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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>FIRST INDUSTRIAL LP</name>
        <lei>86MKNB3IKYZZT3E3OV11</lei>
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          <ticker value="FR"/>
          <other otherDesc="SEDOL Number" value="BTZHRW9"/>
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        <curCd>USD</curCd>
        <valUSD>1006197.02</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
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      <invstOrSec>
        <name>GEO GROUP INC (THE)</name>
        <lei>54930024XOXET7NQVZ63</lei>
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          <ticker value="GEO"/>
          <other otherDesc="SEDOL Number" value="BRJGR62"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1620675</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.25</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GRAY MEDIA INC</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GTN 7.25 08/15/33 144A</title>
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          <ticker value="GTN"/>
          <other otherDesc="SEDOL Number" value="BRT81Q6"/>
          <isin value="US389375AP13"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1476978.9</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GRUPO AEROMEXICO SAB DE CV</name>
        <lei>N/A</lei>
        <title>AEROMX 8.625 11/15/31 144A</title>
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          <ticker value="AEROMX"/>
          <other otherDesc="SEDOL Number" value="BRBJQB7"/>
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        <balance>1250000</balance>
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        <curCd>USD</curCd>
        <valUSD>1281250</valUSD>
        <pctVal>2.1342330473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GUITAR CENTER INC</name>
        <lei>N/A</lei>
        <title>GTRC 8.5 01/15/29</title>
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          <ticker value="GTRC"/>
          <other otherDesc="SEDOL Number" value="BVPT5M5"/>
          <isin value="US402040AS81"/>
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        <balance>1796012</balance>
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        <curCd>USD</curCd>
        <valUSD>1546689.61</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>HONEYWELL AEROSPACE INC</name>
        <lei>213800ZUAQRBYL67JS90</lei>
        <title>HONA 5.732 03/16/56 144A</title>
        <cusip>43849RAJ4</cusip>
        <identifiers>
          <ticker value="HONA"/>
          <other otherDesc="SEDOL Number" value="BS0DRS1"/>
          <isin value="US43849RAJ41"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1499928.95</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.732</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IRON MOUNTAIN INC (REIT)</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRM 6.25 01/15/35 144A</title>
        <cusip>46284VAR2</cusip>
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          <ticker value="IRM"/>
          <other otherDesc="SEDOL Number" value="BWMT9W3"/>
          <isin value="US46284VAR24"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2007795.84</valUSD>
        <pctVal>3.3444715973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>HYG A 2026-07-17 PUT 78</title>
        <cusip>N/A</cusip>
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          <other otherDesc="OCC ticker" value="HYG   260717P00078000"/>
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        <balance>600</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2400</valUSD>
        <pctVal>0.0039977829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>N/A</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>ISHARES TRUST</issuerName>
                <issueTitle>ISHARES TRUST IBOXX HI YD ETF</issueTitle>
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                  <ticker value="HYG"/>
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            <shareNo>100</shareNo>
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            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-07-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>HYG A 2026-07-17 PUT 79</title>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>N/A</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>ISHARES TRUST</issuerName>
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                  <ticker value="HYG"/>
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            <shareNo>100</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>HYG A 2026-08-21 PUT 78</title>
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          <other otherDesc="OCC ticker" value="HYG   260821P00078000"/>
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        <balance>500</balance>
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        <pctVal>0.0158245572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ISHARES TRUST</issuerName>
                <issueTitle>ISHARES TRUST IBOXX HI YD ETF</issueTitle>
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                  <ticker value="HYG"/>
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            <shareNo>100</shareNo>
