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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMMSCOPE TECH LLC 6% 06/15/25</name>
        <lei>N/A</lei>
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        <name>PILGRIM'S PRID 5.875% 09/30/27</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSC HOLDINGS LLC 7.5% 04/01/28</name>
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          <isin value="US126307AY37"/>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US67091GAA13"/>
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        <fairValLevel>2</fairValLevel>
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        <name>GLOBAL PART/GLP FI 7% 08/01/27</name>
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        <name>GENESIS ENERGY L 6.5% 10/01/25</name>
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          <isin value="US37185LAJ17"/>
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        <fairValLevel>2</fairValLevel>
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        <name>GLOBAL PART/GLP FI 7% 06/15/23</name>
        <lei>N/A</lei>
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        <cusip>588056AZ4</cusip>
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        <name>T-MOBILE USA INC 6.5% 01/15/26</name>
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        <name>NOVELIS CORP 5.875% 09/30/26</name>
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          <isin value="US670001AC05"/>
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        <name>SCIENTIFIC GAMES I 5% 10/15/25</name>
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        <name>CLEARWAY ENERGY 5.75% 10/15/25</name>
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        <name>INTESA SANPAOLO SPA V/R /PERP/</name>
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        <invCountry>IT</invCountry>
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      <invstOrSec>
        <name>WRIGHT MEDICAL 1.625% 06/15/23</name>
        <lei>N/A</lei>
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        <cusip>98235TAG2</cusip>
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          <isin value="US98235TAG22"/>
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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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          <isContngtConvrtbl>N</isContngtConvrtbl>
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            <dbtSecRefInstrument>
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              <title>WRIGHT MEDICAL GROUP NV</title>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY /PFD/CV</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</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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          <isin value="US74166MAC01"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <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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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>139500.00000000</valUSD>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN MIDSTRE 9.5% 12/15/21</name>
        <lei>N/A</lei>
        <title>AMERICAN MIDSTREAM PTR/F REGD 144A P/P 9.50000000</title>
        <cusip>02753GAA7</cusip>
        <identifiers>
          <isin value="US02753GAA76"/>
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        <balance>215000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>202100.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T/L OLD ALL INC 0% 02/27/23</name>
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        <title>T/L OLD ALL INC REGD 0.00000000</title>
        <cusip>01449BAY8</cusip>
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          <isin value="US01449BAY83"/>
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        <balance>128375.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-02-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>NATIONSTAR MTG 9.125% 07/15/26</name>
        <lei>N/A</lei>
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        <cusip>93369KAB1</cusip>
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          <isin value="US93369KAB17"/>
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        <balance>318000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>338670.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENPRO INDUSTRIE 5.75% 10/15/26</name>
        <lei>549300Y5CFT2LKCFDN54</lei>
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        <cusip>29355XAG2</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>AKAMAI TECHNOL 0.125% 05/01/25</name>
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        <cusip>00971TAJ0</cusip>
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          <isin value="US00971TAJ07"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>AKAMAI TECHNOLOGIES INC</title>
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      <invstOrSec>
        <name>OASIS PETROLEU 6.875% 03/15/22</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
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        <cusip>674215AG3</cusip>
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      <invstOrSec>
        <name>GRAY TELEVISION IN 7% 05/15/27</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY TELEVISION INC REGD 144A P/P 7.00000000</title>
        <cusip>389284AA8</cusip>
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          <isin value="US389284AA85"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WPX ENERGY INC 5.25% 10/15/27</name>
        <lei>ZXZE9GCS2BB547GJW219</lei>
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        <cusip>98212BAJ2</cusip>
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          <isin value="US98212BAJ26"/>
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        <name>NUFARM AUSTRALI 5.75% 04/30/26</name>
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        <name>ALDER BIOPHARMAC 2.5% 02/01/25</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENTERPRISE DEVELO 12% 07/15/24</name>
        <lei>N/A</lei>
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        <name>CSC HOLDINGS L 5.375% 02/01/28</name>
        <lei>N/A</lei>
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          <isin value="US126307AS68"/>
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        <name>CLEAR CHANNEL W 9.25% 02/15/24</name>
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        <cusip>18451QAN8</cusip>
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          <isin value="US18451QAN88"/>
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        <name>T/L REGIONALCARE H 0% 11/16/25</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DARLING INGREDI 5.25% 04/15/27</name>
