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        <name>Bausch Health Companies Inc.</name>
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        <name>Bombardier Inc.</name>
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        <name>Boston Scientific Corporation</name>
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        <name>Builders Firstsource, Inc.</name>
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        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <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>Community Health Systems Incorporated</name>
        <lei>549300BQWM4WENQ3YW73</lei>
        <title>CYH 10 7/8 01/15/32</title>
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        <fairValLevel>2</fairValLevel>
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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>
        <cusip>126307BN6</cusip>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>11.75000000</annualizedRt>
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        <name>CQP Holdco LP &amp; Bip-V Chinook Holdco LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Caesars Entertainment Inc.</name>
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        <name>Calpine Corporation</name>
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        <name>Canadian Pacific Railway Company</name>
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        <title>CP 7 1/8 10/15/31</title>
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        <name>Carnival Corporation</name>
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        <title>CCL 6 05/01/29</title>
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        <name>Carvana Co</name>
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        <title>CVNA 14 06/01/31</title>
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        <name>Lumen Technologies Inc</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
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        <name>Cheniere Energy Inc</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
        <title>LNG 4 5/8 10/15/28</title>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C 8 1/8 07/15/39</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Cleveland-Cliffs Inc</name>
        <lei>549300TM2WLI2BJMDD86</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cleveland-Cliffs Inc</name>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>703830.56000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Coinbase Global Inc</name>
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        <title>COIN 3 3/8 10/01/28</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</maturityDt>
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      <invstOrSec>
        <name>DBX ETF Trust</name>
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        <title>XTRACKERS USD HI</title>
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          <isin value="US2330514322"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mercedes Benz North America Corp.</name>
        <lei>N/A</lei>
        <title>MBGGR 8 1/2 01/18/31</title>
        <cusip>233835AQ0</cusip>
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          <isin value="US233835AQ08"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Davita Inc</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DVA 4 5/8 06/01/30</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
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        <name>Dell International L.L.C. and EMC Corporation</name>
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        <title>DELL 8.1 07/15/36</title>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-15</maturityDt>
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      <invstOrSec>
        <name>Delta Air Lines Inc.</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>DAL 3 3/4 10/28/29</title>
        <cusip>247361ZT8</cusip>
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          <isin value="US247361ZT81"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>371379.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-28</maturityDt>
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      <invstOrSec>
        <name>Deutsche Telekom International Finance B.V.</name>
        <lei>529900ERDFHS6C1M4U58</lei>
        <title>DT 9 1/4 06/01/32</title>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
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        <name>Olympus Water US Holding Corp.</name>
        <lei>549300YU2GGVCBN3MY89</lei>
        <title>SOLEIN 9 3/4 11/15/28</title>
        <cusip>25259KAA8</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
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      <invstOrSec>
        <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>DISH Network Corporation</name>
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        <title>DISH 11 3/4 11/15/27</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominion Energy Inc</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>D 7 06/15/38</title>
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        <fairValLevel>2</fairValLevel>
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        <name>EchoStar Corp.</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>SATS 10 3/4 11/30/29</title>
        <cusip>278768AC0</cusip>
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      <invstOrSec>
        <name>Caesars Entertainment Inc.</name>
        <lei>N/A</lei>
        <title>CZR 8 1/8 07/01/27</title>
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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>
        <cusip>29103CAA6</cusip>
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        <name>Encompass Health Corporation</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>EHC 4 3/4 02/01/30</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FMG Resources (August 2006) Pty Ltd.</name>
        <lei>549300EFD6S2NFE9D745</lei>
        <title>FMGAU 4 3/8 04/01/31</title>
        <cusip>30251GBC0</cusip>
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        <valUSD>452943.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <name>Ford Motor Credit Company LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <name>Boost Newco Borrower LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GE Aerospace</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Genworth Financial Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-15</maturityDt>
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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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        <name>Hillenbrand, Inc.</name>
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        <name>Hilton Domestic Operating Co Inc.</name>
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        <name>HUB International Ltd.</name>
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        <name>HUB International Ltd.</name>
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        <name>Intelsat Jackson Holdings SA</name>
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      <invstOrSec>
        <name>Iron Mountain Inc.</name>
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        <name>iShares Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <name>iShares Trust</name>
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        <name>Jane Street Group LLC / JSG Finance Inc.</name>
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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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        <name>Jefferies Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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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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        <fairValLevel>2</fairValLevel>
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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>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <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>
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        <name>Royal Philips NV</name>
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        <title>PHIANA 6 7/8 03/11/38</title>
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        <name>Kraft Heinz Foods Company</name>
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        <title>KHC 6 7/8 01/26/39</title>
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        <name>Las Vegas Sands Corp</name>
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        <name>Level 3 Financing, Inc.</name>
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        <name>Live Nation Entertainment, Inc.</name>
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        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS 7.953 11/15/33</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MPT Operating Partnership LP / MPT Finance Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
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      <invstOrSec>
        <name>Macys Retail Holdings LLC</name>
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        <balance>650000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
        <lei>549300DNGHXL0OMHW304</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-15</maturityDt>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
        <lei>549300DNGHXL0OMHW304</lei>
        <title>BWY 7 7/8 04/15/27</title>
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          <isin value="US57763RAD98"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-15</maturityDt>
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          <annualizedRt>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>McAfee Corp</name>
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        <curCd>USD</curCd>
        <valUSD>346150.44000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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      <invstOrSec>
        <name>Melco Resorts Finance Limited</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-04</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC 7 3/4 05/14/38</title>
        <cusip>59023VAA8</cusip>
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          <isin value="US59023VAA89"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1170874.41000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MetLife Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MET 10 3/4 08/01/39</title>
        <cusip>59156RAV0</cusip>
        <identifiers>
          <isin value="US59156RAV06"/>
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        <balance>1700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2217996.80000000</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>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.75000000</annualizedRt>
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      <invstOrSec>
        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>MSFT 2.921 03/17/52</title>
        <cusip>594918CE2</cusip>
        <identifiers>
          <isin value="US594918CE21"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1996985.64000000</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>2052-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.92100000</annualizedRt>
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      <invstOrSec>
        <name>Midwest Gaming Borrower LLC</name>
        <lei>5493005826VXDUREHL94</lei>
        <title>MWGAME 4 7/8 05/01/29</title>
        <cusip>59833DAB6</cusip>
        <identifiers>
          <isin value="US59833DAB64"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>708471.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>Minerva Merger Subordinated Inc.</name>
        <lei>254900AA3KZN4Q7A5Z33</lei>
        <title>ATHENA 6 1/2 02/15/30</title>
        <cusip>60337JAA4</cusip>
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          <isin value="US60337JAA43"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>478335.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS 7 1/4 04/01/32</title>
        <cusip>617446HD4</cusip>
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        <balance>750000.00000000</balance>
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        <valUSD>855385.54000000</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>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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        <name>Medline Borrower LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDIND 3 7/8 04/01/29</title>
        <cusip>62482BAA0</cusip>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>

