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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDX NA HY 27 V3 05.000 NA 12/20/2021 XJPM FIXED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR3STV48JPM"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>15855.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>JP MORGAN</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CDX NA HY 27 V3 </issuerName>
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                  <cusip value="N/A"/>
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            <swapFlag>Y</swapFlag>
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      </invstOrSec>
      <invstOrSec>
        <name>ARCHROCK PARTNE 6.25% 04/01/28</name>
        <lei>N/A</lei>
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        <cusip>03959KAC4</cusip>
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          <isin value="US03959KAC45"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>72800.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>QVC INC 4.75% 02/15/27</name>
        <lei>N/A</lei>
        <title>QVC INC REGD 4.75000000</title>
        <cusip>747262AY9</cusip>
        <identifiers>
          <isin value="US747262AY90"/>
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        <balance>140000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>135380.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTHWEST AIRLI 1.25% 05/01/25</name>
        <lei>N/A</lei>
        <title>SOUTHWEST AIRLINES CO REGD CONVERTIBLE 1.25000000</title>
        <cusip>844741BG2</cusip>
        <identifiers>
          <isin value="US844741BG22"/>
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        <balance>101000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>121304.13000000</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>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>SOUTHWEST AIRLINES CO</name>
              <title>SOUTHWEST AIRLINES CO</title>
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                <cusip value="844741108"/>
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          <currencyInfos>
            <currencyInfo convRatio="26.00000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CLEVELAND-CLIFF 6.75% 03/15/26</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS INC REGD 144A P/P 6.75000000</title>
        <cusip>185899AG6</cusip>
        <identifiers>
          <isin value="US185899AG62"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>308800.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TRANSOCEAN SEN 5.375% 05/15/23</name>
        <lei>N/A</lei>
        <title>TRANSOCEAN SENTRY LTD REGD P/P 5.37500000</title>
        <cusip>89385AAA3</cusip>
        <identifiers>
          <isin value="US89385AAA34"/>
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        <balance>271000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>228995.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ENLINK MIDSTREA 5.05% 04/01/45</name>
        <lei>N/A</lei>
        <title>ENLINK MIDSTREAM PARTNER REGD 5.05000000</title>
        <cusip>29336UAD9</cusip>
        <identifiers>
          <isin value="US29336UAD90"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24912.00000000</valUSD>
        <pctVal>0.060193930825</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>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WHITING PETROL 6.625% 01/15/26</name>
        <lei>N/A</lei>
        <title>WHITING PETROLEUM CORP REGD SER WI 0.00000000</title>
        <cusip>966387BG6</cusip>
        <identifiers>
          <isin value="US966387BG63"/>
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        <balance>232000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41180.00000000</valUSD>
        <pctVal>0.099501688801</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SCHWEITZER-MAU 6.875% 10/01/26</name>
        <lei>549300Z1FU4IDULG1R21</lei>
        <title>SCHWEITZER-MAUDUIT INTL REGD 144A P/P 6.87500000</title>
        <cusip>808541AA4</cusip>
        <identifiers>
          <isin value="US808541AA42"/>
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        <balance>185000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>189162.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COMMERCIAL MET 5.375% 07/15/27</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS CO REGD 5.37500000</title>
        <cusip>201723AL7</cusip>
        <identifiers>
          <isin value="US201723AL70"/>
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        <balance>55000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55687.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</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>TRICIDA INC 3.5% 05/15/27</name>
        <lei>N/A</lei>
        <title>TRICIDA INC REGD 144A P/P CONVERTIBLE 3.50000000</title>
        <cusip>89610FAA9</cusip>
        <identifiers>
          <isin value="US89610FAA93"/>
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        <balance>136000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>143635.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
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              <title>TRICIDA INC</title>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OLIN CORP 5% 02/01/30</name>
