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        <name>Praesidiad Ltd TL HLD</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>3</fairValLevel>
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        <name>Praesidiad Ltd TL HLD</name>
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      <invstOrSec>
        <name>Praesidiad Ltd TL HLD</name>
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        <name>Praesidiad Ltd TL HLD</name>
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          <other otherDesc="Internal ID" value="BETABBOP"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Prosafe SE (SN)</name>
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          <isin value="NO0010861990"/>
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        <assetCat>EC</assetCat>
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        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Internal ID" value="7RH3PZ4"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Sitel Group</name>
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          <isin value="US82981MAC64"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <isin value="US82981MAD48"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Petrofac Ltd</name>
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        <fairValLevel>3</fairValLevel>
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        <name>N/A</name>
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        <name>Alison Luxco SarL</name>
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        <name>Alison Luxco SarL</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alison Luxco SarL</name>
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          <other otherDesc="Internal ID" value="BL468409"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>ATOFP REV 1L EUR</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-18</maturityDt>
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      <invstOrSec>
        <name>Atos SE</name>
        <lei>N/A</lei>
        <title>ATOFP PIK-TERM 2L EUR</title>
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          <other otherDesc="Internal ID" value="BL4950616"/>
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        <balance>3315902.78000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-17</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>ATOFP PIK-TERM 2L EUR</title>
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        <name>ALLOY FINCO LTD</name>
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        <name>Floatel International Ltd.</name>
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        <name>Mobico Group PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Mobico Group PLC</name>
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        <name>Nordic Trustee Services AS</name>
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        <name>Floatel International Ltd</name>
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        <name>Frigo Debtco PLC</name>
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        <name>Avation Plc</name>
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        <name>Paper Industries Intermediate Financing S.a.r.l.</name>
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      <invstOrSec>
        <name>Ferralum Metals Group SA</name>
        <lei>391200QYE9KWH30NSP86</lei>
        <title>FERMET 10 12/30/26</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Mcom Investments Ltd.</name>
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        <name>Jacktel AS</name>
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        <name>Paper Industries Intermediate Financing S.a.r.l.</name>
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        <name>Frigo Debtco PLC</name>
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        <name>Jacktel AS</name>
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        <name>OCV Recovery AS</name>
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        <name>Moreld ASA</name>
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        <name>Atos SE</name>
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        <name>Moreld ASA</name>
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        <name>Constellation Oil Services Holding SA</name>
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        <name>Atos SE</name>
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        <name>Galileo Global Technologies Ltd.</name>
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        <name>Bos GmbH &amp; Co.KG</name>
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        <name>GYM Group PLC</name>
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        <assetCat>LON</assetCat>
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        <invCountry>DE</invCountry>
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        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Varta AG</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal ID" value="DM243256"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.51800100</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Compact Bidco BV TL 11/25/2029</name>
        <lei>N/A</lei>
        <title>Compact Bidco BV</title>
        <cusip>0DM260325</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="DM260325"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>11.99999900</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PRAESIDIAD TopCo LTD</name>
        <lei>N/A</lei>
        <title>PRAESIDIAD TOPCO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="DM34740"/>
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        <balance>234.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Frigo Newco 1 Ltd</name>
        <lei>N/A</lei>
        <title>NEW TOP CO SHARES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="FRIGO14"/>
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        <balance>5956.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>13990.09000000</valUSD>
        <pctVal>0.003743208106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Frigo Newco 1 Ltd</name>
        <lei>N/A</lei>
        <title>NEW TOP CO SHARES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="FRIGORE"/>
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        <balance>9570.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>22479.04000000</valUSD>
        <pctVal>0.006014523477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Galileo Global Technologies Ltd.</name>
        <lei>213800YIJLJT8TLZHT73</lei>
        <title>Galileo?Tech 0 3/4/2028</title>
        <cusip>G37707AA7</cusip>
        <identifiers>
          <isin value="NO0013697714"/>
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        <balance>668402.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.07000000</valUSD>
        <pctVal>0.000000018729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Galileo Global Technologies Ltd.</name>
        <lei>213800YIJLJT8TLZHT73</lei>
        <title>GGT 13.75% 03/04/2028</title>
        <cusip>G37707AB5</cusip>
        <identifiers>
          <isin value="NO0013708404"/>
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        <balance>3682246.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3682246.00000000</valUSD>
        <pctVal>0.985226905425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.75000000</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>Galileo Global Technologies Ltd.</name>
        <lei>213800YIJLJT8TLZHT73</lei>
        <title>GGT B 13.75% 03/04/2028</title>
        <cusip>G37707AC3</cusip>
        <identifiers>
          <isin value="NO0013708412"/>
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        <balance>3340351.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3340351.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.75000000</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>Petrofac Ltd.</name>