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          <maturityDt>2029-04-01</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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        <name>NFE Financing LLC</name>
        <lei>N/A</lei>
        <title>NFE 12 11/15/29</title>
        <cusip>62909BAA5</cusip>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>

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          <annualizedRt>12.00000000</annualizedRt>
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        <name>Nabors Industries, Inc.</name>
        <lei>549300VFQWRKICUFNU92</lei>
        <title>NBR 9 1/8 01/31/30</title>
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        <invCountry>US</invCountry>

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          <annualizedRt>9.12500000</annualizedRt>
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      <invstOrSec>
        <name>Nationstar Mortgage Holdings Inc</name>
        <lei>N/A</lei>
        <title>COOP 5 1/2 08/15/28</title>
        <cusip>63861CAC3</cusip>
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          <isin value="US63861CAC38"/>
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        <valUSD>845607.97000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Nationstar Mortgage Holdings Inc</name>
        <lei>N/A</lei>
        <title>COOP 7 1/8 02/01/32</title>
        <cusip>63861CAF6</cusip>
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        <balance>300000.00000000</balance>
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        <valUSD>311530.80000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Navient Corporation</name>
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        <name>Neptune BidCo US Inc.</name>
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        <name>Netflix, Inc.</name>
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        <name>New Fortress Energy Inc.</name>
        <lei>254900EICTYTCHA5X705</lei>
        <title>NFE 6 1/2 09/30/26</title>
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        <fairValLevel>2</fairValLevel>
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        <name>News Corporation</name>
        <lei>549300ITS31QK8VRBQ14</lei>
        <title>NWSA 3 7/8 05/15/29</title>
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        <name>Novelis Corporation</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>HNDLIN 4 3/4 01/30/30</title>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>698064.38000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>OXY 6.45 09/15/36</title>
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        <balance>1000000.00000000</balance>
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        <valUSD>975266.39000000</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>2036-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>OXY 6 1/8 01/01/31</title>
        <cusip>674599EF8</cusip>
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          <isin value="US674599EF81"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>757871.96000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.</name>
        <lei>549300RHSHNRWI5LLA86</lei>
        <title>BCULC 3 7/8 01/15/28</title>
        <cusip>68245XAH2</cusip>
        <identifiers>
          <isin value="US68245XAH26"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>480564.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.</name>
        <lei>549300RHSHNRWI5LLA86</lei>
        <title>BCULC 4 10/15/30</title>
        <cusip>68245XAM1</cusip>
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        <balance>750000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