        <lei>L1N0SPPKS7EXZYUMZ898</lei>
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        <cusip>237266AH4</cusip>
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      <invstOrSec>
        <name>SESI LLC 7.75% 09/15/24</name>
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        <name>BAUSCH HEALTH AM 8.5% 01/31/27</name>
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        <name>TENET HEALTHCA 5.125% 11/01/27</name>
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        <name>SPRINT CORP 7.625% 02/15/25</name>
        <lei>N/A</lei>
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        <name>BAUSCH HEALTH CO 5.5% 11/01/25</name>
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        <name>SIMMONS FOODS I 5.75% 11/01/24</name>
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        <name>BCPE CYCLE ME 10.625% 07/15/27</name>
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        <name>DELEK LOG PART/ 6.75% 05/15/25</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OPTION CARE HEALTH INC WT EXP 6/30/25</name>
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        <name>TEVA PHARMACEUTI 2.8% 07/21/23</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <title>SCIENTIFIC GAMES INTERNA REGD SER WI 10.00000000</title>
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        <name>FREEPORT-MCMORA 5.25% 09/01/29</name>
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      <invstOrSec>
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        <cusip>94946TAC0</cusip>
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        <curCd>USD</curCd>
        <valUSD>235322.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>TARGA RESOURCES  6.5% 07/15/27</name>
        <lei>N/A</lei>
        <title>TARGA RESOURCES PARTNERS REGD 144A P/P 6.50000000</title>
        <cusip>87612BBK7</cusip>
        <identifiers>
          <isin value="US87612BBK70"/>
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        <balance>26000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28368.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>ARDAGH PKG FIN/HLD 6% 02/15/25</name>
        <lei>N/A</lei>
        <title>ARDAGH PKG FIN/HLDGS USA REGD 144A P/P 6.00000000</title>
        <cusip>03969AAL4</cusip>
        <identifiers>
          <isin value="US03969AAL44"/>
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        <balance>276000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>288585.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AMSTED INDUSTR 5.625% 07/01/27</name>
        <lei>N2VLGYMEEBIU3PFSUY86</lei>
        <title>AMSTED INDUSTRIES REGD 144A P/P 5.62500000</title>
        <cusip>032177AH0</cusip>
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          <isin value="US032177AH01"/>
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        <balance>18000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18990.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WPX ENERGY INC 5.25% 09/15/24</name>
        <lei>ZXZE9GCS2BB547GJW219</lei>
        <title>WPX ENERGY INC REGD 5.25000000</title>
        <cusip>98212BAE3</cusip>
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          <isin value="US98212BAE39"/>
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        <balance>120000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>122100.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BEAZER HOMES US 6.75% 03/15/25</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>BEAZER HOMES USA REGD SER WI 6.75000000</title>
        <cusip>07556QBM6</cusip>
        <identifiers>
          <isin value="US07556QBM69"/>
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        <balance>260000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>265200.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VISTAJET MALTA/ 10.5% 06/01/24</name>
        <lei>N/A</lei>
        <title>VISTAJET MALTA/XO MGMT REGD 144A P/P 10.50000000</title>
        <cusip>92840JAA7</cusip>
        <identifiers>
          <isin value="US92840JAA79"/>
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        <balance>170000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>164900.00000000</valUSD>
        <pctVal>0.360190765626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.50000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDX NA HY 32 05.000 NA 06/20/2024 JPMCL FIXED</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CLIENT ID" value="Z91ZBY4A3JPM"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>22721.42000000</valUSD>
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        <assetCat>DCR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>JP MORGAN</counterpartyName>
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              <otherRefInst>
                <issuerName>CDX NA HY 32 </issuerName>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      <invstOrSec>
        <name>T/L NEIMAN MARC 0% 10/25/23</name>
        <lei>N/A</lei>
        <title>T/L NEIMAN MARCUS GROUP LTD    LLC REGD 0.00000000</title>
        <cusip>64021SAD1</cusip>
        <identifiers>
          <isin value="US64021SAD18"/>
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        <balance>63586.74000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49041.27000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>WORKIVA INC 1.125% 08/15/26</name>
        <lei>529900RTOQ8GRWHY1O58</lei>
        <title>WORKIVA INC REGD 144A P/P CONVERTIBLE 1.12500000</title>
        <cusip>98139AAA3</cusip>
        <identifiers>
          <isin value="US98139AAA34"/>
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        <balance>55000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50312.36000000</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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          <isContngtConvrtbl>N</isContngtConvrtbl>
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            <dbtSecRefInstrument>
              <name>WORKIVA INC</name>
              <title>WORKIVA INC</title>
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      <invstOrSec>
        <name>HERTZ CORP 7.125% 08/01/26</name>
        <lei>N/A</lei>
        <title>HERTZ CORP REGD 144A P/P 7.12500000</title>
        <cusip>428040CY3</cusip>
        <identifiers>
          <isin value="US428040CY37"/>
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        <balance>116000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>121075.00000000</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>
          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>CCO HLDGS LLC/C 5.75% 02/15/26</name>
        <lei>N/A</lei>
        <title>CCO HLDGS LLC/CAP CORP REGD 144A P/P 5.75000000</title>
        <cusip>1248EPBM4</cusip>
        <identifiers>
