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        <name>Avantor Funding Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Avis Budget Car Rental LLC/Avis Budget Finance Inc.</name>
        <lei>XN8R4HH1TVC1XOCL5P21</lei>
        <title>CAR 5 3/8 03/01/29</title>
        <cusip>053773BF3</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays PLC</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bausch Health Companies Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BHCCN 11 09/30/28</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-30</maturityDt>
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      <invstOrSec>
        <name>Beach Acquisition Bidco LLC</name>
        <lei>254900F2FNX3GBTB6202</lei>
        <title>SKX 10 07/15/33</title>
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          <isin value="US07337JAC18"/>
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          <maturityDt>2033-07-15</maturityDt>
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        <name>Boston Scientific Corporation</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-15</maturityDt>
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      <invstOrSec>
        <name>Builders Firstsource, Inc.</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BLDR 4 1/4 02/01/32</title>
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        <balance>650000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-01</maturityDt>
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      <invstOrSec>
        <name>C&amp;S Group Enterprises LLC</name>
        <lei>N/A</lei>
        <title>CSWHOL 5 12/15/28</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <title>CHTR 5 1/8 05/01/27</title>
        <cusip>1248EPBT9</cusip>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <title>CHTR 4 3/4 03/01/30</title>
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        <name>CHS/Community Health Systems Inc</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CYH 10 7/8 01/15/32</title>
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          <maturityDt>2032-01-15</maturityDt>
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        <name>CSC Holdings, LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSCHLD 11 3/4 01/31/29</title>
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        <name>CQP Holdco LP &amp; Bip-V Chinook Holdco LLC</name>
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        <name>Caesars Entertainment Inc.</name>
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        <name>Calpine Corporation</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>CPN 5 1/8 03/15/28</title>
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        <name>Canadian Pacific Railway Company</name>
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        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CCL 5 3/4 08/01/32</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Carvana Co</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Lumen Technologies Inc</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Cheniere Energy Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Chobani LLC / Chobani Finance Corporation Inc</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Civitas Resources Inc</name>
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        <name>Cleveland-Cliffs Inc</name>
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        <title>CLF 6 3/4 04/15/30</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Cleveland-Cliffs Inc</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLF 7 03/15/32</title>
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        <name>Coinbase Global Inc</name>
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        <title>COIN 3 3/8 10/01/28</title>
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        <name>Connect Finco SARL/Connect US Finco LLC</name>
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        <title>ISATLN 9 09/15/29</title>
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        <invCountry>LU</invCountry>

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        <name>CoreWeave Inc.</name>
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        <title>CRWV 9 02/01/31</title>
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        <name>DBX ETF Trust</name>
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        <title>XTRACKERS USD HI</title>
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        <name>Mercedes Benz North America Corp.</name>
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        <name>Davita Inc</name>
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        <title>DVA 4 5/8 06/01/30</title>
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        <name>Dell International LLC / EMC Corp.</name>
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        <name>Delta Air Lines Inc.</name>
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        <title>DAL 3 3/4 10/28/29</title>
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        <name>Deutsche Telekom International Finance B.V.</name>
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        <title>DT 9 1/4 06/01/32</title>
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        <name>Directv Financing LLC/Directv Financing Co-Obligor Inc.</name>
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        <title>DTV 5 7/8 08/15/27</title>
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        <name>Directv Financing LLC/Directv Financing Co-Obligor Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominion Energy Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>EMRLD Borrower LP / Emerald Co-Issuer Inc.</name>
        <lei>5493000GJYE7GAQCUC61</lei>
        <title>EMECLI 6 5/8 12/15/30</title>
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          <isin value="US29103CAA62"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-15</maturityDt>
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        <name>Encompass Health Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-01</maturityDt>
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        <name>FMG Resources (August 2006) Pty Ltd.</name>
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        <title>FMGAU 4 3/8 04/01/31</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FirstEnergy Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
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        <name>Fluor Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
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        <name>Ford Motor Credit Company LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-04</maturityDt>
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          <annualizedRt>7.35000000</annualizedRt>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <title>FREMOR 9 1/4 02/01/29</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Frontier Communications Holdings Llc</name>
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        <name>GE Aerospace</name>
