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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BLUE LOTUS RE 0.0% 12/31/21</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR3ML7U0"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5760.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>PROVIDENT FDG/ 6.375% 06/15/25</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US74387UAJ07"/>
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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>TRONOX INC 6.5% 05/01/25</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US897051AB46"/>
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        <curCd>USD</curCd>
        <valUSD>1306305.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARCHROCK PARTNE 6.25% 04/01/28</name>
        <lei>N/A</lei>
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        <cusip>03959KAC4</cusip>
        <identifiers>
          <isin value="US03959KAC45"/>
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        <balance>1270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1297000.20000000</valUSD>
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        <assetCat>DBT</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>SESI LLC 7.75% 09/15/24</name>
        <lei>N/A</lei>
        <title>SESI LLC REGD SER WI 0.00000000</title>
        <cusip>78412FAU8</cusip>
        <identifiers>
          <isin value="US78412FAU84"/>
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        <balance>1920000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>748800.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>PBF HOLDING CO LLC 6% 02/15/28</name>
        <lei>N/A</lei>
        <title>PBF HOLDING CO LLC REGD SER WI 6.00000000</title>
        <cusip>69318FAJ7</cusip>
        <identifiers>
          <isin value="US69318FAJ75"/>
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        <balance>4690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2721255.25000000</valUSD>
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        <assetCat>DBT</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>MOHEGAN GAMING &amp; E 8% 02/01/26</name>
        <lei>N/A</lei>
        <title>MOHEGAN GAMING &amp; ENT REGD 144A P/P 8.00000000</title>
        <cusip>608328BH2</cusip>
        <identifiers>
          <isin value="US608328BH21"/>
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        <balance>3110000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3112736.80000000</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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      <invstOrSec>
        <name>MERCER INTL IN 5.125% 02/01/29</name>
        <lei>549300Z5IAG39VRTY874</lei>
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        <cusip>588056BA8</cusip>
        <identifiers>
          <isin value="US588056BA87"/>
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        <balance>4605000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4678357.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>INEOS QUATT 2.5% 01/15/26/EUR/</name>
        <lei>N/A</lei>
        <title>INEOS QUATTRO FINANCE 2 /EUR/ REGD 144A P/P 2.50000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2291929904"/>
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        <balance>2190000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.82423243"/>
        <valUSD>2657017.50000000</valUSD>
        <pctVal>0.403724177296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>FORD MOTOR CRE 4.134% 08/04/25</name>
        <lei>N/A</lei>
        <title>FORD MOTOR CREDIT CO LLC REGD 4.13400000</title>
        <cusip>345397XL2</cusip>
        <identifiers>
          <isin value="US345397XL24"/>
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        <balance>3095000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3250105.93000000</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>2025-08-04</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>US TREAS NTS V/R 10/31/21</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY FLOATING RATE NOTE V/R 0.38001600</title>
        <cusip>912828YN4</cusip>
        <identifiers>
          <isin value="US912828YN43"/>
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        <balance>9000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9018800.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.38001600</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ALTICE FRANCE  5.125% 01/15/29</name>
        <lei>N/A</lei>
        <title>ALTICE FRANCE SA REGD 144A P/P 5.12500000</title>
        <cusip>02156LAE1</cusip>
        <identifiers>
          <isin value="US02156LAE11"/>
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        <balance>465000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>479531.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <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>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>CENOVUS ENERGY 5.375% 07/15/25</name>
        <lei>549300EIRQ0Z2B9C1W06</lei>
        <title>CENOVUS ENERGY INC REGD 5.37500000</title>
        <cusip>15135UAS8</cusip>
        <identifiers>
          <isin value="US15135UAS87"/>
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        <balance>2325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2624625.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>IRON MOUNTAIN  4.875% 09/15/27</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC REGD 144A P/P 4.87500000</title>
        <cusip>46284VAC5</cusip>
        <identifiers>
          <isin value="US46284VAC54"/>
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        <balance>6000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6286260.00000000</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>4.87500000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WILLIAMS SCOTS 4.625% 08/15/28</name>
        <lei>N/A</lei>
        <title>WILLIAMS SCOTSMAN INTL REGD 144A P/P 4.62500000</title>
        <cusip>96950GAE2</cusip>
        <identifiers>
          <isin value="US96950GAE26"/>
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        <balance>750000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>772500.00000000</valUSD>
