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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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        <name>ARTEX SAC LTD CAR V/R 12/31/17</name>
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        <name>EXTERRAN NRG S 8.125% 05/01/25</name>
        <lei>N/A</lei>
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        <cusip>30227KAE9</cusip>
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          <isin value="US30227KAE91"/>
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        <name>BEACON ROOFING 4.875% 11/01/25</name>
        <lei>549300HDXQWWCBOYXP31</lei>
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        <cusip>073685AD1</cusip>
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          <isin value="US073685AD12"/>
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        <balance>3514000.00000000</balance>
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        <name>BEAZER HOMES US 6.75% 03/15/25</name>
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        <cusip>07556QBM6</cusip>
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        <invCountry>US</invCountry>
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        <name>STATION CASINOS  4.5% 02/15/28</name>
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        <cusip>857691AG4</cusip>
        <identifiers>
          <isin value="US857691AG41"/>
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      <invstOrSec>
        <name>SELECT MEDICAL  6.25% 08/15/26</name>
        <lei>N/A</lei>
        <title>SELECT MEDICAL CORP REGD 144A P/P 6.25000000</title>
        <cusip>816196AT6</cusip>
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          <isin value="US816196AT67"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>SEACOR HOLDINGS IN 3% 11/15/28</name>
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        <name>BRINK'S CO/THE 5.5% 07/15/25</name>
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        <cusip>109696AB0</cusip>
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        <name>GLOBAL PART/GLP FI 7% 06/15/23</name>
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          <isin value="US37954FAD69"/>
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        <name>DEALER TIRE LLC/DT 8% 02/01/28</name>
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        <name>SESI LLC 7.75% 09/15/24</name>
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        <title>SESI LLC REGD SER WI 7.75000000</title>
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          <isin value="US78412FAU84"/>
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        <balance>1920000.00000000</balance>
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        <name>SPECTRUM BRANDS 5.75% 07/15/25</name>
        <lei>N/A</lei>
        <title>SPECTRUM BRANDS INC REGD 5.75000000</title>
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          <isin value="US84762LAU98"/>
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        <balance>3125000.00000000</balance>
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      <invstOrSec>
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      <invstOrSec>
        <name>ASCENT CNR CORP CLASS A COMMON</name>
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        <name>US T BILL ZCP 08/18/20</name>
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        <name>FREEDOM MORTGA 8.125% 11/15/24</name>
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        <name>RESILIENCE RE LTD ZCP 04/06/21</name>
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      <invstOrSec>
        <name>PANGAEA 2017-1 V/R 11/30/21</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>VERSUTUS 2018 0.0% 12/31/21</name>
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        <identifiers>
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      <invstOrSec>
        <name>CROWN CORK &amp; S 7.375% 12/15/26</name>
        <lei>N/A</lei>
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        <name>KB HOME 6.875% 06/15/27</name>
        <lei>549300LGUCWQURMWLG09</lei>
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      <invstOrSec>
        <name>GMSL 2004-A B1 5.25% 11/25/32</name>
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        <name>T/L TRICO GROUP LL 0% 02/02/24</name>
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        <name>CLEARWAY ENERGY 4.75% 03/15/28</name>
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        <name>CSC HOLDINGS L 5.375% 02/01/28</name>
        <lei>N/A</lei>
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        <name>ASBURY AUTOMOTIV 4.5% 03/01/28</name>
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      <invstOrSec>
        <name>TRONOX INC 6.5% 04/15/26</name>
        <lei>N/A</lei>
        <title>TRONOX INC REGD 144A P/P 6.50000000</title>
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          <isin value="US897051AA62"/>
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        <name>ARTEX SAC LTD V/R 03/31/21</name>
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      </invstOrSec>
      <invstOrSec>
        <name>BOMBARDIER INC 7.5% 03/15/25</name>
        <lei>N/A</lei>
        <title>BOMBARDIER INC REGD P/P 7.50000000</title>
        <cusip>097751BM2</cusip>
