</valUSD>
        <pctVal>0.0365767173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NGL ENERGY OPERATI 8.375%</name>
        <lei>5493008CQD36WWZJ3O79</lei>
        <title>NGL ENERGY OPERATI 8.375%</title>
        <cusip>62922LAD0</cusip>
        <identifiers>
          <isin value="US62922LAD01"/>
          <ticker value="NGL"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52050.9</valUSD>
        <pctVal>0.0362527811</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>8.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTJET LOYALTY LP TL</name>
        <lei>N/A</lei>
        <title>WESTJET LOYALTY LP TL</title>
        <cusip>C9763HAB3</cusip>
        <identifiers>
          <isin value="XAC9763HAB33"/>
          <ticker value="WJACN"/>
          <other otherDesc="IDII" value="7SYP3W3"/>
        </identifiers>
        <balance>73251.28</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70870.61</valUSD>
        <pctVal>0.0493604666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.070000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UKG INC 6.875%</name>
        <lei>529900FKHWSTQ1GXK240</lei>
        <title>UKG INC 6.875%</title>
        <cusip>90279XAA0</cusip>
        <identifiers>
          <isin value="US90279XAA00"/>
          <ticker value="ULTI"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24286.98</valUSD>
        <pctVal>0.0169155686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JEFFERSON CAP. HLDG 9.50%</name>
        <lei>N/A</lei>
        <title>JEFFERSON CAP. HLDG 9.50%</title>
        <cusip>472481AB6</cusip>
        <identifiers>
          <isin value="US472481AB63"/>
          <ticker value="JEFCAP"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26140.55</valUSD>
        <pctVal>0.0182065562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRAIRIE ACQUIROR LP 9.00%</name>
        <lei>254900Q6KU2LVSIISH22</lei>
        <title>PRAIRIE ACQUIROR LP 9.00%</title>
        <cusip>73943NAA4</cusip>
        <identifiers>
          <isin value="US73943NAA46"/>
          <ticker value="TGE"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51935.6</valUSD>
        <pctVal>0.0361724761</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>9.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUILDERS FIRSTSOUR 6.375%</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BUILDERS FIRSTSOUR 6.375%</title>
        <cusip>12008RAS6</cusip>
        <identifiers>
          <isin value="US12008RAS67"/>
          <ticker value="BLDR"/>
        </identifiers>
        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>126363.13</valUSD>
        <pctVal>0.0880102917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>UNITED RENTALS NOR 6.125%</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>UNITED RENTALS NOR 6.125%</title>
        <cusip>911365BR4</cusip>
        <identifiers>
          <isin value="US911365BR47"/>
          <ticker value="URI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25629.57</valUSD>
        <pctVal>0.0178506652</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MATADOR RES. CO 6.50%</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>MATADOR RES. CO 6.50%</title>
        <cusip>576485AG1</cusip>
        <identifiers>
          <isin value="US576485AG13"/>
          <ticker value="MTDR"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50273</valUSD>
        <pctVal>0.0350144967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SURGERY CENTER HLDG 7.25%</name>
        <lei>54930054EVI5HWPPW113</lei>
        <title>SURGERY CENTER HLDG 7.25%</title>
        <cusip>86881WAF9</cusip>
        <identifiers>
          <isin value="US86881WAF95"/>
          <ticker value="SURCEN"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50617.05</valUSD>
        <pctVal>0.0352541230</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>7.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="51392.390000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RHP HOTEL PROPS. LP 6.50%</name>
        <lei>N/A</lei>
        <title>RHP HOTEL PROPS. LP 6.50%</title>
        <cusip>749571AK1</cusip>
        <identifiers>
          <isin value="US749571AK15"/>
          <ticker value="RHP"/>
        </identifiers>
        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51163.45</valUSD>
        <pctVal>0.0356346836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MGM RESORTS INTERNA 6.50%</name>
        <lei>54930066VBP7DZEGGJ87</lei>
        <title>MGM RESORTS INTERNA 6.50%</title>
        <cusip>552953CJ8</cusip>
        <identifiers>
          <isin value="US552953CJ87"/>
          <ticker value="MGM"/>
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        <curCd>USD</curCd>
        <valUSD>50010.74</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BAFFINLAND IRON MIN 8.75%</name>
        <lei>N/A</lei>
        <title>BAFFINLAND IRON MIN 8.75%</title>
        <cusip>056623AA9</cusip>
        <identifiers>
          <isin value="US056623AA98"/>
          <ticker value="BIMCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10750</valUSD>
        <pctVal>0.0074872365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</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>MPH ACQUISITION HLDGS PIK</name>
        <lei>5493002WXOPRPTXWTU06</lei>
        <title>MPH ACQUISITION HLDGS PIK</title>
        <cusip>553283AF9</cusip>
        <identifiers>
          <isin value="US553283AF90"/>
          <ticker value="MLTPLN"/>
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        <balance>25650</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25393.5</valUSD>
        <pctVal>0.0176862455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALBERTSONS COS / SA 6.25%</name>
        <lei>N/A</lei>
        <title>ALBERTSONS COS / SA 6.25%</title>
        <cusip>01309QAB4</cusip>
        <identifiers>
          <isin value="US01309QAB41"/>
          <ticker value="ACI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24779.77</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>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>HILCORP ENERGY I LP 6.25%</name>
        <lei>N/A</lei>
        <title>HILCORP ENERGY I LP 6.25%</title>
        <cusip>431318AS3</cusip>
        <identifiers>
          <isin value="US431318AS36"/>
          <ticker value="HILCRP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25065.35</valUSD>
        <pctVal>0.0174576933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>ROCKCLIFF ENERGY II 5.50%</name>
        <lei>5493007AZNVKZ5HEMT23</lei>
        <title>ROCKCLIFF ENERGY II 5.50%</title>
        <cusip>77289KAA3</cusip>
        <identifiers>
          <isin value="US77289KAA34"/>
          <ticker value="RCKENE"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49204.06</valUSD>
        <pctVal>0.0342699937</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>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>
      <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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26113.38</valUSD>
        <pctVal>0.0181876327</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>
          <areIntrstPmntsInArrs>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>MCGRAW-HILL EDUCATI 8.00%</name>
        <lei>254900U6YJ9QZ4IQOR26</lei>
        <title>MCGRAW-HILL EDUCATI 8.00%</title>
        <cusip>57767XAB6</cusip>
        <identifiers>
          <isin value="US57767XAB64"/>
          <ticker value="MHED"/>
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        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>551084.6</valUSD>
        <pctVal>0.3838233224</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>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>BAUSCH + LOMB CORP 8.375%</name>
        <lei>549300NY6OZM39SO6475</lei>
        <title>BAUSCH + LOMB CORP 8.375%</title>
        <cusip>071705AA5</cusip>
        <identifiers>
          <isin value="US071705AA56"/>
          <ticker value="BLCOCN"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77062.5</valUSD>
        <pctVal>0.0536730382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</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>ONEMAIN FIN. CORP 5.375%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 5.375%</title>
        <cusip>85172FAR0</cusip>
        <identifiers>
          <isin value="US85172FAR01"/>
          <ticker value="OMF"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49110.9</valUSD>
        <pctVal>0.0342051090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</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>
      <invstOrSec>
        <name>COMSTOCK RES. INC 6.75%</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>COMSTOCK RES. INC 6.75%</title>
        <cusip>205768AU8</cusip>
        <identifiers>
          <isin value="US205768AU84"/>
          <ticker value="CRK"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24544.05</valUSD>
        <pctVal>0.0170946145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <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>US ACUTE CARE SOLS. 9.75%</name>
        <lei>N/A</lei>
        <title>US ACUTE CARE SOLS. 9.75%</title>
        <cusip>90367UAD3</cusip>
        <identifiers>
          <isin value="US90367UAD37"/>
          <ticker value="USACUT"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47141.77</valUSD>
        <pctVal>0.0328336353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</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>VIKING CRUISES LTD 9.125%</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>VIKING CRUISES LTD 9.125%</title>
        <cusip>92676XAG2</cusip>
        <identifiers>
          <isin value="US92676XAG25"/>
          <ticker value="VIKCRU"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78583.88</valUSD>
        <pctVal>0.0547326597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</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>
        <name>UWM HLDGS. LLC 6.625%</name>
        <lei>N/A</lei>
        <title>UWM HLDGS. LLC 6.625%</title>
        <cusip>903522AA8</cusip>
        <identifiers>
          <isin value="US903522AA85"/>
          <ticker value="UWMC"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23294.62</valUSD>
        <pctVal>0.0162244026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>MOLINA HEALTHCARE I 6.50%</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>MOLINA HEALTHCARE I 6.50%</title>
        <cusip>60855RAN0</cusip>
        <identifiers>
          <isin value="US60855RAN08"/>
          <ticker value="MOH"/>
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        <balance>40000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40691.8</valUSD>
        <pctVal>0.0283413143</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>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>
        <name>UTEX INDUSTRIES</name>
        <lei>N/A</lei>
        <title>UTEX INDUSTRIES</title>
        <cusip>LX1913511</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="1A9WZMU"/>
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        <balance>2200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62332.6</valUSD>
        <pctVal>0.0434138527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JACOBS ENTERTAINMEN 6.75%</name>
        <lei>5493004U9JIWY3HSUO63</lei>
        <title>JACOBS ENTERTAINMEN 6.75%</title>
        <cusip>469815AK0</cusip>
        <identifiers>
          <isin value="US469815AK08"/>
          <ticker value="JACENT"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98000</valUSD>
        <pctVal>0.0682557371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>COMPASS MINERALS IN 8.00%</name>
        <lei>2549008X9G8XP7YJGC47</lei>
        <title>COMPASS MINERALS IN 8.00%</title>
        <cusip>20451NAJ0</cusip>
        <identifiers>
          <isin value="US20451NAJ00"/>
          <ticker value="CMP"/>
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        <balance>195000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>205646.81</valUSD>
        <pctVal>0.1432303531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLM CORP 6.50%</name>
        <lei>N/A</lei>
        <title>SLM CORP 6.50%</title>
        <cusip>78442PGF7</cusip>
        <identifiers>
          <isin value="US78442PGF71"/>
          <ticker value="SLM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25341.55</valUSD>
        <pctVal>0.0176500630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</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>
        </securityLending>
      </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>390000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>420725.9</valUSD>
        <pctVal>0.2930301677</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>
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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>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
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        <balance>271267.6</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>271267.6</valUSD>
        <pctVal>0.1889343877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 4.25%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.25%</title>
        <cusip>1248EPCK7</cusip>
        <identifiers>
          <isin value="US1248EPCK74"/>
          <ticker value="CHTR"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22514.55</valUSD>
        <pctVal>0.0156810939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>IRON MOUNTAIN INC 4.50%</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC 4.50%</title>
        <cusip>46284VAN1</cusip>
        <identifiers>
          <isin value="US46284VAN10"/>
          <ticker value="IRM"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71734.28</valUSD>
        <pctVal>0.0499620016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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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>MOLINA HEALTHCARE I 6.25%</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>MOLINA HEALTHCARE I 6.25%</title>
        <cusip>60855RAM2</cusip>
        <identifiers>
          <isin value="US60855RAM25"/>
          <ticker value="MOH"/>
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        <balance>90000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>90150.93</valUSD>
        <pctVal>0.0627889610</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</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>TRANSDIGM INC 6.375%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.375%</title>
        <cusip>893647BY2</cusip>
        <identifiers>
          <isin value="US893647BY22"/>
          <ticker value="TDG"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>126188.5</valUSD>
        <pctVal>0.0878886641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</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>BEACH ACQUISITION BID PIK</name>
        <lei>254900F2FNX3GBTB6202</lei>
        <title>BEACH ACQUISITION BID PIK</title>
        <cusip>07337JAC1</cusip>
        <identifiers>
          <isin value="US07337JAC18"/>
          <ticker value="SKX"/>
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        <balance>245402</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>278665.01</valUSD>
        <pctVal>0.1940865885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>135000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>143139.96</valUSD>
        <pctVal>0.0996951376</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>COVANTA HLDG. CORP 5.00%</name>
        <lei>40XIFLS8XDQGGHGPGC04</lei>
        <title>COVANTA HLDG. CORP 5.00%</title>
        <cusip>22282EAJ1</cusip>
        <identifiers>