        <pctVal>0.117378574646</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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          <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>ENERGY TRANSFER OPE V/R /PERP/</name>
        <lei>N/A</lei>
        <title>ENERGY TRANSFER OPERATNG REGD V/R /PERP/ SER G 7.12500000</title>
        <cusip>29278NAT0</cusip>
        <identifiers>
          <isin value="US29278NAT00"/>
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        <balance>3520000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3307392.00000000</valUSD>
        <pctVal>0.502546224929</pctVal>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENLINK MIDSTREA 4.15% 06/01/25</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GREIF INC 6.5% 03/01/27</name>
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        <valUSD>4896220.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAELUS RE V LTD V/R 06/05/20</name>
        <lei>N/A</lei>
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          <isin value="US12765KAD72"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>DELTA AIR LINE 7.375% 01/15/26</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PRIME SECSRVC B 6.25% 01/15/28</name>
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          <isin value="US74166MAE66"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OPTION CARE HEALTH INC WT EXP 6/30/25</name>
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        <assetCat>DE</assetCat>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>VIRIBUS RE 2018 0% 12/31/21</name>
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        <title>VIRIBUS RE 2018 ZCP 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR3MUHU9"/>
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        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>BAUSCH HEALTH COS  5% 01/30/28</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS INC REGD 144A P/P 5.00000000</title>
        <cusip>071734AH0</cusip>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>AIR CANADA 4% 07/01/25</name>
        <lei>4B4HI3CGXMBDC0G6BM51</lei>
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        <cusip>008911BE8</cusip>
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        <balance>2603000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NCL CORPORATIO 5.875% 03/15/26</name>
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      <invstOrSec>
        <name>COVANTA HOLDING CO 6% 01/01/27</name>
        <lei>40XIFLS8XDQGGHGPGC04</lei>
        <title>COVANTA HOLDING CORP REGD 6.00000000</title>
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      <invstOrSec>
        <name>PANGAEA 2016-2 0% 11/30/21</name>
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      <invstOrSec>
        <name>VERSUTUS RE 2019-A 0% 12/31/21</name>
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          <other otherDesc="CLIENT ID" value="BNR48UWU6"/>
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      <invstOrSec>
        <name>PARKLAND CORP 5.875% 07/15/27</name>
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        <title>COMMERCIAL METALS CO REGD 3.87500000</title>
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        <name>DIEBOLD NIXDOR 9.375% 07/15/25</name>
        <lei>549300XZK6EWDBAZSY16</lei>
        <title>DIEBOLD NIXDORF INC REGD 144A P/P 9.37500000</title>
        <cusip>253657AA8</cusip>
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        <balance>2605000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>ST. ANDREWS 2017-4 0% 06/01/21</name>
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        <name>GMSL 2004-A B1 5.25% 11/25/32</name>
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      <invstOrSec>
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        <name>EDEN RE II LTD ZCP 03/22/23</name>
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        <name>PORTRUSH2017 0% 6/15/21</name>
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        <name>CITIGROUP INC V/R /PERP/</name>
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        <name>BUILDERS FIRSTSOUR 5% 03/01/30</name>
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        <name>CARNIVAL CORP 10.5% 02/01/26</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
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        <name>ALLIANCE DATA S 4.75% 12/15/24</name>
        <lei>549300G8S4PO686J7H97</lei>
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      <invstOrSec>
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        <name>T/L TEAM HEALTH 0% 02/06/24</name>
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      <invstOrSec>
        <name>MEG ENERGY COR 5.875% 02/01/29</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BEAZER HOMES US 7.25% 10/15/29</name>
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        <cusip>07556QBT1</cusip>
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        <name>WESCO DISTRIBU 7.125% 06/15/25</name>
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        <name>QVC INC 4.375% 09/01/28</name>
        <lei>N/A</lei>
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        <name>NRG ENERGY INC 3.625% 02/15/31</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>AMERICAN AXLE &amp; 6.25% 03/15/26</name>
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        <name>ARTEX SAC LIMITED V/R 01/31/22</name>
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        <name>SUMMIT MATERIALS 6.5% 03/15/27</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EDEN RE II LTD ZCP 03/22/22</name>
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          <isin value="US27954GAB95"/>
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        <balance>37500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24908.80000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <fairValLevel>3</fairValLevel>
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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>
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          <isin value="US05351CAA53"/>