        <identifiers>
          <isin value="US097751BM26"/>
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        <balance>1553000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1254047.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>ARTEX SAC LTD V/R 03/31/21</name>
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        <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>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>VERTICAL HOLDC 7.625% 07/15/28</name>
        <lei>2549008GCHWX9EEMIS56</lei>
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        <cusip>92537VAA8</cusip>
        <identifiers>
          <isin value="US92537VAA89"/>
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        <balance>420000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>446250.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>VIKING CRUISES 5.875% 09/15/27</name>
        <lei>N/A</lei>
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        <cusip>92676XAD9</cusip>
        <identifiers>
          <isin value="US92676XAD93"/>
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        <balance>2978000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1958035.00000000</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>
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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>
        <cusip>87264AAP0</cusip>
        <identifiers>
          <isin value="US87264AAP03"/>
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        <balance>860000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>906569.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>M/I HOMES INC 4.95% 02/01/28</name>
        <lei>5299005M71FH9CCSFB69</lei>
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        <cusip>55305BAS0</cusip>
        <identifiers>
          <isin value="US55305BAS07"/>
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        <balance>3165000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3252037.50000000</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>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SPECTRUM BRANDS  5.5% 07/15/30</name>
        <lei>N/A</lei>
        <title>SPECTRUM BRANDS INC REGD 144A P/P 5.50000000</title>
        <cusip>84762LAW5</cusip>
        <identifiers>
          <isin value="US84762LAW54"/>
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        <balance>1360000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1411000.00000000</valUSD>
        <pctVal>0.224591730826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5.50000000</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>ARTEX SAC LTD V/R 12/31/21</name>
        <lei>N/A</lei>
        <title>ARTEX SAC LIMITED WOBURN  SEGREGATED ACCOUNT  /BNR3SDP81/ 1.49000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR3SDP81"/>
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        <balance>405831.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41817.99000000</valUSD>
        <pctVal>0.006656254254</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>Variable</couponKind>
          <annualizedRt>1.49000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>PALO ALTO NETW 0.375% 06/01/25</name>
        <lei>N/A</lei>
        <title>PALO ALTO NETWORKS REGD 144A P/P CONVERTIBLE 0.37500000</title>
        <cusip>697435AE5</cusip>
        <identifiers>
          <isin value="US697435AE51"/>
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        <balance>1755000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1899033.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
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            <dbtSecRefInstrument>
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              <title>PALO ALTO NETWORKS INC</title>
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      <invstOrSec>
        <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>492750.00000000</valUSD>
        <pctVal>0.078432016559</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>MEG ENERGY COR 7.125% 02/01/27</name>
        <lei>5493002WXPTG5ZC1T326</lei>
        <title>MEG ENERGY CORP REGD 144A P/P 7.12500000</title>
        <cusip>552704AE8</cusip>
        <identifiers>
          <isin value="US552704AE86"/>
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        <balance>1245000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1108050.00000000</valUSD>
        <pctVal>0.176370565090</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>VISTAJET MALTA/ 10.5% 06/01/24</name>
        <lei>N/A</lei>
        <title>VISTAJET MALTA/XO MGMT REGD 144A P/P 10.50000000</title>
        <cusip>92840JAA7</cusip>
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          <isin value="US92840JAA79"/>
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        <balance>2900000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2610000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GRAY TELEVISIO 5.125% 10/15/24</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY TELEVISION INC REGD 144A P/P 5.12500000</title>
        <cusip>389375AK2</cusip>
        <identifiers>
          <isin value="US389375AK26"/>
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        <balance>2179000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2238464.91000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>HARAMBEE RE 2019 0.0% 12/31/22</name>
