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        <cusip>55305BAR2</cusip>
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        <curCd>USD</curCd>
        <valUSD>2769375.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FORD MOTOR COMPA 8.5% 04/21/23</name>
        <lei>N/A</lei>
        <title>FORD MOTOR COMPANY REGD 8.50000000</title>
        <cusip>345370CV0</cusip>
        <identifiers>
          <isin value="US345370CV02"/>
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        <balance>639000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>630213.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENDO DAC/FIN LLC/F 6% 02/01/25</name>
        <lei>N/A</lei>
        <title>ENDO DAC/FIN LLC/FINCO REGD P/P 6.00000000</title>
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        <identifiers>
          <isin value="US29273EAA64"/>
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        <curCd>USD</curCd>
        <valUSD>1472900.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TEVA PHARMACEUTI 2.8% 07/21/23</name>
        <lei>N/A</lei>
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          <isin value="US88167AAD37"/>
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        <curCd>USD</curCd>
        <valUSD>5143162.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-21</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>INTESA SANPAOLO SPA V/R /PERP/</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
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        <cusip>46115HAU1</cusip>
        <identifiers>
          <isin value="US46115HAU14"/>
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        <balance>1600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1488000.00000000</valUSD>
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        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>CCO HLDGS LLC/C 4.75% 03/01/30</name>
        <lei>N/A</lei>
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          <isin value="US1248EPCD32"/>
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        <units>NS</units>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INSMED INC 1.75% 01/15/25</name>
        <lei>N/A</lei>
        <title>INSMED INC REGD CONVERTIBLE 1.75000000</title>
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        <identifiers>
          <isin value="US457669AA77"/>
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        <balance>3275000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3074406.25000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>INSMED INC</title>
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      <invstOrSec>
        <name>LORENZ RE 2018 0.0% 07/01/21</name>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR3Y35Y1"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MEG ENERGY COR 7.125% 02/01/27</name>
        <lei>5493002WXPTG5ZC1T326</lei>
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        <cusip>552704AE8</cusip>
        <identifiers>
          <isin value="US552704AE86"/>
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        <balance>1245000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>BOMBARDIER INC 7.875% 04/15/27</name>
        <lei>N/A</lei>
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        <cusip>097751BT7</cusip>
        <identifiers>
          <isin value="US097751BT78"/>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T/L ON SEMICONDU 0% 9/19/26</name>
        <lei>N/A</lei>
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          <isin value="US68218EAH71"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATIONSTAR MTG HLD 6% 01/15/27</name>
        <lei>N/A</lei>
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          <isin value="US63861CAA71"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSC HOLDINGS L 5.375% 02/01/28</name>
        <lei>N/A</lei>
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          <isin value="US126307AS68"/>
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        <valUSD>2055000.00000000</valUSD>
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      <invstOrSec>
        <name>HYATT HOTELS CO 5.75% 04/23/30</name>
        <lei>N/A</lei>
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          <isin value="US448579AJ19"/>
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        <balance>730000.00000000</balance>
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        <valUSD>754115.56000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DCP MIDSTREAM OP 5.6% 04/01/44</name>
        <lei>N/A</lei>
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          <isin value="US23311VAF40"/>
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      <invstOrSec>
        <name>PANGAEA RE SERIE 0% 11/30/20</name>
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        <curCd>USD</curCd>
        <valUSD>9322.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2020-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DYCOM INDUSTRIE 0.75% 09/15/21</name>
        <lei>549300F56EKTHQI3WT60</lei>
        <title>DYCOM INDUSTRIES INC REGD CONVERTIBLE 0.75000000</title>
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          <isin value="US267475AB73"/>
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        <balance>1765000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1612747.98000000</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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          <isContngtConvrtbl>N</isContngtConvrtbl>
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            <dbtSecRefInstrument>
              <name>DYCOM INDUSTRIES INC </name>
              <title>DYCOM INDUSTRIES INC </title>
