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        <name>CVS Health Corp</name>
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        <name>Caterpillar Financial Services Corp.</name>
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        <name>Caterpillar Financial Services Corp.</name>
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        <name>Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.</name>
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        <name>Chevron USA Inc</name>
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        <name>Citigroup Inc.</name>
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        <name>Citibank, N.A.</name>
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        <name>Citibank, N.A.</name>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>Cooperatieve Rabobank U.A. New York Branch</name>
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        <name>Dupont De Nemours Inc</name>
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        <name>Dreyfus Treasury Obligations Cash Management</name>
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        <name>Duke Energy Corp</name>
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        <name>Elevance Health Inc.</name>
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        <name>Energy Transfer LP</name>
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        <name>Entergy Corporation</name>
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        <name>Ford Motor Credit Company LLC</name>
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        <name>Ford Motor Credit Company LLC</name>
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        <name>Ford Motor Credit Company LLC</name>
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        <name>Fortinet Inc</name>
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        <name>Fortune Brands Innovations Inc</name>
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        <name>GlaxoSmithKline Capital PLC</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <name>HCA Inc.</name>
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        <name>HP Inc</name>
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        <name>Hyundai Capital America</name>
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        <title>HYNMTR Float 03/25/27</title>
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        <name>International Business Machines Corporation</name>
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        <name>International Flavors &amp; Fragrances Inc.</name>
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        <title>IFF 1.23 10/01/25</title>
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        <name>iShares Trust</name>
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        <name>Jefferies Financial Group Inc</name>
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        <name>Jefferies Financial Group Inc</name>
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        <name>Johnson Controls International PLC</name>
        <lei>549300XQ6S1GYKGBL205</lei>
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        <name>Kellanova</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kinder Morgan, Inc.</name>
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        <name>Lennar Corp.</name>
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        <name>Lowes Companies, Inc.</name>
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        <name>Marathon Petroleum Corp.</name>
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        <name>McCormick &amp; Company, Incorporated</name>
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          <isin value="US579780AK39"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-15</maturityDt>
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        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>MCD 3 3/8 05/26/25</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Mercedes-Benz Finance North America LLC</name>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS 0.985 12/10/26</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS 6.138 10/16/26</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NXP B V / NXP Funding LLC &amp; NXP USA Inc</name>
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        <name>NetApp Inc.</name>
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        <name>Netflix, Inc.</name>
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        <name>Northern Lights Fund Trust</name>
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        <name>Northern Lights Fund Trust</name>
        <lei>549300BSYF57GRCG4861</lei>
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        <name>Oracle Corp.</name>
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        <title>ORCL 2.95 05/15/25</title>
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        <name>Range Resources Corp.</name>
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        <name>Realty Income Corporation</name>
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        <name>Reynolds American Inc.</name>
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        <name>Royalty Pharma PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Co.</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>The Toronto-Dominion Bank</name>
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        <name>The Toronto-Dominion Bank</name>
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        <name>The Toronto-Dominion Bank</name>
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        <name>Toyota Motor Credit Corp.</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
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        <cusip>89236TMR3</cusip>
        <identifiers>
          <isin value="US89236TMR31"/>
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        <balance>30000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29971775.10000000</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>2026-04-10</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>TOYOTA Float 01/08/27</title>
        <cusip>89236TMZ5</cusip>
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          <isin value="US89236TMZ56"/>
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        <balance>40000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39860778.00000000</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>2027-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.81115900</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 05/15/25</title>
        <cusip>912797LB1</cusip>
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          <isin value="US912797LB15"/>
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        <balance>150000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149754417.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 06/12/25</title>
        <cusip>912797LN5</cusip>
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          <isin value="US912797LN52"/>
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        <balance>150000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149260188.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 10/02/25</title>