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            <expDt>2026-08-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>HYG A 2026-08-21 PUT 79</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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              <counterpartyName>N/A</counterpartyName>
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            <putOrCall>Put</putOrCall>
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              <otherRefInst>
                <issuerName>ISHARES TRUST</issuerName>
                <issueTitle>ISHARES TRUST IBOXX HI YD ETF</issueTitle>
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                  <ticker value="HYG"/>
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            <shareNo>100</shareNo>
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            <expDt>2026-08-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
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      <invstOrSec>
        <name>KRAFT HEINZ FOODS COMPANY</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>KHC 4.375 06/01/46</title>
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          <ticker value="KHC"/>
          <other otherDesc="SEDOL Number" value="BD7YG30"/>
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        <curCd>USD</curCd>
        <valUSD>255989.49</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375</annualizedRt>
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      <invstOrSec>
        <name>KROGER COMPANY (THE)</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
        <title>KR 5 09/15/34</title>
        <cusip>501044DV0</cusip>
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          <ticker value="KR"/>
          <other otherDesc="SEDOL Number" value="BSFVBB1"/>
          <isin value="US501044DV05"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>986788.71</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>2034-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARS INC</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>MARS 5.65 05/01/45 144a</title>
        <cusip>571676BB0</cusip>
        <identifiers>
          <ticker value="MARS"/>
          <other otherDesc="SEDOL Number" value="BR4Y3G3"/>
          <isin value="US571676BB09"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1738852.52</valUSD>
        <pctVal>2.8964811806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MICHAELS COMPANIES INC (THE)</name>
        <lei>549300H9LWMBP7HYLR98</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>1261229 B.C. LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ORACLE CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ORACLE CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PetSmart</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PHILLIPS 66 COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PRIMO WATER HOLDINGS INC / TRITON WATER HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>PRMWCN 6.25 04/01/29 144A</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PYXUS INTERNATIONAL INC</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Pyxus Holdings Inc</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Pyxus Holdings Inc</name>
        <lei>N/A</lei>
        <title>Pyxus Holdings Inc</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>RIVIAN HOLDINGS LLC / RIVIAN LLC / RIVIAN AUTOMOTIVE LLC</name>
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        <title>RIVHOL 10 01/15/31 144A</title>
        <cusip>76954LAD1</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SIRIUS XM RADIO LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SIX FLAGS ENTERTAINMENT CORP / SIX FLAGS THEME PARKS INC</name>
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        <title>FUN 6.625 05/01/32 144A</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SIX FLAGS ENTERTAINMENT CORP / CANADA'S WONDERLAND COMPANY AND MILLENNIUM OPERATIONS LLC</name>
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        <title>FUN 8.625 01/15/32 144A</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TALOS PRODUCTION INC</name>
        <lei>549300GZ2DZZE2Y8TX15</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>XCEL ENERGY INC</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>XEL V5.75 12/03/56</title>
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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>
        <debtSec>
          <maturityDt>2056-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</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>Uniti</name>
        <lei>N/A</lei>
        <title>Uniti Term Loan B 400 2032-09-16</title>
        <cusip>97381JAK9</cusip>
        <identifiers>
          <isin value="US97381JAK97"/>
        </identifiers>
        <balance>997500</balance>
        <units>OU</units>
        <descOthUnits>LON</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>1002487.5</valUSD>
        <pctVal>1.6698864016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8</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>WMG ACQUISITION CORP</name>
        <lei>549300NAS11NXI33CP80</lei>
        <title>WMG 3 02/15/31 144A</title>
        <cusip>92933BAR5</cusip>
        <identifiers>
          <ticker value="WMG"/>
          <other otherDesc="SEDOL Number" value="BMFLLZ3"/>
          <isin value="US92933BAR50"/>
        </identifiers>
        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1627805.2</valUSD>
