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        <name>Cloud Software Group Inc.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TransDigm, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EMRLD Borrower LP / Emerald Co-Issuer Inc.</name>
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        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <name>Community Health Systems Incorporated</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide Inc</name>
        <lei>5493002J2SVENP0PVK27</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <name>AAdvantage Loyalty IP Ltd/ American Airlines Inc</name>
        <lei>N/A</lei>
        <title>AAL 5 1/2 04/20/26</title>
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        <invCountry>KY</invCountry>

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          <annualizedRt>5.50000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Morgan Stanley</name>
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        <name>Civitas Resources Inc</name>
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        <name>Bank of America Corp.</name>
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        <name>Venture Global LNG Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <name>ConocoPhillips Co.</name>
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        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CCL 4 08/01/28</title>
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        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>HCA Inc.</name>
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        <name>Verizon Communications Inc.</name>
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        <name>Pfizer Inc.</name>
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        <name>Citigroup 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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        <name>Comcast Corporation</name>
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        <name>Kraft Heinz Foods Company</name>
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        <name>Broadcom Inc</name>
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        <name>OneMain Financial Corporation</name>
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        <name>Carnival Holdings Bermuda Ltd.</name>
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        <name>Standard Buildings Solutions Inc.</name>
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        <name>United Air Lines, Inc.</name>
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        <name>Bristol-Myers Squibb Company</name>
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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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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>RDSALN 6 3/8 12/15/38</title>
        <cusip>822582AD4</cusip>
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          <isin value="US822582AD40"/>
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        <curCd>USD</curCd>
        <valUSD>158908.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Home Depot Inc</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Weatherford International Ltd Bermuda</name>
        <lei>549300A2JKMG5PGOGF82</lei>
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        <curCd>USD</curCd>
        <valUSD>173768.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-30</maturityDt>
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        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AZN 6.45 09/15/37</title>
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          <isin value="US046353AD01"/>
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        <curCd>USD</curCd>
        <valUSD>158810.91000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-09-15</maturityDt>
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      <invstOrSec>
        <name>Western Digital Corp.</name>
        <lei>549300QQXOOYEF89IC56</lei>
        <title>WDC 4 3/4 02/15/26</title>
        <cusip>958102AM7</cusip>
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          <isin value="US958102AM75"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Kraft Heinz Foods Company</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>KHC 7 1/8 08/01/39</title>
        <cusip>42307TAH1</cusip>
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          <isin value="US42307TAH14"/>
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        <balance>147000.00000000</balance>
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        <valUSD>162539.55000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
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      <invstOrSec>
        <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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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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        <name>Allied Universal Holdco LLC / Allied Universal Finance Corporation</name>
        <lei>98450038B4549046D794</lei>
        <title>UNSEAM 6 5/8 07/15/26</title>
        <cusip>019576AA5</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
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          <annualizedRt>6.62500000</annualizedRt>
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        <name>Uber Technologies Inc</name>
        <lei>549300B2FTG34FILDR98</lei>
        <title>UBER 4 1/2 08/15/29</title>
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          <maturityDt>2029-08-15</maturityDt>
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        <name>CVS Health Corp</name>
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        <title>CVS 5.05 03/25/48</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 5 3/8 02/01/25</title>
        <cusip>404119BR9</cusip>
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        <invCountry>US</invCountry>

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          <maturityDt>2025-02-01</maturityDt>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC 2.687 04/22/32</title>
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        <name>AAdvantage Loyalty IP Ltd/ American Airlines Inc</name>
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        <title>AAL 5 3/4 04/20/29</title>
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        <invCountry>KY</invCountry>

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        <name>Comcast Corporation</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>CMCSA 4.6 10/15/38</title>
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        <name>Apple Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>AAPL 3.85 05/04/43</title>
        <cusip>037833AL4</cusip>
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        <name>Nexstar Escrow Inc</name>
        <lei>5493006PK6I4I2OOT688</lei>
        <title>NXST 5 5/8 07/15/27</title>
        <cusip>65343HAA9</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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          <maturityDt>2027-07-15</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>AbbVie Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBV 3.6 05/14/25</title>
        <cusip>00287YAQ2</cusip>
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        <name>Medline Borrower LP</name>
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        <name>Bausch Plus Lomb Corp.</name>