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        <title>HARAMBEE RE 2019 ZCP REGD      /BNR48WAE2/ 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR48WAE2"/>
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        <balance>973488.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20248.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>BARCLAYS PLC V/R /PERP/</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC REGD V/R /PERP/ 7.75000000</title>
        <cusip>06738EBA2</cusip>
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          <isin value="US06738EBA29"/>
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        <balance>3014000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3070512.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>SUMMIT MATERIA 5.125% 06/01/25</name>
        <lei>N/A</lei>
        <title>SUMMIT MATERIALS LLC/FIN REGD 144A P/P 5.12500000</title>
        <cusip>86614RAL1</cusip>
        <identifiers>
          <isin value="US86614RAL15"/>
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        <balance>203000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>207567.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KOPPERS INC 6% 02/15/25</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ROYAL CARIBBEA 9.125% 06/15/23</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INSMED INC 1.75% 01/15/25</name>
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        <title>INSMED INC REGD CONVERTIBLE 1.75000000</title>
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          <isin value="US457669AA77"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>INSMED INC</title>
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      <invstOrSec>
        <name>INTESA SANPAOLO SPA V/R /PERP/</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NATIONSTAR MTG 9.125% 07/15/26</name>
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          <isin value="US93369KAB17"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THOPAS RE 2018 0% 12/31/21</name>
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        <title>THOPAS RE 2018 ZCP /BNR3KW852/ 0.00000000</title>
        <cusip>N/A</cusip>
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        <fairValLevel>3</fairValLevel>
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        <name>WINNEBAGO INDUS 6.25% 07/15/28</name>
        <lei>N/A</lei>
        <title>WINNEBAGO INDUSTRIES REGD 144A P/P 6.25000000</title>
        <cusip>974637AC4</cusip>
        <identifiers>
          <isin value="US974637AC45"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PATTERN ENERGY O 4.5% 08/15/28</name>
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        <cusip>70339PAA7</cusip>
        <identifiers>
          <isin value="US70339PAA75"/>
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        <balance>390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>413400.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>T/L SPECTACLE 0% 12/23/25</name>
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          <other otherDesc="LOANX" value="LX183154"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BELDEN IN 3.875% 03/15/28/EUR/</name>
        <lei>68BKYO1JC791TTJHUE82</lei>
        <title>BELDEN INC /EUR/ REGD 144A P/P 3.87500000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1789515217"/>
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        <name>UNITED RENTALS N 5.5% 05/15/27</name>
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          <isin value="US911365BF09"/>
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        <name>EXPEDIA GROUP I 6.25% 05/01/25</name>
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          <isin value="US30212PAS48"/>
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        <name>ZENDESK INC 0.625% 06/15/25</name>
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        <balance>1629000.00000000</balance>
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        <name>BLUE LOTUS RE 0.0% 12/31/21</name>
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        <name>BAUSCH HEALTH AM 8.5% 01/31/27</name>
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      <invstOrSec>
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        <lei>5493002WXPTG5ZC1T326</lei>
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        <valUSD>838072.50000000</valUSD>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ARTEX SAC LTD ST A 0% 2/1/21</name>
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        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>QVC INC 4.75% 02/15/27</name>
        <lei>N/A</lei>
        <title>QVC INC REGD 4.75000000</title>
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          <isin value="US747262AY90"/>
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        <valUSD>2265250.00000000</valUSD>
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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>
      <invstOrSec>
        <name>LORENZ RE 2019V/R 6/30/22</name>
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          <other otherDesc="INTERNAL" value="332MLP"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>SCIENTIFIC GAMES I 7% 05/15/28</name>
        <lei>N/A</lei>