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                <cusip value="N/A"/>
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          </dbtSecRefInstruments>
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            <currencyInfo convRatio="10.00000000" curCd="USD"/>
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      </invstOrSec>
      <invstOrSec>
        <name>ARTEX SAC LTD V/R 12/31/21</name>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR3SDP81"/>
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        <curCd>USD</curCd>
        <valUSD>54293.54000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>PAR PHARMACEUTIC 7.5% 04/01/27</name>
        <lei>N/A</lei>
        <title>PAR PHARMACEUTICAL INC REGD 144A P/P 7.50000000</title>
        <cusip>69888XAA7</cusip>
        <identifiers>
          <isin value="US69888XAA72"/>
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        <balance>2483000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2523348.75000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CALPINE CORP 5.25% 06/01/26</name>
        <lei>N/A</lei>
        <title>CALPINE CORP REGD 144A P/P 5.25000000</title>
        <cusip>131347CK0</cusip>
        <identifiers>
          <isin value="US131347CK09"/>
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        <balance>1691000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1720051.38000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BLUE LOTUS RE 0.0% 12/31/21</name>
        <lei>N/A</lei>
        <title>BLUE LOTUS RE ZCP REGD         /BNR3ML7U0/ 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR3ML7U0"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24880.00000000</valUSD>
        <pctVal>0.004122412772</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>NETFLIX INC 4.875% 04/15/28</name>
        <lei>N/A</lei>
        <title>NETFLIX INC REGD 4.87500000</title>
        <cusip>64110LAS5</cusip>
        <identifiers>
          <isin value="US64110LAS51"/>
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        <balance>1590000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1690853.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HILTON DOMESTI 5.375% 05/01/25</name>
        <lei>N/A</lei>
        <title>HILTON DOMESTIC OPERATIN REGD 144A P/P 5.37500000</title>
        <cusip>432833AG6</cusip>
        <identifiers>
          <isin value="US432833AG67"/>
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        <balance>385000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>382593.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EXTERRAN NRG S 8.125% 05/01/25</name>
        <lei>N/A</lei>
        <title>EXTERRAN NRG SOLUTIONS/F REGD SER WI 8.12500000</title>
        <cusip>30227KAE9</cusip>
        <identifiers>
          <isin value="US30227KAE91"/>
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        <balance>1448000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>868800.00000000</valUSD>
        <pctVal>0.143953063363</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOVA CHEMICALS  5.25% 06/01/27</name>
        <lei>N/A</lei>
        <title>NOVA CHEMICALS CORP REGD 144A P/P 5.25000000</title>
        <cusip>66977WAR0</cusip>
        <identifiers>
          <isin value="US66977WAR07"/>
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        <balance>937000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>749600.00000000</valUSD>
        <pctVal>0.124202597027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>
      <invstOrSec>
        <name>CIRSA FINANCE  7.875% 12/20/23</name>
        <lei>N/A</lei>
        <title>CIRSA FINANCE INTER REGD 144A P/P 7.87500000</title>
        <cusip>50200RAA1</cusip>
        <identifiers>
          <isin value="US50200RAA14"/>
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        <balance>942000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>764244.60000000</valUSD>
        <pctVal>0.126629087625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>T/L SURGERY CENTER 0% 08/16/24</name>
        <lei>N/A</lei>
        <title>T/L SURGERY CENTER HOLDINGS    INC REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOANX" value="LX187846"/>
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        <balance>1055000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1060275.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOVA CHEMICALS 4.875% 06/01/24</name>
        <lei>N/A</lei>
        <title>NOVA CHEMICALS CORP REGD 144A P/P 4.87500000</title>
        <cusip>66977WAQ2</cusip>
        <identifiers>
          <isin value="US66977WAQ24"/>
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        <balance>924000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>829290.00000000</valUSD>
        <pctVal>0.137406579093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARTEX SAC LTD V/R 03/31/21</name>
        <lei>N/A</lei>
        <title>ARTEX SAC LTD BANTRY RE 2017   REGD V/R /BNR4B8Q53/ 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR4B8Q53"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>118050.00000000</valUSD>
        <pctVal>0.019559920729</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>PANGAEA RE 2018-1 0% 12/31/21</name>
        <lei>N/A</lei>
        <title>PANGAEA RE 2018-1 ZCP          /BNR3MYH98/ 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR3MYH98"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29400.00000000</valUSD>
        <pctVal>0.004871339851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</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>
      <invstOrSec>
        <name>EXPEDIA GROUP INC 7% 05/01/25</name>
        <lei>N/A</lei>
        <title>EXPEDIA GROUP INC REGD 144A P/P 7.00000000</title>