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        <name>DISH DBS Corporation</name>
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        <name>HCA Inc.</name>
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        <name>Carnival Corporation</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>Kraft Heinz Foods Company</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>Citigroup Inc.</name>
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        <name>Kraft Heinz Foods Company</name>
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        <name>Cheniere Energy Partners L P</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <name>NCR Atleos Escrow Corp.</name>
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          <maturityDt>2029-04-01</maturityDt>
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        <name>RTX Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-16</maturityDt>
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        <name>Staples, Inc.</name>
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          <maturityDt>2026-04-15</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>Abbott Laboratories</name>
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          <maturityDt>2046-11-30</maturityDt>
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        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS 4.223 05/01/29</title>
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          <maturityDt>2029-05-01</maturityDt>
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      <invstOrSec>
        <name>Freeport-McMoRan Inc.</name>
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        <title>FCX 5.45 03/15/43</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-03-15</maturityDt>
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          <annualizedRt>5.45000000</annualizedRt>
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        <name>Brand Industrial Services Inc.</name>
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        <title>BRANDI 10 3/8 08/01/30</title>
        <cusip>104931AA8</cusip>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>10.37500000</annualizedRt>
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        <name>Microsoft Corporation</name>
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        <name>Community Health Systems Incorporated</name>
        <lei>N/A</lei>
        <title>CYH 5 5/8 03/15/27</title>
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        <name>Avantor Funding Inc</name>
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        <title>AVTR 4 5/8 07/15/28</title>
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        <name>Bausch Health Companies Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BHCCN 5 1/2 11/01/25</title>
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        <name>AT&amp;T Inc</name>
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        <name>AT&amp;T Inc</name>
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        <title>T 3.8 12/01/57</title>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>United States Treasury Bonds</name>
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        <title>T 2 3/8 05/15/51</title>
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        <issuerCat>UST</issuerCat>
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        <name>1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.</name>
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        <name>Delta Air Lines Inc.</name>
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        <name>Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide Inc</name>
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        <name>Amgen Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
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        <name>BBH SWEEP VEHICLE</name>
        <lei>N/A</lei>
        <title>BBH SWEEP VEHICLE</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS 2.615 04/22/32</title>
        <cusip>38141GYB4</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Tenet Healthcare Corporation</name>
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        <title>THC 5 1/8 11/01/27</title>
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        <name>DISH DBS Corporation</name>
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        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS 6 3/4 10/01/37</title>
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        <name>AbbVie Inc.</name>
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        <title>ABBV 2.95 11/21/26</title>
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        <name>AT&amp;T Inc</name>
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        <title>T 4.3 02/15/30</title>
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        <name>DISH DBS Corporation</name>
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        <name>Sirius Xm Radio Inc</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRI 4 07/15/28</title>
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        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <name>Deutsche Telekom International Finance B.V.</name>
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        <title>DT 8 1/4 06/15/30</title>
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        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VZ 3.7 03/22/61</title>
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        <name>Anheuser-Busch InBev Worldwide Inc.</name>
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        <name>Bombardier Inc.</name>
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        <name>Uber Technologies Inc</name>
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        <name>HCA Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-01</maturityDt>
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        <name>1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.</name>
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        <title>BCULC 4 10/15/30</title>
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        <invCountry>CA</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
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        <name>TransDigm, Inc.</name>
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        <name>Broadcom Inc</name>
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        <title>AVGO 3.137 11/15/35</title>
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        <name>ConocoPhillips Co.</name>
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        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <name>Comcast Corporation</name>
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        <name>United States Treasury Notes</name>
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        <name>Bank of America Corp.</name>
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        <name>HUB International Ltd.</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>AbbVie Inc.</name>
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        <name>Newell Brands Inc.</name>
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        <name>B.A.T. Capital Corporation</name>
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        <name>Bank of America Corp.</name>
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        <name>Royal Caribbean Group</name>