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          <isin value="US80874YBC30"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRANSOCEAN INC 8% 02/01/27</name>
        <lei>N/A</lei>
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          <isin value="US893830BL24"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ENLINK MIDSTREA 5.05% 04/01/45</name>
        <lei>N/A</lei>
        <title>ENLINK MIDSTREAM PARTNER REGD 5.05000000</title>
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          <isin value="US29336UAD90"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ARTEX SAC LTD 0.0% 12/31/22</name>
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        <title>ARTEX SAC LTD WOBURN RE 2019   REGD ZCP /BNR4A2ZY4/ 0.00000000</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CLIENT ID" value="BNR4A2ZY4"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>WORKIVA INC 1.125% 08/15/26</name>
        <lei>529900RTOQ8GRWHY1O58</lei>
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        <cusip>98139AAA3</cusip>
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        <curCd>USD</curCd>
        <valUSD>1986137.78000000</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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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>WORKIVA INC</title>
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      <invstOrSec>
        <name>CF INDUSTRIES  5.375% 03/15/44</name>
        <lei>N/A</lei>
        <title>CF INDUSTRIES INC REGD 5.37500000</title>
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          <couponKind>Fixed</couponKind>
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        <name>AMERICAN MIDSTRE 9.5% 12/15/21</name>
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        <cusip>02753GAA7</cusip>
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          <isin value="US02753GAA76"/>
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      <invstOrSec>
        <name>ISTAR INC 4.25% 08/01/25</name>
        <lei>N/A</lei>
        <title>ISTAR INC REGD 4.25000000</title>
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          <isin value="US45031UCG40"/>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>PARSLEY ENERGY 4.125% 02/15/28</name>
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          <isin value="US701885AJ44"/>
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        <name>ARTEX SAC LTD 0.0% 12/31/22</name>
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        <invCountry>BM</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>NETFLIX INC 5.375% 11/15/29</name>
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          <isin value="US64110LAU08"/>
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        <name>BACM 2007-4 H V/R 02/10/51</name>
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        <name>SYNCREON GROUP</name>
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        <assetCat>EC</assetCat>
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        <name>CSC HOLDINGS LL 5.75% 01/15/30</name>
        <lei>N/A</lei>
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          <isin value="US126307BA42"/>
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        <name>HARAMBEE 2018 0.00% 12/31/21</name>
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        <name>SCIENTIFIC GAME 7.25% 11/15/29</name>
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        <name>STANDARD INDUS 4.375% 07/15/30</name>
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        <name>INTOW 2016-1A 6.414% 11/15/23</name>
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        <name>KANE SAC - CARNOU V/R 11/30/20</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CLIENT ID" value="Z91ZBY4A3JPM"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP MORGAN</counterpartyName>
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                <issuerName>CDX NA HY 32 </issuerName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>FORTERRA FIN LLC 6.5% 07/15/25</name>
        <lei>N/A</lei>
        <title>FORTERRA FIN LLC/FRTA FI REGD 144A P/P 6.50000000</title>
        <cusip>34962WAA2</cusip>
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          <isin value="US34962WAA27"/>
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        <balance>585000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>620100.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GENERAL MOTORS 6.125% 10/01/25</name>
        <lei>54930070NSV60J38I987</lei>
        <title>GENERAL MOTORS CO REGD 6.12500000</title>
        <cusip>37045VAV2</cusip>
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          <isin value="US37045VAV27"/>
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        <balance>1362000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CARDTRONICS INC 1% 12/01/20</name>
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          <isin value="US14161HAG39"/>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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              <title>CARDTRONICS PLC - A</title>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS US165167CF27 05.000 SP 06/20/2022 GSINT LONG</title>