          <isin value="US1248EPBM40"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52850.00000000</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>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>DISH NETWORK C 2.375% 03/15/24</name>
        <lei>529900U350CWHH15G169</lei>
        <title>DISH NETWORK CORP REGD CONVERTIBLE 2.37500000</title>
        <cusip>25470MAD1</cusip>
        <identifiers>
          <isin value="US25470MAD11"/>
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        <balance>178000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>156412.99000000</valUSD>
        <pctVal>0.341652605349</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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            <dbtSecRefInstrument>
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              <title>DISH NETWORK CORP-A</title>
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      <invstOrSec>
        <name>OPTION CARE HE WT EX 6/30/25</name>
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        <curCd>USD</curCd>
        <valUSD>77.60000000</valUSD>
        <pctVal>0.000169501536</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>OPTION CARE HEALTH INC </counterpartyName>
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                <issuerName>OPTION CARE HEALTH INC  </issuerName>
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            <curCd>USD</curCd>
            <exercisePrice>0.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>77.60000000</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>LEVEL 3 FINANCI 5.25% 03/15/26</name>
        <lei>N/A</lei>
        <title>LEVEL 3 FINANCING INC REGD SER WI 5.25000000</title>
        <cusip>527298BM4</cusip>
        <identifiers>
          <isin value="US527298BM48"/>
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        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>311955.00000000</valUSD>
        <pctVal>0.681402730692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OLIN CORP 5% 02/01/30</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FTS INTERNATION 6.25% 05/01/22</name>
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        <cusip>30283WAB0</cusip>
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          <isin value="US30283WAB00"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JBS USA/FOOD/FIN 6.5% 04/15/29</name>
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        <cusip>46590XAA4</cusip>
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          <isin value="US46590XAA46"/>
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        <fairValLevel>2</fairValLevel>
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        <name>RACKSPACE HOST 8.625% 11/15/24</name>
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          <isin value="US45332JAA07"/>
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        <balance>46000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>PARSLEY ENERGY  6.25% 06/01/24</name>
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        <cusip>701885AB1</cusip>
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          <isin value="US701885AB18"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PURE STORAGE I 0.125% 04/15/23</name>
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        <name>JC PENNEY CORP 5.875% 07/01/23</name>
        <lei>N/A</lei>
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        <cusip>708160CB0</cusip>
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          <isin value="US708160CB09"/>
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        <name>PARSLEY ENERGY 5.375% 01/15/25</name>
        <lei>N/A</lei>
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        <cusip>701885AD7</cusip>
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          <isin value="US701885AD73"/>
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        <name>MOLINA HEALTHC 5.375% 11/15/22</name>
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        <cusip>60855RAG5</cusip>
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        <name>JB POINDEXTER  7.125% 04/15/26</name>
        <lei>549300W6P81HOZZGPQ16</lei>
        <title>JB POINDEXTER &amp; CO INC REGD 144A P/P 7.12500000</title>
        <cusip>730481AJ7</cusip>
        <identifiers>
          <isin value="US730481AJ74"/>
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        <curCd>USD</curCd>
        <valUSD>237015.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <lei>549300QXR2YVZV231H43</lei>
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        <balance>171000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>179813.67000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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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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            <dbtSecRefInstrument>
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              <title>PALO ALTO NETWORKS INC</title>
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          <currencyInfos>
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          <delta>XXXX</delta>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HUGHES SATELLIT 5.25% 08/01/26</name>
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          <isin value="US444454AD48"/>
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        <name>SUNCOKE ENRGY PA 7.5% 06/15/25</name>
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          <isin value="US86723CAF59"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRANSOCEAN INC 7.25% 11/01/25</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>KB HOME 6.875% 06/15/27</name>
        <lei>549300LGUCWQURMWLG09</lei>
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          <isin value="US48666KAX72"/>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN WOODM 4.875% 03/15/26</name>
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        <cusip>030506AA7</cusip>
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          <isin value="US030506AA79"/>
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        <fairValLevel>2</fairValLevel>
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        <name>OPTION CARE HEALTH INC</name>
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      <invstOrSec>
        <name>BEAZER HOMES US 7.25% 10/15/29</name>
        <lei>549300DUPYT2T0F60I45</lei>
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        <cusip>07556QBS3</cusip>
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        <name>HUDBAY MINERAL 7.625% 01/15/25</name>
        <lei>549300WI524AL577IX21</lei>
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        <cusip>443628AG7</cusip>