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        <name>Genworth Financial Inc.</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>Gray Media Inc.</name>
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        <name>HSBC Holdings PLC</name>
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        <name>Hertz Corp.</name>
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        <title>HTZ 12 5/8 07/15/29</title>
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        <name>Hillenbrand, Inc.</name>
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      <invstOrSec>
        <name>Hilton Domestic Operating Co Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Howard Hughes Holdings Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HUB International Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HUB International Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation</name>
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        <name>Iqvia Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Iron Mountain Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRM 5 1/4 07/15/30</title>
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        <fairValLevel>2</fairValLevel>
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        <name>iShares Trust</name>
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        <title>ISHARES IBOXX HI</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>iShares Trust</name>
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        <title>ISHARES BROAD US</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Jane Street Group LLC / JSG Finance Inc.</name>
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        <title>JANSTR 4 1/2 11/15/29</title>
        <cusip>47077WAA6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Jazz Securities Designated Activity Co.</name>
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        <title>JAZZ 4 3/8 01/15/29</title>
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        <invCountry>IE</invCountry>

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        <name>Jefferies Financial Group Inc</name>
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        <title>JEF 6.45 06/08/27</title>
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        <name>JetBlue Airways Corp. / JetBlue Loyalty LP</name>
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        <title>JBLU 9 7/8 09/20/31</title>
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        <name>Jones Deslauriers Insurance Management Inc.</name>
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        <title>NAVCOR 8 1/2 03/15/30</title>
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        <invCountry>CA</invCountry>

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        <name>KFC Holding Co., Pizza Hut Holdings, LLC Taco Bell of America LLC</name>
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        <title>YUM 4 3/4 06/01/27</title>
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        <name>Kohl's Corp.</name>
        <lei>549300JF6LPRTRJ0FH50</lei>
        <title>KSS 3 3/8 05/01/31</title>
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        <name>Koninklijke Philips NV</name>
        <lei>H1FJE8H61JGM1JSGM897</lei>
        <title>PHIANA 6 7/8 03/11/38</title>
        <cusip>500472AC9</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-11</maturityDt>
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        <name>Kraft Heinz Foods Company</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>KHC 6 7/8 01/26/39</title>
        <cusip>50076QAR7</cusip>
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        <balance>750000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-26</maturityDt>
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        <name>Las Vegas Sands Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lightning Power LLC</name>
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        <name>Live Nation Entertainment, Inc.</name>
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        <name>Lloyds Banking Group PLC</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MPT Operating Partnership LP / MPT Finance Corporation</name>
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        <name>Macys Retail Holdings LLC</name>
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        <name>WarnerMedia Holdings Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
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        <name>WarnerMedia Holdings Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <title>BWY 7 7/8 04/15/27</title>
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        <name>McAfee Corp</name>
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        <name>Melco Resorts Finance Limited</name>
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        <invCountry>KY</invCountry>

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        <name>Bank of America Corp.</name>
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        <name>MetLife Inc.</name>
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        <name>Microsoft Corp.</name>
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        <name>MidCap Financial Issuer Trust</name>
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        <name>Midwest Gaming Borrower LLC</name>
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        <name>Millrose Properties Inc.</name>
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        <name>Athenahealth Group Inc.</name>
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        <name>Morgan Stanley</name>
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        <name>Medline Borrower LP</name>
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        <name>NCL Corporation Ltd.</name>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>Nabors Industries, Inc.</name>
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        <name>Nationstar Mortgage Holdings Inc</name>
        <lei>N/A</lei>
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        <name>Navient Corporation</name>
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        <invCountry>US</invCountry>

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        <name>Neptune BidCo US Inc.</name>
        <lei>549300VG15T3VCYZ4531</lei>
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        <name>Netflix, Inc.</name>
        <lei>549300Y7VHGU0I7CE873</lei>
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        <name>Nissan Motor Co Ltd.</name>
        <lei>353800DRBDH1LUTNAY26</lei>
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        <name>Novelis Corporation</name>
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        <title>HNDLIN 4 3/4 01/30/30</title>
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        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>OXY 6.45 09/15/36</title>
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        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