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          <other otherDesc="CLIENT ID" value="BNR3FNDU7"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>GOLDMAN SACHS</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>Chesapeake Energy, 6.625% 15aug2020</issuerName>
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      <invstOrSec>
        <name>ASBURY AUTOMOTI 4.75% 03/01/30</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>APX GROUP INC 6.75% 02/15/27</name>
        <lei>N/A</lei>
        <title>APX GROUP INC REGD 144A P/P 6.75000000</title>
        <cusip>00213MAV6</cusip>
        <identifiers>
          <isin value="US00213MAV63"/>
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        <balance>1710000.00000000</balance>
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      <invstOrSec>
        <name>T/L ALLIANCE HEAL 0% 10/24/23</name>
        <lei>N/A</lei>
        <title>T/L ALLIANCE HEALTHCARE  SERVICES INC REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOANX" value="LX168778"/>
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        <balance>804355.21000000</balance>
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        <curCd>USD</curCd>
        <valUSD>583157.53000000</valUSD>
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        <assetCat>LON</assetCat>
        <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>OAKMONT 2017 0% 04/30/21</name>
        <lei>N/A</lei>
        <title>OAKMONT 2017 ZCP REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR36VPS1"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14700.00000000</valUSD>
        <pctVal>0.002339828804</pctVal>
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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>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>CLEVELAND-CLIF 9.875% 10/17/25</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS INC REGD 144A P/P 9.87500000</title>
        <cusip>185899AJ0</cusip>
        <identifiers>
          <isin value="US185899AJ02"/>
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        <balance>290000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>316825.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRANSOCEAN SEN 5.375% 05/15/23</name>
        <lei>N/A</lei>
        <title>TRANSOCEAN SENTRY LTD REGD P/P 5.37500000</title>
        <cusip>89385AAA3</cusip>
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          <isin value="US89385AAA34"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOUTHWEST AIRLI 1.25% 05/01/25</name>
        <lei>UDTZ87G0STFETI6HGH41</lei>
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        <cusip>844741BG2</cusip>
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        <balance>1658000.00000000</balance>
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        <curCd>USD</curCd>
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              <title>SOUTHWEST AIRLINES CO</title>
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      <invstOrSec>
        <name>BOMBARDIER INC 7.875% 04/15/27</name>
        <lei>N/A</lei>
        <title>BOMBARDIER INC REGD 144A P/P 7.87500000</title>
        <cusip>097751BT7</cusip>
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          <isin value="US097751BT78"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>397500.00000000</valUSD>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>T/L WATERJET HOL 0% 04/21/2025</name>
        <lei>N/A</lei>
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          <isin value="US81946HAB50"/>
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        <balance>3793907.01000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2854915.03000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAYTEX ENERGY C 8.75% 04/01/27</name>
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      <invstOrSec>
        <name>JBS USA LUX/JBS 6.75% 02/15/28</name>
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      <invstOrSec>
        <name>BAUSCH HEALTH C 5.25% 01/30/30</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>HILTON DOMESTI 5.375% 05/01/25</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRANSOCEAN INC 7.25% 11/01/25</name>
        <lei>N/A</lei>
        <title>TRANSOCEAN INC REGD 144A P/P 7.25000000</title>
        <cusip>893830BK4</cusip>
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          <isin value="US893830BK41"/>
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        <balance>3450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1690500.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARTEX SAC FORM 0.0% 02/28/2021</name>
        <lei>N/A</lei>
        <title>ARTEX SAC LTD FORMBY RE 2018-1 REGD ZCP /BNR3X5JE6/ 0.00000000</title>
        <cusip>N/A</cusip>
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        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
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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>
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        <fairValLevel>2</fairValLevel>
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        <name>INGLES MARKETS  5.75% 06/15/23</name>
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        <balance>738000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US RENAL CARE 10.625% 07/15/27</name>
        <lei>N/A</lei>
        <title>US RENAL CARE INC REGD 144A P/P 10.62500000</title>
        <cusip>07335BAA4</cusip>