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          <maturityDt>2030-10-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Organon &amp; Co</name>
        <lei>549300AMCKY57OK2CO56</lei>
        <title>OGN 5 1/8 04/30/31</title>
        <cusip>68622TAB7</cusip>
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        <balance>650000.00000000</balance>
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        <valUSD>546016.04000000</valUSD>
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        <invCountry>US</invCountry>

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        <name>PBF Holding Company LLC and PBF Finance Corp.</name>
        <lei>549300TILVIIV9FLL461</lei>
        <title>PBFENE 6 02/15/28</title>
        <cusip>69318FAJ7</cusip>
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        <balance>650000.00000000</balance>
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        <valUSD>574330.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
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        <name>PG&amp;E Corporation</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PCG 5 07/01/28</title>
        <cusip>69331CAH1</cusip>
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        <invCountry>US</invCountry>

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        <name>Truist Insurance Holdings LLC &amp; Panther Co-Issuer Inc.</name>
        <lei>N/A</lei>
        <title>TIHLLC 7 1/8 06/01/31</title>
        <cusip>69867RAA5</cusip>
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        <name>Pepsico Inc</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PEP 7 03/01/29</title>
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        <name>Petsmart Inc / Petsmart Financial Corporation</name>
        <lei>N/A</lei>
        <title>PETM 7 3/4 02/15/29</title>
        <cusip>71677KAB4</cusip>
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        <name>Progress Energy Inc.</name>
        <lei>549300FBMTW0JYWMNB26</lei>
        <title>DUK 7 3/4 03/01/31</title>
        <cusip>743263AE5</cusip>
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        <balance>750000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Quicken Lns Llc/Quicken Lns Co-Issuer Inc</name>
        <lei>549300FGXN1K3HLB1R50</lei>
        <title>RKTRM 3 7/8 03/01/31</title>
        <cusip>74841CAB7</cusip>
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        <balance>600000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Quikrete Holdings Inc</name>
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        <name>Rakuten Group Inc.</name>
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        <fairValLevel>2</fairValLevel>
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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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          <maturityDt>2033-02-01</maturityDt>
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        <name>SPDR Series Trust</name>
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        <name>SPDR Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Saks Global Enterprises LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sands China Ltd.</name>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Merck &amp; Co., Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Seagate HDD Cayman</name>
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        <invCountry>KY</invCountry>