          <isin value="US22282EAJ10"/>
          <ticker value="CVA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21500</valUSD>
        <pctVal>0.0149744729</pctVal>
        <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>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>BATH &amp; BODY WORKS 6.625%</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
        <title>BATH &amp; BODY WORKS 6.625%</title>
        <cusip>501797AW4</cusip>
        <identifiers>
          <isin value="US501797AW48"/>
          <ticker value="BBWI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25502.15</valUSD>
        <pctVal>0.0177619188</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>6.625000000000</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>1011778 BC ULC / NE 4.00%</name>
        <lei>N/A</lei>
        <title>1011778 BC ULC / NE 4.00%</title>
        <cusip>68245XAM1</cusip>
        <identifiers>
          <isin value="US68245XAM11"/>
          <ticker value="BCULC"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>236012.25</valUSD>
        <pctVal>0.1643794908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</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>LBM ACQUISITION LLC 6.25%</name>
        <lei>549300FAEB3VWZL4NI86</lei>
        <title>LBM ACQUISITION LLC 6.25%</title>
        <cusip>05552BAA4</cusip>
        <identifiers>
          <isin value="US05552BAA44"/>
          <ticker value="USLBMH"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36134.56</valUSD>
        <pctVal>0.0251672554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="37584.210000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>VIKING OCEAN CRUIS 5.625%</name>
        <lei>N/A</lei>
        <title>VIKING OCEAN CRUIS 5.625%</title>
        <cusip>92682RAA0</cusip>
        <identifiers>
          <isin value="US92682RAA05"/>
          <ticker value="VIKCRU"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49996.06</valUSD>
        <pctVal>0.0348216115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</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>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>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98360.62</valUSD>
        <pctVal>0.0685069043</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>6.875000000000</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>CHS/COMMUNITY HEALT 4.75%</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/COMMUNITY HEALT 4.75%</title>
        <cusip>12543DBK5</cusip>
        <identifiers>
          <isin value="US12543DBK54"/>
          <ticker value="CYH"/>
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        <balance>48000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44158.21</valUSD>
        <pctVal>0.0307556242</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>4.750000000000</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>ALLIED UNIVERSAL H 7.875%</name>
        <lei>N/A</lei>
        <title>ALLIED UNIVERSAL H 7.875%</title>
        <cusip>019576AD9</cusip>
        <identifiers>
          <isin value="US019576AD90"/>
          <ticker value="UNSEAM"/>
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        <balance>175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>182942.2</valUSD>
        <pctVal>0.1274168848</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRSTCASH INC 6.875%</name>
        <lei>549300V2X3UU7K0DG350</lei>
        <title>FIRSTCASH INC 6.875%</title>
        <cusip>33767DAD7</cusip>
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          <isin value="US33767DAD75"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CLEAR CHANNEL OUTD 7.875%</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CLEAR CHANNEL OUTD 7.875%</title>
        <cusip>18453HAF3</cusip>
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          <isin value="US18453HAF38"/>
          <ticker value="CCO"/>
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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>
      <invstOrSec>
        <name>USA COMPRESSION PA 7.125%</name>
        <lei>N/A</lei>
        <title>USA COMPRESSION PA 7.125%</title>
        <cusip>91740PAG3</cusip>
        <identifiers>
          <isin value="US91740PAG37"/>
          <ticker value="USAC"/>
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        <balance>75000</balance>
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        <curCd>USD</curCd>
        <valUSD>76825.43</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RITHM CAP. CORP 8.00%</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>RITHM CAP. CORP 8.00%</title>
        <cusip>64828TAB8</cusip>
        <identifiers>
          <isin value="US64828TAB89"/>
          <ticker value="RITM"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50200</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>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CRESCENT ENERGY FI 7.625%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>CRESCENT ENERGY FI 7.625%</title>
        <cusip>45344LAD5</cusip>
        <identifiers>
          <isin value="US45344LAD55"/>
          <ticker value="CRGYFN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25201.58</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WINNEBAGO INDS. INC 6.25%</name>
        <lei>549300B7OYKYJLTE3G11</lei>
        <title>WINNEBAGO INDS. INC 6.25%</title>
        <cusip>974637AC4</cusip>
        <identifiers>
          <isin value="US974637AC45"/>
          <ticker value="WGO"/>
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        <balance>10000</balance>
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        <curCd>USD</curCd>
        <valUSD>10021.07</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>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AVANTOR FNDG. INC 4.625%</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>AVANTOR FNDG. INC 4.625%</title>
        <cusip>05352TAA7</cusip>
        <identifiers>
          <isin value="US05352TAA79"/>
          <ticker value="AVTR"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74212.7</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>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>UNITED RENTALS NOR 3.875%</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>UNITED RENTALS NOR 3.875%</title>
        <cusip>911363AM1</cusip>
        <identifiers>
          <isin value="US911363AM11"/>
          <ticker value="URI"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23621.22</valUSD>
        <pctVal>0.0164518753</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>3.875000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WILLIAMS SCOTSMAN 4.625%</name>
        <lei>549300V3TCHCBOBTGH07</lei>
        <title>WILLIAMS SCOTSMAN 4.625%</title>
        <cusip>96950GAE2</cusip>
        <identifiers>
          <isin value="US96950GAE26"/>
          <ticker value="WLSC"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49551.28</valUSD>
        <pctVal>0.0345118280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CENTENE CORP 3.00%</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CENTENE CORP 3.00%</title>
        <cusip>15135BAW1</cusip>
        <identifiers>
          <isin value="US15135BAW19"/>
          <ticker value="CNC"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67878.5</valUSD>
        <pctVal>0.0472765005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</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>SMYRNA READY MIX CO 6.00%</name>
        <lei>549300S7RFWHQFOIOY93</lei>
        <title>SMYRNA READY MIX CO 6.00%</title>
        <cusip>85236FAA1</cusip>
        <identifiers>
          <isin value="US85236FAA12"/>
          <ticker value="SMYREA"/>
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        <balance>125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>125257.13</valUSD>
        <pctVal>0.0872399769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</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>LUMEN TECHS. INC 4.50%</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
        <title>LUMEN TECHS. INC 4.50%</title>
        <cusip>156700BD7</cusip>
        <identifiers>
          <isin value="US156700BD72"/>
          <ticker value="LUMN"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48052.31</valUSD>
        <pctVal>0.0334678147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARCHES BUYER INC 4.25%</name>
        <lei>2549009ADY4208OH2Y47</lei>
        <title>ARCHES BUYER INC 4.25%</title>
        <cusip>039524AA1</cusip>
        <identifiers>
          <isin value="US039524AA11"/>
          <ticker value="ACOM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24499.4</valUSD>
        <pctVal>0.0170635164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HILCORP ENERGY I LP 6.00%</name>
        <lei>N/A</lei>
        <title>HILCORP ENERGY I LP 6.00%</title>
        <cusip>431318AV6</cusip>
        <identifiers>
          <isin value="US431318AV64"/>
          <ticker value="HILCRP"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48432.08</valUSD>
        <pctVal>0.0337323196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>AMC NETWORKS INC 4.25%</name>
        <lei>549300VGG9K75226LR46</lei>
        <title>AMC NETWORKS INC 4.25%</title>
        <cusip>00164VAF0</cusip>
        <identifiers>
          <isin value="US00164VAF04"/>
          <ticker value="AMCX"/>
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        <balance>27000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23869.98</valUSD>
        <pctVal>0.0166251335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="24303.480000000000"/>
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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>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22812.85</valUSD>
        <pctVal>0.0158888560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>NOVA CHEMS. CORP 9.00%</name>
        <lei>549300ZOD6N7RI2FJP09</lei>
        <title>NOVA CHEMS. CORP 9.00%</title>
        <cusip>66977WAU3</cusip>
        <identifiers>
          <isin value="US66977WAU36"/>
          <ticker value="NCX"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARSENAL AIC PARENT 11.50%</name>
        <lei>N/A</lei>
        <title>ARSENAL AIC PARENT 11.50%</title>
        <cusip>04288BAC4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ROYAL CARIBBEAN CRU 6.25%</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>TASEKO MINES LTD 8.25%</name>
        <lei>549300XKUO1JSLU7KX54</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>PARK INTERMEDIATE H 7.00%</name>
        <lei>N/A</lei>
        <title>PARK INTERMEDIATE H 7.00%</title>
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        <identifiers>
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          <ticker value="PK"/>
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        <curCd>USD</curCd>
        <valUSD>25594.33</valUSD>
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      <invstOrSec>
        <name>ALLISON TRANSMISSIO 3.75%</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
        <title>ALLISON TRANSMISSIO 3.75%</title>
        <cusip>019736AG2</cusip>
        <identifiers>
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          <ticker value="ALSN"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>23379.74</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>HOWARD HUGHES CORP 4.125%</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>HOWARD HUGHES CORP 4.125%</title>
        <cusip>44267DAE7</cusip>
        <identifiers>
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          <ticker value="HHH"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>48308.39</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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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>ACRISURE LLC / ACRI 8.25%</name>
        <lei>N/A</lei>
        <title>ACRISURE LLC / ACRI 8.25%</title>
        <cusip>00489LAK9</cusip>
        <identifiers>
          <isin value="US00489LAK98"/>
          <ticker value="ACRISU"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>47061.15</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>
          <annualizedRt>8.250000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>PROLOGIS LP 5.25%</name>
        <lei>GL16H1DHB0QSHP25F723</lei>
        <title>PROLOGIS LP 5.25%</title>
        <cusip>74340XCK5</cusip>
        <identifiers>
          <isin value="US74340XCK54"/>
          <ticker value="PLD"/>
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        <balance>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47402.45</valUSD>
        <pctVal>0.0330151956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STL HLDG. CO LLC 8.75%</name>
        <lei>984500BC2I63E7F48656</lei>
        <title>STL HLDG. CO LLC 8.75%</title>
        <cusip>861036AB7</cusip>
        <identifiers>
          <isin value="US861036AB75"/>
          <ticker value="DSLDHM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25958.68</valUSD>
        <pctVal>0.0180798861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CNX RES. CORP 7.25%</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX RES. CORP 7.25%</title>
        <cusip>12653CAL2</cusip>
        <identifiers>
          <isin value="US12653CAL28"/>
          <ticker value="CNX"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>25756.18</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>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
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      <invstOrSec>
        <name>NEW HOME CO INC/THE 9.25%</name>
        <lei>549300PLCE8TB3TVRQ85</lei>
        <title>NEW HOME CO INC/THE 9.25%</title>
        <cusip>645370AF4</cusip>
        <identifiers>
          <isin value="US645370AF49"/>
          <ticker value="NWHM"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25858.13</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>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.250000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>OSAIC HLDGS. INC 8.00%</name>
        <lei>549300XL60BDV6UW5C86</lei>
        <title>OSAIC HLDGS. INC 8.00%</title>
        <cusip>00791GAC1</cusip>
        <identifiers>
          <isin value="US00791GAC15"/>
          <ticker value="ADVGRO"/>
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        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15055.4</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>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
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      <invstOrSec>
        <name>MOLINA HEALTHCARE 3.875%</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>MOLINA HEALTHCARE 3.875%</title>
        <cusip>60855RAL4</cusip>
        <identifiers>
          <isin value="US60855RAL42"/>
          <ticker value="MOH"/>
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        <balance>100000</balance>
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        <curCd>USD</curCd>
        <valUSD>90410.86</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>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>ATHENAHEALTH GRP. I 6.50%</name>
        <lei>254900AA3KZN4Q7A5Z33</lei>
        <title>ATHENAHEALTH GRP. I 6.50%</title>
        <cusip>60337JAA4</cusip>
        <identifiers>
          <isin value="US60337JAA43"/>
          <ticker value="ATHENA"/>
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        <balance>605000</balance>
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        <curCd>USD</curCd>
        <valUSD>580088.51</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>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>JANE STREET GRP. / 6.125%</name>