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          <isin value="US07335BAA44"/>
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        <name>NAVISTAR INTL CO 9.5% 05/01/25</name>
        <lei>WNDD3CRVXJGC8I7GX671</lei>
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        <cusip>63934EAW8</cusip>
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        <name>VISTRA CORP 5.625% 02/15/27</name>
        <lei>N/A</lei>
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        <name>ALLIANCE DATA S 4.75% 12/15/24</name>
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        <name>JELD-WEN INC 6.25% 05/15/25</name>
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        <title>JELD-WEN INC REGD 144A P/P 6.25000000</title>
        <cusip>475795AE0</cusip>
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          <isin value="US475795AE07"/>
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        <name>MARRIOTT INTERN 5.75% 05/01/25</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>MARRIOTT INTERNATIONAL REGD SER EE 5.75000000</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ARTEX SAC LTD V/R 12/31/22</name>
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        <title>ARTEX SAC LTD BANTRY RE 2019   REGD V/R /BNR4B8Q46/ 0.00000000</title>
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        <curCd>USD</curCd>
        <valUSD>13585.46000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-31</maturityDt>
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      <invstOrSec>
        <name>OLIN CORP 5% 02/01/30</name>
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      <invstOrSec>
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        <name>IBRD V/R 02/15/21</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ARTEX SAC LTD V/R 02/01/21</name>
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        <name>JOSEPH T RYERSON 8.5% 08/01/28</name>
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        <name>STAPLES INC 7.5% 04/15/26</name>
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        <name>ARTEX SAC LTD 0% 2/1/21</name>
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      <invstOrSec>
        <name>DELTA AIR LINES 3.75% 10/28/29</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
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        <name>FAGE INTL / FA 5.625% 08/15/26</name>
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        <name>VERSUTUS RE 2019-B 0% 12/31/21</name>
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        <lei>Q2CCMS6R0AS67HJMBN42</lei>
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        <name>TRONOX INC 6.5% 05/01/25</name>
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        <name>HUDBAY MINERALS 7.25% 01/15/23</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ARTEX SAC LTD PAN 0% 2/1/23</name>
        <lei>N/A</lei>
        <title>ARTEX SAC LTD PANGAEA RE       2019-1ZCP REGD /BNR4941C7/ 0.00000000</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CLIENT ID" value="BNR4941C7"/>
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        <curCd>USD</curCd>
        <valUSD>8535.53000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>EXACT SCIENCES 0.375% 03/01/28</name>
        <lei>549300VM3X1FYD4N9Z14</lei>
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        <cusip>30063PAC9</cusip>
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          <isin value="US30063PAC95"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2865722.29000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
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            <dbtSecRefInstrument>
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              <title>EXACT SCIENCES CORP</title>
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          <currencyInfos>
            <currencyInfo convRatio="8.00000000" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>US T BILL ZCP 08/11/20</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY BILL ZCP 0.00000000</title>
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        <identifiers>
          <isin value="US9127963N73"/>
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        <balance>10000000.00000000</balance>
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        <valUSD>9999811.10000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-08-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>UNITI GRP/UNIT 7.875% 02/15/25</name>
        <lei>N/A</lei>
        <title>UNITI GRP/UNITI HLD/CSL REGD 144A P/P 7.87500000</title>
        <cusip>91327AAA0</cusip>
        <identifiers>
          <isin value="US91327AAA07"/>
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        <balance>1560000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1641900.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CAELUS RE V LTD V/R 06/07/21</name>
        <lei>N/A</lei>
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        <cusip>12765KAG0</cusip>
        <identifiers>
          <isin value="US12765KAG04"/>
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        <balance>450000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>414945.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-07</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>GALILEI RE LTD V/R 01/08/21</name>
        <lei>N/A</lei>