        <cusip>30212PAU9</cusip>
        <identifiers>
          <isin value="US30212PAU93"/>
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        <balance>425000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>432413.73000000</valUSD>
        <pctVal>0.071647422967</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS PLC V/R /PERP/</name>
        <lei>N/A</lei>
        <title>BARCLAYS PLC REGD V/R /PERP/ 7.75000000</title>
        <cusip>06738EBA2</cusip>
        <identifiers>
          <isin value="US06738EBA29"/>
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        <balance>5770000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5568050.00000000</valUSD>
        <pctVal>0.922580403383</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BEAZER HOMES US 7.25% 10/15/29</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>BEAZER HOMES USA REGD SER WI 7.25000000</title>
        <cusip>07556QBT1</cusip>
        <identifiers>
          <isin value="US07556QBT13"/>
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        <balance>1405000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1095900.00000000</valUSD>
        <pctVal>0.181581678337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</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>
      <invstOrSec>
        <name>T/L ENCINO ACQU 0% 10/29/25</name>
        <lei>N/A</lei>
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        <name>BAUSCH HEALTH C 5.25% 01/30/30</name>
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        <name>ARTEX SAC LTD DAR V/R 01/15/21</name>
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        <name>KANE SAC - CARNOU V/R 11/30/20</name>
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        <name>ARTEX SAC LTD ST A 0% 2/1/21</name>
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        <name>ARDAGH PKG FIN/HLD 6% 02/15/25</name>
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        <name>BEAZER HOMES US 6.75% 03/15/25</name>
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        <name>HECLA MINING CO 7.25% 02/15/28</name>
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        <name>TALLGRASS NRG PRTN 6% 03/01/27</name>
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        <name>MICHAELS STORES IN 8% 07/15/27</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SCIENTIFIC GAME 8.25% 03/15/26</name>
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      <invstOrSec>
        <name>ARTEX SAC LIMITED 0% 06/15/20</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>AMPLIFY ENERGY CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ENLINK MIDSTREA 5.05% 04/01/45</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CENTURYLINK INC 4% 02/15/27</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>ENLINK MIDSTREAM 5.6% 04/01/44</name>
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        <cusip>29336UAC1</cusip>
        <identifiers>
          <isin value="US29336UAC18"/>
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        <balance>1973000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>RESILIENCE RE LTD ZCP 04/06/21</name>
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          <isin value="BMG7527LAE58"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>CAELUS RE V LTD V/R 06/05/20</name>
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        <name>DELTA AIR LINES 3.75% 10/28/29</name>
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      <invstOrSec>
        <name>GLOBAL PART/GLP FI 7% 08/01/27</name>
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        <name>AKAMAI TECHNOL 0.125% 05/01/25</name>
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        <name>COMMSCOPE TECH LLC 5% 03/15/27</name>
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        <name>US TREAS NTS V/R 10/31/21</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GALILEI RE LTD V/R 01/08/21</name>
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        <title>GALILEI RE LTD REGD V/R 144A P/P SER * 7.25425000</title>
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          <isin value="US363543AH23"/>
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        <curCd>USD</curCd>
        <valUSD>587400.00000000</valUSD>
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        <name>CYPRESS 2017 0% 1/10/21</name>
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        <name>CCO HLDGS LLC/ 5.125% 05/01/27</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ISTAR INC 4.75% 10/01/24</name>
        <lei>N/A</lei>
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          <isin value="US45031UCF66"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ASCENT CNR CORP CLASS A COMMON</name>
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        <cusip>N/A</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CLIENT ID" value="CDX944359"/>
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        <units>NC</units>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>JP MORGAN</counterpartyName>
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                <issuerName>CDX.NA.HY</issuerName>
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      <invstOrSec>
        <name>PANGAEA 2015-2 0% 05/29/21</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="CLIENT ID" value="BNR1QVAF7"/>
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        <curCd>USD</curCd>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>PBF HOLDING CO LLC 6% 02/15/28</name>
        <lei>N/A</lei>
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          <isin value="US69318FAH10"/>
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        <balance>4690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3338811.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GFL ENVIRONMEN 5.125% 12/15/26</name>