        <lei>549300GKK294V7W57P06</lei>
        <title>OLIN CORP REGD 5.00000000</title>
        <cusip>680665AK2</cusip>
        <identifiers>
          <isin value="US680665AK27"/>
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        <balance>134000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>118590.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>ASBURY AUTOMOTI 4.75% 03/01/30</name>
        <lei>549300JH4DTA7U42GL91</lei>
        <title>ASBURY AUTOMOTIVE GROUP REGD 144A P/P 4.75000000</title>
        <cusip>043436AT1</cusip>
        <identifiers>
          <isin value="US043436AT19"/>
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        <balance>67000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65325.00000000</valUSD>
        <pctVal>0.157842346307</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MPT OPER PARTN 4.625% 08/01/29</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSP/FINL REGD 4.62500000</title>
        <cusip>55342UAJ3</cusip>
        <identifiers>
          <isin value="US55342UAJ34"/>
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        <balance>146000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>146730.00000000</valUSD>
        <pctVal>0.354538193243</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <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>OPTION CARE HE WT EX 6/30/25</name>
        <lei>N/A</lei>
        <title>OPTION CARE HEALTH INC  WARRANTS EXP 6/30/25 0.00000000</title>
        <cusip>68404L110</cusip>
        <identifiers>
          <isin value="US68404L1109"/>
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        <balance>80.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>76.80000000</valUSD>
        <pctVal>0.000185568958</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>OPTION CARE HEALTH INC  </counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST QUANTUM M 7.25% 04/01/23</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>PBF HOLDING CO LLC 6% 02/15/28</name>
        <lei>N/A</lei>
        <title>PBF HOLDING CO LLC REGD 144A P/P 6.00000000</title>
        <cusip>69318FAH1</cusip>
        <identifiers>
          <isin value="US69318FAH10"/>
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        <curCd>USD</curCd>
        <valUSD>249000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENTERPRISE DEVELO 12% 07/15/24</name>
        <lei>N/A</lei>
        <title>ENTERPRISE DEVELOP AUTH REGD 144A P/P 12.00000000</title>
        <cusip>29390WAA4</cusip>
        <identifiers>
          <isin value="US29390WAA45"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>201000.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FRONTIER COMMUN 8.75% 04/15/22</name>
        <lei>549300ZCZ76HYCS0H445</lei>
        <title>FRONTIER COMMUNICATIONS REGD 0.00000000</title>
        <cusip>35906AAK4</cusip>
        <identifiers>
          <isin value="US35906AAK43"/>
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        <balance>451000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>147702.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BEAZER HOMES US 7.25% 10/15/29</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>BEAZER HOMES USA REGD SER WI 7.25000000</title>
        <cusip>07556QBT1</cusip>
        <identifiers>
          <isin value="US07556QBT13"/>
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        <balance>85000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82450.00000000</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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      <invstOrSec>
        <name>WORKIVA INC 1.125% 08/15/26</name>
        <lei>529900RTOQ8GRWHY1O58</lei>
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        <cusip>98139AAA3</cusip>
        <identifiers>
          <isin value="US98139AAA34"/>
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        <balance>135000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>123471.00000000</valUSD>
        <pctVal>0.298338344292</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>WORKIVA INC</title>
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          <currencyInfos>
            <currencyInfo convRatio="12.00000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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      <invstOrSec>
        <name>CF INDUSTRIES  5.375% 03/15/44</name>
        <lei>N/A</lei>
        <title>CF INDUSTRIES INC REGD 5.37500000</title>
        <cusip>12527GAE3</cusip>
        <identifiers>
          <isin value="US12527GAE35"/>
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        <balance>157000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>169764.10000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>VISTRA OPERATI 5.625% 02/15/27</name>
        <lei>N/A</lei>
        <title>VISTRA OPERATIONS CO LLC REGD 144A P/P 5.62500000</title>
        <cusip>92840VAB8</cusip>
        <identifiers>
          <isin value="US92840VAB80"/>
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        <balance>183000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>187822.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>WEST STREET ME 6.375% 09/01/25</name>
        <lei>N/A</lei>