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          <isin value="US443628AG71"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ASHTEAD CAPITA 4.125% 08/15/25</name>
        <lei>N/A</lei>
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        <cusip>045054AD5</cusip>
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          <isin value="US045054AD54"/>
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        <name>ALTICE LUXEMBOU 10.5% 05/15/27</name>
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          <isin value="US02156DAA72"/>
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        <name>T/L ENCINO ACQU 0% 10/29/25</name>
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        <name>INDIGO NATURAL 6.875% 02/15/26</name>
        <lei>549300F7DOI6H6TA3C86</lei>
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        <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>
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          <isin value="US05351CAA53"/>
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        <name>UBS GROUP FUNDING S V/R /PERP/</name>
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        <name>INGLES MARKETS  5.75% 06/15/23</name>
        <lei>549300XH5RYBMYP8TF26</lei>
        <title>INGLES MARKETS INC REGD 5.75000000</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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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>
        <lei>54930000GY1H533OBE23</lei>
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        <cusip>29336TAA8</cusip>
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          <isin value="US29336TAA88"/>
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        <valUSD>4775.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA INC 5.25% 06/15/26</name>
        <lei>N/A</lei>
        <title>HCA INC REGD 5.25000000</title>
        <cusip>404119BT5</cusip>
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          <isin value="US404119BT57"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DCP MIDSTREAM  5.375% 07/15/25</name>
        <lei>N/A</lei>
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        <cusip>23311VAG2</cusip>
        <identifiers>
          <isin value="US23311VAG23"/>
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        <curCd>USD</curCd>
        <valUSD>213000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>LORENZ RE 2019V/R 6/30/22</name>
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          <other otherDesc="INTERNAL" value="332MLP"/>
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        <curCd>USD</curCd>
        <valUSD>27374.42000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>PRIME SECSRVC B 9.25% 05/15/23</name>
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        <cusip>74166MAA4</cusip>
        <identifiers>
          <isin value="US74166MAA45"/>
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        <balance>202000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>212362.60000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <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>64935.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59253.19000000</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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          <isContngtConvrtbl>N</isContngtConvrtbl>
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            <dbtSecRefInstrument>
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              <title>MACQUARIE INFRASTRUCTURE COR</title>
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            <currencyInfo convRatio="9.00000000" curCd="USD"/>
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      <invstOrSec>
        <name>CCO HLDGS LLC/CA 5.5% 05/01/26</name>
        <lei>N/A</lei>
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        <cusip>1248EPBR3</cusip>
        <identifiers>
          <isin value="US1248EPBR37"/>
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        <curCd>USD</curCd>
        <valUSD>539411.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PRIME SECSRVC B 5.25% 04/15/24</name>
        <lei>N/A</lei>
        <title>PRIME SECSRVC BRW/FINANC REGD 144A P/P 5.25000000</title>
        <cusip>74166MAB2</cusip>
        <identifiers>
          <isin value="US74166MAB28"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76991.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>ARCHROCK PARTNERS  6% 10/01/22</name>
        <lei>N/A</lei>
        <title>ARCHROCK PARTNERS LP/FIN REGD 6.00000000</title>
        <cusip>30227CAD9</cusip>
        <identifiers>
          <isin value="US30227CAD92"/>
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        <balance>156000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>157755.00000000</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>HILCORP ENERGY  5.75% 10/01/25</name>
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        <cusip>431318AQ7</cusip>
        <identifiers>
          <isin value="US431318AQ79"/>
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        <balance>135000.00000000</balance>
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        <valUSD>125550.00000000</valUSD>
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        <name>JAGGED PEAK EN 5.875% 05/01/26</name>
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        <cusip>47009LAC9</cusip>
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          <isin value="US47009LAC90"/>
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        <valUSD>223557.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MEG ENERGY CORP 6.5% 01/15/25</name>
        <lei>5493002WXPTG5ZC1T326</lei>
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        <cusip>552704AD0</cusip>
        <identifiers>
          <isin value="US552704AD04"/>
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        <curCd>USD</curCd>
        <valUSD>51000.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PBF HOLDING CO LLC 7% 11/15/23</name>
        <lei>N/A</lei>
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        <cusip>69318FAE8</cusip>
        <identifiers>
          <isin value="US69318FAE88"/>
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        <name>ALBERTSONS COS/S 7.5% 03/15/26</name>
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        <cusip>013092AA9</cusip>
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          <isin value="US013092AA91"/>
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        <name>EXTERRAN NRG S 8.125% 05/01/25</name>
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          <isin value="US30227KAE91"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>T/L REVLON CONSUME 0% 09/07/23</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="LOANX" value="LX153860"/>