        <lei>N/A</lei>
        <title>JANE STREET GRP. / 6.125%</title>
        <cusip>47077WAD0</cusip>
        <identifiers>
          <isin value="US47077WAD02"/>
          <ticker value="JANEST"/>
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        <curCd>USD</curCd>
        <valUSD>90018.72</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>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <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>360000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>351871.45</valUSD>
        <pctVal>0.2450739305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</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>
      <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"/>
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        <curCd>USD</curCd>
        <valUSD>405167.88</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SPECIALTY STL HOL 0.00%</name>
        <lei>N/A</lei>
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          <isin value="US84752HAE62"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>LIGHT &amp; WONDER INTL 6.25%</name>
        <lei>RLTHESQ0RNFQJWPBJN60</lei>
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        <cusip>531968AB1</cusip>
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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>FTAI AVIATION INVST 7.00%</name>
        <lei>529900E7PUVK6BC8PE80</lei>
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        <cusip>34960PAF8</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>77681.1</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EMPIRE COMMUNITIES 9.75%</name>
        <lei>549300JM1L6KK2QFP273</lei>
        <title>EMPIRE COMMUNITIES 9.75%</title>
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        <identifiers>
          <isin value="US29163VAG86"/>
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        <balance>50000</balance>
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        <curCd>USD</curCd>
        <valUSD>51689.4</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AMN HEALTHCARE INC 6.50%</name>
        <lei>549300H27NUKBFFQEE84</lei>
        <title>AMN HEALTHCARE INC 6.50%</title>
        <cusip>00175PAD5</cusip>
        <identifiers>
          <isin value="US00175PAD50"/>
          <ticker value="AMN"/>
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        <balance>240000</balance>
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        <curCd>USD</curCd>
        <valUSD>241459.44</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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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        <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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          <maturityDt>2034-02-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>REAALL CMN STOCK CMN STO</name>
        <lei>N/A</lei>
        <title>REAALL CMN STOCK CMN STO</title>
        <cusip>749999249</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="5A82A5U"/>
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        <balance>48.45</balance>
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        <curCd>USD</curCd>
        <valUSD>3678130.2</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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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>60000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59748.1</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>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QUIKRETE HLDGS. IN 6.375%</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>QUIKRETE HLDGS. IN 6.375%</title>
        <cusip>74843PAA8</cusip>
        <identifiers>
          <isin value="US74843PAA84"/>
          <ticker value="QUIKHO"/>
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        <curCd>USD</curCd>
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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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        <name>CELANESE US HLDGS. 6.75%</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
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        <cusip>15089QBA1</cusip>
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          <isin value="US15089QBA13"/>
          <ticker value="CE"/>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UNITED NATURAL FOOD 6.75%</name>
        <lei>549300GKGW6WPZ282D40</lei>
        <title>UNITED NATURAL FOOD 6.75%</title>
        <cusip>911163AA1</cusip>
        <identifiers>
          <isin value="US911163AA17"/>
          <ticker value="UNFI"/>
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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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        <name>CHEMOURS CO/THE 5.75%</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO/THE 5.75%</title>
        <cusip>163851AF5</cusip>
        <identifiers>
          <isin value="US163851AF58"/>
          <ticker value="CC"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>AFFINITY INTERACTI 6.875%</name>
        <lei>N/A</lei>
        <title>AFFINITY INTERACTI 6.875%</title>
        <cusip>00842XAA7</cusip>
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          <isin value="US00842XAA72"/>
          <ticker value="AFFGAM"/>
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        <name>UNITI GRP. LP / UNI 6.50%</name>
        <lei>N/A</lei>
        <title>UNITI GRP. LP / UNI 6.50%</title>
        <cusip>91327BAA8</cusip>
        <identifiers>
          <isin value="US91327BAA89"/>
          <ticker value="UNIT"/>
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        <balance>75000</balance>
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        <curCd>USD</curCd>
        <valUSD>74408.01</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
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        <name>CLEAR CHANNEL OUTDO 7.75%</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>CLEAR CHANNEL OUTDO 7.75%</title>
        <cusip>18453HAC0</cusip>
        <identifiers>
          <isin value="US18453HAC07"/>
          <ticker value="CCO"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>VITAL ENERGY INC 7.875%</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>VITAL ENERGY INC 7.875%</title>
        <cusip>516806AK2</cusip>
        <identifiers>
          <isin value="US516806AK23"/>
          <ticker value="CRGYFN"/>
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        <curCd>USD</curCd>
        <valUSD>151880.25</valUSD>
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        <issuerCat>CORP</issuerCat>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>CLEVELAND-CLIFFS IN 7.00%</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS IN 7.00%</title>
        <cusip>185899AP6</cusip>
        <identifiers>
          <isin value="US185899AP61"/>
          <ticker value="CLF"/>
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        <balance>75000</balance>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BEAZER HOMES USA IN 7.50%</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>BEAZER HOMES USA IN 7.50%</title>
        <cusip>07556QBU8</cusip>
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          <ticker value="BZH"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GGAM FIN. LTD 6.875%</name>
        <lei>254900X2QXEN0FVXRF65</lei>
        <title>GGAM FIN. LTD 6.875%</title>
        <cusip>36170JAD8</cusip>
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        <curCd>USD</curCd>
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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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENDO FIN. HLDGS. IN 8.50%</name>
        <lei>N/A</lei>
        <title>ENDO FIN. HLDGS. IN 8.50%</title>
        <cusip>29281RAA7</cusip>
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          <isin value="US29281RAA77"/>
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        <curCd>USD</curCd>
        <valUSD>26280.25</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>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW ENT. STONE &amp; LI 9.75%</name>
        <lei>549300O5DQ5Y61B8VF38</lei>
        <title>NEW ENT. STONE &amp; LI 9.75%</title>
        <cusip>644274AG7</cusip>
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          <isin value="US644274AG71"/>
          <ticker value="NEENST"/>
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        <curCd>USD</curCd>
        <valUSD>75130.9</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>NCR VOYIX CORP 5.00%</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR VOYIX CORP 5.00%</title>
        <cusip>62886EAY4</cusip>
        <identifiers>
          <isin value="US62886EAY41"/>
          <ticker value="VYX"/>
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        <balance>25000</balance>
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        <curCd>USD</curCd>
        <valUSD>24383.07</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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>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>280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>287198.52</valUSD>
        <pctVal>0.2000300682</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>
        <name>GLOBAL MEDICAL RES 7.375%</name>
        <lei>549300ZFWD4ZFCEJCQ87</lei>
        <title>GLOBAL MEDICAL RES 7.375%</title>
        <cusip>37960BAD7</cusip>
        <identifiers>
          <isin value="US37960BAD73"/>
          <ticker value="AIMEGR"/>
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        <balance>405000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>419683.28</valUSD>
        <pctVal>0.2923039963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-01</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>
        <name>SUNOCO LP 5.375%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 5.375%</title>
        <cusip>86765KAM1</cusip>
        <identifiers>
          <isin value="US86765KAM18"/>
          <ticker value="SUN"/>
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        <balance>70000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69046.88</valUSD>
        <pctVal>0.0480902621</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>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>NORTHWEST ACQUISIT 7.125%</name>
        <lei>549300514YCQANUHXW83</lei>
        <title>NORTHWEST ACQUISIT 7.125%</title>
        <cusip>66727WAA0</cusip>
        <identifiers>
          <isin value="US66727WAA09"/>
          <ticker value="NORACQ"/>
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        <balance>1880000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLEVELAND-CLIFFS I 7.375%</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS I 7.375%</title>
        <cusip>185899AR2</cusip>
        <identifiers>
          <isin value="US185899AR28"/>
          <ticker value="CLF"/>
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        <balance>80000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>79959.94</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OLYMPUS WATER US HL 7.25%</name>
        <lei>549300YU2GGVCBN3MY89</lei>
        <title>OLYMPUS WATER US HL 7.25%</title>
        <cusip>681639AE0</cusip>
        <identifiers>
          <isin value="US681639AE00"/>
          <ticker value="SOLEIN"/>
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        <balance>370000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>365918.01</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>2033-02-15</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>
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      <invstOrSec>
        <name>CCO HLDGS. LLC / C 7.375%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / C 7.375%</title>
        <cusip>1248EPCV3</cusip>
        <identifiers>
          <isin value="US1248EPCV30"/>
          <ticker value="CHTR"/>
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        <balance>290000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>284398.59</valUSD>
        <pctVal>0.1980799530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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        <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>160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>117211.2</valUSD>
        <pctVal>0.0816360904</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>
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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>IAMGOLD CORP 5.75%</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD CORP 5.75%</title>
        <cusip>450913AF5</cusip>
        <identifiers>
          <isin value="US450913AF55"/>
          <ticker value="IMGCN"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24922.49</valUSD>
        <pctVal>0.0173581931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</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>PARK INTERMEDIATE 5.875%</name>
        <lei>N/A</lei>
        <title>PARK INTERMEDIATE 5.875%</title>
        <cusip>70052LAB9</cusip>
        <identifiers>
          <isin value="US70052LAB99"/>
          <ticker value="PK"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24987.39</valUSD>
        <pctVal>0.0174033951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</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>GRAY MEDIA INC 4.75%</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY MEDIA INC 4.75%</title>
        <cusip>389375AL0</cusip>
        <identifiers>
          <isin value="US389375AL09"/>
          <ticker value="GTN"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71832.9</valUSD>
        <pctVal>0.0500306892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>AMN HEALTHCARE INC 4.00%</name>
        <lei>549300H27NUKBFFQEE84</lei>
        <title>AMN HEALTHCARE INC 4.00%</title>
        <cusip>00175PAC7</cusip>
        <identifiers>
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          <ticker value="AMN"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72641.5</valUSD>
        <pctVal>0.0505938687</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>4.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WEX INC 6.50%</name>
        <lei>T9M5IGROL1TL1G5OV478</lei>
        <title>WEX INC 6.50%</title>
        <cusip>96208TAD6</cusip>
        <identifiers>
          <isin value="US96208TAD63"/>
          <ticker value="WEX"/>
        </identifiers>
        <balance>350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>348491.47</valUSD>
        <pctVal>0.2427198180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>JANE STREET GRP. / 6.75%</name>
        <lei>N/A</lei>
        <title>JANE STREET GRP. / 6.75%</title>
        <cusip>47077WAE8</cusip>
        <identifiers>
          <isin value="US47077WAE84"/>
          <ticker value="JANEST"/>
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        <balance>185000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>190247.82</valUSD>
        <pctVal>0.1325051550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-01</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>ONEMAIN FIN. CORP 4.00%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 4.00%</title>
        <cusip>682691AA8</cusip>
        <identifiers>
          <isin value="US682691AA80"/>
          <ticker value="OMF"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23108.53</valUSD>
        <pctVal>0.0160947934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</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>TALLGRASS ENERGY PA 6.00%</name>