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        <title>GFL ENVIRONMENTAL INC REGD 144A P/P 5.12500000</title>
        <cusip>36168QAF1</cusip>
        <identifiers>
          <isin value="US36168QAF19"/>
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        <balance>369000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>383760.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>MEG ENERGY CORP 7% 03/31/24</name>
        <lei>5493002WXPTG5ZC1T326</lei>
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        <cusip>552704AC2</cusip>
        <identifiers>
          <isin value="US552704AC21"/>
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        <curCd>USD</curCd>
        <valUSD>1269480.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TAYLOR MORRISO 5.875% 06/15/27</name>
        <lei>N/A</lei>
        <title>TAYLOR MORRISON COMM REGD 144A P/P 5.87500000</title>
        <cusip>87724RAA0</cusip>
        <identifiers>
          <isin value="US87724RAA05"/>
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        <balance>2963000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2725960.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>T-MOBILE USA INC 6.5% 01/15/26</name>
        <lei>N/A</lei>
        <title>T-MOBILE USA INC REGD 6.50000000</title>
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        <identifiers>
          <isin value="US87264AAP03"/>
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        <balance>860000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PURE STORAGE I 0.125% 04/15/23</name>
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        <identifiers>
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        <balance>2070000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1900467.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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            <dbtSecRefInstrument>
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              <title>PURE STORAGE INC - CLASS A</title>
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      <invstOrSec>
        <name>IBRD V/R 07/15/20</name>
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        <title>INTERNATIONAL BANK FOR RECONSTRUCTION &amp; DEVELOPMENT V/R SER B 12.97250000</title>
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          <isin value="XS1641101503"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>EDEN RE II LTD ZCP 03/22/23</name>
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          <isin value="US27954TAB17"/>
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      <invstOrSec>
        <name>SHEA HOMES LP/F 4.75% 02/15/28</name>
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          <isin value="US82088KAE82"/>
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      <invstOrSec>
        <name>CARNIVAL CORP 3.95% 10/15/20</name>
        <lei>N/A</lei>
        <title>CARNIVAL CORP REGD 3.95000000</title>
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          <isin value="US143658BA91"/>
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        <balance>790000.00000000</balance>
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      <invstOrSec>
        <name>SCIENTIFIC GAMES I 7% 05/15/28</name>
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          <isin value="US80874YBC30"/>
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      <invstOrSec>
        <name>TERRAFORM POWER 4.75% 01/15/30</name>
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          <isin value="US88104LAG86"/>
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        <curCd>USD</curCd>
        <valUSD>2690625.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SCHWEITZER-MAU 6.875% 10/01/26</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARTEX SAC LTD 0% 2/1/21</name>
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        <cusip>N/A</cusip>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NOVELIS CORP 4.75% 01/30/30</name>
        <lei>N/A</lei>
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        <cusip>670001AE6</cusip>
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          <isin value="US670001AE60"/>
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        <curCd>USD</curCd>
        <valUSD>1817667.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SPRINT CORP 7.25% 09/15/21</name>
        <lei>N/A</lei>
        <title>SPRINT CORP REGD SER WI 7.25000000</title>
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          <isin value="US85207UAE55"/>
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        <balance>2546000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2670117.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ENLINK MIDSTRE 5.375% 06/01/29</name>
        <lei>N/A</lei>
        <title>ENLINK MIDSTREAM LLC REGD 5.37500000</title>
        <cusip>29336TAA8</cusip>
        <identifiers>
          <isin value="US29336TAA88"/>
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        <balance>68000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42160.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CARNIVAL CORP 11.5% 04/01/23</name>
        <lei>N/A</lei>
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          <isin value="US143658BC57"/>
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        <balance>915000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MPT OPER PARTN 4.625% 08/01/29</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSP/FINL REGD 4.62500000</title>
        <cusip>55342UAJ3</cusip>
        <identifiers>
          <isin value="US55342UAJ34"/>