        <title>GALILEI RE LTD REGD V/R 144A P/P SER _ 8.67425000</title>
        <cusip>363543AG4</cusip>
        <identifiers>
          <isin value="US363543AG40"/>
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        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>244325.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-08</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WEST STREET ME 6.375% 09/01/25</name>
        <lei>N/A</lei>
        <title>WEST STREET MERGER SUB REGD 144A P/P 6.37500000</title>
        <cusip>95616AAA1</cusip>
        <identifiers>
          <isin value="US95616AAA16"/>
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        <balance>2821000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2863315.00000000</valUSD>
        <pctVal>0.455759653970</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AVATION CAPITAL  6.5% 05/15/21</name>
        <lei>N/A</lei>
        <title>AVATION CAPITAL SA REGD 144A P/P MTN 6.50000000</title>
        <cusip>05351CAA5</cusip>
        <identifiers>
          <isin value="US05351CAA53"/>
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        <balance>2550000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1880625.00000000</valUSD>
        <pctVal>0.299342894249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>DISH NETWORK C 3.375% 08/15/26</name>
        <lei>N/A</lei>
        <title>DISH NETWORK CORP REGD CONVERTIBLE 3.37500000</title>
        <cusip>25470MAB5</cusip>
        <identifiers>
          <isin value="US25470MAB54"/>
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        <balance>2869000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2641287.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>DISH NETWORK CORP-A</name>
              <title>DISH NETWORK CORP-A</title>
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          <currencyInfos>
            <currencyInfo convRatio="15.00000000" curCd="USD"/>
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      <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>
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        <valUSD>1510712.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PORTRUSH2017 0% 6/15/21</name>
        <lei>N/A</lei>
        <title>PORTRUSH2017 ZCP REGD ZCP /BNR38PK57/ /932ERMII8/ 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR38PK57"/>
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        <balance>750000.00000000</balance>
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        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2021-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>CLEVELAND-CLIFF 6.75% 03/15/26</name>
        <lei>549300TM2WLI2BJMDD86</lei>
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        <cusip>185899AG6</cusip>
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          <isin value="US185899AG62"/>
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        <balance>4993000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5017965.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLOBAL AIR LEASE 6.5% 09/15/24</name>
        <lei>N/A</lei>
        <title>GLOBAL AIR LEASE CO LTD REGD 144A P/P 6.50000000</title>
        <cusip>37960JAA6</cusip>
        <identifiers>
          <isin value="US37960JAA60"/>
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        <balance>3190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1985775.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>CALPINE CORP 4.625% 02/01/29</name>
        <lei>N/A</lei>
        <title>CALPINE CORP REGD 144A P/P 4.62500000</title>
        <cusip>131347CP9</cusip>
        <identifiers>
          <isin value="US131347CP95"/>
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        <balance>875000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>883732.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>LAMAR MEDIA CORP 4% 02/15/30</name>
        <lei>N/A</lei>
        <title>LAMAR MEDIA CORP REGD 144A P/P 4.00000000</title>
        <cusip>513075BS9</cusip>
        <identifiers>
          <isin value="US513075BS90"/>
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        <balance>495000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>499950.00000000</valUSD>
        <pctVal>0.079578055157</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BAUSCH HEALTH COS  7% 01/15/28</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS INC REGD 144A P/P 7.00000000</title>
        <cusip>071734AD9</cusip>
        <identifiers>
          <isin value="US071734AD90"/>
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        <balance>893000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>971137.50000000</valUSD>
        <pctVal>0.154577924872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
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        <name>ARTEX SAC LTD 0.0% 01/31/21</name>
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        <name>ARTEX SAC LTD V/R 12/31/21</name>
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        <name>WESCO DISTRIBU 7.125% 06/15/25</name>
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        <name>EDEN RE II LTD ZCP 03/22/22</name>
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        <name>MACQUARIE INFRASTR 2% 10/01/23</name>
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        <name>GLENEAGLES ARTEX SAC LIMITED 2016 ZCP 11/30/2020</name>