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        <name>Service Properties Trust</name>
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        <title>SVC 8 5/8 11/15/31</title>
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        <name>Shift4 Payments Llc / Shift4 Payments Finance Subordinated Incorporated</name>
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        <name>Simon Property Group LP</name>
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        <name>Sirius Xm Radio Inc</name>
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        <title>SIRI 4 07/15/28</title>
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        <name>Expand Energy Corp.</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>SWN 4 3/4 02/01/32</title>
        <cusip>845467AT6</cusip>
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        <name>Spirit AeroSystems Inc</name>
        <lei>ZD2NBKV6GCC3UMGBM518</lei>
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        <name>Standard Building Solutions Inc.</name>
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        <name>Staples, Inc.</name>
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        <name>Starwood Property Trust, Inc.</name>
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        <name>Talen Energy Supply LLC</name>
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        <name>Tenet Healthcare Corporation</name>
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        <name>Tenet Healthcare Corporation</name>
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        <name>Tenneco Inc.</name>
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        <name>TransDigm, Inc.</name>
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        <name>TransDigm, Inc.</name>
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        <name>Transocean Inc.</name>
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        <name>Transocean Inc.</name>
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        <name>Tronox Incorporated</name>
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        <name>UKG Inc.</name>
        <lei>529900FKHWSTQ1GXK240</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US Foods Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Uber Technologies Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United Air Lines, Inc.</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
        <title>UAL 4 5/8 04/15/29</title>
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          <isin value="US90932LAH06"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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        <name>United Rentals (North America), Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>URI 5 1/4 01/15/30</title>
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        <balance>750000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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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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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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      <invstOrSec>
        <name>Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Capital LLC</name>
        <lei>N/A</lei>
        <title>UNIT 10 1/2 02/15/28</title>
        <cusip>91327TAA9</cusip>
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        <balance>478000.00000000</balance>
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        <valUSD>507922.70000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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          <annualizedRt>10.50000000</annualizedRt>
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        <name>Univision Communications Inc.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UVN 7 3/8 06/30/30</title>
        <cusip>914906AX0</cusip>
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        <balance>750000.00000000</balance>
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        <valUSD>685391.25000000</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>2030-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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        <name>USA Compression Partners LP / USA Compression Finance Corp</name>
        <lei>5493000B1PEOKXRZEO65</lei>
        <title>USAC 7 1/8 03/15/29</title>
        <cusip>91740PAG3</cusip>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>759050.25000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>Valaris Ltd.</name>
        <lei>N/A</lei>
        <title>VAL 8 3/8 04/30/30</title>
        <cusip>91889FAC5</cusip>
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        <balance>400000.00000000</balance>
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        <valUSD>375065.92000000</valUSD>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Vale Overseas Limited</name>
        <lei>254900BA3U6G5DNV5V04</lei>
        <title>VALEBZ 8 1/4 01/17/34</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global LNG Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENLNG 8 3/8 06/01/31</title>
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        <name>Venture Global LNG Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>VENLNG 9 7/8 02/01/32</title>
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        <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>
        <lei>N/A</lei>
        <title>RISBAK 8 5/8 11/01/31</title>
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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>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VST 7 3/4 10/15/31</title>
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        <name>W. R. Grace Holdings Llc</name>
        <lei>549300WNOVFRGYOAEB12</lei>
        <title>GRA 5 5/8 08/15/29</title>
        <cusip>92943GAA9</cusip>
        <identifiers>
          <isin value="US92943GAA94"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>530207.15000000</valUSD>
        <pctVal>0.120634118181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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>Weatherford International Ltd Bermuda</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>WFRD 8 5/8 04/30/30</title>
        <cusip>947075AU1</cusip>
        <identifiers>
          <isin value="US947075AU14"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>495694.81000000</valUSD>
        <pctVal>0.112781780274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</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>Windsor Holdings III LLC</name>
        <lei>254900IXUJZ9H146T437</lei>
        <title>UNVR 8 1/2 06/15/30</title>
        <cusip>97360AAA5</cusip>
        <identifiers>
          <isin value="US97360AAA51"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>368770.85000000</valUSD>
        <pctVal>0.083903708768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</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>Windstream Services LLC / Windstream Escrow Finance Corp.</name>
        <lei>549300KT9GVEBYCD2N29</lei>
        <title>WIN 8 1/4 10/01/31</title>
        <cusip>97381AAA0</cusip>
        <identifiers>
          <isin value="US97381AAA07"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>409851.60000000</valUSD>
        <pctVal>0.093250508506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</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>Wynn Macau Ltd.</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>WYNMAC 5 5/8 08/26/28</title>
        <cusip>98313RAH9</cusip>
        <identifiers>
          <isin value="US98313RAH93"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>811912.18000000</valUSD>
        <pctVal>0.184728383755</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>Xerox Holdings Corporation</name>
        <lei>5493000Y33XDVO2CXC18</lei>
        <title>XRX 5 1/2 08/15/28</title>
        <cusip>98421MAB2</cusip>
        <identifiers>
          <isin value="US98421MAB28"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>321317.20000000</valUSD>
        <pctVal>0.073106930146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>5294561.36000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5294561.36000000</valUSD>
        <pctVal>1.204632455107</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>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>