        <lei>N/A</lei>
        <title>TALLGRASS ENERGY PA 6.00%</title>
        <cusip>87470LAJ0</cusip>
        <identifiers>
          <isin value="US87470LAJ08"/>
          <ticker value="TEP"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25011.45</valUSD>
        <pctVal>0.0174201526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-31</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>KEHE DISTRIBUTORS L 9.00%</name>
        <lei>N/A</lei>
        <title>KEHE DISTRIBUTORS L 9.00%</title>
        <cusip>487526AC9</cusip>
        <identifiers>
          <isin value="US487526AC91"/>
          <ticker value="KEHEFO"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78513.83</valUSD>
        <pctVal>0.0546838708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>MEDLINE BORROWER LP 6.25%</name>
        <lei>N/A</lei>
        <title>MEDLINE BORROWER LP 6.25%</title>
        <cusip>58506DAA6</cusip>
        <identifiers>
          <isin value="US58506DAA63"/>
          <ticker value="MEDIND"/>
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        <balance>17000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17350.14</valUSD>
        <pctVal>0.0120841489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>TRANSOCEAN INC 8.25%</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>TRANSOCEAN INC 8.25%</title>
        <cusip>893830BY4</cusip>
        <identifiers>
          <isin value="US893830BY45"/>
          <ticker value="RIG"/>
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        <balance>75000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77443.73</valUSD>
        <pctVal>0.0539385600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAMAR MEDIA CORP 5.375%</name>
        <lei>N/A</lei>
        <title>LAMAR MEDIA CORP 5.375%</title>
        <cusip>513075CA7</cusip>
        <identifiers>
          <isin value="US513075CA73"/>
          <ticker value="LAMR"/>
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        <balance>80000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78406.38</valUSD>
        <pctVal>0.0546090333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375000000000</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>WAYFAIR LLC 6.75%</name>
        <lei>549300CTUWTZGOXMYI40</lei>
        <title>WAYFAIR LLC 6.75%</title>
        <cusip>94419NAC1</cusip>
        <identifiers>
          <isin value="US94419NAC11"/>
          <ticker value="W"/>
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        <balance>175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>179706.98</valUSD>
        <pctVal>0.1251635958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</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>SUNOCO LP 5.625%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 5.625%</title>
        <cusip>86765KAF6</cusip>
        <identifiers>
          <isin value="US86765KAF66"/>
          <ticker value="SUN"/>
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        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19854.12</valUSD>
        <pctVal>0.0138281387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>KODIAK GAS SERVS. L 6.50%</name>
        <lei>549300ZQBRWEUOVOM131</lei>
        <title>KODIAK GAS SERVS. L 6.50%</title>
        <cusip>50012LAD6</cusip>
        <identifiers>
          <isin value="US50012LAD64"/>
          <ticker value="KGS"/>
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        <balance>52000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52709.96</valUSD>
        <pctVal>0.0367118079</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>6.500000000000</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>CLARIOS GBL. LP / C 6.75%</name>
        <lei>N/A</lei>
        <title>CLARIOS GBL. LP / C 6.75%</title>
        <cusip>18060TAE5</cusip>
        <identifiers>
          <isin value="US18060TAE55"/>
          <ticker value="POWSOL"/>
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        <balance>266000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>271661.81</valUSD>
        <pctVal>0.1892089499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</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>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>28000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28273.25</valUSD>
        <pctVal>0.0196919543</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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>LITHIA MOTORS INC 5.50%</name>
        <lei>SE8N1EZEHPZQBCBVKD53</lei>
        <title>LITHIA MOTORS INC 5.50%</title>
        <cusip>536797AJ2</cusip>
        <identifiers>
          <isin value="US536797AJ25"/>
          <ticker value="LAD"/>
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        <balance>28000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27654.38</valUSD>
        <pctVal>0.0192609193</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNOCO LP F2V</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP F2V</title>
        <cusip>86765KAE9</cusip>
        <identifiers>
          <isin value="US86765KAE91"/>
          <ticker value="SUN"/>
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        <balance>216000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>224626.42</valUSD>
        <pctVal>0.1564494069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</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>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>68000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69758.89</valUSD>
        <pctVal>0.0485861679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>AMKOR TECH. INC 5.875%</name>
        <lei>529900VHLRTKPWZJBM84</lei>
        <title>AMKOR TECH. INC 5.875%</title>
        <cusip>031652BL3</cusip>
        <identifiers>
          <isin value="US031652BL34"/>
          <ticker value="AMKR"/>
        </identifiers>
        <balance>13000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13045.14</valUSD>
        <pctVal>0.0090857719</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>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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FERTITTA ENTERTAINM 6.75%</name>
        <lei>N/A</lei>
        <title>FERTITTA ENTERTAINM 6.75%</title>
        <cusip>31556TAC3</cusip>
        <identifiers>
          <isin value="US31556TAC36"/>
          <ticker value="FRTITA"/>
        </identifiers>
        <balance>220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>215754.26</valUSD>
        <pctVal>0.1502700618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="222643.010000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACADIA HEALTHCARE 7.375%</name>
        <lei>5493005CW985Y9D0NC11</lei>
        <title>ACADIA HEALTHCARE 7.375%</title>
        <cusip>00404AAQ2</cusip>
        <identifiers>
          <isin value="US00404AAQ22"/>
          <ticker value="ACHC"/>
        </identifiers>
        <balance>295000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>303679.79</valUSD>
        <pctVal>0.2115090604</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>7.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="310206.630000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONEMAIN FIN. CORP 6.50%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 6.50%</title>
        <cusip>682691AM2</cusip>
        <identifiers>
          <isin value="US682691AM29"/>
          <ticker value="OMF"/>
        </identifiers>
        <balance>52000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51169.64</valUSD>
        <pctVal>0.0356389949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>72000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69924.05</valUSD>
        <pctVal>0.0487011997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNOCO LP 5.875%</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUNOCO LP 5.875%</title>
        <cusip>86765KAG4</cusip>
        <identifiers>
          <isin value="US86765KAG40"/>
          <ticker value="SUN"/>
        </identifiers>
        <balance>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13808.04</valUSD>
        <pctVal>0.0096171219</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>5.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AVIS BUDGET CAR RE 8.375%</name>
        <lei>N/A</lei>
        <title>AVIS BUDGET CAR RE 8.375%</title>
        <cusip>053773BK2</cusip>
        <identifiers>
          <isin value="US053773BK25"/>
          <ticker value="CAR"/>
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        <balance>110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>110727.54</valUSD>
        <pctVal>0.0771203047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="75775.220000000000"/>
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      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>370965.21</valUSD>
        <pctVal>0.2583724883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LSF12 HELIX PARENT 7.125%</name>
        <lei>254900H70V4IL22BHL88</lei>
        <title>LSF12 HELIX PARENT 7.125%</title>
        <cusip>548916AA3</cusip>
        <identifiers>
          <isin value="US548916AA33"/>
          <ticker value="HI"/>
        </identifiers>
        <balance>285000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>275941.28</valUSD>
        <pctVal>0.1921895456</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIRIUS XM RADIO LLC 5.00%</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRIUS XM RADIO LLC 5.00%</title>
        <cusip>82967NBA5</cusip>
        <identifiers>
          <isin value="US82967NBA54"/>
          <ticker value="SIRI"/>
        </identifiers>
        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14979.95</valUSD>
        <pctVal>0.0104333421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FMC CORP 3.45%</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC CORP 3.45%</title>
        <cusip>302491AU9</cusip>
        <identifiers>
          <isin value="US302491AU91"/>
          <ticker value="FMC"/>
        </identifiers>
        <balance>60000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55557.25</valUSD>
        <pctVal>0.0386949087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.450000000000</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>ATI INC 5.125%</name>
        <lei>ZW1LRE7C3H17O2ZN9B45</lei>
        <title>ATI INC 5.125%</title>
        <cusip>01741RAM4</cusip>
        <identifiers>
          <isin value="US01741RAM43"/>
          <ticker value="ATI"/>
        </identifiers>
        <balance>51000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50479.7</valUSD>
        <pctVal>0.0351584605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AVANTOR FNDG. INC 3.875%</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>AVANTOR FNDG. INC 3.875%</title>
        <cusip>05352TAB5</cusip>
        <identifiers>
          <isin value="US05352TAB52"/>
          <ticker value="AVTR"/>
        </identifiers>
        <balance>33000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31504.6</valUSD>
        <pctVal>0.0219425479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DANA INC 4.50%</name>
        <lei>KVWHW7YLZPFJM8QYNJ51</lei>
        <title>DANA INC 4.50%</title>
        <cusip>235825AJ5</cusip>
        <identifiers>
          <isin value="US235825AJ53"/>
          <ticker value="DAN"/>
        </identifiers>
        <balance>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13965.59</valUSD>
        <pctVal>0.0097268535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VISTRA CORP F2V</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>VISTRA CORP F2V</title>
        <cusip>92840MAC6</cusip>
        <identifiers>
          <isin value="US92840MAC64"/>
          <ticker value="VST"/>
        </identifiers>
        <balance>145000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>146148.84</valUSD>
        <pctVal>0.1017907837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS PLC F2V</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC F2V</title>
        <cusip>06738ECN3</cusip>
        <identifiers>
          <isin value="US06738ECN31"/>
          <ticker value="BACR"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>221776.4</valUSD>
        <pctVal>0.1544644047</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>9.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORTRESS TRANSPORT 7.875%</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>FORTRESS TRANSPORT 7.875%</title>
        <cusip>34960PAE1</cusip>
        <identifiers>
          <isin value="US34960PAE16"/>
          <ticker value="FTAI"/>
        </identifiers>
        <balance>39000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40749.35</valUSD>
        <pctVal>0.0283813972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LGI HOMES INC 8.75%</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC 8.75%</title>
        <cusip>50187TAH9</cusip>
        <identifiers>
          <isin value="US50187TAH95"/>
          <ticker value="LGIH"/>
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        <curCd>USD</curCd>
        <valUSD>6200.2</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GFL ENVIRON. INC 6.75%</name>
        <lei>894500E7NLBY9VZRT696</lei>
        <title>GFL ENVIRON. INC 6.75%</title>
        <cusip>36168QAQ7</cusip>
        <identifiers>
          <isin value="US36168QAQ73"/>
          <ticker value="GFLCN"/>
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        <balance>10000</balance>
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        <curCd>USD</curCd>
        <valUSD>10287.78</valUSD>
        <pctVal>0.0071653062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>6.750000000000</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>TALLGRASS ENERGY P 7.375%</name>
        <lei>N/A</lei>
        <title>TALLGRASS ENERGY P 7.375%</title>
        <cusip>87470LAL5</cusip>
        <identifiers>
          <isin value="US87470LAL53"/>
          <ticker value="TEP"/>
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        <balance>87000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>89241.56</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>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.375000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TELECOM ITALIA CAP 7.721%</name>
        <lei>549300777DJZOR5C4L39</lei>
        <title>TELECOM ITALIA CAP 7.721%</title>
        <cusip>87927VAV0</cusip>
        <identifiers>
          <isin value="US87927VAV09"/>
          <ticker value="TITIM"/>
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        <balance>68000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78084.13</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.721000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 4.75%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.75%</title>
        <cusip>1248EPCD3</cusip>
        <identifiers>
          <isin value="US1248EPCD32"/>
          <ticker value="CHTR"/>
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        <balance>65000</balance>
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        <curCd>USD</curCd>
        <valUSD>61629.83</valUSD>
        <pctVal>0.0429243824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CCO HLDGS. LLC / CC 4.25%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.25%</title>
        <cusip>1248EPCP6</cusip>
        <identifiers>
          <isin value="US1248EPCP61"/>
          <ticker value="CHTR"/>
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        <balance>146000</balance>
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        <curCd>USD</curCd>