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        <balance>243779.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>187634.52000000</valUSD>
        <pctVal>0.409849735699</pctVal>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PATRICK INDUSTRI 7.5% 10/15/27</name>
        <lei>549300FZ5ZTCCJ3Z5W14</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GULFPORT ENERG 6.625% 05/01/23</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COVANTA HOLDING CO 6% 01/01/27</name>
        <lei>40XIFLS8XDQGGHGPGC04</lei>
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        <cusip>22282EAH5</cusip>
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          <isin value="US22282EAH53"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENLINK MIDSTREAM 5.6% 04/01/44</name>
        <lei>88CPW63VL7KHJWS0NY83</lei>
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        <cusip>29336UAC1</cusip>
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          <isin value="US29336UAC18"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FAGE INTL / FA 5.625% 08/15/26</name>
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        <cusip>30257WAA4</cusip>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>TRANSOCEAN SEN 5.375% 05/15/23</name>
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        <cusip>89385AAA3</cusip>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TARGA RESOURCES PA 5% 01/15/28</name>
        <lei>N/A</lei>
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        <cusip>87612BBG6</cusip>
        <identifiers>
          <isin value="US87612BBG68"/>
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        <balance>75000.00000000</balance>
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        <valUSD>75847.50000000</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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        <name>GREAT WST PTRLM/GR 9% 09/30/21</name>
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        <cusip>39143GAA8</cusip>
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          <isin value="US39143GAA85"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GRAY TELEVISIO 5.875% 07/15/26</name>
        <lei>529900TM5726KDN7UU35</lei>
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        <cusip>389375AJ5</cusip>
        <identifiers>
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        <balance>133000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>138320.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>BROOKFIELD RESI 6.25% 09/15/27</name>
        <lei>N/A</lei>
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        <cusip>11283YAB6</cusip>
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          <isin value="US11283YAB65"/>
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        <curCd>USD</curCd>
        <valUSD>80400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>VOC ESCROW LTD 5% 02/15/28</name>
        <lei>N/A</lei>
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        <cusip>91832VAA2</cusip>
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          <isin value="US91832VAA26"/>
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        <name>CF INDUSTRIES  5.375% 03/15/44</name>
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          <isin value="US12527GAE35"/>
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        <name>SINCLAIR TELEV 5.875% 03/15/26</name>
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        <name>US T BILL ZCP 10/08/19</name>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LORENZ RE 2018 0.0% 07/01/21</name>
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        <curCd>USD</curCd>
        <valUSD>10495.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MICHAELS STORES IN 8% 07/15/27</name>
        <lei>N/A</lei>
        <title>MICHAELS STORES INC REGD 144A P/P 8.00000000</title>
        <cusip>594087AU2</cusip>
        <identifiers>
          <isin value="US594087AU28"/>
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        <balance>304000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>304380.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HCA INC 5.875% 02/01/29</name>
        <lei>N/A</lei>
        <title>HCA INC REGD 5.87500000</title>
        <cusip>404119BW8</cusip>
        <identifiers>
          <isin value="US404119BW86"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28080.75000000</valUSD>
        <pctVal>0.061336730393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FRONTIER COMMUN 8.75% 04/15/22</name>
        <lei>549300ZCZ76HYCS0H445</lei>
        <title>FRONTIER COMMUNICATIONS REGD 8.75000000</title>
        <cusip>35906AAK4</cusip>
        <identifiers>
          <isin value="US35906AAK43"/>
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        <balance>451000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>200695.00000000</valUSD>
        <pctVal>0.438377718056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TENET HEALTHCA 4.875% 01/01/26</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE CORP REGD 144A P/P 4.87500000</title>
        <cusip>88033GCY4</cusip>
        <identifiers>
          <isin value="US88033GCY44"/>
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        <balance>140000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>143675.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CARDTRONICS INC  5.5% 05/01/25</name>
        <lei>N/A</lei>
        <title>CARDTRONICS INC / USA REGD 144A P/P 5.50000000</title>
        <cusip>14161TAA0</cusip>
        <identifiers>
          <isin value="US14161TAA07"/>
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        <balance>271000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>275065.00000000</valUSD>
        <pctVal>0.600823971783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>
        <name>FREEDOM MORTGA 8.125% 11/15/24</name>
        <lei>549300LYRWPSYPK6S325</lei>
        <title>FREEDOM MORTGAGE CORP REGD 144A P/P 8.12500000</title>
        <cusip>35640YAA5</cusip>
        <identifiers>
          <isin value="US35640YAA55"/>
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        <balance>220000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>202400.00000000</valUSD>
        <pctVal>0.442101946409</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CREDIT SUISSE GROUP V/R /PERP/</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>CREDIT SUISSE GROUP AG REGD V/R /PERP/ REG S 7.12500000</title>
        <cusip>H3698DCA0</cusip>
        <identifiers>
          <isin value="CH0352765157"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>212750.00000000</valUSD>