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        <name>Olympus Water US Holding Corp.</name>
        <lei>549300YU2GGVCBN3MY89</lei>
        <title>SOLEIN 7 1/4 02/15/33</title>
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        <name>1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.</name>
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        <name>1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.</name>
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        <name>OneMain Financial Corporation</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OMF 6 5/8 05/15/29</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>1261229 Bc Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Organon &amp; Co</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PBF Holding Company LLC and PBF Finance Corp.</name>
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          <isin value="US69318FAJ75"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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        <name>PBF Holding Company LLC and PBF Finance Corp.</name>
        <lei>549300TILVIIV9FLL461</lei>
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          <isin value="US69318FAM05"/>
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        <valUSD>530545.00000000</valUSD>
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          <maturityDt>2030-03-15</maturityDt>
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        <name>PG&amp;E Corporation</name>
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          <isin value="US69331CAH16"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
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        <name>Truist Insurance Holdings LLC &amp; Panther Co-Issuer Inc.</name>
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          <isin value="US69867RAA59"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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        <name>Pennymac Financial Services Inc</name>
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        <title>PFSI 6 7/8 05/15/32</title>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>408774.40000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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        <name>Pepsico Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <name>Progress Energy Inc.</name>
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        <title>DUK 7 3/4 03/01/31</title>
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        <balance>750000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
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          <annualizedRt>7.75000000</annualizedRt>
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        <name>QXO Building Products Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc.</name>
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        <title>RKTRM 3 7/8 03/01/31</title>
        <cusip>74841CAB7</cusip>
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        <name>Quikrete Holdings Inc</name>
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        <name>Rakuten Group Inc.</name>
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        <name>Rockcliff Energy II LLC</name>
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        <name>Rolls-Royce PLC</name>
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        <name>Royal Caribbean Group</name>
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        <name>Royal Caribbean Group</name>
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        <title>RCL 6 02/01/33</title>
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      <invstOrSec>
        <name>SBA Communications Corp.</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
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        <curCd>USD</curCd>
        <valUSD>716478.45000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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      <invstOrSec>
        <name>SPDR Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SPDR Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPDR BLOOMBERG H</title>
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          <isin value="US78468R6229"/>
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        <balance>290000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Merck &amp; Co., Inc</name>
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          <isin value="US806605AG68"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>561703.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Seagate HDD Cayman</name>
        <lei>529900BD50TRWEG1SF63</lei>
        <title>STX 9 5/8 12/01/32</title>
        <cusip>81180WBM2</cusip>
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          <isin value="US81180WBM29"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>566845.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Service Properties Trust</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>SVC 8 5/8 11/15/31</title>
        <cusip>81761LAC6</cusip>
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          <isin value="US81761LAC63"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>315329.40000000</valUSD>
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        <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>8.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Shift4 Payments Llc / Shift4 Payments Finance Subordinated Incorporated</name>
        <lei>254900GTEMR7L40VPI74</lei>
        <title>FOUR 6 3/4 08/15/32</title>
        <cusip>82453AAB3</cusip>
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          <isin value="US82453AAB35"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>510442.00000000</valUSD>
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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>6.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Simon Property Group LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>SPG 6 3/4 02/01/40</title>
        <cusip>828807CE5</cusip>
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          <isin value="US828807CE50"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>860861.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sirius Xm Radio Inc</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRI 4 07/15/28</title>
        <cusip>82967NBJ6</cusip>
        <identifiers>
          <isin value="US82967NBJ63"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>978733.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Expand Energy Corp.</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>SWN 4 3/4 02/01/32</title>
        <cusip>845467AT6</cusip>
        <identifiers>
          <isin value="US845467AT68"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>594581.90000000</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>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Sprint Capital Corporation</name>
        <lei>549300L17W0GQBR1PO80</lei>
        <title>S 8 3/4 03/15/32</title>