        <valUSD>123593.29</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>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>
        <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>42000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40371.58</valUSD>
        <pctVal>0.0281182852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VIAVI SOLS. INC 3.75%</name>
        <lei>5493006K3E3N1QOBF092</lei>
        <title>VIAVI SOLS. INC 3.75%</title>
        <cusip>925550AF2</cusip>
        <identifiers>
          <isin value="US925550AF21"/>
          <ticker value="VIAV"/>
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        <balance>37000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35293.22</valUSD>
        <pctVal>0.0245812729</pctVal>
        <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>
          <annualizedRt>3.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BROOKFIELD PROP. RE 4.50%</name>
        <lei>N/A</lei>
        <title>BROOKFIELD PROP. RE 4.50%</title>
        <cusip>11284DAC9</cusip>
        <identifiers>
          <isin value="US11284DAC92"/>
          <ticker value="BPYU"/>
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        <balance>64000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63274.1</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>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <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>ROCKET MTGE. LLC / 4.00%</name>
        <lei>N/A</lei>
        <title>ROCKET MTGE. LLC / 4.00%</title>
        <cusip>77313LAB9</cusip>
        <identifiers>
          <isin value="US77313LAB99"/>
          <ticker value="RKT"/>
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        <balance>36000</balance>
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        <curCd>USD</curCd>
        <valUSD>32401.84</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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          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALLIANT HLDGS. INT 5.875%</name>
        <lei>N/A</lei>
        <title>ALLIANT HLDGS. INT 5.875%</title>
        <cusip>01883LAD5</cusip>
        <identifiers>
          <isin value="US01883LAD55"/>
          <ticker value="ALIANT"/>
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        <curCd>USD</curCd>
        <valUSD>192538.48</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STATION CASINOS LL 4.625%</name>
        <lei>5493004E7Q60TX54WL62</lei>
        <title>STATION CASINOS LL 4.625%</title>
        <cusip>857691AH2</cusip>
        <identifiers>
          <isin value="US857691AH24"/>
          <ticker value="RRR"/>
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        <balance>5000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4747.59</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>2031-12-01</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VENTURE GBL. LNG IN 9.50%</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENTURE GBL. LNG IN 9.50%</title>
        <cusip>92332YAC5</cusip>
        <identifiers>
          <isin value="US92332YAC57"/>
          <ticker value="VENLNG"/>
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        <balance>69000</balance>
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        <curCd>USD</curCd>
        <valUSD>74268.22</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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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HOWDEN UK REFINANCE 7.25%</name>
        <lei>N/A</lei>
        <title>HOWDEN UK REFINANCE 7.25%</title>
        <cusip>44287GAA4</cusip>
        <identifiers>
          <isin value="US44287GAA40"/>
          <ticker value="HWDGRP"/>
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        <balance>230000</balance>
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        <curCd>USD</curCd>
        <valUSD>222784.6</valUSD>
        <pctVal>0.1551666030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NGL ENERGY OPERATI 8.125%</name>
        <lei>5493008CQD36WWZJ3O79</lei>
        <title>NGL ENERGY OPERATI 8.125%</title>
        <cusip>62922LAC2</cusip>
        <identifiers>
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          <ticker value="NGL"/>
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        <balance>52000</balance>
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        <curCd>USD</curCd>
        <valUSD>53823.74</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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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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. I 6.00%</name>
        <lei>549300L6PH74701W0R30</lei>
        <title>OCEANEERING INTL. I 6.00%</title>
        <cusip>675232AD4</cusip>
        <identifiers>
          <isin value="US675232AD46"/>
          <ticker value="OII"/>
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        <balance>18000</balance>
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        <curCd>USD</curCd>
        <valUSD>18257.67</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>2028-02-01</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>
        <name>1011778 BC ULC / N 4.375%</name>
        <lei>N/A</lei>
        <title>1011778 BC ULC / N 4.375%</title>
        <cusip>68245XAJ8</cusip>
        <identifiers>
          <isin value="US68245XAJ81"/>
          <ticker value="BCULC"/>
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        <balance>8000</balance>
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        <curCd>USD</curCd>
        <valUSD>7909.14</valUSD>
        <pctVal>0.0055086141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLARIVATE SCIENCE 4.875%</name>
        <lei>N/A</lei>
        <title>CLARIVATE SCIENCE 4.875%</title>
        <cusip>18064PAD1</cusip>
        <identifiers>
          <isin value="US18064PAD15"/>
          <ticker value="CLVTSC"/>
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        <balance>110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98439.78</valUSD>
        <pctVal>0.0685620382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ATI INC 4.875%</name>
        <lei>ZW1LRE7C3H17O2ZN9B45</lei>
        <title>ATI INC 4.875%</title>
        <cusip>01741RAL6</cusip>
        <identifiers>
          <isin value="US01741RAL69"/>
          <ticker value="ATI"/>
        </identifiers>
        <balance>12000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11868.48</valUSD>
        <pctVal>0.0082662434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>RLJ LODGING TST. LP 4.00%</name>
        <lei>549300RX5I8Z6I6LDZ74</lei>
        <title>RLJ LODGING TST. LP 4.00%</title>
        <cusip>74965LAB7</cusip>
        <identifiers>
          <isin value="US74965LAB71"/>
          <ticker value="RLJ"/>
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        <balance>39000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37147.5</valUSD>
        <pctVal>0.0258727550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="37615.500000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>BLACKSTONE MTGE. TS 3.75%</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>BLACKSTONE MTGE. TS 3.75%</title>
        <cusip>09257WAD2</cusip>
        <identifiers>
          <isin value="US09257WAD20"/>
          <ticker value="BXMT"/>
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        <balance>51000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50445.38</valUSD>
        <pctVal>0.0351345571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.750000000000</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>MEDLINE BORROWER LP 5.25%</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDLINE BORROWER LP 5.25%</title>
        <cusip>62482BAB8</cusip>
        <identifiers>
          <isin value="US62482BAB80"/>
          <ticker value="MEDIND"/>
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        <balance>134000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>133181.15</valUSD>
        <pctVal>0.0927589547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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>LABL INC 5.875%</name>
        <lei>5493004FUZN8R6Y3VB98</lei>
        <title>LABL INC 5.875%</title>
        <cusip>50168QAC9</cusip>
        <identifiers>
          <isin value="US50168QAC96"/>
          <ticker value="LABL"/>
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        <balance>19000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8360</valUSD>
        <pctVal>0.0058226323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>COHERENT CORP 5.00%</name>
        <lei>549300O5C25A0MMHHU33</lei>
        <title>COHERENT CORP 5.00%</title>
        <cusip>902104AC2</cusip>
        <identifiers>
          <isin value="US902104AC24"/>
          <ticker value="COHR"/>
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        <balance>57000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56121.93</valUSD>
        <pctVal>0.0390882010</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="30591.340000000000"/>
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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>66000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>68723.78</valUSD>
        <pctVal>0.0478652272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>USI INC/NY 7.50%</name>
        <lei>2549006D7UF7072T7I27</lei>
        <title>USI INC/NY 7.50%</title>
        <cusip>90346KAB5</cusip>
        <identifiers>
          <isin value="US90346KAB52"/>
          <ticker value="COMINV"/>
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        <balance>115000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>116083.76</valUSD>
        <pctVal>0.0808508429</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>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>CHOBANI LLC / CHOB 7.625%</name>
        <lei>N/A</lei>
        <title>CHOBANI LLC / CHOB 7.625%</title>
        <cusip>17027NAC6</cusip>
        <identifiers>
          <isin value="US17027NAC65"/>
          <ticker value="CHBANI"/>
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        <balance>51000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52589.98</valUSD>
        <pctVal>0.0366282434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1031.180000000000"/>
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      <invstOrSec>
        <name>NGL ENERGY OPERATI 8.375%</name>
        <lei>5493008CQD36WWZJ3O79</lei>
        <title>NGL ENERGY OPERATI 8.375%</title>
        <cusip>62922LAD0</cusip>
        <identifiers>
          <isin value="US62922LAD01"/>
          <ticker value="NGL"/>
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        <balance>130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>135332.34</valUSD>
        <pctVal>0.0942572309</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>8.375000000000</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>UKG INC 6.875%</name>
        <lei>529900FKHWSTQ1GXK240</lei>
        <title>UKG INC 6.875%</title>
        <cusip>90279XAA0</cusip>
        <identifiers>
          <isin value="US90279XAA00"/>
          <ticker value="ULTI"/>
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        <balance>96000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>93261.99</valUSD>
        <pctVal>0.0649557742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ALLIANT HLDGS. INTE 6.50%</name>
        <lei>N/A</lei>
        <title>ALLIANT HLDGS. INTE 6.50%</title>
        <cusip>01883LAG8</cusip>
        <identifiers>
          <isin value="US01883LAG86"/>
          <ticker value="ALIANT"/>
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        <balance>6000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5983.54</valUSD>
        <pctVal>0.0041674585</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>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>JELD-WEN INC 4.875%</name>
        <lei>549300XWE6NM0N1HFW16</lei>
        <title>JELD-WEN INC 4.875%</title>
        <cusip>475795AD2</cusip>
        <identifiers>
          <isin value="US475795AD24"/>
          <ticker value="JELD"/>
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        <balance>45000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35832.09</valUSD>
        <pctVal>0.0249565889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="35929.590000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>CHEMOURS CO/THE 4.625%</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO/THE 4.625%</title>
        <cusip>163851AH1</cusip>
        <identifiers>
          <isin value="US163851AH15"/>
          <ticker value="CC"/>
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        <balance>60000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>57268.73</valUSD>
        <pctVal>0.0398869325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="57631.020000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLARIVATE SCIENCE 3.875%</name>
        <lei>N/A</lei>
        <title>CLARIVATE SCIENCE 3.875%</title>
        <cusip>18064PAC3</cusip>
        <identifiers>
          <isin value="US18064PAC32"/>
          <ticker value="CLVTSC"/>
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        <balance>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13463.64</valUSD>
        <pctVal>0.0093772518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LABL INC TL</name>
        <lei>5493004FUZN8R6Y3VB98</lei>
        <title>LABL INC TL</title>
        <cusip>50168EAN2</cusip>
        <identifiers>
          <isin value="US50168EAN22"/>
          <ticker value="LABL"/>
          <other otherDesc="IDII" value="7RNNWM4"/>
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        <balance>28056.53</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11979.58</valUSD>
        <pctVal>0.0083436231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.130000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HUB INTL. LTD 7.375%</name>
        <lei>549300JQT6ATTUNS5E06</lei>
        <title>HUB INTL. LTD 7.375%</title>
        <cusip>44332PAJ0</cusip>
        <identifiers>
          <isin value="US44332PAJ03"/>
          <ticker value="HBGCN"/>
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        <balance>689000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>701319.32</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-31</maturityDt>
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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>213000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>190928.58</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLIED UNIVERSAL H 7.875%</name>
        <lei>N/A</lei>
        <title>ALLIED UNIVERSAL H 7.875%</title>
        <cusip>019576AD9</cusip>
        <identifiers>
          <isin value="US019576AD90"/>
          <ticker value="UNSEAM"/>
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        <balance>307000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>320932.89</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</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>TALLGRASS ENERGY PA 5.50%</name>
        <lei>N/A</lei>
        <title>TALLGRASS ENERGY PA 5.50%</title>
        <cusip>87470LAD3</cusip>
        <identifiers>
          <isin value="US87470LAD38"/>
          <ticker value="TEP"/>
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        <balance>24000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23949.15</valUSD>
        <pctVal>0.0166802744</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</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>OUTFRONT MEDIA CAP 4.625%</name>
        <lei>N/A</lei>
        <title>OUTFRONT MEDIA CAP 4.625%</title>