        <pctVal>0.464709432305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-07-29</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.12500000</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>ENCOMPASS HEALT 4.75% 02/01/30</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>ENCOMPASS HEALTH CORP REGD 4.75000000</title>
        <cusip>29261AAB6</cusip>
        <identifiers>
          <isin value="US29261AAB61"/>
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        <balance>135000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>136404.00000000</valUSD>
        <pctVal>0.297947005424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOMBARDIER INC 7.875% 04/15/27</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC REGD 144A P/P 7.87500000</title>
        <cusip>097751BT7</cusip>
        <identifiers>
          <isin value="US097751BT78"/>
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        <balance>252000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>250954.20000000</valUSD>
        <pctVal>0.548158795847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</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>PARSLEY ENERGY  5.25% 08/15/25</name>
        <lei>N/A</lei>
        <title>PARSLEY ENERGY LLC/FINAN REGD 144A P/P 5.25000000</title>
        <cusip>701885AF2</cusip>
        <identifiers>
          <isin value="US701885AF22"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30441.30000000</valUSD>
        <pctVal>0.066492875401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TITAN INTERNATIO 6.5% 11/30/23</name>
        <lei>54930043H7SFLNS88586</lei>
        <title>TITAN INTERNATIONAL INC REGD SER WI 6.50000000</title>
        <cusip>88830MAK8</cusip>
        <identifiers>
          <isin value="US88830MAK80"/>
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        <balance>252000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>200340.00000000</valUSD>
        <pctVal>0.437602292211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>INSMED INC 1.75% 01/15/25</name>
        <lei>529900Q55QAG41CCAC11</lei>
        <title>INSMED INC REGD CONVERTIBLE 1.75000000</title>
        <cusip>457669AA7</cusip>
        <identifiers>
          <isin value="US457669AA77"/>
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        <balance>162000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>135032.28000000</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>2025-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>INSMED INC</name>
              <title>INSMED INC</title>
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      <invstOrSec>
        <name>VIKING CRUISES  6.25% 05/15/25</name>
        <lei>N/A</lei>
        <title>VIKING CRUISES LTD REGD 144A P/P 6.25000000</title>
        <cusip>92676XAC1</cusip>
        <identifiers>
          <isin value="US92676XAC11"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>104500.00000000</valUSD>
        <pctVal>0.228259157113</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>BELDEN IN 3.875% 03/15/28/EUR/</name>
        <lei>68BKYO1JC791TTJHUE82</lei>
        <title>BELDEN INC /EUR/ REGD 144A P/P 3.87500000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1789515217"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91730495"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>T-MOBILE USA INC 6% 04/15/24</name>
        <lei>N/A</lei>
        <title>T-MOBILE USA INC REGD 6.00000000</title>
        <cusip>87264AAQ8</cusip>
        <identifiers>
          <isin value="US87264AAQ85"/>
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        <balance>155000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>160812.50000000</valUSD>
        <pctVal>0.351262446921</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>WINDSTREAM SRV 8.625% 10/31/25</name>
        <lei>N/A</lei>
        <title>WINDSTREAM SRVC / FIN REGD 144A P/P 8.62500000</title>
        <cusip>97381LAB4</cusip>
        <identifiers>
          <isin value="US97381LAB45"/>
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        <balance>339000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>344932.50000000</valUSD>
        <pctVal>0.753435423072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAUSCH HEALTH C 7.25% 05/30/29</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS INC REGD P/P 7.25000000</title>
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          <isin value="US071734AF49"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAUSCH HEALTH COS  7% 01/15/28</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BRINK'S CO/THE 4.625% 10/15/27</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
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        <cusip>109696AA2</cusip>
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          <isin value="US109696AA22"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CROWN CORK &amp; S 7.375% 12/15/26</name>
        <lei>N/A</lei>
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        <name>CAESARS RESORT  5.25% 10/15/25</name>
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        <name>JOSEPH T RYERSON  11% 05/15/22</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PENN NATIONAL  5.625% 01/15/27</name>
        <lei>N/A</lei>
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        <cusip>707569AS8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>SIRIUS XM RADI 4.625% 07/15/24</name>
        <lei>N/A</lei>
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        <name>ENCOMPASS HEALTH 4.5% 02/01/28</name>
        <lei>549300FVRPM9DRQZRG64</lei>
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        <cusip>29261AAA8</cusip>
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        <name>N/A</name>
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        <name>TALEN ENERGY S 6.625% 01/15/28</name>
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        <name>N/A</name>
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        <name>HERC HOLDINGS IN 5.5% 07/15/27</name>
        <lei>549300TP80QLITMSBP82</lei>
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        <name>BLUE RACER MID 6.625% 07/15/26</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NOVA CHEMICALS COR 5% 05/01/25</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SCHWEITZER-MAU 6.875% 10/01/26</name>
        <lei>549300Z1FU4IDULG1R21</lei>
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        <cusip>808541AA4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SIRIUS XM RADIO  5.5% 07/01/29</name>
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        <cusip>82967NBC1</cusip>
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          <isin value="US82967NBC11"/>
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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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MEDICINES COMPA 2.75% 07/15/23</name>