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        <balance>2453000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2439214.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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        <name>UNITED RENTALS  5.25% 01/15/30</name>
        <lei>N/A</lei>
        <title>UNITED RENTALS NORTH AM REGD 5.25000000</title>
        <cusip>911365BL7</cusip>
        <identifiers>
          <isin value="US911365BL76"/>
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        <balance>450000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>451125.00000000</valUSD>
        <pctVal>0.074747727566</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>ARTEX SAC LTD V/R 03/31/21</name>
        <lei>N/A</lei>
        <title>ARTEX SAC LTD BANTRY RE 2016   REGD V/R /BNR4B8Q61/ 0.00000000</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CLIENT ID" value="BNR4B8Q61"/>
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        <curCd>USD</curCd>
        <valUSD>80600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>GREIF INC 6.5% 03/01/27</name>
        <lei>54930070FVGKR0Z1FI24</lei>
        <title>GREIF INC REGD 144A P/P 6.50000000</title>
        <cusip>397624AH0</cusip>
        <identifiers>
          <isin value="US397624AH07"/>
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        <balance>6036000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6036000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>T/L SPECTACLE 0% 12/23/25</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="LOANX" value="LX183155"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>BAUSCH HEALTH COS  7% 03/15/24</name>
        <lei>N/A</lei>
        <title>BAUSCH HEALTH COS INC REGD 144A P/P 7.00000000</title>
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          <isin value="US91911KAK88"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IBRD V/R 02/15/21</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HUDBAY MINERALS 7.25% 01/15/23</name>
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          <isin value="US443628AF98"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>T/L COMMSCOPE INC 0% 04/06/26</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="LOANX" value="LX178454"/>
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        <curCd>USD</curCd>
        <valUSD>3520129.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BAUSCH HEALTH CO 5.5% 11/01/25</name>
        <lei>N/A</lei>
        <title>BAUSCH HEALTH COS INC REGD 144A P/P 5.50000000</title>
        <cusip>91911KAN2</cusip>
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          <isin value="US91911KAN28"/>
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        <name>VERSUTUS RE 2019-B 0% 12/31/21</name>
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        <name>JB POINDEXTER  7.125% 04/15/26</name>
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        <name>GALILEI RE LTD V/R 01/08/21</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DCP MIDSTREAM  3.875% 03/15/23</name>
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        <name>N/A</name>
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        <name>LIMESTONE RE LTD ZCP 03/01/23</name>
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        <name>CREDIT SUISSE GROUP V/R /PERP/</name>
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        <name>ENTERPRISE DEVELO 12% 07/15/24</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SESI LLC 7.75% 09/15/24</name>
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          <isin value="US78412FAU84"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PARSLEY ENERGY 4.125% 02/15/28</name>
        <lei>N/A</lei>
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          <isin value="US701885AJ44"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FRONTIER COMMUNIC 11% 09/15/25</name>
        <lei>N/A</lei>
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          <isin value="US35906AAZ12"/>
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        <curCd>USD</curCd>
        <valUSD>1114920.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PARSLEY ENERGY  5.25% 08/15/25</name>
        <lei>N/A</lei>
        <title>PARSLEY ENERGY LLC/FINAN REGD 144A P/P 5.25000000</title>
        <cusip>701885AF2</cusip>
        <identifiers>
          <isin value="US701885AF22"/>
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        <balance>540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>476550.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>PANGAEA 2017-1 V/R 11/30/21</name>
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        <title>PANGAEA 2017-1 V/R             931DSDII0                      BNR30QU11 0.00000000</title>
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          <other otherDesc="CLIENT ID" value="BNR30QU11"/>
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        <curCd>USD</curCd>
        <valUSD>17710.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-30</maturityDt>
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      <invstOrSec>
        <name>PANGAEA 2016-2 0% 11/30/20</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="CLIENT ID" value="BNR2NC301"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2020-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ALTURAS RE 2019-2 0% 3/10/22</name>
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        <title>ALTURAS RE 2019-2 ZCP REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1917775063"/>
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        <balance>8504.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>74091.10000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CLEAR CHANNEL W 9.25% 02/15/24</name>