        <cusip>69007TAC8</cusip>
        <identifiers>
          <isin value="US69007TAC80"/>
          <ticker value="OUT"/>
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        <balance>14000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13578.38</valUSD>
        <pctVal>0.0094571667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</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>
      <invstOrSec>
        <name>BARCLAYS PLC F2V</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC F2V</title>
        <cusip>06738EBT1</cusip>
        <identifiers>
          <isin value="US06738EBT10"/>
          <ticker value="BACR"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>194155.72</valUSD>
        <pctVal>0.1352269570</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>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="148547.720000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>CLEARWAY ENERGY OPE 3.75%</name>
        <lei>549300Z3NFMM54NWBB87</lei>
        <title>CLEARWAY ENERGY OPE 3.75%</title>
        <cusip>18539UAE5</cusip>
        <identifiers>
          <isin value="US18539UAE55"/>
          <ticker value="CWENA"/>
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        <balance>30000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27301.82</valUSD>
        <pctVal>0.0190153658</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>3.750000000000</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>FERTITTA ENTERTAIN 4.625%</name>
        <lei>N/A</lei>
        <title>FERTITTA ENTERTAIN 4.625%</title>
        <cusip>31556TAA7</cusip>
        <identifiers>
          <isin value="US31556TAA79"/>
          <ticker value="FRTITA"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24309.89</valUSD>
        <pctVal>0.0169315251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.625000000000</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>CHS/COMMUNITY HEALT 5.25%</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/COMMUNITY HEALT 5.25%</title>
        <cusip>12543DBM1</cusip>
        <identifiers>
          <isin value="US12543DBM11"/>
          <ticker value="CYH"/>
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        <balance>149000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>140600.9</valUSD>
        <pctVal>0.0979267150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
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      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER LP F2V</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP F2V</title>
        <cusip>29273VAX8</cusip>
        <identifiers>
          <isin value="US29273VAX82"/>
          <ticker value="ET"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>106155.5</valUSD>
        <pctVal>0.0739359378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-15</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>ARSENAL AIC PARENT 11.50%</name>
        <lei>N/A</lei>
        <title>ARSENAL AIC PARENT 11.50%</title>
        <cusip>04288BAC4</cusip>
        <identifiers>
          <isin value="US04288BAC46"/>
          <ticker value="ARNC"/>
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        <balance>205000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>219692.15</valUSD>
        <pctVal>0.1530127514</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>11.500000000000</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>AMWINS GRP. INC 6.375%</name>
        <lei>549300SJE7MUB8NMRG61</lei>
        <title>AMWINS GRP. INC 6.375%</title>
        <cusip>031921AC3</cusip>
        <identifiers>
          <isin value="US031921AC31"/>
          <ticker value="AMWINS"/>
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        <balance>8000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8039.14</valUSD>
        <pctVal>0.0055991574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</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>FOCUS FINL. PARTNER 6.75%</name>
        <lei>5493007L0E0VKRC2CP39</lei>
        <title>FOCUS FINL. PARTNER 6.75%</title>
        <cusip>34417VAA5</cusip>
        <identifiers>
          <isin value="US34417VAA52"/>
          <ticker value="FOCS"/>
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        <balance>77000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77478.79</valUSD>
        <pctVal>0.0539629788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>SERVICE CORP INTERN 5.75%</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>SERVICE CORP INTERN 5.75%</title>
        <cusip>817565CH5</cusip>
        <identifiers>
          <isin value="US817565CH52"/>
          <ticker value="SCI"/>
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        <balance>77000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77309.85</valUSD>
        <pctVal>0.0538453143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</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>BUCKEYE PARTNERS LP 5.60%</name>
        <lei>549300C1PQJLVEIUBK50</lei>
        <title>BUCKEYE PARTNERS LP 5.60%</title>
        <cusip>118230AP6</cusip>
        <identifiers>
          <isin value="US118230AP60"/>
          <ticker value="BPL"/>
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        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22306.03</valUSD>
        <pctVal>0.0155358624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.600000000000</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>WYNN RESORTS FIN. 5.125%</name>
        <lei>N/A</lei>
        <title>WYNN RESORTS FIN. 5.125%</title>
        <cusip>983133AA7</cusip>
        <identifiers>
          <isin value="US983133AA70"/>
          <ticker value="WYNFIN"/>
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        <balance>10000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9932.88</valUSD>
        <pctVal>0.0069181229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CROCS INC 4.125%</name>
        <lei>549300B0J6YCXD63OG72</lei>
        <title>CROCS INC 4.125%</title>
        <cusip>227046AB5</cusip>
        <identifiers>
          <isin value="US227046AB51"/>
          <ticker value="CROX"/>
        </identifiers>
        <balance>22000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20556.25</valUSD>
        <pctVal>0.0143171632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</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>API GRP. DE INC 4.75%</name>
        <lei>N/A</lei>
        <title>API GRP. DE INC 4.75%</title>
        <cusip>00185PAA9</cusip>
        <identifiers>
          <isin value="US00185PAA93"/>
          <ticker value="APG"/>
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        <balance>27000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26460.85</valUSD>
        <pctVal>0.0184296410</pctVal>
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        <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>4.750000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VISTRA CORP F2V</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>VISTRA CORP F2V</title>
        <cusip>92840MAB8</cusip>
        <identifiers>
          <isin value="US92840MAB81"/>
          <ticker value="VST"/>
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        <balance>36000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36277.02</valUSD>
        <pctVal>0.0252664769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>GRAY TELEVISION INC TL</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY TELEVISION INC TL</title>
        <cusip>389376AZ7</cusip>
        <identifiers>
          <isin value="US389376AZ77"/>
          <ticker value="GTN"/>
          <other otherDesc="IDII" value="7RNXG55"/>
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        <balance>25329.23</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25291.24</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.140000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RYAN SPECIALTY LLC 4.375%</name>
        <lei>549300K52N7QBO3PYY45</lei>
        <title>RYAN SPECIALTY LLC 4.375%</title>
        <cusip>78351MAA0</cusip>
        <identifiers>
          <isin value="US78351MAA09"/>
          <ticker value="RYASPE"/>
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        <balance>5000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4818.12</valUSD>
        <pctVal>0.0033557585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</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>SERVICE PROPS. TRU 8.625%</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SERVICE PROPS. TRU 8.625%</title>
        <cusip>81761LAC6</cusip>
        <identifiers>
          <isin value="US81761LAC63"/>
          <ticker value="SVC"/>
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        <balance>261000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>274950.45</valUSD>
        <pctVal>0.1914994453</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>8.625000000000</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>CHS/COMMUNITY HEA 10.875%</name>
        <lei>549300BQWM4WENQ3YW73</lei>
        <title>CHS/COMMUNITY HEA 10.875%</title>
        <cusip>12543DBN9</cusip>
        <identifiers>
          <isin value="US12543DBN93"/>
          <ticker value="CYH"/>
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        <balance>34000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36615.99</valUSD>
        <pctVal>0.0255025652</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>10.875000000000</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>STL HLDG. CO LLC 8.75%</name>
        <lei>984500BC2I63E7F48656</lei>
        <title>STL HLDG. CO LLC 8.75%</title>
        <cusip>861036AB7</cusip>
        <identifiers>
          <isin value="US861036AB75"/>
          <ticker value="DSLDHM"/>
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        <balance>27000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28035.37</valUSD>
        <pctVal>0.0195262739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>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>35000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37451.4</valUSD>
        <pctVal>0.0260844175</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>CAESARS ENTERTAINME 6.50%</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTERTAINME 6.50%</title>
        <cusip>12769GAC4</cusip>
        <identifiers>
          <isin value="US12769GAC42"/>
          <ticker value="CZR"/>
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        <balance>97000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>94620.68</valUSD>
        <pctVal>0.0659020843</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>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>GFL ENVIRON. INC 4.375%</name>
        <lei>894500E7NLBY9VZRT696</lei>
        <title>GFL ENVIRON. INC 4.375%</title>
        <cusip>36168QAP9</cusip>
        <identifiers>
          <isin value="US36168QAP90"/>
          <ticker value="GFLCN"/>
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        <balance>12000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11664.65</valUSD>
        <pctVal>0.0081242784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</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>WR GRACE HLDGS. LL 5.625%</name>
        <lei>549300WNOVFRGYOAEB12</lei>
        <title>WR GRACE HLDGS. LL 5.625%</title>
        <cusip>92943GAA9</cusip>
        <identifiers>
          <isin value="US92943GAA94"/>
          <ticker value="GRA"/>
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        <balance>255000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>239672.33</valUSD>
        <pctVal>0.1669286893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</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>
        <name>MATCH GRP. HLDGS. 3.625%</name>
        <lei>5493003RFFE030RC9167</lei>
        <title>MATCH GRP. HLDGS. 3.625%</title>
        <cusip>57667JAA0</cusip>
        <identifiers>
          <isin value="US57667JAA07"/>
          <ticker value="MTCHII"/>
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        <balance>4000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3598.96</valUSD>
        <pctVal>0.0025066293</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>
          <annualizedRt>3.625000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SK INVICTUS INTERME 5.00%</name>
        <lei>N/A</lei>
        <title>SK INVICTUS INTERME 5.00%</title>
        <cusip>29977LAA9</cusip>
        <identifiers>
          <isin value="US29977LAA98"/>
          <ticker value="PRM"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98051.83</valUSD>
        <pctVal>0.0682918361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>WAND NEWCO 3 INC 7.625%</name>
        <lei>549300Y3VZEWMSQW8494</lei>
        <title>WAND NEWCO 3 INC 7.625%</title>
        <cusip>933940AA6</cusip>
        <identifiers>
          <isin value="US933940AA60"/>
          <ticker value="CALCOL"/>
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        <balance>67000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69300.18</valUSD>
        <pctVal>0.0482666823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.625000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TEVA PHARM. FIN. NE 3.15%</name>
        <lei>5493004T21MOAFINJP35</lei>
        <title>TEVA PHARM. FIN. NE 3.15%</title>
        <cusip>88167AAE1</cusip>
        <identifiers>
          <isin value="US88167AAE10"/>
          <ticker value="TEVA"/>
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        <balance>81000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>80601.52</valUSD>
        <pctVal>0.0561379200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.150000000000</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>ONEMAIN FIN. CORP 5.375%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 5.375%</title>
        <cusip>85172FAR0</cusip>
        <identifiers>
          <isin value="US85172FAR01"/>
          <ticker value="OMF"/>
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        <balance>37000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36342.06</valUSD>
        <pctVal>0.0253117765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</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>
      <invstOrSec>
        <name>BEACH ACQUISITION BID PIK</name>
        <lei>254900F2FNX3GBTB6202</lei>
        <title>BEACH ACQUISITION BID PIK</title>
        <cusip>07337JAC1</cusip>
        <identifiers>
          <isin value="US07337JAC18"/>
          <ticker value="SKX"/>
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        <balance>221809</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>251874.1</valUSD>
        <pctVal>0.1754270649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VAIL RESORTS INC 5.625%</name>
        <lei>529900PSZHRNU9HKH870</lei>
        <title>VAIL RESORTS INC 5.625%</title>
        <cusip>91879QAQ2</cusip>
        <identifiers>
          <isin value="US91879QAQ29"/>
          <ticker value="MTN"/>
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        <balance>13000</balance>
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        <curCd>USD</curCd>
        <valUSD>12983.79</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</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>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>50000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50937.75</valUSD>
        <pctVal>0.0354774865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-30</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>PREMIER ENTERTAINM 5.875%</name>
        <lei>N/A</lei>
        <title>PREMIER ENTERTAINM 5.875%</title>
        <cusip>74052HAB0</cusip>