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        <cusip>584688AG0</cusip>
        <identifiers>
          <isin value="US584688AG04"/>
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        <curCd>USD</curCd>
        <valUSD>206055.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>MEDICINES COMPANY</title>
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      <invstOrSec>
        <name>WHITING PETROL 6.625% 01/15/26</name>
        <lei>52990028CHK9KUB1B293</lei>
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        <cusip>966387BG6</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T/L DYNCORP INTERNA 0% 8/15/25</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="LOANX" value="LX181987"/>
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        <curCd>USD</curCd>
        <valUSD>117600.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>UNITED RENTALS N 6.5% 12/15/26</name>
        <lei>N/A</lei>
        <title>UNITED RENTALS NORTH AM REGD 6.50000000</title>
        <cusip>911365BK9</cusip>
        <identifiers>
          <isin value="US911365BK93"/>
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        <balance>221000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>240779.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>CHEMOURS CO 7% 05/15/25</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO REGD SER WI 7.00000000</title>
        <cusip>163851AD0</cusip>
        <identifiers>
          <isin value="US163851AD01"/>
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        <balance>265000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249762.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PLASTIPAK HOLDI 6.25% 10/15/25</name>
        <lei>N/A</lei>
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        <cusip>727610AN7</cusip>
        <identifiers>
          <isin value="US727610AN78"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53625.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-15</maturityDt>
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      <invstOrSec>
        <name>PROVIDENT FDG/ 6.375% 06/15/25</name>
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        <title>PROVIDENT FDG/PFG FIN REGD 144A P/P 6.37500000</title>
        <cusip>74387UAJ0</cusip>
        <identifiers>
          <isin value="US74387UAJ07"/>
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        <balance>237000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>230482.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JBS USA LUX/JBS 6.75% 02/15/28</name>
        <lei>N/A</lei>
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        <cusip>472141AA8</cusip>
        <identifiers>
          <isin value="US472141AA82"/>
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        <valUSD>233682.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>NATIONSTAR MORT/ 6.5% 07/01/21</name>
        <lei>N/A</lei>
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          <isin value="US63860UAK60"/>
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        <name>HORIZON PHARMA U 5.5% 08/01/27</name>
        <lei>N/A</lei>
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        <cusip>44055PAA4</cusip>
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          <isin value="US44055PAA49"/>
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        <name>ALBERTSONS COS/ 5.75% 03/15/25</name>
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        <cusip>013093AD1</cusip>
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          <isin value="US013093AD14"/>
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        <name>BEAZER HOMES U 5.875% 10/15/27</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>BEAZER HOMES USA REGD SER WI 5.87500000</title>
        <cusip>07556QBR5</cusip>
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          <isin value="US07556QBR56"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LEVEL 3 FINANC 4.625% 09/15/27</name>
        <lei>N/A</lei>
        <title>LEVEL 3 FINANCING INC REGD 144A P/P 4.62500000</title>
        <cusip>527298BN2</cusip>
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          <isin value="US527298BN21"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>110995.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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          <isin value="US37185LAK89"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VISTRA OPERATI 5.625% 02/15/27</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CENTURYLINK INC 6.45% 06/15/21</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
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        <cusip>156700AR7</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MDC PARTNERS INC 6.5% 05/01/24</name>
        <lei>529900SR4J92B5C43M74</lei>
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        <cusip>552697AQ7</cusip>
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        <curCd>USD</curCd>
        <valUSD>338985.00000000</valUSD>
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      <invstOrSec>
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        <name>TALEN ENERGY SU 7.25% 05/15/27</name>
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      <invstOrSec>
        <name>MEG ENERGY CORP 7% 03/31/24</name>
        <lei>5493002WXPTG5ZC1T326</lei>
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        <cusip>552704AC2</cusip>
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          <isin value="US552704AC21"/>
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        <balance>273000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>263445.00000000</valUSD>
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      <invstOrSec>
        <name>C&amp;S GROUP ENTE 5.375% 07/15/22</name>
        <lei>N/A</lei>
        <title>C&amp;S GROUP ENTERPRISES LL REGD 144A P/P 5.37500000</title>
        <cusip>12467AAD0</cusip>
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          <isin value="US12467AAD00"/>
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        <balance>140000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>141575.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-15</maturityDt>
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      <invstOrSec>
        <name>SUMMIT MATERIALS 6.5% 03/15/27</name>
        <lei>N/A</lei>
        <title>SUMMIT MATERIALS LLC/FIN REGD 144A P/P 6.50000000</title>
        <cusip>86614RAM9</cusip>
        <identifiers>
          <isin value="US86614RAM97"/>
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        <balance>168000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>179340.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <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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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30337.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>TAYLOR MORRISO 5.875% 06/15/27</name>
