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        <valUSD>3588681.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Public Service Enterprise Grou</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>Public Service Enterprise Group Inc</title>
        <cusip>744573106</cusip>
        <identifiers>
          <isin value="US7445731067"/>
          <ticker value="PEG"/>
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        <balance>24320.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1092211.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BNP PARIBAS SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP PARIBAS SECURITIES CORPORATION (NORTHERN TRUST CORP) 14.64% 04/17/2020 (NTRS US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2074207783"/>
          <other otherDesc="INTERNAL" value="BRW1YFYU9"/>
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        <balance>7200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>548123.85000000</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>2020-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co Ltd</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co Ltd</title>
        <cusip>796050888</cusip>
        <identifiers>
          <isin value="US7960508882"/>
          <ticker value="SMSN"/>
          <other otherDesc="SEDOL" value="4942818"/>
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        <balance>5925.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5860640.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Newell Brands Inc</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>Newell Brands Inc</title>
        <cusip>651229106</cusip>
        <identifiers>
          <isin value="US6512291062"/>
          <ticker value="NWL"/>
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        <balance>162139.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2153205.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BCE INC</name>
        <lei>5493001I9203PRB5KR45</lei>
        <title>BCE INC</title>
        <cusip>05534B760</cusip>
        <identifiers>
          <isin value="CA05534B7604"/>
          <ticker value="BCE"/>
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        <balance>85840.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3507422.40000000</valUSD>
        <pctVal>1.164840114431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN STRUCTURED PRODUCTS BV</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. MORGAN SECURITIES LLC (ALTRIA GROUP INC) 22.40% 04/30/2020 (MO US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2080523066"/>
          <other otherDesc="INTERNAL" value="BRW23Y7L0"/>
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        <balance>54100.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2123019.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>22.40000000</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>HSBC BANK PLC</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>RBC CAPITAL MARKETS LLC. (NEWELL BRANDS INC) 0% 04/21/2020 (NWL US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USC798208149"/>
          <other otherDesc="INTERNAL" value="BRW22CEF4"/>
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        <balance>207100.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2805340.97000000</valUSD>
        <pctVal>0.931673840171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>24.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>General Motors Co</name>
        <lei>54930070NSV60J38I987</lei>
        <title>General Motors Co</title>
        <cusip>37045V100</cusip>
        <identifiers>
          <isin value="US37045V1008"/>
          <ticker value="GM"/>
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        <balance>207903.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4320224.34000000</valUSD>
        <pctVal>1.434777463522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC SECURITIES (USA) INC (BRITISH AMERICAN TOBACCO PLC) 20.15% 04/24/2020 (BATS LN)</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>HSBC SECURITIES (USA) INC (BRITISH AMERICAN TOBACCO PLC) 20.15% 04/24/2020 (BATS LN)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2126061972"/>
          <other otherDesc="INTERNAL" value="BRW1ZCSC2"/>
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        <balance>34000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80509000"/>
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        <pctVal>0.390759387515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>20.15000000</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>Koninklijke Philips NV</name>
        <lei>H1FJE8H61JGM1JSGM897</lei>
        <title>Koninklijke Philips NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0000009538"/>
          <ticker value="PHIA"/>
          <other otherDesc="SEDOL" value="5986622"/>
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        <balance>93327.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90670000"/>
        <valUSD>3831764.22000000</valUSD>
        <pctVal>1.272556357197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WILLIAMS COS INC/THE</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>WILLIAMS COS INC</title>
        <cusip>969457100</cusip>
        <identifiers>
          <isin value="US9694571004"/>
          <ticker value="WMB"/>
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        <balance>349514.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4945623.10000000</valUSD>
        <pctVal>1.642476873540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MERRILL LYNCH INTERNATIONAL &amp; CO</name>
        <lei>AHYI0DDQ2LCHPGHJC422</lei>
        <title>BOFA SECURITIES INC (APOLLO GLOBAL MANAGEMENT INC) 16.30% 04/17/2020 (APO US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CWN565008331"/>
          <other otherDesc="INTERNAL" value="BRW1YFUZ2"/>
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        <balance>64000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2147026.71000000</valUSD>
        <pctVal>0.713042956720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>16.30000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Swiss Re AG</name>
        <lei>529900PS9YW3YY29F326</lei>
        <title>Swiss Re AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0126881561"/>
          <ticker value="SREN"/>
          <other otherDesc="SEDOL" value="B545MG5"/>
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        <balance>50415.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.96250000"/>
        <valUSD>3881900.21000000</valUSD>
        <pctVal>1.289206878768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0007980591"/>
          <ticker value="BP/"/>