        <title>WEST STREET MERGER SUB REGD 144A P/P 6.37500000</title>
        <cusip>95616AAA1</cusip>
        <identifiers>
          <isin value="US95616AAA16"/>
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        <balance>169000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>163507.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>MAXIM CRANE W 10.125% 08/01/24</name>
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        <title>MAXIM CRANE WORKS LLC REGD 144A P/P 10.12500000</title>
        <cusip>18911YAA3</cusip>
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      <invstOrSec>
        <name>IRON MOUNTAIN I 5.75% 08/15/24</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
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        <cusip>46284PAP9</cusip>
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          <isin value="US46284PAP99"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>201920.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SCIENTIFIC GAME 7.25% 11/15/29</name>
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        <title>SCIENTIFIC GAMES INTERNA REGD 144A P/P 7.25000000</title>
        <cusip>80874YBE9</cusip>
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          <isin value="US80874YBE95"/>
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        <curCd>USD</curCd>
        <valUSD>80000.00000000</valUSD>
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        <name>N/A</name>
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        <name>CLEARWAY ENERGY 4.75% 03/15/28</name>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY /PFD/CV</name>
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          <isin value="US9497468044"/>
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        <balance>95.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>123215.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NETFLIX INC 3.625% 06/15/25</name>
        <lei>N/A</lei>
        <title>NETFLIX INC REGD 144A P/P 3.62500000</title>
        <cusip>64110LAY2</cusip>
        <identifiers>
          <isin value="US64110LAY20"/>
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        <balance>110000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>110825.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STATION CASINOS  4.5% 02/15/28</name>
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        <name>CD&amp;R SMOKEY BUY 6.75% 07/15/25</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>T-MOBILE USA INC 6.5% 01/15/26</name>
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          <isin value="US87264AAP03"/>
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        <name>JELD-WEN INC 6.25% 05/15/25</name>
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      <invstOrSec>
        <name>T-MOBILE USA INC 6% 03/01/23</name>
        <lei>N/A</lei>
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          <isin value="US87264AAM71"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>T/L TEAM HEALTH 0% 02/06/24</name>
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          <other otherDesc="LOANX" value="LX156377"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>BAUSCH HEALTH CO 5.5% 11/01/25</name>
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          <isin value="US91911KAN28"/>
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        <fairValLevel>2</fairValLevel>
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        <name>BAUSCH HEALTH AM 8.5% 01/31/27</name>
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          <isin value="US91911XAW48"/>
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        <fairValLevel>2</fairValLevel>
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        <name>MACQUARIE INFRASTR 2% 10/01/23</name>
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          <isin value="US55608BAB18"/>
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        <name>ASHTEAD CAPITA 4.125% 08/15/25</name>
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        <name>SPECTRUM BRANDS 5.75% 07/15/25</name>
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          <isin value="US84762LAU98"/>
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        <name>VIKING CRUISES 5.875% 09/15/27</name>
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          <isin value="US92676XAD93"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CCO HLDGS LLC/ 5.125% 05/01/27</name>
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          <isin value="US1248EPBT92"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US TREAS NTS V/R 01/31/21</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY FLOATING RATE NOTE V/R 0.26505700</title>
        <cusip>9128285Y2</cusip>
        <identifiers>
          <isin value="US9128285Y20"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>500274.51000000</valUSD>
        <pctVal>1.208794526691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.26505700</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSC HOLDINGS LLC 7.5% 04/01/28</name>
        <lei>N/A</lei>
        <title>CSC HOLDINGS LLC REGD P/P 7.50000000</title>
        <cusip>126307AY3</cusip>
        <identifiers>