        <pctVal>2.7115048995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>VORNADO REALTY LP</name>
        <lei>549300BMOJ05INE4YK86</lei>
        <title>VNO 5.75 02/01/33</title>
        <cusip>929043AN7</cusip>
        <identifiers>
          <ticker value="VNO"/>
          <other otherDesc="SEDOL Number" value="BN49R80"/>
          <isin value="US929043AN77"/>
        </identifiers>
        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1756251.42</valUSD>
        <pctVal>2.9254632741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75</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>VIKING BAKED GOODS ACQUISITION CORP</name>
        <lei>254900DBFD2H1FJK0893</lei>
        <title>RISBAK 8.625 11/01/31 JUL</title>
        <cusip>92676AAC1</cusip>
        <identifiers>
          <ticker value="RISBAK"/>
          <other otherDesc="SEDOL Number" value="BNVVR67"/>
          <isin value="US92676AAC18"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>505402.98</valUSD>
        <pctVal>0.8418714085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625</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>VIKING BAKED GOODS ACQUISITION CORP</name>
        <lei>254900DBFD2H1FJK0893</lei>
        <title>RISBAK 8.625 11/01/31 144A</title>
        <cusip>92676AAA5</cusip>
        <identifiers>
          <ticker value="RISBAK"/>
          <other otherDesc="SEDOL Number" value="BTBLGB7"/>
          <isin value="US92676AAA51"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1516208.94</valUSD>
        <pctVal>2.5256142255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625</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>UNITI GROUP LP / UNITI GROUP FINANCE 2019 INC / CSL CAP LLC</name>
        <lei>N/A</lei>
        <title>UNIT 8.625 06/15/32 144A</title>
        <cusip>91327TAC5</cusip>
        <identifiers>
          <ticker value="UNIT"/>
          <other otherDesc="SEDOL Number" value="BT18KR2"/>
          <isin value="US91327TAC53"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>782411.75</valUSD>
        <pctVal>1.303296791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.625</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>UNITI GROUP LP / UNITI GROUP FINANCE 2019 INC / CSL CAP LLC</name>
        <lei>N/A</lei>
        <title>UNIT 6.5 02/15/29 144A</title>
        <cusip>91327BAA8</cusip>
        <identifiers>
          <ticker value="UNIT"/>
          <other otherDesc="SEDOL Number" value="BMDHSY1"/>
          <isin value="US91327BAA89"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>496053.4</valUSD>
        <pctVal>0.8262974123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</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 OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 09/22/26</title>
        <cusip>912797VD6</cusip>
        <identifiers>
          <ticker value="B"/>
          <other otherDesc="SEDOL Number" value="BMWFL25"/>
          <isin value="US912797VD60"/>
        </identifiers>
        <balance>6000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5949880.44</valUSD>
        <pctVal>9.9109708978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-22</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>TENET HEALTHCARE CORP</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>THC 5.5 11/15/32 144A</title>
        <cusip>88033GDW7</cusip>
        <identifiers>
          <ticker value="THC"/>
          <other otherDesc="SEDOL Number" value="BMHXSD4"/>
          <isin value="US88033GDW78"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>745766.93</valUSD>
        <pctVal>1.2422559435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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>N/A</name>
        <lei>N/A</lei>
        <title>CDX.NA.IG SERIES 46 12/31</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="internal id" value="CDXIG546"/>
        </identifiers>
        <balance>22000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-482981.84</valUSD>
        <pctVal>-0.008045236</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <othDeriv derivCat="OTH" othDesc="Buy Protection">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Credit Default Swap Index</issuerName>
                <issueTitle>CDX.NA.IG SERIES 46 12/31</issueTitle>
                <identifiers>
                  <other otherDesc="internal id" value="CDXIG546"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <terminationDt>2031-06-20</terminationDt>
            <notionalAmts>
              <notionalAmt amt="22000000" curCd="USD"/>
            </notionalAmts>
            <delta>XXXX</delta>
            <unrealizedAppr>-121174.69</unrealizedAppr>
          </othDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>ELETSN ESCROW</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="internal id" value="286ESCAF5"/>
        </identifiers>
        <balance>548153</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.01</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Escrow"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-31</ncom:dateSigned>
      <ncom:nameOfApplicant>SCM Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Gregory Pusch</ncom:signature>
      <ncom:signerName>Gregory Pusch</ncom:signerName>
      <ncom:title>General Counsel and CCO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