        <lei>N/A</lei>
        <title>CLEAR CHANNEL WORLDWIDE REGD 144A P/P 9.25000000</title>
        <cusip>18451QAN8</cusip>
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          <isin value="US18451QAN88"/>
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        <balance>2598000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ALBERTSONS COS 4.875% 02/15/30</name>
        <lei>N/A</lei>
        <title>ALBERTSONS COS/SAFEWAY REGD 144A P/P 4.87500000</title>
        <cusip>013092AE1</cusip>
        <identifiers>
          <isin value="US013092AE14"/>
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        <balance>1055000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1069506.25000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PRIME SECSRVC B 5.25% 04/15/24</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAUSCH HEALTH C 7.25% 05/30/29</name>
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          <isin value="US071734AF49"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OAKMONT RE 2019 0% 4/30/21</name>
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        <title>OAKMONT RE 2019 ZCP REGD       /XILS00137810/ 0.00000000</title>
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          <other otherDesc="INTERNAL" value="331TVK"/>
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        <name>T/L LEVEL 3 0% 03/01/27</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ARTEX SAC LIMITED V/R 01/15/21</name>
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          <other otherDesc="CLIENT ID" value="BNR3N2EG4"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>BUILDERS FIRSTSOUR 5% 03/01/30</name>
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      <invstOrSec>
        <name>VERSUTUS RE 2019-A 0% 12/31/21</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>CLEVELAND-CLIFF 6.75% 03/15/26</name>
        <lei>549300TM2WLI2BJMDD86</lei>
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        <curCd>USD</curCd>
        <valUSD>4077192.50000000</valUSD>
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        <name>OAKMONT 2017 0% 04/30/21</name>
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        <name>ARTEX SAC LTD 0.0% 12/31/22</name>
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      <invstOrSec>
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        <lei>N/A</lei>
        <title>SPRINT CORP REGD 7.62500000</title>
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          <isin value="US85207UAK16"/>
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        <balance>2678000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3165663.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ASBURY AUTOMOTIV 4.5% 03/01/28</name>
        <lei>549300JH4DTA7U42GL91</lei>
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        <cusip>043436AS3</cusip>
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          <isin value="US043436AS36"/>
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        <balance>974000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>817867.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HARAMBEE 2018 0.00% 12/31/21</name>
        <lei>N/A</lei>
        <title>HARAMBEE 2018 ZCP REGD /BNR3M5Y01/ 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR3M5Y01"/>
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        <balance>1400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>109200.00000000</valUSD>
        <pctVal>0.018093548019</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>T/L TEAM HEALTH 0% 02/06/24</name>
        <lei>N/A</lei>
        <title>T/L TEAM HEAL INC 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOANX" value="LX156377"/>
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        <balance>1923043.70000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1429782.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DELL INT LLC / E 6.2% 07/15/30</name>
        <lei>N/A</lei>
        <title>DELL INT LLC / EMC CORP REGD 144A P/P 6.20000000</title>
        <cusip>24703DBD2</cusip>
        <identifiers>
          <isin value="US24703DBD21"/>
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        <balance>750000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>827794.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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      <invstOrSec>
        <name>CONTURA ENERGY WT EX 7/25/23</name>
        <lei>N/A</lei>
        <title>CONTURA ENERGY INC WARRANTS EXP 7/25/23 0.00000000</title>
        <cusip>21241B118</cusip>
        <identifiers>
          <isin value="US21241B1180"/>
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        <balance>921.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27.72000000</valUSD>
        <pctVal>0.000004592977</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>CONTURA ENERGY INC </counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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              <otherRefInst>
                <issuerName>CONTURA ENERGY INC</issuerName>
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            <exercisePriceCurCd>USD</exercisePriceCurCd>
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      <invstOrSec>
        <name>WORKIVA INC 1.125% 08/15/26</name>
        <lei>529900RTOQ8GRWHY1O58</lei>
        <title>WORKIVA INC REGD 144A P/P CONVERTIBLE 1.12500000</title>
        <cusip>98139AAA3</cusip>
        <identifiers>
          <isin value="US98139AAA34"/>
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        <balance>2025000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1628186.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>WORKIVA INC</name>