        <cusip>852060AT9</cusip>
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          <isin value="US852060AT99"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1211826.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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      <invstOrSec>
        <name>Block Inc</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>SQ 3 1/2 06/01/31</title>
        <cusip>852234AP8</cusip>
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          <isin value="US852234AP86"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>467935.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>Standard Building Solutions Inc.</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>BMCAUS 4 3/8 07/15/30</title>
        <cusip>853496AG2</cusip>
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          <isin value="US853496AG21"/>
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        <invCountry>US</invCountry>

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        <name>Staples, Inc.</name>
        <lei>XQM2JINI1UL7642TU573</lei>
        <title>SPLS 10 3/4 09/01/29</title>
        <cusip>855030AQ5</cusip>
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        <valUSD>786875.60000000</valUSD>
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        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STWD 4 3/8 01/15/27</title>
        <cusip>85571BAY1</cusip>
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        <name>N/A</name>
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        <title>STATE STREET INST US GOV MMF</title>
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        <name>Sunoco LP</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUN 5 5/8 03/15/31</title>
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          <annualizedRt>5.62500000</annualizedRt>
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        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>TLN 8 5/8 06/01/30</title>
        <cusip>87422VAK4</cusip>
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        <balance>600000.00000000</balance>
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        <valUSD>633340.20000000</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>
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        <name>Telecom Italia Capital S.A.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Tenet Healthcare Corporation</name>
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        <name>Tenneco LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Tibco Software Inc</name>
        <lei>N/A</lei>
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        <name>Tosco Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
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        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TDG 6 3/8 05/31/33</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Transocean International Ltd.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Transocean International Ltd.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
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        <name>Tronox Incorporated</name>
        <lei>549300EPZ4YXC7E5P181</lei>
        <title>TROX 4 5/8 03/15/29</title>
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        <name>UKG Inc.</name>
        <lei>529900FKHWSTQ1GXK240</lei>
        <title>ULTI 6 7/8 02/01/31</title>
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        <name>US Foods Inc</name>
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        <title>USFOOD 4 3/4 02/15/29</title>
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        <name>Uber Technologies Inc</name>
        <lei>549300B2FTG34FILDR98</lei>
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        <name>United Air Lines, Inc.</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
        <title>UAL 4 5/8 04/15/29</title>
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        <name>United Rentals (North America), Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
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        <name>United Rentals (North America), Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>URI 3 7/8 11/15/27</title>
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        <name>Univision Communications Inc.</name>
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        <name>USA Compression Partners LP / USA Compression Finance Corp</name>
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        <name>Valaris Ltd.</name>
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        <name>Vale Overseas Limited</name>
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        <name>Venture Global LNG Inc.</name>
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        <name>Venture Global LNG Inc.</name>
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        <name>Verde Purchaser LLC</name>
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      <invstOrSec>
        <name>TK Elevator Us Newco Inc.</name>
        <lei>549300C2AFWPAYWS5574</lei>
        <title>THYELE 5 1/4 07/15/27</title>
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        <name>Viking Baked Goods Acquisition Corp</name>
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        <title>RISBAK 8 5/8 11/01/31</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Expand Energy Corp.</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>CHK 6 3/4 04/15/29</title>
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        <name>Vistra Operations Co LLC</name>
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        <name>Voyager Parent LLC</name>
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        <name>W. R. Grace Holdings Llc</name>
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        <name>Weatherford International Ltd Bermuda</name>
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        <name>Windsor Holdings III LLC</name>
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        <name>Windstream Services LLC / Windstream Escrow Finance Corp.</name>
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        <name>WULF Compute LLC</name>
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        <name>Wynn Macau Ltd.</name>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>849059.40000000</valUSD>
        <pctVal>0.213346077643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANKSAFE TOEWS MONEY MARKET</name>
        <lei>N/A</lei>
        <title>BANKSAFE TOEWS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="99BANKTO6"/>
        </identifiers>
        <balance>1020064.53000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1020064.53000000</valUSD>
        <pctVal>0.256315125206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Money Market Deposit Account" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Lights Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>James Colantino</ncom:signature>
      <ncom:signerName>James Colantino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