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        <balance>3250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2388750.00000000</valUSD>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>QVC INC 4.75% 02/15/27</name>
        <lei>N/A</lei>
        <title>QVC INC REGD 4.75000000</title>
        <cusip>747262AY9</cusip>
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          <isin value="US747262AY90"/>
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        <balance>1195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1281189.38000000</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>
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      <invstOrSec>
        <name>CROWN CORK &amp; S 7.375% 12/15/26</name>
        <lei>N/A</lei>
        <title>CROWN CORK &amp; SEAL CO INC REGD 7.37500000</title>
        <cusip>228255AH8</cusip>
        <identifiers>
          <isin value="US228255AH83"/>
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        <balance>4453000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5410395.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MACQUARIE INFRASTR 2% 10/01/23</name>
        <lei>529900IZSJ64GH477714</lei>
        <title>MACQUARIE INFRASTRUCTURE REGD CONVERTIBLE 2.00000000</title>
        <cusip>55608BAB1</cusip>
        <identifiers>
          <isin value="US55608BAB18"/>
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        <balance>1248750.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>MACQUARIE INFRASTRUCTURE COR</name>
              <title>MACQUARIE INFRASTRUCTURE COR</title>
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                <cusip value="55608B105"/>
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          <currencyInfos>
            <currencyInfo convRatio="13.00000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARTEX SAC LIMITED MERION RE</name>
        <lei>N/A</lei>
        <title>ARTEX SAC LIMITED MERION RE  2018-2 0.00000000</title>
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          <other otherDesc="CLIENT ID" value="BNR3MU1B8"/>
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        <balance>900000.00000000</balance>
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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>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>USA COM PART/U 6.875% 09/01/27</name>
        <lei>N/A</lei>
        <title>USA COM PART/USA COM FIN REGD SER WI 6.87500000</title>
        <cusip>91740PAF5</cusip>
        <identifiers>
          <isin value="US91740PAF53"/>
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        <balance>1300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1387542.00000000</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>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>1022.31000000</valUSD>
        <pctVal>0.000155336298</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>CONTURA ENERGY INC</issuerName>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>BUILDERS FIRSTS 6.75% 06/01/27</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BUILDERS FIRSTSOURCE INC REGD 144A P/P 6.75000000</title>
        <cusip>12008RAM9</cusip>
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          <isin value="US12008RAM97"/>
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        <curCd>USD</curCd>
        <valUSD>2747666.25000000</valUSD>
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        <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>T/L GRUPO AEROMEXIC 0% 8/19/22</name>
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        <title>T/L GRUPO AEROMEXICO SOCIEDAD  ANONIMA BURSATIL DE CAPITAL    VARIABLE REGD 0.00000000</title>
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          <other otherDesc="LOANX" value="LX189588"/>
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        <curCd>USD</curCd>
        <valUSD>574586.38000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LAMAR MEDIA CO 3.625% 01/15/31</name>
        <lei>N/A</lei>
        <title>LAMAR MEDIA CORP REGD 144A P/P 3.62500000</title>
        <cusip>513075BX8</cusip>
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          <isin value="US513075BX85"/>
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        <balance>990000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>998662.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BROOKFIELD RES 4.875% 02/15/30</name>
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          <isin value="US11283YAD22"/>
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        <valUSD>1517917.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HARAMBEE 2018 0.00% 12/31/21</name>
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          <other otherDesc="CLIENT ID" value="BNR3M5Y01"/>
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        <valUSD>26040.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>WATCO COS LLC/FI 6.5% 06/15/27</name>
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          <isin value="US941130AB21"/>
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        <curCd>USD</curCd>
        <valUSD>2359500.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>SUMMIT HOTEL PRO 1.5% 02/15/26</name>
        <lei>254900OBQWJK6X20LS71</lei>
        <title>SUMMIT HOTEL PROPERTIES REGD CONVERTIBLE 1.50000000</title>
        <cusip>866082AA8</cusip>
        <identifiers>
          <isin value="US866082AA86"/>
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        <balance>385000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>378741.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>SUMMIT HOTEL PROPERTIES INC</name>
              <title>SUMMIT HOTEL PROPERTIES INC</title>
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                <cusip value="866082100"/>
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          <currencyInfos>
            <currencyInfo convRatio="83.00000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>SCIENTIFIC GAMES I 7% 05/15/28</name>
        <lei>N/A</lei>
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        <name>TEVA PHARMACEUTI 2.8% 07/21/23</name>
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      <invstOrSec>