          <isin value="US126307AY37"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>218250.00000000</valUSD>
        <pctVal>0.527349285595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TALLGRASS NRG PRTN 6% 03/01/27</name>
        <lei>N/A</lei>
        <title>TALLGRASS NRG PRTNR/FIN REGD 144A P/P 6.00000000</title>
        <cusip>87470LAG6</cusip>
        <identifiers>
          <isin value="US87470LAG68"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88750.00000000</valUSD>
        <pctVal>0.214443294829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AVATION CAPITAL  6.5% 05/15/21</name>
        <lei>N/A</lei>
        <title>AVATION CAPITAL SA REGD 144A P/P MTN 6.50000000</title>
        <cusip>05351CAA5</cusip>
        <identifiers>
          <isin value="US05351CAA53"/>
        </identifiers>
        <balance>360000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>266400.00000000</valUSD>
        <pctVal>0.643692323861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZENDESK INC 0.625% 06/15/25</name>
        <lei>549300SLI6BN94BKKO36</lei>
        <title>ZENDESK INC REGD 144A P/P CONVERTIBLE 0.62500000</title>
        <cusip>98936JAC5</cusip>
        <identifiers>
          <isin value="US98936JAC53"/>
        </identifiers>
        <balance>108000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>115206.14000000</valUSD>
        <pctVal>0.278368273197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>ZENDESK INC </name>
              <title>ZENDESK INC </title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="N/A"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="9.00000000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENLINK MIDSTREAM 5.6% 04/01/44</name>
        <lei>N/A</lei>
        <title>ENLINK MIDSTREAM PARTNER REGD 5.60000000</title>
        <cusip>29336UAC1</cusip>
        <identifiers>
          <isin value="US29336UAC18"/>
        </identifiers>
        <balance>116000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70760.00000000</valUSD>
        <pctVal>0.170974732869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENDO DAC/FIN LLC/F 6% 06/30/28</name>
        <lei>N/A</lei>
        <title>ENDO DAC/FIN LLC/FINCO REGD 144A P/P 6.00000000</title>
        <cusip>29273DAC4</cusip>
        <identifiers>
          <isin value="US29273DAC48"/>
        </identifiers>
        <balance>105000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>67725.00000000</valUSD>
        <pctVal>0.163641376251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLIANCE DATA S 4.75% 12/15/24</name>
        <lei>N/A</lei>
        <title>ALLIANCE DATA SYSTEMS CO REGD 144A P/P 4.75000000</title>
        <cusip>018581AK4</cusip>
        <identifiers>
          <isin value="US018581AK47"/>
        </identifiers>
        <balance>145000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>130500.00000000</valUSD>
        <pctVal>0.315322253242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INSMED INC 1.75% 01/15/25</name>
        <lei>N/A</lei>
        <title>INSMED INC REGD CONVERTIBLE 1.75000000</title>
        <cusip>457669AA7</cusip>
        <identifiers>
          <isin value="US457669AA77"/>
        </identifiers>
        <balance>162000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>157443.75000000</valUSD>
        <pctVal>0.380425425356</pctVal>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>INSMED INC</name>
              <title>INSMED INC</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="457669307"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="26.00000000" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HYATT HOTELS C 5.375% 04/23/25</name>
        <lei>N/A</lei>
        <title>HYATT HOTELS CORP REGD 5.37500000</title>
        <cusip>448579AH5</cusip>
        <identifiers>
          <isin value="US448579AH52"/>
        </identifiers>
        <balance>95000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100667.65000000</valUSD>
        <pctVal>0.243239465338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</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>CENOVUS ENERGY  6.75% 11/15/39</name>
        <lei>N/A</lei>
        <title>CENOVUS ENERGY INC REGD 6.75000000</title>
        <cusip>15135UAF6</cusip>
        <identifiers>
          <isin value="US15135UAF66"/>
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        <balance>167000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>162601.68000000</valUSD>
        <pctVal>0.392888338074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>DEALER TIRE LLC/DT 8% 02/01/28</name>
        <lei>N/A</lei>
        <title>DEALER TIRE LLC/DT ISSR REGD 144A P/P 8.00000000</title>
        <cusip>24229JAA1</cusip>
        <identifiers>
          <isin value="US24229JAA16"/>
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        <balance>192000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>177840.00000000</valUSD>
        <pctVal>0.429708118902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</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>
        <name>DIAMOND SPORTS 6.625% 08/15/27</name>
        <lei>N/A</lei>
        <title>DIAMOND SPORTS GR/DIAMON REGD 144A P/P 6.62500000</title>
        <cusip>25277LAC0</cusip>
        <identifiers>
          <isin value="US25277LAC00"/>