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        <invCountry>LR</invCountry>

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        <name>CVS Health Corp</name>
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        <title>CVS 4.3 03/25/28</title>
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        <name>Citigroup Inc.</name>
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        <title>C 3.106 04/08/26</title>
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        <name>Tenet Healthcare Corporation</name>
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        <name>Verizon Communications Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Anheuser-Busch InBev Worldwide Inc.</name>
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        <name>Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Capital LLC</name>
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        <name>United Air Lines, Inc.</name>
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        <name>Morgan Stanley</name>
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        <name>FirstEnergy Corp.</name>
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        <name>Verizon Communications Inc.</name>
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        <name>Apple Inc.</name>
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        <name>Intelsat Jackson Holdings SA</name>
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        <name>Bank of America Corp.</name>
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        <name>Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp.</name>
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        <name>Verizon Communications Inc.</name>
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        <name>Tenet Healthcare Corporation</name>
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        <name>Orange S.A.</name>
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      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VZ 4.016 12/03/29</title>
        <cusip>92343VEU4</cusip>
        <identifiers>
          <isin value="US92343VEU44"/>
        </identifiers>
        <balance>170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>158432.14000000</valUSD>
        <pctVal>0.218744728108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.01600000</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>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>T 2.55 12/01/33</title>
        <cusip>00206RMM1</cusip>
        <identifiers>
          <isin value="US00206RMM15"/>
        </identifiers>
        <balance>208000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>160773.51000000</valUSD>
        <pctVal>0.221977420313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</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>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM 6.4 05/15/38</title>
        <cusip>46625HHF0</cusip>
        <identifiers>
          <isin value="US46625HHF01"/>
        </identifiers>
        <balance>148000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>159740.89000000</valUSD>
        <pctVal>0.220551698353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</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>AbbVie Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBV 2.6 11/21/24</title>
        <cusip>00287YBZ1</cusip>
        <identifiers>
          <isin value="US00287YBZ16"/>
        </identifiers>
        <balance>164000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>161410.43000000</valUSD>
        <pctVal>0.222856805596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</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>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC 3 04/22/26</title>
        <cusip>949746RW3</cusip>
        <identifiers>
          <isin value="US949746RW34"/>
        </identifiers>
        <balance>169000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>161301.91000000</valUSD>
        <pctVal>0.222706973763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 05/30/24</title>
        <cusip>912797HS9</cusip>
        <identifiers>
          <isin value="US912797HS95"/>
        </identifiers>
        <balance>5075000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5053455.20000000</valUSD>
        <pctVal>6.977224972982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-30</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>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORCL 2 1/2 04/01/25</title>
        <cusip>68389XBT1</cusip>
        <identifiers>
          <isin value="US68389XBT19"/>
        </identifiers>
        <balance>166000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>161199.62000000</valUSD>
        <pctVal>0.222565743592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-01</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>United Rentals (North America), Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>URI 4 7/8 01/15/28</title>
        <cusip>911365BG8</cusip>
        <identifiers>
          <isin value="US911365BG81"/>
        </identifiers>
        <balance>181000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>173872.98000000</valUSD>
        <pctVal>0.240063649556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <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>Microsoft Corporation</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>MSFT 2.525 06/01/50</title>
        <cusip>594918CC6</cusip>
        <identifiers>
          <isin value="US594918CC64"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>153075.33000000</valUSD>
        <pctVal>0.211348666002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.52500000</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>GlaxoSmithKline Capital Inc.</name>
        <lei>5493007Q8VD7Q3ZYZS59</lei>
        <title>GSK 6 3/8 05/15/38</title>
        <cusip>377372AE7</cusip>
        <identifiers>
          <isin value="US377372AE71"/>
        </identifiers>
        <balance>146000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>157832.19000000</valUSD>
        <pctVal>0.217916386714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</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>Medline Borrower LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDIND 5 1/4 10/01/29</title>
        <cusip>62482BAB8</cusip>
        <identifiers>
          <isin value="US62482BAB80"/>
        </identifiers>
        <balance>193000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>179830.51000000</valUSD>
        <pctVal>0.248289116182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>Dell International L.L.C. and EMC Corporation</name>
        <lei>N/A</lei>
        <title>DELL 6.02 06/15/26</title>
        <cusip>24703TAD8</cusip>
        <identifiers>
          <isin value="US24703TAD81"/>
        </identifiers>
        <balance>116000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>116695.49000000</valUSD>
        <pctVal>0.161119601310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.02000000</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>AbbVie Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBV 4.05 11/21/39</title>
        <cusip>00287YCA5</cusip>
        <identifiers>
          <isin value="US00287YCA55"/>
        </identifiers>
        <balance>187000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>158537.89000000</valUSD>
        <pctVal>0.218890735446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05000000</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>
