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        <name>Sirius Xm Radio Inc</name>
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        <name>AAdvantage Loyalty IP Ltd/ American Airlines Inc</name>
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        <name>Newell Brands Inc.</name>
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        <name>Cheniere Energy Partners L P</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
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        <name>Wesco Distribution, Inc.</name>
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        <name>Tenet Healthcare Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sprint LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Iron Mountain Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Zayo Group Holdings Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vodafone Group PLC</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Davita Inc</name>
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        <name>Xerox Corporation</name>
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        <name>Continental Resources, Inc.</name>
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        <name>Amkor Technology, Inc.</name>
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        <name>Safeway Inc.</name>
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        <name>Howmet Aerospace Inc</name>
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        <name>Unisys Corp.</name>
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        <title>UIS 6 7/8 11/01/27</title>
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        <name>1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.</name>
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      <invstOrSec>
        <name>New Fortress Energy Inc.</name>
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        <name>MPT Operating Partnership LP / MPT Finance Corporation</name>
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      <invstOrSec>
        <name>AAdvantage Loyalty IP Ltd/ American Airlines Inc</name>
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      <invstOrSec>
        <name>Kraft Heinz Foods Company</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>KHC 7 1/8 08/01/39</title>
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        <name>Calpine Corporation</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>CPN 5 1/8 03/15/28</title>
        <cusip>131347CN4</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>United States Steel Corporation</name>
        <lei>JNLUVFYJT1OZSIQ24U47</lei>
        <title>X 6.65 06/01/37</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sprint Capital Corporation</name>
        <lei>549300L17W0GQBR1PO80</lei>
        <title>S 6 7/8 11/15/28</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Diamond Sports Group LLC / Diamond Sports Finance Co</name>
        <lei>5493002K6DHWNZH8YA34</lei>
        <title>DSPORT 5 3/8 08/15/26</title>
        <cusip>25277LAF3</cusip>
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        <balance>725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18578.13000000</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>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Occidental Petroleum Corporation</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>OXY 5.55 03/15/26</title>
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        <balance>379000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>377482.29000000</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>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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      <invstOrSec>
        <name>Kraft Heinz Foods Company</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>KHC 4 7/8 10/01/49</title>
        <cusip>50077LAZ9</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 3 1/2 09/01/30</title>
        <cusip>404119CA5</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Prime Securities Services Borrower, LLC and Prime Finance, Inc.</name>
        <lei>549300O6QPZVWXV2DC15</lei>
        <title>PRSESE 5 3/4 04/15/26</title>
        <cusip>74166MAC0</cusip>
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        <name>Equitrans Midstream Corporation</name>
        <lei>N/A</lei>
        <title>EQM 4 08/01/24</title>
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          <couponKind>Fixed</couponKind>
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        <name>Vistra Operations Co LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VST 5 1/2 09/01/26</title>
        <cusip>92840VAA0</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
        <lei>N/A</lei>
        <title>CHTR 5 3/8 06/01/29</title>
        <cusip>1248EPCB7</cusip>
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        <name>Royal Caribbean Group</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>RCL 5 1/2 04/01/28</title>
        <cusip>780153BG6</cusip>
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        <balance>188000.00000000</balance>
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        <valUSD>183167.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

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          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>NCL Corporation Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCLH 5 7/8 03/15/26</title>
        <cusip>62886HBA8</cusip>
        <identifiers>
          <isin value="US62886HBA86"/>
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        <balance>189000.00000000</balance>
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        <name>Bausch Health Companies Inc.</name>
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        <invCountry>CA</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Centene Corporation</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
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      <invstOrSec>
        <name>Ford Motor Company</name>
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        <balance>388000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-08</maturityDt>
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      <invstOrSec>
        <name>Telecom Italia Capital S.A.</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-06-04</maturityDt>
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      <invstOrSec>
        <name>Kraft Heinz Foods Company</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>KHC 3 7/8 05/15/27</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-15</maturityDt>
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        <name>Pactiv LLC</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.95000000</annualizedRt>
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      <invstOrSec>
        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <title>CHTR 4 1/4 02/01/31</title>
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        <curCd>USD</curCd>
        <valUSD>151003.89000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>OneMain Financial Corporation</name>
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        <title>OMF 7 1/8 03/15/26</title>
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        <balance>168000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>170051.95000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DISH DBS Corporation</name>
        <lei>N/A</lei>
        <title>DISH 7 3/8 07/01/28</title>
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        <balance>391000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>175562.25000000</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>2028-07-01</maturityDt>
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          <annualizedRt>7.37500000</annualizedRt>
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        <name>Frontier Communications Parent Inc</name>