        <identifiers>
          <isin value="US74052HAB06"/>
          <ticker value="BALY"/>
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        <balance>65000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42250</valUSD>
        <pctVal>0.0294265805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CNX MIDSTREAM PARTN 4.75%</name>
        <lei>N/A</lei>
        <title>CNX MIDSTREAM PARTN 4.75%</title>
        <cusip>12654AAA9</cusip>
        <identifiers>
          <isin value="US12654AAA97"/>
          <ticker value="CNXMPF"/>
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        <balance>15000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14298.41</valUSD>
        <pctVal>0.0099586583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>LAMB WESTON HLDGS. 4.375%</name>
        <lei>5493005SMYID1D2OY946</lei>
        <title>LAMB WESTON HLDGS. 4.375%</title>
        <cusip>513272AE4</cusip>
        <identifiers>
          <isin value="US513272AE49"/>
          <ticker value="LW"/>
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        <balance>6000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5641.64</valUSD>
        <pctVal>0.0039293296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</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>FERTITTA ENTERTAINM 6.75%</name>
        <lei>N/A</lei>
        <title>FERTITTA ENTERTAINM 6.75%</title>
        <cusip>31556TAC3</cusip>
        <identifiers>
          <isin value="US31556TAC36"/>
          <ticker value="FRTITA"/>
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        <balance>34000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33343.84</valUSD>
        <pctVal>0.0232235549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>CCO HLDGS. LLC / CC 4.75%</name>
        <lei>N/A</lei>
        <title>CCO HLDGS. LLC / CC 4.75%</title>
        <cusip>1248EPCQ4</cusip>
        <identifiers>
          <isin value="US1248EPCQ45"/>
          <ticker value="CHTR"/>
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        <balance>57000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50842.38</valUSD>
        <pctVal>0.0354110625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</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>KEHE DISTRIBUTORS L 9.00%</name>
        <lei>N/A</lei>
        <title>KEHE DISTRIBUTORS L 9.00%</title>
        <cusip>487526AC9</cusip>
        <identifiers>
          <isin value="US487526AC91"/>
          <ticker value="KEHEFO"/>
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        <balance>31000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32452.38</valUSD>
        <pctVal>0.0226026645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>WYNN RESORTS FIN. L 6.25%</name>
        <lei>N/A</lei>
        <title>WYNN RESORTS FIN. L 6.25%</title>
        <cusip>983133AD1</cusip>
        <identifiers>
          <isin value="US983133AD10"/>
          <ticker value="WYNFIN"/>
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        <balance>118000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>118442.03</valUSD>
        <pctVal>0.0824933476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>MINERALS TECHS. INC 5.00%</name>
        <lei>549300D3I1QU67GP6403</lei>
        <title>MINERALS TECHS. INC 5.00%</title>
        <cusip>603158AA4</cusip>
        <identifiers>
          <isin value="US603158AA41"/>
          <ticker value="MTX"/>
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        <balance>47000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46647.5</valUSD>
        <pctVal>0.0324893826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
        <name>BWX TECHS. INC 4.125%</name>
        <lei>549300NP85N265KWMS58</lei>
        <title>BWX TECHS. INC 4.125%</title>
        <cusip>05605HAB6</cusip>
        <identifiers>
          <isin value="US05605HAB69"/>
          <ticker value="BWXT"/>
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        <balance>11000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10791.47</valUSD>
        <pctVal>0.0075161198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</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>ICAHN ENTS. LP / IC 5.25%</name>
        <lei>N/A</lei>
        <title>ICAHN ENTS. LP / IC 5.25%</title>
        <cusip>451102BZ9</cusip>
        <identifiers>
          <isin value="US451102BZ91"/>
          <ticker value="IEP"/>
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        <balance>113000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>111683.88</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</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>
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      <invstOrSec>
        <name>STANDARD INDS. INC 4.375%</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>STANDARD INDS. INC 4.375%</title>
        <cusip>853496AG2</cusip>
        <identifiers>
          <isin value="US853496AG21"/>
          <ticker value="BMCAUS"/>
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        <balance>24000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22794.01</valUSD>
        <pctVal>0.0158757342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</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>TK ELEVATOR MIDCO 4.375%</name>
        <lei>254900K869UN2ZWVB351</lei>
        <title>TK ELEVATOR MIDCO 4.375%</title>
        <cusip>D8T73WAB5</cusip>
        <identifiers>
          <isin value="XS2199597456"/>
          <ticker value="THYELE"/>
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        <balance>18909.09</balance>
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        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW ENT. STONE &amp; LI 9.75%</name>
        <lei>549300O5DQ5Y61B8VF38</lei>
        <title>NEW ENT. STONE &amp; LI 9.75%</title>
        <cusip>644274AG7</cusip>
        <identifiers>
          <isin value="US644274AG71"/>
          <ticker value="NEENST"/>
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        <balance>63000</balance>
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        <curCd>USD</curCd>
        <valUSD>63109.96</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>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</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>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>288000</balance>
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        <curCd>USD</curCd>
        <valUSD>300695.33</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>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</annualizedRt>
          <isDefault>N</isDefault>
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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>18000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17795.5</valUSD>
        <pctVal>0.0123943364</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>5.750000000000</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>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>46000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46245</valUSD>
        <pctVal>0.0322090466</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>5.750000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FREEDOM MTGE. HLDG 7.875%</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>FREEDOM MTGE. HLDG 7.875%</title>
        <cusip>35641AAD0</cusip>
        <identifiers>
          <isin value="US35641AAD00"/>
          <ticker value="FREMOR"/>
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        <balance>8000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7801.76</valUSD>
        <pctVal>0.0054338253</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</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>BLOCK INC 5.625%</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>BLOCK INC 5.625%</title>
        <cusip>852234AT0</cusip>
        <identifiers>
          <isin value="US852234AT09"/>
          <ticker value="XYZ"/>
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        <balance>57000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>57142.56</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>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GETTY IMAGES INC 11.25%</name>
        <lei>5493005NV20IG4VEKZ40</lei>
        <title>GETTY IMAGES INC 11.25%</title>
        <cusip>374276AM5</cusip>
        <identifiers>
          <isin value="US374276AM59"/>
          <ticker value="ABEGET"/>
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        <balance>36000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29664</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>2030-02-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.250000000000</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>
      <invstOrSec>
        <name>TRANSDIGM INC 6.375%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.375%</title>
        <cusip>893647BY2</cusip>
        <identifiers>
          <isin value="US893647BY22"/>
          <ticker value="TDG"/>
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        <balance>328000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>331118.62</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>2033-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</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>SUMMIT ACQ TL</name>
        <lei>N/A</lei>
        <title>SUMMIT ACQ TL</title>
        <cusip>86600DAH7</cusip>
        <identifiers>
          <isin value="US86600DAH70"/>
          <other otherDesc="IDII" value="LX266554"/>
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        <balance>27732.92</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27675.24</valUSD>
        <pctVal>0.0192754480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.820000000000</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>ONEMAIN FIN. CORP 6.125%</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FIN. CORP 6.125%</title>
        <cusip>682691AL4</cusip>
        <identifiers>
          <isin value="US682691AL46"/>
          <ticker value="OMF"/>
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        <balance>24000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23998.76</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>2030-05-15</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>LEVEL 3 FINC. INC 7.00%</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>LEVEL 3 FINC. INC 7.00%</title>
        <cusip>527298CN1</cusip>
        <identifiers>
          <isin value="US527298CN12"/>
          <ticker value="LVLT"/>
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        <balance>331000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>341306.68</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>7.000000000000</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>
      <invstOrSec>
        <name>ATLAS CC ACQ TL</name>
        <lei>254900CGI6DL79P2CL43</lei>
        <title>ATLAS CC ACQ TL</title>
        <cusip>04921TAS3</cusip>
        <identifiers>
          <isin value="US04921TAS33"/>
          <ticker value="CUB"/>
          <other otherDesc="IDII" value="LX266896"/>
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        <balance>4926.22</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>336.61</valUSD>
        <pctVal>0.0002344445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.918882713880</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>BLOCK INC 6.50%</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>BLOCK INC 6.50%</title>
        <cusip>852234AS2</cusip>
        <identifiers>
          <isin value="US852234AS26"/>
          <ticker value="XYZ"/>
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        <balance>21000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21439.24</valUSD>
        <pctVal>0.0149321544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>BOMBARDIER INC 6.75%</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC 6.75%</title>
        <cusip>097751CD1</cusip>
        <identifiers>
          <isin value="US097751CD18"/>
          <ticker value="BBDBCN"/>
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        <balance>40000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41405.24</valUSD>
        <pctVal>0.0288382161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>119000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>120612.45</valUSD>
        <pctVal>0.0840050172</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>
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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>ALLIED UNVL TL</name>
        <lei>98450038B4549046D794</lei>
        <title>ALLIED UNVL TL</title>
        <cusip>01957TAX5</cusip>
        <identifiers>
          <isin value="US01957TAX54"/>
          <ticker value="UNSEAM"/>
          <other otherDesc="IDII" value="LX267472"/>
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        <balance>38814.69</balance>
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        <curCd>USD</curCd>
        <valUSD>38809.64</valUSD>
        <pctVal>0.0270304141</pctVal>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.490000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>23000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22078.11</valUSD>
        <pctVal>0.0153771191</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>SIGNIA AEROSPACE LLC TLN</name>
        <lei>254900S9ONE06XB1T251</lei>
        <title>SIGNIA AEROSPACE LLC TLN</title>
        <cusip>82670NAG1</cusip>
        <identifiers>
          <isin value="US82670NAG16"/>
          <ticker value="FALBUY"/>
          <other otherDesc="IDII" value="LX266940"/>
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        <balance>11441.59</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11434.5</valUSD>
        <pctVal>0.0079639819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.4189008</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>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>290000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>297455.61</valUSD>
        <pctVal>0.2071739992</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>
        </securityLending>
      </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>28000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28709.44</valUSD>
        <pctVal>0.0199957550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <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"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MATCH GRP. HLDGS. 6.125%</name>
        <lei>5493003RFFE030RC9167</lei>
        <title>MATCH GRP. HLDGS. 6.125%</title>
        <cusip>57667JAC6</cusip>
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          <isin value="US57667JAC62"/>
          <ticker value="MTCHII"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LINDBLAD EXPEDITION 7.00%</name>
        <lei>549300MPUWOG67Y2R254</lei>
        <title>LINDBLAD EXPEDITION 7.00%</title>
        <cusip>53523LAB6</cusip>
        <identifiers>
          <isin value="US53523LAB62"/>
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        <balance>70000</balance>
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        <curCd>USD</curCd>
        <valUSD>72375.94</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STARWOOD PROP. TST 6.125%</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROP. TST 6.125%</title>
        <cusip>85571BBH7</cusip>
        <identifiers>
          <isin value="US85571BBH78"/>
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        <balance>25000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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      <invstOrSec>