        <name>INDIGO NATURAL 5.375% 02/01/29</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LUMEN TECHNOLOGI 5.8% 03/15/22</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
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        <cusip>156700AS5</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>PRIME SECSRVC B 5.75% 04/15/26</name>
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        <cusip>74166MAC0</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <cusip>450913AF5</cusip>
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        <invCountry>CA</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OAKMONT 2017 0% 04/30/21</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR36VPS1"/>
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        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>COVANTA HOLDING CO 5% 09/01/30</name>
        <lei>40XIFLS8XDQGGHGPGC04</lei>
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        <cusip>22282EAJ1</cusip>
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          <isin value="US22282EAJ10"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARCHROCK PARTN 6.875% 04/01/27</name>
        <lei>N/A</lei>
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          <isin value="US03959KAA88"/>
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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>
        <cusip>29336UAD9</cusip>
        <identifiers>
          <isin value="US29336UAD90"/>
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        <balance>685000.00000000</balance>
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        <name>VERSUTUS LTD V/R 11/30/21</name>
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        <invCountry>BM</invCountry>
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        <name>ISTAR INC 4.75% 10/01/24</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC REGD 4.75000000</title>
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        <name>LORENZ RE 2018 0.0% 07/01/21</name>
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        <name>REVANCE THERAPE 1.75% 02/15/27</name>
        <lei>549300N33TFDZHS81H11</lei>
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        <name>GARDA WORLD SE 4.625% 02/15/27</name>
        <lei>N/A</lei>
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        <name>NEPTUNE ENERGY 6.625% 05/15/25</name>
        <lei>N/A</lei>
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      <invstOrSec>
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        <name>GFL ENVIRONMENTAL  4% 08/01/28</name>
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            <dbtSecRefInstrument>
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              <title>TRICIDA INC</title>
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        <name>GENESIS ENERGY LP/ 8% 01/15/27</name>
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        <name>LIMESTONE RE LTD ZCP 08/31/21</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>BAUSCH HEALTH AM 8.5% 01/31/27</name>
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        <cusip>91911XAW4</cusip>
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        <name>CCO HLDGS LLC/ 5.125% 05/01/27</name>
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        <cusip>1248EPBT9</cusip>
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          <isin value="US1248EPBT92"/>
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        <name>SUMMIT MATERIAL 5.25% 01/15/29</name>
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        <name>ARTEX SAC LTD V/R 02/01/22</name>
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        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>AAG FH LP/AAG F 9.75% 07/15/24</name>
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        <cusip>00033AAA6</cusip>
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          <isin value="US00033AAA60"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <name>LIFEPOINT HEAL 5.375% 01/15/29</name>
        <lei>N/A</lei>
        <title>LIFEPOINT HEALTH INC REGD 144A P/P 5.37500000</title>
        <cusip>53219LAU3</cusip>
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        <invCountry>US</invCountry>
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        <name>DCP MIDSTREAM  3.875% 03/15/23</name>
        <lei>N/A</lei>
        <title>DCP MIDSTREAM OPERATING REGD 3.87500000</title>
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          <isin value="US23311VAD91"/>
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          <isin value="US55342UAM62"/>
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      <invstOrSec>
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      <invstOrSec>
        <name>ARDAGH PKG FIN/ 5.25% 04/30/25</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LOGMEIN INC 5.5% 09/01/27</name>
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          <isin value="US541056AA53"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LIMESTONE RE LTD ZCP 03/01/23</name>
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        <name>OUTFRONT MEDIA  4.25% 01/15/29</name>
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        <name>INEOS QUAT 3.75% 07/15/26/EUR/</name>
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        <cusip>N/A</cusip>
        <identifiers>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARTEX SAC LIMITED V/R 02/28/22</name>
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        <name>CENOVUS ENERGY  6.75% 11/15/39</name>
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        <invCountry>CA</invCountry>
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        <lei>N/A</lei>
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          <isin value="US23311VAF40"/>
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        <name>IBRD V/R 02/15/21</name>
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        <cusip>U4586FSG3</cusip>
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          <isin value="XS1761714721"/>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>ALTURAS RE 2019-2 0% 3/10/22</name>
        <lei>N/A</lei>
        <title>ALTURAS RE 2019-2 ZCP REGD 0.00000000</title>