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        <name>Redwood Real Estate Income Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mainstay Funds</name>
        <lei>549300SQRLBSUG7RD002</lei>
        <title>MNSTY-H/Y BD-I</title>
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        <assetCat>EC</assetCat>
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        <name>Rite Aid Corporation</name>
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        <title>RAD 7.7 02/15/27</title>
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        <name>Hilton Domestic Operating Co Inc.</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>HLT 3 5/8 02/15/32</title>
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        <name>Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC)</name>
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        <title>ACI 3 1/2 03/15/29</title>
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        <name>Delta Air Lines Inc.</name>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>TMUS 3 1/2 04/15/31</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Kraft Heinz Foods Company</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>KHC 5.2 07/15/45</title>
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        <name>Carnival Corporation</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>PA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
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      <invstOrSec>
        <name>Tenet Healthcare Corporation</name>
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        <balance>183000.00000000</balance>
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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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>American Axle &amp; Manufacturing, Inc.</name>
        <lei>RY5TAKFOBLDUGX31MS24</lei>
        <title>AXL 6 1/4 03/15/26</title>
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        <balance>129000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Sprint LLC</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>S 7 5/8 02/15/25</title>
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          <isin value="US85207UAJ43"/>
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        <balance>165000.00000000</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>
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          <couponKind>Fixed</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Internal ID" value="NHMRX3208            00001"/>
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        <balance>7110.52100000</balance>
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        <assetCat>DO</assetCat>
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      <invstOrSec>
        <name>Occidental Petroleum Corporation</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>OXY 2.9 08/15/24</title>
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          <isin value="US674599CW33"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Western Digital Corp.</name>
        <lei>549300QQXOOYEF89IC56</lei>
        <title>WDC 4 3/4 02/15/26</title>
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          <isin value="US958102AM75"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>170236.26000000</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>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ENDO INC</name>
        <lei>N/A</lei>
        <title>ENDO INC</title>
        <cusip>29290D117</cusip>
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          <isin value="US29290D1173"/>
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        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>EQT Corporation</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT 3.9 10/01/27</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Vanguard Fixed Income Securities Funds</name>
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        <title>VANG-H/Y CO-ADM</title>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>US BANK MMDA</name>
        <lei>N/A</lei>
        <title>US BANK MMDA - USBGFS 9</title>
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        <assetCat>STIV</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Staples, Inc.</name>
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        <title>SPLS 10 3/4 04/15/27</title>
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        <name>Kraft Heinz Foods Company</name>
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        <name>Imola Merger Corp.</name>
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        <title>IM 4 3/4 05/15/29</title>
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        <assetCat>DBT</assetCat>
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        <name>CDX.NA.HY Series 40</name>
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        <assetCat>DCR</assetCat>
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        <name>Par Pharmaceutical Inc</name>
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        <title>ENDP 7 1/2 04/01/27</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
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        <name>Goodyear Tire &amp; Rubber Co. The</name>
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        <name>MGM Resorts International</name>
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        <name>SBA Communications Corp.</name>
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        <name>Centene Corporation</name>
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        <name>Davita Inc</name>
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        <name>Novelis Corporation</name>
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        <name>Community Health Systems Incorporated</name>
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        <name>Kraft Heinz Foods Company</name>
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        <name>Hawaiian Brand Intellectual Property Limited / Hawaiianmiles Loyalty Limited</name>
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        <name>Magic MergeCo Inc</name>
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        <name>Embarq Corp.</name>
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        <name>Kraft Heinz Foods Company</name>
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        <title>KHC 5 06/04/42</title>
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        <name>R.R. Donnelley &amp; Sons Co.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>APA Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Telecom Italia Capital S.A.</name>
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        <name>Lord Abbett High</name>
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        <name>New Fortress Energy Inc.</name>
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        <name>American High Income Trust</name>
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        <name>SBA Communications Corp.</name>
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        <name>Sealed Air Corp.</name>
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        <name>Albertsons, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Transocean Inc.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <name>Radian Group Inc.</name>
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        <name>DISH DBS Corporation</name>
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        <name>Netflix, Inc.</name>
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        <name>Carnival Corporation</name>
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        <title>CCL 7 5/8 03/01/26</title>
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        <name>Occidental Petroleum Corporation</name>
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        <name>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 5 3/8 02/01/25</title>