        <name>DIGICEL INTL. FIN. 8.625%</name>
        <lei>5493007V023VOEW4FK27</lei>
        <title>DIGICEL INTL. FIN. 8.625%</title>
        <cusip>25381MAA5</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SIGNIA AEROSPACE TL</name>
        <lei>254900S9ONE06XB1T251</lei>
        <title>SIGNIA AEROSPACE TL</title>
        <cusip>82670NAH9</cusip>
        <identifiers>
          <isin value="US82670NAH98"/>
          <ticker value="FALBUY"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WR GRACE HLDGS. LL 6.625%</name>
        <lei>549300WNOVFRGYOAEB12</lei>
        <title>WR GRACE HLDGS. LL 6.625%</title>
        <cusip>92943GAF8</cusip>
        <identifiers>
          <isin value="US92943GAF81"/>
          <ticker value="GRA"/>
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        <balance>88000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85349.22</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-15</maturityDt>
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          <annualizedRt>6.625000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ATLAS CC ACQ TL</name>
        <lei>254900CGI6DL79P2CL43</lei>
        <title>ATLAS CC ACQ TL</title>
        <cusip>04921TAJ3</cusip>
        <identifiers>
          <isin value="US04921TAJ34"/>
          <ticker value="CUB"/>
          <other otherDesc="IDII" value="LX266859"/>
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        <balance>32843.43</balance>
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        <curCd>USD</curCd>
        <valUSD>2244.19</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.4282</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PODS LLC TL</name>
        <lei>N/A</lei>
        <title>PODS LLC TL</title>
        <cusip>BA00105B6</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="IDII" value="LX289929"/>
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        <balance>7000</balance>
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        <curCd>USD</curCd>
        <valUSD>6800.08</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-06</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>OQ CHEMIC INTER HLDG TL</name>
        <lei>529900164PDC9M4BDO51</lei>
        <title>OQ CHEMIC INTER HLDG TL</title>
        <cusip>L7256GAD9</cusip>
        <identifiers>
          <isin value="XAL7256GAD96"/>
          <ticker value="OXEAGR"/>
          <other otherDesc="IDII" value="LX168812"/>
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        <balance>8118.93</balance>
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        <curCd>USD</curCd>
        <valUSD>5324.64</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.830000000000</annualizedRt>
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      <invstOrSec>
        <name>TRANSDIGM INC 6.25%</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC 6.25%</title>
        <cusip>893647BZ9</cusip>
        <identifiers>
          <isin value="US893647BZ96"/>
          <ticker value="TDG"/>
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        <balance>20000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20407.92</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>2034-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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      <invstOrSec>
        <name>AMERIGAS PARTNERS 6.875%</name>
        <lei>N/A</lei>
        <title>AMERIGAS PARTNERS 6.875%</title>
        <cusip>030981AR5</cusip>
        <identifiers>
          <isin value="US030981AR58"/>
          <ticker value="APU"/>
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        <balance>33000</balance>
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        <curCd>USD</curCd>
        <valUSD>33411.64</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>
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        <name>LCM INVS. HLDGS. II 8.25%</name>
        <lei>549300P5V78NNQTG4428</lei>
        <title>LCM INVS. HLDGS. II 8.25%</title>
        <cusip>50190EAC8</cusip>
        <identifiers>
          <isin value="US50190EAC84"/>
          <ticker value="MAGLLC"/>
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        <balance>26000</balance>
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        <curCd>USD</curCd>
        <valUSD>27090.26</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>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.250000000000</annualizedRt>
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      <invstOrSec>
        <name>LUMEN TECH TL</name>
        <lei>N/A</lei>
        <title>LUMEN TECH TL</title>
        <cusip>55024EAD7</cusip>
        <identifiers>
          <isin value="US55024EAD76"/>
          <other otherDesc="IDII" value="LX225733"/>
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        <balance>.01</balance>
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        <curCd>USD</curCd>
        <valUSD>.01</valUSD>
        <pctVal>0.0000000070</pctVal>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.636296745540</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>
        <identifiers>
          <isin value="US371559AB15"/>
          <ticker value="GWR"/>
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        <balance>49000</balance>
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        <curCd>USD</curCd>
        <valUSD>49702.27</valUSD>
        <pctVal>0.0346169906</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>2032-04-15</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>
        <name>TRANSOCEAN INTL. LT 8.50%</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>TRANSOCEAN INTL. LT 8.50%</title>
        <cusip>893830BZ1</cusip>
        <identifiers>
          <isin value="US893830BZ10"/>
          <ticker value="RIG"/>
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        <balance>41000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42565.9</valUSD>
        <pctVal>0.0296466008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</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>SENSATA TECHS. INC 3.75%</name>
        <lei>5493002MMDDCUNV7NY90</lei>
        <title>SENSATA TECHS. INC 3.75%</title>
        <cusip>81728UAB0</cusip>
        <identifiers>
          <isin value="US81728UAB08"/>
          <ticker value="ST"/>
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        <balance>33000</balance>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BIG RIVER STEEL LL 6.625%</name>
        <lei>549300FDOTXSG1N4RG27</lei>
        <title>BIG RIVER STEEL LL 6.625%</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARSENAL AIC PARENT 8.00%</name>
        <lei>N/A</lei>
        <title>ARSENAL AIC PARENT 8.00%</title>
        <cusip>04288BAB6</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMSTOCK RES. INC 6.75%</name>
        <lei>I03QQGEA4SS774AURI46</lei>
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          <ticker value="CRK"/>
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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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>US ACUTE CARE SOLS. 9.75%</name>
        <lei>N/A</lei>
        <title>US ACUTE CARE SOLS. 9.75%</title>
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          <isin value="US90367UAD37"/>
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        <curCd>USD</curCd>
        <valUSD>51855.95</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HILCORP ENERGY I L 6.875%</name>
        <lei>N/A</lei>
        <title>HILCORP ENERGY I L 6.875%</title>
        <cusip>431318BE3</cusip>
        <identifiers>
          <isin value="US431318BE31"/>
          <ticker value="HILCRP"/>
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        <balance>46000</balance>
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        <curCd>USD</curCd>
        <valUSD>44756.76</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>CENTRAL PARENT LLC 8.00%</name>
        <lei>N/A</lei>
        <title>CENTRAL PARENT LLC 8.00%</title>
        <cusip>154915AA0</cusip>
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          <isin value="US154915AA07"/>
          <ticker value="CDK"/>
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        <curCd>USD</curCd>
        <valUSD>2750</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BRAND INDL. SERVS 10.375%</name>
        <lei>549300B658W2BPDQMW42</lei>
        <title>BRAND INDL. SERVS 10.375%</title>
        <cusip>104931AA8</cusip>
        <identifiers>
          <isin value="US104931AA85"/>
          <ticker value="BRANDI"/>
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        <balance>196000</balance>
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        <curCd>USD</curCd>
        <valUSD>159720.18</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>2030-08-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GARRETT MOTION HLDG 7.75%</name>
        <lei>N/A</lei>
        <title>GARRETT MOTION HLDG 7.75%</title>
        <cusip>366504AA6</cusip>
        <identifiers>
          <isin value="US366504AA61"/>
          <ticker value="GTX"/>
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        <balance>40000</balance>
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        <curCd>USD</curCd>
        <valUSD>41999.56</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>2032-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.750000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PARK INTERMEDIATE H 7.00%</name>
        <lei>N/A</lei>
        <title>PARK INTERMEDIATE H 7.00%</title>
        <cusip>70052LAD5</cusip>
        <identifiers>
          <isin value="US70052LAD55"/>
          <ticker value="PK"/>
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        <balance>45000</balance>
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        <curCd>USD</curCd>
        <valUSD>46069.79</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
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      <invstOrSec>
        <name>FTAI AVIATION INVST 7.00%</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>FTAI AVIATION INVST 7.00%</title>
        <cusip>34960PAF8</cusip>
        <identifiers>
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          <ticker value="FTAI"/>
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        <curCd>USD</curCd>
        <valUSD>70430.86</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>7.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>EMPIRE COMMUNITIES 9.75%</name>
        <lei>549300JM1L6KK2QFP273</lei>
        <title>EMPIRE COMMUNITIES 9.75%</title>
        <cusip>29163VAG8</cusip>
        <identifiers>
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          <ticker value="EMPRCC"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.750000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VAIL RESORTS INC 6.50%</name>
        <lei>529900PSZHRNU9HKH870</lei>
        <title>VAIL RESORTS INC 6.50%</title>
        <cusip>91879QAP4</cusip>
        <identifiers>
          <isin value="US91879QAP46"/>
          <ticker value="MTN"/>
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        <curCd>USD</curCd>
        <valUSD>39721.27</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HARVEST MIDSTREAM I 7.50%</name>
        <lei>549300DW5M17KJOXCY66</lei>
        <title>HARVEST MIDSTREAM I 7.50%</title>
        <cusip>417558AB9</cusip>
        <identifiers>
          <isin value="US417558AB90"/>
          <ticker value="HARMID"/>
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        <curCd>USD</curCd>
        <valUSD>18643.82</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>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WYNN MACAU LTD 5.625%</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>WYNN MACAU LTD 5.625%</title>
        <cusip>98313RAH9</cusip>
        <identifiers>
          <isin value="US98313RAH93"/>
          <ticker value="WYNMAC"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>198711.23</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>2028-08-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COUGAR JV SUBSIDIAR 8.00%</name>
        <lei>N/A</lei>
        <title>COUGAR JV SUBSIDIAR 8.00%</title>
        <cusip>22208WAA1</cusip>
        <identifiers>
          <isin value="US22208WAA18"/>
          <ticker value="HUDAUT"/>
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        <balance>41000</balance>
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        <curCd>USD</curCd>
        <valUSD>42977.68</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>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>ELEMENT SOLS. INC 3.875%</name>
        <lei>549300FLGN6P5CU20J91</lei>
        <title>ELEMENT SOLS. INC 3.875%</title>
        <cusip>28618MAA4</cusip>
        <identifiers>
          <isin value="US28618MAA45"/>
          <ticker value="ESI"/>
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        <balance>111000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>108306.53</valUSD>
        <pctVal>0.0754341025</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>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <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>TRANSOCEAN INC 8.25%</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>TRANSOCEAN INC 8.25%</title>
        <cusip>893830BY4</cusip>
        <identifiers>
          <isin value="US893830BY45"/>
          <ticker value="RIG"/>
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        <name>BRAND INDL SERVICES TL</name>
        <lei>N/A</lei>
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        <name>FREEDOM MTGE. HLDG 9.125%</name>
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      <invstOrSec>
        <name>NCL CORP LTD 5.875%</name>
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        <name>UWM HLDGS. LLC 6.25%</name>
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        <name>WHIRLPOOL CORP 7.50%</name>
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        <name>OUTFRONT MEDIA CAP. 6.00%</name>
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        <name>NOBLE FIN. II LLC 6.25%</name>
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        <name>Chicago Board of Trade</name>
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        <name>AUDACY INC 2ND LNBLCK WTS</name>
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        <name>Northern Institutional Liquid Asset Portfolio</name>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQIX RCV IBOXX USD PAY SOFR 1D 22-03-27</name>
        <lei>N/A</lei>
        <title>EQIX RCV IBOXX USD PAY SOFR 1D 22-03-27</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="9N7MR7U"/>
        </identifiers>
        <balance>440000</balance>
        <units>OU</units>
        <descOthUnits>NOTIONAL</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>11708.93</valUSD>
        <pctVal>0.0081551189</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. International PLC</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="IBOXX USD LIQUID HIGH YIELD INDEX TR" floatingRtSpread="0.000000000000" pmntAmt="0.000000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="12" resetDt="Year" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFR" floatingRtSpread="0.000000000000" pmntAmt="0.000000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2027-03-22</terminationDt>
            <upfrontPmnt>-3832.100000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>440000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>14435.82</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <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>