              <title>WORKIVA INC</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="98139A105"/>
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          <currencyInfos>
            <currencyInfo convRatio="12.00000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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      <invstOrSec>
        <name>ARTEX SAC LTD CAR V/R 12/31/17</name>
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        <title>CARNOUSTIE 2017 V/R 931DSHII1 BNR30WD58 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR30WD58"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>197700.00000000</valUSD>
        <pctVal>0.032757275123</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>LEVEL 3 FINANC 4.625% 09/15/27</name>
        <lei>N/A</lei>
        <title>LEVEL 3 FINANCING INC REGD 144A P/P 4.62500000</title>
        <cusip>527298BN2</cusip>
        <identifiers>
          <isin value="US527298BN21"/>
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        <balance>5850000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5796180.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>NAVISTAR INTL CO 9.5% 05/01/25</name>
        <lei>N/A</lei>
        <title>NAVISTAR INTL CORP REGD 144A P/P 9.50000000</title>
        <cusip>63934EAW8</cusip>
        <identifiers>
          <isin value="US63934EAW84"/>
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        <balance>2220000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2331000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ARDAGH PKG FIN/ 5.25% 04/30/25</name>
        <lei>N/A</lei>
        <title>ARDAGH PKG FIN/HLDGS USA REGD 144A P/P 5.25000000</title>
        <cusip>03969AAQ3</cusip>
        <identifiers>
          <isin value="US03969AAQ31"/>
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        <balance>1715000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1762128.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GFL ENVIRONMENTAL  7% 06/01/26</name>
        <lei>N/A</lei>
        <title>GFL ENVIRONMENTAL INC REGD 144A P/P 7.00000000</title>
        <cusip>44485HAA2</cusip>
        <identifiers>
          <isin value="US44485HAA23"/>
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        <balance>337000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BOMBARDIER INC 6% 10/15/22</name>
        <lei>N/A</lei>
        <title>BOMBARDIER INC REGD P/P 6.00000000</title>
        <cusip>097751BJ9</cusip>
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          <isin value="US097751BJ96"/>
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        <balance>1599000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1199250.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ALLIED UNIVERSA 9.75% 07/15/27</name>
        <lei>N/A</lei>
        <title>ALLIED UNIVERSAL REGD 144A P/P 9.75000000</title>
        <cusip>019576AB3</cusip>
        <identifiers>
          <isin value="US019576AB35"/>
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      <invstOrSec>
        <name>BEAZER HOMES U 5.875% 10/15/27</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>BEAZER HOMES USA REGD SER WI 5.87500000</title>
        <cusip>07556QBR5</cusip>
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          <isin value="US07556QBR56"/>
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        <valUSD>1540000.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ARCHROCK PARTN 6.875% 04/01/27</name>
        <lei>N/A</lei>
        <title>ARCHROCK PARTNERS LP/FIN REGD 144A P/P 6.87500000</title>
        <cusip>03959KAA8</cusip>
        <identifiers>
          <isin value="US03959KAA88"/>
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        <balance>2700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2025000.00000000</valUSD>
        <pctVal>0.335525959151</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HYATT HOTELS C 5.375% 04/23/25</name>
        <lei>N/A</lei>
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        <name>DEALER TIRE LLC/DT 8% 02/01/28</name>
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        <name>SHELF DRILL HOL 8.25% 02/15/25</name>
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        <name>VIRIBUS RE 2019 0.0% 12/31/22</name>
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        <name>ASHTEAD CAPITA 4.125% 08/15/25</name>
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        <name>OPTION CARE HE WT EX 6/30/25</name>
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        <name>ASHTEAD CAPITAL 4.25% 11/01/29</name>
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        <name>BUILDERS FIRSTS 6.75% 06/01/27</name>
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        <name>FORD MOTOR COMPANY 9% 04/22/25</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>TRANSOCEAN SEN 5.375% 05/15/23</name>
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        <cusip>89385AAA3</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IRON MOUNTAIN  4.875% 09/15/27</name>
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        <cusip>46284VAC5</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T-MOBILE USA INC 6% 04/15/24</name>
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      <invstOrSec>
        <name>JBS USA LUX/JBS 6.75% 02/15/28</name>
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          <isin value="US472141AA82"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICAN EAGLE  3.75% 04/15/25</name>
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          <isin value="US02553EAA47"/>
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        <name>STAPLES INC 7.5% 04/15/26</name>
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        <name>ANR INC RTS 3/31/23</name>