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        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CCL 6.65 01/15/28</title>
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        <name>Ford Motor Company</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>F 5.291 12/08/46</title>
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        <name>Cheniere Energy Inc</name>
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        <name>Sprint LLC</name>
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        <name>Kraft Heinz Foods Company</name>
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        <name>Freeport-McMoRan Inc.</name>
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        <name>Ovintiv Inc</name>
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        <name>TransDigm, Inc.</name>
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        <name>MBIA Inc.</name>
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        <name>Iron Mountain Inc.</name>
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          <annualizedRt>4.87500000</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>Liberty Media Corp Del</name>
        <lei>N/A</lei>
        <title>LINTA 8 1/2 07/15/29</title>
        <cusip>530715AD3</cusip>
        <identifiers>
          <isin value="US530715AD31"/>
        </identifiers>
        <balance>370000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>208386.89000000</valUSD>
        <pctVal>0.130873121797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>United Air Lines, Inc.</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
        <title>UAL 4 3/8 04/15/26</title>
        <cusip>90932LAG2</cusip>
        <identifiers>
          <isin value="US90932LAG23"/>
        </identifiers>
        <balance>186000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>178985.51000000</valUSD>
        <pctVal>0.112408186763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</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>Centene Corporation</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CNC 2 1/2 03/01/31</title>
        <cusip>15135BAX9</cusip>
        <identifiers>
          <isin value="US15135BAX91"/>
        </identifiers>
        <balance>195000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>157034.46000000</valUSD>
        <pctVal>0.098622279021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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>Louisiana Pacific Corporation</name>
        <lei>549300C7E2UAO5BVRR75</lei>
        <title>LPX 3 5/8 03/15/29</title>
        <cusip>546347AM7</cusip>
        <identifiers>
          <isin value="US546347AM73"/>
        </identifiers>
        <balance>415000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>372032.48000000</valUSD>
        <pctVal>0.233647385724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</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>Endo Luxembourg Finance Company I S a r l and Endo U S Inc</name>
        <lei>222100B15VY0VVCTG251</lei>
        <title>ENDP 6 1/8 04/01/29</title>
        <cusip>29280BAA3</cusip>
        <identifiers>
          <isin value="US29280BAA35"/>
        </identifiers>
        <balance>127000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78842.45000000</valUSD>
        <pctVal>0.049515387276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</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>Principal Funds Inc</name>
        <lei>549300HZGBXSW6DSXF23</lei>
        <title>PRIN-HI INC-INS</title>
        <cusip>74254R637</cusip>
        <identifiers>
          <isin value="US74254R6374"/>
        </identifiers>
        <balance>1267379.45900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10278447.41000000</valUSD>
        <pctVal>6.455168555853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OneMain Financial Corporation</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OMF 6 7/8 03/15/25</title>
        <cusip>85172FAM1</cusip>
        <identifiers>
          <isin value="US85172FAM14"/>
        </identifiers>
        <balance>171000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>172312.60000000</valUSD>
        <pctVal>0.108217402193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</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>Blackrock Funds V</name>
        <lei>54930077DSFQPJDWM487</lei>
        <title>BLKR-H/Y BND-INS</title>
        <cusip>09260B630</cusip>
        <identifiers>
          <isin value="US09260B6305"/>
        </identifiers>
        <balance>2959161.76600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20625357.51000000</valUSD>
        <pctVal>12.95333370312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PG&amp;E Corporation</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PCG 5 07/01/28</title>
        <cusip>69331CAH1</cusip>
        <identifiers>
          <isin value="US69331CAH16"/>
        </identifiers>
        <balance>403000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>384337.27000000</valUSD>
        <pctVal>0.241375157276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Murphy Oil Corporation</name>
        <lei>QBKYQD0ODE7DC7PDIN91</lei>
        <title>MUR 7.05 05/01/29</title>
        <cusip>626717AA0</cusip>
        <identifiers>
          <isin value="US626717AA04"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>388501.13000000</valUSD>
        <pctVal>0.243990184339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.05000000</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>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 5 5/8 09/01/28</title>
        <cusip>404121AJ4</cusip>
        <identifiers>
          <isin value="US404121AJ49"/>
        </identifiers>
        <balance>163000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>162429.81000000</valUSD>
        <pctVal>0.102010718177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</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>Netflix, Inc.</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>NFLX 5 7/8 11/15/28</title>
        <cusip>64110LAT3</cusip>
        <identifiers>
          <isin value="US64110LAT35"/>
        </identifiers>
        <balance>157000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>160233.59000000</valUSD>
        <pctVal>0.100631427150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</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>Dell Inc</name>
        <lei>3E70L4WYANTIWWIPHC81</lei>
        <title>DELL 7.1 04/15/28</title>
        <cusip>247025AE9</cusip>
        <identifiers>
          <isin value="US247025AE93"/>
        </identifiers>
        <balance>324000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>344724.34000000</valUSD>
        <pctVal>0.216497067236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.10000000</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>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 5 7/8 02/15/26</title>
        <cusip>404119BS7</cusip>
        <identifiers>
          <isin value="US404119BS74"/>
        </identifiers>
        <balance>364000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>364187.99000000</valUSD>
        <pctVal>0.228720814310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</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>FirstEnergy Corp.</name>
        <lei>549300SVYJS666PQJH88</lei>
        <title>FE 3.9 07/15/27</title>
        <cusip>337932AH0</cusip>
        <identifiers>
          <isin value="US337932AH00"/>
        </identifiers>
        <balance>177000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>166927.38000000</valUSD>
        <pctVal>0.104835324977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-05-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Two Roads Shared Trust</ncom:nameOfApplicant>
      <ncom:signature>Laura Szalyga</ncom:signature>
      <ncom:signerName>Laura Szalyga</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