          <other otherDesc="SEDOL" value="0798059"/>
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        <balance>2297819.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80509000"/>
        <valUSD>9423204.19000000</valUSD>
        <pctVal>3.129513641410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Anthem Inc</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Anthem Inc</title>
        <cusip>036752103</cusip>
        <identifiers>
          <isin value="US0367521038"/>
          <ticker value="ANTM"/>
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        <balance>18506.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4201602.24000000</valUSD>
        <pctVal>1.395382214025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Imperial Brands PLC</name>
        <lei>549300DFVPOB67JL3A42</lei>
        <title>Imperial Brands PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0004544929"/>
          <ticker value="IMB"/>
          <other otherDesc="SEDOL" value="0454492"/>
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        <balance>120209.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80509000"/>
        <valUSD>2218493.68000000</valUSD>
        <pctVal>0.736777649614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JP MORGAN STRUCTURED PRODUCTS BV</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. MORGAN SECURITIES LLC (NATIONAL GRID PLC) 15.36% 04/30/2020 (NGG US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2080530277"/>
          <other otherDesc="INTERNAL" value="BRW23Y7M8"/>
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        <balance>24400.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1430464.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>15.36000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MERRILL LYNCH INTERNATIONAL &amp; CO</name>
        <lei>AHYI0DDQ2LCHPGHJC422</lei>
        <title>BOFA SECURITIES INC (DOW INC) 18.84% 04/17/2020 (DOW US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CWN565008588"/>
          <other otherDesc="INTERNAL" value="BRW1YFWD9"/>
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        <balance>15500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>453945.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>18.84000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kinder Morgan Inc/DE</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan Inc/DE</title>
        <cusip>49456B101</cusip>
        <identifiers>
          <isin value="US49456B1017"/>
          <ticker value="KMI"/>
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        <balance>274890.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3826468.80000000</valUSD>
        <pctVal>1.270797710267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE AG (LONDON BRANCH)</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanofi</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi</title>
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          <isin value="FR0000120578"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC (INTERNATIONAL BUSINESS MACHINES CORP) 14.02% 04/30/2020 (IBM US)</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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          <other otherDesc="INTERNAL" value="BRW23Y5A6"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State Street Corp</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp</title>
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          <isin value="US8574771031"/>
          <ticker value="STT"/>
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        <balance>19684.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SOCIETE GENERALE SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SG AMERICAS SECURITIES LLC (CISCO SYSTEMS INC) 16.58% 04/10/2020 (CSCO US)</title>
        <cusip>000000000</cusip>
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          <isin value="XS2112395905"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-04-10</maturityDt>
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      <invstOrSec>
        <name>Lear Corp</name>
        <lei>549300UPNBTXA1SYTQ33</lei>
        <title>Lear Corp</title>
        <cusip>521865204</cusip>
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          <isin value="US5218652049"/>
          <ticker value="LEA"/>
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        <balance>11230.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Edison International</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International</title>
        <cusip>281020107</cusip>
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          <isin value="US2810201077"/>
          <ticker value="EIX"/>
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        <balance>65386.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CREDIT SUISSE AG (LONDON BRANCH)</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
        <title>CREDIT SUISSE SECURITIES (USA) LLC (STATE STREET CORP) 24.99% 05/07/2020 (STT US)</title>
        <cusip>000000000</cusip>
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          <isin value="XS2077782147"/>
          <other otherDesc="INTERNAL" value="BRW2S21S4"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-05-07</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>000000000</cusip>
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          <isin value="CH0244767585"/>
          <ticker value="UBS"/>
          <other otherDesc="SEDOL" value="BRTR118"/>
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        <balance>34460.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>319099.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Northern Trust Corp</name>
        <lei>549300GLF98S992BC502</lei>
        <title>Northern Trust Corp</title>
        <cusip>665859104</cusip>
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          <isin value="US6658591044"/>
          <ticker value="NTRS"/>
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        <balance>12890.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>972679.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NetApp Inc</name>
        <lei>QTX3D84DZDD5JYOCYH15</lei>
        <title>NetApp Inc</title>
        <cusip>64110D104</cusip>
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          <isin value="US64110D1046"/>
          <ticker value="NTAP"/>
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        <balance>17488.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>729074.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BAE Systems PLC</name>
        <lei>8SVCSVKSGDWMW2QHOH83</lei>
        <title>BAE Systems PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB0002634946"/>