        <lei>N/A</lei>
        <title>TAYLOR MORRISON COMM REGD 144A P/P 5.87500000</title>
        <cusip>87724RAA0</cusip>
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          <isin value="US87724RAA05"/>
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        <balance>22000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24145.00000000</valUSD>
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        <name>USA COM PART/U 6.875% 09/01/27</name>
        <lei>N/A</lei>
        <title>USA COM PART/USA COM FIN REGD 144A P/P 6.87500000</title>
        <cusip>91740PAD0</cusip>
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          <isin value="US91740PAD06"/>
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        <valUSD>76405.00000000</valUSD>
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        <name>BOMBARDIER INC 6% 10/15/22</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
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        <cusip>097751BJ9</cusip>
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          <isin value="US097751BJ96"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>IRON MOUNTAIN  5.375% 06/01/26</name>
        <lei>N/A</lei>
        <title>IRON MOUNTAIN US HLDNGS REGD 144A P/P 5.37500000</title>
        <cusip>46289RAA3</cusip>
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          <isin value="US46289RAA32"/>
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        <curCd>USD</curCd>
        <valUSD>160425.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>FRONTIER COMMUNIC 11% 09/15/25</name>
        <lei>549300ZCZ76HYCS0H445</lei>
        <title>FRONTIER COMMUNICATIONS REGD SER WI 11.00000000</title>
        <cusip>35906AAZ1</cusip>
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          <isin value="US35906AAZ12"/>
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        <curCd>USD</curCd>
        <valUSD>34312.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SM ENERGY CO 6.75% 09/15/26</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM ENERGY CO REGD 6.75000000</title>
        <cusip>78454LAN0</cusip>
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          <isin value="US78454LAN01"/>
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        <balance>267000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>233625.00000000</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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        <name>GREIF INC 6.5% 03/01/27</name>
        <lei>54930070FVGKR0Z1FI24</lei>
        <title>GREIF INC REGD 144A P/P 6.50000000</title>
        <cusip>397624AH0</cusip>
        <identifiers>
          <isin value="US397624AH07"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>318150.00000000</valUSD>
        <pctVal>0.694934457757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GULFPORT ENERGY CO 6% 10/15/24</name>
        <lei>549300FJX18IDUFPHD40</lei>
        <title>GULFPORT ENERGY CORP REGD SER WI 6.00000000</title>
        <cusip>402635AH9</cusip>
        <identifiers>
          <isin value="US402635AH93"/>
        </identifiers>
        <balance>170000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>122969.50000000</valUSD>
        <pctVal>0.268602051872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CNO FINANCIAL G 5.25% 05/30/29</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
        <title>CNO FINANCIAL GROUP INC REGD 5.25000000</title>
        <cusip>12621EAL7</cusip>
        <identifiers>
          <isin value="US12621EAL74"/>
        </identifiers>
        <balance>136000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>148920.00000000</valUSD>
        <pctVal>0.325285681122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GFL ENVIRONMEN 5.375% 03/01/23</name>
        <lei>5493008HF9XC5H29ZX61</lei>
        <title>GFL ENVIRONMENTAL INC REGD 144A P/P 5.37500000</title>
        <cusip>36168QAD6</cusip>
        <identifiers>
          <isin value="US36168QAD60"/>
        </identifiers>
        <balance>156000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>157918.80000000</valUSD>
        <pctVal>0.344941743352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSC HOLDINGS L 5.375% 07/15/23</name>
        <lei>N/A</lei>
        <title>CSC HOLDINGS LLC REGD 144A P/P 5.37500000</title>
        <cusip>126307AT4</cusip>
        <identifiers>
          <isin value="US126307AT42"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>205250.00000000</valUSD>
        <pctVal>0.448327196148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHS/COMMUNITY H 6.25% 03/31/23</name>
        <lei>N/A</lei>
        <title>CHS/COMMUNITY HEALTH SYS REGD 6.25000000</title>
        <cusip>12543DAY6</cusip>
        <identifiers>
          <isin value="US12543DAY67"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49667.50000000</valUSD>
        <pctVal>0.108488628573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>T/L COMMSCOPE INC 0% 04/06/26</name>
        <lei>N/A</lei>
        <title>T/L COMMSCOPE INC REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOANX" value="LX178454"/>
        </identifiers>
        <balance>211000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>210646.58000000</valUSD>
        <pctVal>0.460114935881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENLINK MIDSTREA 5.05% 04/01/45</name>
        <lei>88CPW63VL7KHJWS0NY83</lei>
        <title>ENLINK MIDSTREAM PARTNER REGD 5.05000000</title>
        <cusip>29336UAD9</cusip>
        <identifiers>
          <isin value="US29336UAD90"/>
        </identifiers>
        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32000.00000000</valUSD>
        <pctVal>0.069897540934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISTAR INC 4.75% 10/01/24</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC REGD 4.75000000</title>
        <cusip>45031UCF6</cusip>
        <identifiers>
          <isin value="US45031UCF66"/>
        </identifiers>
        <balance>265000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>269658.70000000</valUSD>
        <pctVal>0.589015000672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPRINT CORP 7.25% 09/15/21</name>
        <lei>N/A</lei>
        <title>SPRINT CORP REGD SER WI 7.25000000</title>
        <cusip>85207UAE5</cusip>
        <identifiers>
          <isin value="US85207UAE55"/>
        </identifiers>
        <balance>205000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>218755.50000000</valUSD>
        <pctVal>0.477827234870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Pioneer Variable Contracts Trust /MA/</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>