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        <identifiers>
          <isin value="XS1917775063"/>
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        <valUSD>39489.17000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <name>ENLINK MIDSTREAM 5.6% 04/01/44</name>
        <lei>N/A</lei>
        <title>ENLINK MIDSTREAM PARTNER REGD 5.60000000</title>
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          <isin value="US29336UAC18"/>
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        <name>HECLA MINING CO 7.25% 02/15/28</name>
        <lei>5493009Y6HOBZD1QD537</lei>
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        <cusip>422704AH9</cusip>
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        <issuerCat>CORP</issuerCat>
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        <name>CCO HLDGS LLC/CAP  5% 02/01/28</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <name>GARDA WORLD SECU 9.5% 11/01/27</name>
        <lei>N/A</lei>
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        <cusip>36257BAA7</cusip>
        <identifiers>
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        <name>CD&amp;R SMOKEY BUY 6.75% 07/15/25</name>
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        <valUSD>3913175.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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          <isin value="US853496AG21"/>
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        <balance>520000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TECHNIPFMC PLC 6.5% 02/01/26</name>
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        <cusip>87854XAE1</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ZI TECH LLC/ZI 3.875% 02/01/29</name>
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        <balance>455000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARTEX SAC LIMITED V/R 01/31/22</name>
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        <curCd>USD</curCd>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>T/L REGIONALCARE H 0% 11/16/25</name>
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          <isin value="US75915TAD46"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENLINK MIDSTRE 5.375% 06/01/29</name>
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          <isin value="US29336TAA88"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>CLEAR CHANNEL W 9.25% 02/15/24</name>
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        <title>CLEAR CHANNEL WORLDWIDE REGD SER WI 9.25000000</title>
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          <isin value="US18451QAP37"/>
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        <balance>3710000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>GENTING NY LLC/G 3.3% 02/15/26</name>
        <lei>N/A</lei>
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        <cusip>37255JAA0</cusip>
        <identifiers>
          <isin value="US37255JAA07"/>
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        <balance>880000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>885620.34000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>3.30000000</annualizedRt>
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      <invstOrSec>
        <name>DYCOM INDUSTRIE 0.75% 09/15/21</name>
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        <cusip>267475AB7</cusip>
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          <isin value="US267475AB73"/>
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        <balance>1765000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>DYCOM INDUSTRIES INC</title>
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      <invstOrSec>
        <name>ELEMENT SOLUTI 3.875% 09/01/28</name>
        <lei>549300FLGN6P5CU20J91</lei>
        <title>ELEMENT SOLUTIONS INC REGD 144A P/P 3.87500000</title>
        <cusip>28618MAA4</cusip>
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          <isin value="US28618MAA45"/>
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      <invstOrSec>
        <name>INTEGRA LIFESCIE 0.5% 08/15/25</name>
        <lei>WB7IJCYY8YFTENS4O147</lei>
        <title>INTEGRA LIFESCIENCES HLD REGD 144A P/P CONVERTIBLE 0.50000000</title>
        <cusip>457985AL3</cusip>
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          <isin value="US457985AL30"/>
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        <balance>1775000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>PANGAEA RE 2018-3 0% 07/01/22</name>
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        <fairValLevel>3</fairValLevel>
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        <name>CHS/COMMUNITY  5.625% 03/15/27</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SYNCREON GROUP WT EX 10/01/24</name>
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          <other otherDesc="INTERNAL" value="334V0M"/>
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      <invstOrSec>
        <name>KB HOME 6.875% 06/15/27</name>
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        <title>KB HOME REGD 6.87500000</title>
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        <balance>4767000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5613142.50000000</valUSD>
        <pctVal>0.852896654938</pctVal>
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        <assetCat>DBT</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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
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        <name>PRIME HEALTHCAR 7.25% 11/01/25</name>
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        <name>TRANSOCEAN SEN 5.375% 05/15/23</name>
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        <name>SPECTRUM BRANDS  5.5% 07/15/30</name>
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        <name>VERSUTUS RE 2019-B 0% 12/31/21</name>
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        <name>OCI NV 5.25% 11/01/24</name>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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>2021-03-02</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>