          <ticker value="BA/"/>
          <other otherDesc="SEDOL" value="0263494"/>
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        <balance>485287.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BNP PARIBAS SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP PARIBAS SECURITIES CORPORATION (PRUDENTIAL FINANCIAL INC) 11.52% 04/17/2020 (PRU US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2074207866"/>
          <other otherDesc="INTERNAL" value="BRW1YFZ61"/>
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        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2369401.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.52000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lear Corp</name>
        <lei>549300UPNBTXA1SYTQ33</lei>
        <title>Lear Corp</title>
        <cusip>521865204</cusip>
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          <isin value="US5218652049"/>
          <ticker value="LEA"/>
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        <balance>-110.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-8937.50000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK OF COMMER</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>RBC CAPITAL MARKETS LLC. (PEPSICO INC) 0% 04/21/2020 (PEP US)</title>
        <cusip>000000000</cusip>
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          <isin value="USC798208305"/>
          <other otherDesc="INTERNAL" value="BRW22CEJ6"/>
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        <balance>4500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>545746.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALTRIA GROUP INC</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>ALTRIA GROUP INC</title>
        <cusip>02209S103</cusip>
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          <isin value="US02209S1033"/>
          <ticker value="MO"/>
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        <balance>96360.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3726241.20000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dow Inc</name>
        <lei>5493003S21INSLK2IP73</lei>
        <title>Dow Inc</title>
        <cusip>260557103</cusip>
        <identifiers>
          <isin value="US2605571031"/>
          <ticker value="DOW"/>
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        <balance>27430.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>802053.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MERRILL LYNCH INTERNATIONAL &amp; CO</name>
        <lei>AHYI0DDQ2LCHPGHJC422</lei>
        <title>BOFA SECURITIES INC (TRUIST FINANCIAL CORP) 9.99% 04/17/2020 (TFC US)</title>
        <cusip>000000000</cusip>
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          <isin value="CWN565008661"/>
          <other otherDesc="INTERNAL" value="BRW1YFZY0"/>
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        <balance>41000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1265912.26000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-04-17</maturityDt>
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          <annualizedRt>9.99000000</annualizedRt>
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        <name>IBM</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp</title>
        <cusip>459200101</cusip>
        <identifiers>
          <isin value="US4592001014"/>
          <ticker value="IBM"/>
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        <balance>15594.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1729842.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Apollo Global Management Inc</name>
        <lei>54930054P2G7ZJB0KM79</lei>
        <title>Apollo Global Management Inc</title>
        <cusip>03768E105</cusip>
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          <isin value="US03768E1055"/>
          <ticker value="APO"/>
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        <balance>113750.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3810625.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INTERNATIONAL PAPER CO</name>
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      <invstOrSec>
        <name>Blackstone Group Inc/The</name>
        <lei>5299004LW4QWGZUB8Y96</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ROYAL BANK OF CANADA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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      <invstOrSec>
        <name>MERRILL LYNCH INTERNATIONAL &amp; CO C</name>
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      <invstOrSec>
        <name>ROYAL BANK OF CANADA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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      <invstOrSec>
        <name>PFIZER INC</name>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Bristol-Myers Squibb Co</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co</title>
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          <isin value="US1101221083"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ROYAL BANK OF CANADA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>RBC CAPITAL MARKETS LLC. (FIRSTENERGY CORP) 12.69% 04/30/2020 (FE US)</title>
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          <other otherDesc="INTERNAL" value="BRW23Y3U4"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CREDIT SUISSE AG (LONDON BRANCH)</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
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          <isin value="XS1973514547"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS &amp; CO. LLC (CONAGRA BRANDS INC) 20.79% 04/30/2020 (CAG US)</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>GOLDMAN SACHS &amp; CO. LLC (CONAGRA BRANDS INC) 20.79% 04/30/2020 (CAG US)</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="BRW23XXU3"/>
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        <balance>33200.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-04-30</maturityDt>
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      <invstOrSec>
        <name>JP MORGAN STRUCTURED PRODUCTS BV</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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          <other otherDesc="INTERNAL" value="BRW23Y029"/>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-04-30</maturityDt>
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      <invstOrSec>
        <name>Equitable Holdings Inc</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>Equitable Holdings Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Corteva Inc</name>
        <lei>549300WZN9I2QKLS0O94</lei>
        <title>Corteva Inc</title>