        <lei>2138004624W8CKCSJ177</lei>
        <title>PFCLN 9 3/4 11/15/26</title>
        <cusip>G7052TAF8</cusip>
        <identifiers>
          <isin value="USG7052TAF87"/>
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        <balance>3870000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>198337.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</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>Ventura Offshore Midco Ltd.</name>
        <lei>529900O0CO2ZATPMF847</lei>
        <title>VTURAM 10 04/19/27</title>
        <cusip>G73103AA4</cusip>
        <identifiers>
          <isin value="NO0013187179"/>
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        <balance>8391890.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8537013.64000000</valUSD>
        <pctVal>2.284175345729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</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>Hawk TopCo SA</name>
        <lei>N/A</lei>
        <title>HAWK I A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="HAWKIA"/>
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        <balance>328661.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>289497.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hawk TopCo SA</name>
        <lei>N/A</lei>
        <title>HAWK II A</title>
        <cusip>N/A</cusip>
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        <balance>328656.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hawk TopCo SA</name>
        <lei>N/A</lei>
        <title>HAWK III A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="HAWKIIIA"/>
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        <balance>328656.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
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        <pctVal>0.077457244168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hawk TopCo SA</name>
        <lei>N/A</lei>
        <title>HAWK IV A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="HAWKIVA"/>
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        <balance>328656.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>289493.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hawk TopCo SA</name>
        <lei>N/A</lei>
        <title>HAWK IX A</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal ID" value="HAWKIXA"/>
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        <balance>328656.00000000</balance>
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        <valUSD>289493.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hawk TopCo SA</name>
        <lei>N/A</lei>
        <title>HAWK V A</title>
        <cusip>N/A</cusip>
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        <balance>328656.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>289493.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hawk TopCo SA</name>
        <lei>N/A</lei>
        <title>HAWK VI A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="HAWKVIA"/>
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        <balance>328656.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>289493.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hawk TopCo SA</name>
        <lei>N/A</lei>
        <title>HAWK VII A</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hawk TopCo SA</name>
        <lei>N/A</lei>
        <title>HAWK VIII A</title>
        <cusip>N/A</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hawk TopCo SA</name>
        <lei>N/A</lei>
        <title>HAWK X A</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>328656.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>289493.34000000</valUSD>
        <pctVal>0.077457244168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOND HOLDCO S.A.</name>
        <lei>21380031BLVJWZHEI632</lei>
        <title>BOND HOLDCO S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU2798278219"/>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salsa Retail Holding TopCo Sar</name>
        <lei>N/A</lei>
        <title>TAKKO CLASS E</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ETK004BTZ2B0"/>
        </identifiers>
        <balance>1642591.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salsa Retail Holding TopCo Sar</name>
        <lei>N/A</lei>
        <title>TAKKO CLASS F</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>1642591.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salsa Retail Holding TopCo Sar</name>
        <lei>N/A</lei>
        <title>TAKKO CLASS G</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>1642591.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salsa Retail Holding TopCo Sar</name>
        <lei>N/A</lei>
        <title>TAKKO CLASS H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>1642591.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salsa Retail Holding TopCo Sar</name>
        <lei>N/A</lei>
        <title>TAKKO CLASS I</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>1642591.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salsa Retail Holding TopCo Sar</name>
        <lei>N/A</lei>
        <title>TAKKO CLASS J</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>1642591.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salsa Retail Holding TopCo Sar</name>
        <lei>N/A</lei>
        <title>TL PIK 12/9/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="TAKKOPIK"/>
        </identifiers>
        <balance>3366659.01710000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>21608521.28000000</valUSD>
        <pctVal>5.781606267347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>15.00000100</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>Varta AG</name>
        <lei>N/A</lei>
        <title>VARTA AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="VPPN1"/>
        </identifiers>
        <balance>3479875.02000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>81739.01000000</valUSD>
        <pctVal>0.021870204183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Varta AG</name>
        <lei>N/A</lei>
        <title>VARTA AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="VPPN2"/>
        </identifiers>
        <balance>2864834.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>33.65000000</valUSD>
        <pctVal>0.000009003441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Altice France Lux 3 / Altice H</name>
        <lei>N/A</lei>
        <title>ALTICE FRANCE LU</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="YK5514723"/>
        </identifiers>
        <balance>409600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>6975312.99000000</valUSD>
        <pctVal>1.866324528972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cullinan Holdco SCSp</name>
        <lei>549300F81ZP47K818173</lei>
        <title>GRAANU Float 10/15/29</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3148178935"/>
        </identifiers>
        <balance>3096000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>3170669.29000000</valUSD>
        <pctVal>0.848348723228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.77599900</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>Cullinan Holdco SCSp</name>
        <lei>549300F81ZP47K818173</lei>
        <title>GRAANU 8 1/2 10/15/29</title>
        <cusip>YL7586313</cusip>
        <identifiers>
          <isin value="XS3148179313"/>
        </identifiers>
        <balance>8277069.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85146000"/>
        <valUSD>8539408.80000000</valUSD>
        <pctVal>2.284816198099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-01-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Bluebay Destra International Event-Driven Credit Fund</ncom:nameOfApplicant>
      <ncom:signature>Derek Mullins</ncom:signature>
      <ncom:signerName>Derek Mullins</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>