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        <balance>352000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>187440.00000000</valUSD>
        <pctVal>0.452904238680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLIED UNIVERS 6.625% 07/15/26</name>
        <lei>N/A</lei>
        <title>ALLIED UNIVERSAL REGD 144A P/P 6.62500000</title>
        <cusip>019576AA5</cusip>
        <identifiers>
          <isin value="US019576AA51"/>
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        <balance>70000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>73500.00000000</valUSD>
        <pctVal>0.177595292056</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HYATT HOTELS C 4.375% 09/15/28</name>
        <lei>N/A</lei>
        <title>HYATT HOTELS CORP REGD 4.37500000</title>
        <cusip>448579AG7</cusip>
        <identifiers>
          <isin value="US448579AG79"/>
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        <balance>36000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36933.04000000</valUSD>
        <pctVal>0.089239918711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</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>CROWN CORK &amp; S 7.375% 12/15/26</name>
        <lei>N/A</lei>
        <title>CROWN CORK &amp; SEAL CO INC REGD 7.37500000</title>
        <cusip>228255AH8</cusip>
        <identifiers>
          <isin value="US228255AH83"/>
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        <balance>254000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>297180.00000000</valUSD>
        <pctVal>0.718064882902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      </invstOrSec>
      <invstOrSec>
        <name>AAG FH LP/AAG F 9.75% 07/15/24</name>
        <lei>N/A</lei>
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        <cusip>00033AAA6</cusip>
        <identifiers>
          <isin value="US00033AAA60"/>
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        <curCd>USD</curCd>
        <valUSD>140250.00000000</valUSD>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LIFEPOINT HEALT 6.75% 04/15/25</name>
        <lei>N/A</lei>
        <title>LIFEPOINT HEALTH INC REGD 144A P/P 6.75000000</title>
        <cusip>53219LAT6</cusip>
        <identifiers>
          <isin value="US53219LAT61"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67112.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRANSOCEAN INC 7.25% 11/01/25</name>
        <lei>N/A</lei>
        <title>TRANSOCEAN INC REGD 144A P/P 7.25000000</title>
        <cusip>893830BK4</cusip>
        <identifiers>
          <isin value="US893830BK41"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100825.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</maturityDt>
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      <invstOrSec>
        <name>CLEVELAND-CLIF 9.875% 10/17/25</name>
        <lei>549300TM2WLI2BJMDD86</lei>
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        <cusip>185899AJ0</cusip>
        <identifiers>
          <isin value="US185899AJ02"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15734.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HECLA MINING CO 7.25% 02/15/28</name>
        <lei>N/A</lei>
        <title>HECLA MINING CO REGD 7.25000000</title>
        <cusip>422704AH9</cusip>
        <identifiers>
          <isin value="US422704AH97"/>
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        <balance>130000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>131950.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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      <invstOrSec>
        <name>M/I HOMES INC 4.95% 02/01/28</name>
        <lei>5299005M71FH9CCSFB69</lei>
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        <cusip>55305BAS0</cusip>
        <identifiers>
          <isin value="US55305BAS07"/>
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        <balance>195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>193781.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BROOKFIELD RES 4.875% 02/15/30</name>
        <lei>N/A</lei>
        <title>BROOKFIELD RESID PROPERT REGD 144A P/P 4.87500000</title>
        <cusip>11283YAD2</cusip>
        <identifiers>
          <isin value="US11283YAD22"/>
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        <balance>55000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45958.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAYTEX ENERGY C 8.75% 04/01/27</name>
        <lei>N/A</lei>
        <title>BAYTEX ENERGY CORP REGD 144A P/P 8.75000000</title>
        <cusip>07317QAH8</cusip>
        <identifiers>
          <isin value="US07317QAH83"/>
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        <balance>271000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>143630.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BIG RIVER STEEL 7.25% 09/01/25</name>
        <lei>N/A</lei>
        <title>BIG RIVER STEEL/BRS FIN REGD 144A P/P 7.25000000</title>
        <cusip>08949LAA8</cusip>
        <identifiers>
          <isin value="US08949LAA89"/>
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        <balance>110000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>105050.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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      <invstOrSec>