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          <ticker value="CTVA"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>PRUDENTIAL FINANCIAL INC</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>PRUDENTIAL FINANCIAL INC</title>
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        <name>Comerica Inc</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>Comerica Inc</title>
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        <name>PEPSICO INC</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>United Parcel Service Inc</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
        <title>United Parcel Service Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>China Mobile Ltd</name>
        <lei>529900U2JJ7GK68NI589</lei>
        <title>China Mobile Ltd</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>1</fairValLevel>
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        <name>ROYAL BANK OF CANADA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>RBC CAPITAL MARKETS LLC. (EDISON INTERNATIONAL) 19.58% 04/30/2020 (EIX US)</title>
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        <balance>30600.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>JP MORGAN STRUCTURED PRODUCTS BV</name>
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        <name>MONEY MARKET SERIES LLC</name>
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        <name>CME Group Inc</name>
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      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK OF COMMER</name>
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        <name>Kimberly-Clark Corp</name>
        <lei>MP3J6QPYPGN75NVW2S34</lei>
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        <name>ROYAL BANK OF CANADA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>RBC CAPITAL MARKETS LLC. (METLIFE INC) 14.73% 04/30/2020 (MET US)</title>
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        <name>Acerta Pharma BV, Series B</name>
        <lei>N/A</lei>
        <title>Acerta Pharma BV, Series B</title>
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        <assetCat>EC</assetCat>
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        <name>BNP PARIBAS SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <invCountry>US</invCountry>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY</title>
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        <name>SOCIETE GENERALE SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
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        <name>Fidelity National Financial In</name>
        <lei>549300CAZYIH39SYQ287</lei>
        <title>Fidelity National Financial Inc</title>
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        <assetCat>EC</assetCat>
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        <name>Conagra Brands Inc</name>
        <lei>54930035UDEIH090K650</lei>
        <title>Conagra Brands Inc</title>
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        <name>SOCIETE GENERALE SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca PLC</title>
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        <name>UNILEVER NV</name>
        <lei>549300TK7G7NZTVM1Z30</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Kraft Heinz Co/The</name>
        <lei>N/A</lei>
        <title>Kraft Heinz Co/The</title>
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      <invstOrSec>
        <name>Kellogg Co</name>
        <lei>LONOZNOJYIBXOHXWDB86</lei>
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      <invstOrSec>
        <name>REGIONS FINANCIAL CORP</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK OF COMMER</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>ROYAL BANK OF CANADA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>RBC CAPITAL MARKETS LLC. (INTERNATIONAL PAPER CO) 20.80% 04/30/2020 (IP US)</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="BRW23Y698"/>
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        <balance>24900.00000000</balance>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC (JOHNSON &amp; JOHNSON) 10.50% 04/30/2020 (JNJ US)</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>GOLDMAN SACHS &amp; CO. LLC (JOHNSON &amp; JOHNSON) 10.50% 04/30/2020 (JNJ US)</title>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arthur J Gallagher &amp; Co</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>Arthur J Gallagher &amp; Co</title>
        <cusip>363576109</cusip>
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          <isin value="US3635761097"/>
          <ticker value="AJG"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VERIZON COMMUNICATIONS INC</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNICATIONS INC</title>
        <cusip>92343V104</cusip>
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          <ticker value="VZ"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SOCIETE GENERALE SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SG AMERICAS SECURITIES LLC (CME GROUP INC) 11.78% 04/10/2020 (CME US)</title>
        <cusip>000000000</cusip>
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        <balance>9400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1632222.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-10</maturityDt>
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          <annualizedRt>11.78000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>METLIFE INC</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>METLIFE INC</title>
        <cusip>59156R108</cusip>
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          <isin value="US59156R1086"/>
          <ticker value="MET"/>
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        <balance>72794.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2225312.58000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-04-24</maturityDt>
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      <invstOrSec>
        <name>US Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp</title>
        <cusip>902973304</cusip>
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          <isin value="US9029733048"/>
          <ticker value="USB"/>
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        <balance>80330.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2767368.50000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Bayer AG</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>Bayer AG</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>SOCIETE GENERALE SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SG AMERICAS SECURITIES LLC (ARTHUR J GALLAGHER &amp; CO) 11.69% 04/03/2020 (AJG US)</title>
        <cusip>000000000</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>American International Group I</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc</title>