        <cusip>912797MS3</cusip>
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          <isin value="US912797MS31"/>
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        <curCd>USD</curCd>
        <valUSD>49125408.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 05/01/25</title>
        <cusip>912797ND5</cusip>
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          <isin value="US912797ND52"/>
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        <balance>150000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150000000.00000000</valUSD>
        <pctVal>2.000595378851</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 05/08/25</title>
        <cusip>912797NE3</cusip>
        <identifiers>
          <isin value="US912797NE36"/>
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        <balance>150000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149877576.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 05/22/25</title>
        <cusip>912797NM5</cusip>
        <identifiers>
          <isin value="US912797NM51"/>
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        <balance>150000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149630313.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-22</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>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 05/29/25</title>
        <cusip>912797NN3</cusip>
        <identifiers>
          <isin value="US912797NN35"/>
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        <balance>150000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149508745.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 06/05/25</title>
        <cusip>912797NP8</cusip>
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          <isin value="US912797NP82"/>
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        <balance>150000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149383854.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 06/20/25</title>
        <cusip>912797NV5</cusip>
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          <isin value="US912797NV50"/>
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        <valUSD>99415278.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 07/31/25</title>
        <cusip>912797PG6</cusip>
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          <isin value="US912797PG65"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TF FLOAT 07/31/25</title>
        <cusip>91282CHS3</cusip>
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          <isin value="US91282CHS35"/>
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        <curCd>USD</curCd>
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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>2025-07-31</maturityDt>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 3 1/2 09/30/29</title>
        <cusip>91282CLN9</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 4 1/8 10/31/29</title>
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          <isin value="US91282CLR06"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-31</maturityDt>
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      <invstOrSec>
        <name>VMware LLC</name>
        <lei>549300BUDHS3LRWBE814</lei>
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        <balance>17654000.00000000</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>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Volkswagen Group of America Finance LLC</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>VW Float 03/20/26</title>
        <cusip>928668CD2</cusip>
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          <isin value="US928668CD24"/>
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        <balance>20000000.00000000</balance>
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        <valUSD>19999223.60000000</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>2026-03-20</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>Volkswagen Group of America Finance LLC</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>VW FLOAT 08/14/26</title>
        <cusip>928668CJ9</cusip>
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          <isin value="US928668CJ93"/>
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        <balance>23688000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23692281.13000000</valUSD>
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        <name>Williams Partners L.P.</name>
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        <name>CDX.NA.HY SERIES 42</name>
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                  <notionalAmt>109195312.99999000</notionalAmt>
                  <curCd>USD</curCd>
                </futrDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>3000.00000000</shareNo>
            <exercisePrice>100.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-05-23</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-23400.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OPTION ISSUER</name>
        <lei>N/A</lei>
        <title>US 10YR FUT OPTN  Jun25P</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="TYM5P101+ 05/23/2025"/>
        </identifiers>
        <balance>4675.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>46.75000000</valUSD>
        <pctVal>0.000000623518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <futrDeriv derivCat="FUT">
                  <counterparties>
                    <counterpartyName>N/A</counterpartyName>
                    <counterpartyLei>N/A</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>Chicago Board of Trade</name>
                    <lei>549300EX04Q2QBFQTQ27</lei>
                    <title>US 10YR NOTE (CBT)Jun25</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <ticker value="TYM5 Com"/>
                    </identifiers>
                    <balance>1000.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>N/A</valUSD>
                    <pctVal>N/A</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>US</invCountry>
                    <invOthCountry>US</invOthCountry>
                  </derivAddlInfo>
                  <payOffProf>Short</payOffProf>
                  <descRefInstrmnt>
                    <otherRefInst>
                      <issuerName>N/A</issuerName>
                      <issueTitle>CBOT 10 Year US Treasury</issueTitle>
                      <identifiers>
                        <other otherDesc="BBID" value="7316778"/>
                      </identifiers>
                    </otherRefInst>
                  </descRefInstrmnt>
                  <expDate>2025-06-19</expDate>
                  <notionalAmt>112218750.00000000</notionalAmt>
                  <curCd>USD</curCd>
                </futrDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>4675.00000000</shareNo>
            <exercisePrice>101.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-05-23</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-73023.50000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <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>2025-05-28</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>
</edgarSubmission>