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        <name>SHEA HOMES LP/F 4.75% 02/15/28</name>
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      <invstOrSec>
        <name>CENTURYLINK INC 5.8% 03/15/22</name>
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        <name>PANGAEA RE 2018-3 0% 07/01/22</name>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DCP MIDSTREAM OP 5.6% 04/01/44</name>
        <lei>N/A</lei>
        <title>DCP MIDSTREAM OPERATING REGD 5.60000000</title>
        <cusip>23311VAF4</cusip>
        <identifiers>
          <isin value="US23311VAF40"/>
        </identifiers>
        <balance>3400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2974014.00000000</valUSD>
        <pctVal>0.473379838244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REGIONALCARE/LI 9.75% 12/01/26</name>
        <lei>N/A</lei>
        <title>REGIONALCARE/LIFEPOINT REGD 144A P/P 9.75000000</title>
        <cusip>53219LAR0</cusip>
        <identifiers>
          <isin value="US53219LAR06"/>
        </identifiers>
        <balance>192000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>213158.40000000</valUSD>
        <pctVal>0.033928854710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</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>ARTEX SAC LIMITED MERION RE</name>
        <lei>N/A</lei>
        <title>ARTEX SAC LIMITED MERION RE  2018-2 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR3MU1B8"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>980460.00000000</valUSD>
        <pctVal>0.156061806099</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TALLGRASS NRG PRTN 6% 03/01/27</name>
        <lei>N/A</lei>
        <title>TALLGRASS NRG PRTNR/FIN REGD 144A P/P 6.00000000</title>
        <cusip>87470LAG6</cusip>
        <identifiers>
          <isin value="US87470LAG68"/>
        </identifiers>
        <balance>1625000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1476312.50000000</valUSD>
        <pctVal>0.234987653873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>CITIGROUP INC V/R /PERP/</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC REGD V/R /PERP/ SER V 4.70000000</title>
        <cusip>172967MK4</cusip>
        <identifiers>
          <isin value="US172967MK42"/>
        </identifiers>
        <balance>1575000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1513968.75000000</valUSD>
        <pctVal>0.240981475535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2169-07-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.70000000</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>WYNDHAM DESTIN 6.625% 07/31/26</name>
        <lei>N/A</lei>
        <title>WYNDHAM DESTINATIONS INC REGD 144A P/P 6.62500000</title>
        <cusip>98310WAS7</cusip>
        <identifiers>
          <isin value="US98310WAS70"/>
        </identifiers>
        <balance>1270000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1317091.60000000</valUSD>
        <pctVal>0.209644140397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIAMOND SPORTS 6.625% 08/15/27</name>
        <lei>N/A</lei>
        <title>DIAMOND SPORTS GR/DIAMON REGD 144A P/P 6.62500000</title>
        <cusip>25277LAC0</cusip>
        <identifiers>
          <isin value="US25277LAC00"/>
        </identifiers>
        <balance>5533000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3029317.50000000</valUSD>
        <pctVal>0.482182608467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIEBOLD NIXDOR 9.375% 07/15/25</name>
        <lei>N/A</lei>
        <title>DIEBOLD NIXDORF INC REGD 144A P/P 9.37500000</title>
        <cusip>253657AA8</cusip>
        <identifiers>
          <isin value="US253657AA82"/>
        </identifiers>
        <balance>305000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>322629.00000000</valUSD>
        <pctVal>0.051353512065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISTAR INC 4.75% 10/01/24</name>
        <lei>N/A</lei>
        <title>ISTAR INC REGD 4.75000000</title>
        <cusip>45031UCF6</cusip>
        <identifiers>
          <isin value="US45031UCF66"/>
        </identifiers>
        <balance>3190000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3150125.00000000</valUSD>
        <pctVal>0.501411783182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>MILEAGE PLUS HLD 6.5% 06/20/27</name>
        <lei>N/A</lei>
        <title>MILEAGE PLUS HLDINGS LLC REGD 144A P/P 6.50000000</title>
        <cusip>599191AA1</cusip>
        <identifiers>
          <isin value="US599191AA16"/>
        </identifiers>
        <balance>2430000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2515050.00000000</valUSD>
        <pctVal>0.400325607806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY /PFD/CV</name>
        <lei>N/A</lei>
        <title>WELLS FARGO &amp; COMPANY SERIES L/PREFERRED/ CONVERTIBLE 0.00000000</title>
        <cusip>949746804</cusip>
        <identifiers>
          <isin value="US9497468044"/>
        </identifiers>
        <balance>1561.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2109691.50000000</valUSD>
        <pctVal>0.335803873490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="ISO country code not reported for forwards, swaps or supranationals." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-08-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