        <cusip>026874784</cusip>
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          <ticker value="AIG"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <name>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIRSTENERGY CORP</name>
        <lei>549300SVYJS666PQJH88</lei>
        <title>FIRSTENERGY CORP</title>
        <cusip>337932107</cusip>
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          <ticker value="FE"/>
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        <curCd>USD</curCd>
        <valUSD>8518160.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK OF COMMER</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>CIBC WORLD MARKETS CORP. (TOTAL SA) 18.14% 04/03/2020 (TOT US)</title>
        <cusip>000000000</cusip>
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          <isin value="XS2122919942"/>
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        <curCd>USD</curCd>
        <valUSD>1165759.87000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-04-03</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Siemens AG</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>Siemens AG</title>
        <cusip>000000000</cusip>
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          <ticker value="SIE"/>
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      <invstOrSec>
        <name>Public Service Enterprise Grou</name>
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        <name>CVS HEALTH CORP</name>
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      <invstOrSec>
        <name>CISCO SYSTEMS INC</name>
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        <name>CNA Financial Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cardinal Health Inc</name>
        <lei>CCU46N3GJMF4OK4N7U60</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ROYAL BANK OF CANADA</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nestle SA</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>Nestle SA</title>
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      <invstOrSec>
        <name>BNP PARIBAS SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Consolidated Edison Inc</name>
        <lei>54930033SBW53OO8T749</lei>
        <title>Consolidated Edison Inc</title>
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          <isin value="US2091151041"/>
          <ticker value="ED"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>RBC CAPITAL MARKETS LLC. (VERIZON COMMUNICATIONS INC) 0% 04/01/2020 (VZ US)</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>National Grid PLC</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>CANADIAN IMPERIAL BANK OF COMMER</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>CIBC WORLD MARKETS CORP. (VERIZON COMMUNICATIONS INC) 9.87% 04/03/2020 (VZ US)</title>
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        <name>WELLS FARGO &amp; CO</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO &amp; CO</title>
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        <name>J.P. MORGAN SECURITIES LLC (CORTEVA INC) 19.71% 04/30/2020 (CTVA US)</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. MORGAN SECURITIES LLC (CORTEVA INC) 19.71% 04/30/2020 (CTVA US)</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>DuPont de Nemours Inc</name>
        <lei>5493004JF0SDFLM8GD76</lei>
        <title>DuPont de Nemours Inc</title>
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          <isin value="US26614N1028"/>
          <ticker value="DD"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>JP MORGAN STRUCTURED PRODUCTS BV</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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        <invCountry>NL</invCountry>

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      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK OF COMMER</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>CIBC WORLD MARKETS CORP (CONSOLIDATED EDISON INC) 6.60% 04/17/2020 (ED US)</title>
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        <invCountry>CA</invCountry>

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        <name>QUALCOMM INC</name>
        <lei>H1J8DDZKZP6H7RWC0H53</lei>
        <title>QUALCOMM INC</title>
        <cusip>747525103</cusip>
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          <isin value="US7475251036"/>
          <ticker value="QCOM"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MERRILL LYNCH INTERNATIONAL &amp; CO C</name>
        <lei>AHYI0DDQ2LCHPGHJC422</lei>
        <title>BOFA SECURITIES INC. (NETAPP INC) 24.00% 05/07/2020 (NTAP US)</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="BRW2S1YE1"/>
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        <valUSD>903825.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-05-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>24.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOCIETE GENERALE SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SG AMERICAS SECURITIES LLC (WILLIAMS COS INC/THE) 19.75% 04/10/2020 (WMB US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2112401059"/>
          <other otherDesc="INTERNAL" value="BRW1YFNC1"/>
        </identifiers>
        <balance>196600.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2804784.69000000</valUSD>
        <pctVal>0.931489095597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>19.75000000</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>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
        <cusip>20825C104</cusip>
        <identifiers>
          <isin value="US20825C1045"/>
          <ticker value="COP"/>
        </identifiers>
        <balance>89842.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2767133.60000000</valUSD>
        <pctVal>0.918984898787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>
      <invstOrSec>
        <name>MERRILL LYNCH INTERNATIONAL &amp; CO</name>
        <lei>AHYI0DDQ2LCHPGHJC422</lei>
        <title>BOFA SECURITIES INC (COMERICA INC) 17.56% 04/17/2020 (CMA US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CWN565008414"/>
          <other otherDesc="INTERNAL" value="BRW1YFVN8"/>
        </identifiers>
        <balance>35600.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1046399.09000000</valUSD>
        <pctVal>0.347516636643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>17.56000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>


    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Funds</ncom:nameOfApplicant>
      <ncom:signature>Ann Frechette</ncom:signature>
      <ncom:signerName>Ann Frechette</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