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        <name>ARTEX SAC LTD V/R 12/31/21</name>
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        <name>T/L REGIONALCARE H 0% 11/16/25</name>
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        <name>PANGAEA RE 2018-3 0% 07/01/22</name>
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        <name>ALLIED UNIVERS 6.625% 07/15/26</name>
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        <name>OPTION CARE HEALTH INC</name>
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        <name>T/L WATERJET HOL 0% 04/21/2025</name>
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        <name>LIMESTONE RE LTD ZCP 08/31/21</name>
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        <name>VIRIBUS RE 2018 0% 12/31/21</name>
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      <invstOrSec>
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        <name>EDEN RE II LTD ZCP 03/22/22</name>
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        <name>BAUSCH HEALTH CO 6.5% 03/15/22</name>
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        <name>GLENEAGLES ARTEX SAC LIMITED 2016 ZCP 11/30/2020</name>
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        <name>BAUSCH HEALTH  5.875% 05/15/23</name>
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          <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>FREEDOM MORTGA 8.125% 11/15/24</name>
        <lei>549300LYRWPSYPK6S325</lei>
        <title>FREEDOM MORTGAGE CORP REGD 144A P/P 8.12500000</title>
        <cusip>35640YAA5</cusip>
        <identifiers>
          <isin value="US35640YAA55"/>
        </identifiers>
        <balance>3568000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2961440.00000000</valUSD>
        <pctVal>0.490686418009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</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>CALPINE CORP 5.125% 03/15/28</name>
        <lei>N/A</lei>
        <title>CALPINE CORP REGD 144A P/P 5.12500000</title>
        <cusip>131347CN4</cusip>
        <identifiers>
          <isin value="US131347CN48"/>
        </identifiers>
        <balance>1150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1121250.00000000</valUSD>
        <pctVal>0.185781966270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>KINGSBARN 2017 0.0% 05/19/21</name>
        <lei>N/A</lei>
        <title>KINGSBARN 2017 REGD ZCP /BNR382FL9//931TRHII7/ 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR382FL9"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>500.00000000</valUSD>
        <pctVal>0.000082845915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-19</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>ST. ANDREWS 2017-4 0% 06/01/20</name>
        <lei>N/A</lei>
        <title>ST. ANDREWS 2017-4 ARTEX SAC LIMITED ZCP /931QWXII2/ /BNR36B755/ 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR36B755"/>
        </identifiers>
        <balance>868992.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85508.81000000</valUSD>
        <pctVal>0.014168111353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-01</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>VAIL RESORTS IN 6.25% 05/15/25</name>
        <lei>N/A</lei>
        <title>VAIL RESORTS INC REGD 144A P/P 6.25000000</title>
        <cusip>91879QAL3</cusip>
        <identifiers>
          <isin value="US91879QAL32"/>
        </identifiers>
        <balance>970000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1000312.50000000</valUSD>
        <pctVal>0.165743610377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</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>COEUR MINING I 5.875% 06/01/24</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>COEUR MINING INC REGD 5.87500000</title>
        <cusip>192108BB3</cusip>
        <identifiers>
          <isin value="US192108BB36"/>
        </identifiers>
        <balance>806000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>744163.68000000</valUSD>
        <pctVal>0.123301843208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-01</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>NSG HOLDINGS 7.75% 12/15/25</name>
        <lei>N/A</lei>
        <title>NSG HOLDINGS 7.75% 12/15/25 7.75000000</title>
        <cusip>62940QAA3</cusip>
        <identifiers>
          <isin value="US62940QAA31"/>
        </identifiers>
        <balance>283774.80000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>285903.11000000</valUSD>
        <pctVal>0.047371809978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>INDIGO NATURAL 6.875% 02/15/26</name>
        <lei>549300F7DOI6H6TA3C86</lei>
        <title>INDIGO NATURAL RES LLC REGD 144A P/P 6.87500000</title>
        <cusip>45569LAA9</cusip>
        <identifiers>
          <isin value="US45569LAA98"/>
        </identifiers>
        <balance>3550000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3301500.00000000</valUSD>
        <pctVal>0.547031582290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-15</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>THOPAS RE 2018 0% 12/31/21</name>
        <lei>N/A</lei>
        <title>THOPAS RE 2018 ZCP /BNR3KW852/ 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR3KW852"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5325.00000000</valUSD>
        <pctVal>0.000882309003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-31</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Pioneer High Yield Fund</ncom:nameOfApplicant>
      <ncom:signature>Mark E. Bradley </ncom:signature>
      <ncom:signerName>Mark E. Bradley </ncom:signerName>
      <ncom:title>Treasurer and Chief Accounting and Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