        <name>COVANTA HOLDING CO 6% 01/01/27</name>
        <lei>40XIFLS8XDQGGHGPGC04</lei>
        <title>COVANTA HOLDING CORP REGD 6.00000000</title>
        <cusip>22282EAH5</cusip>
        <identifiers>
          <isin value="US22282EAH53"/>
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        <balance>330000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>334158.00000000</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>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>BOMBARDIER INC 7.5% 03/15/25</name>
        <lei>N/A</lei>
        <title>BOMBARDIER INC REGD P/P 7.50000000</title>
        <cusip>097751BM2</cusip>
        <identifiers>
          <isin value="US097751BM26"/>
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        <balance>99000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64607.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HILLENBRAND INC 5.75% 06/15/25</name>
        <lei>U246OE781574J2BUD366</lei>
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        <cusip>431571AD0</cusip>
        <identifiers>
          <isin value="US431571AD01"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62100.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>ABERCROMBIE &amp; F 8.75% 07/15/25</name>
        <lei>N/A</lei>
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        <cusip>003000AA4</cusip>
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          <isin value="US003000AA44"/>
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        <name>ALLIED UNIVERSA 9.75% 07/15/27</name>
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          <isin value="US019576AB35"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>REVANCE THERAPE 1.75% 02/15/27</name>
        <lei>N/A</lei>
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          <isin value="US761330AA71"/>
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        <curCd>USD</curCd>
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              <title>REVANCE THERAPEUTICS INC</title>
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      <invstOrSec>
        <name>JBS USA/FOOD/FIN 5.5% 01/15/30</name>
        <lei>N/A</lei>
        <title>JBS USA/FOOD/FINANCE REGD 144A P/P 5.50000000</title>
        <cusip>46590XAB2</cusip>
        <identifiers>
          <isin value="US46590XAB29"/>
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        <balance>138000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>141450.00000000</valUSD>
        <pctVal>0.341780327365</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>JAGUAR HL / PP 4.625% 06/15/25</name>
        <lei>N/A</lei>
        <title>JAGUAR HL / PPDI REGD 144A P/P 4.62500000</title>
        <cusip>47010LAB8</cusip>
        <identifiers>
          <isin value="US47010LAB80"/>
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        <balance>35000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <name>OLIN CORP 5.625% 08/01/29</name>
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        <name>BAUSCH HEALTH C 5.25% 01/30/30</name>
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        <valUSD>47437.50000000</valUSD>
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        <lei>Q2CCMS6R0AS67HJMBN42</lei>
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        <cusip>247361ZZ4</cusip>
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        <name>NATIONSTAR MTG 8.125% 07/15/23</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
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        <name>T/L SURGERY CENTER 0% 08/16/24</name>
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        <name>PRIME SECSRVC B 6.25% 01/15/28</name>
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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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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>259350.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SYNCREON GROUP WT EX 10/01/24</name>
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        <title>SYNCREON GROUP WARRANTS EXP 10/01/2024 0.00000000</title>
        <cusip>N/A</cusip>
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          <other otherDesc="INTERNAL" value="334V0M"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>GOLDEN NUGGET I 8.75% 10/01/25</name>
        <lei>N/A</lei>
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        <cusip>38113YAC3</cusip>
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          <isin value="US38113YAC30"/>
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        <name>PBF HOLDING CO  9.25% 05/15/25</name>
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        <cusip>69318FAK4</cusip>
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          <isin value="US69318FAK49"/>
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        <name>SCIENTIFIC GAME 8.25% 03/15/26</name>
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        <cusip>80874YBA7</cusip>
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          <isin value="US80874YBA73"/>
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        <fairValLevel>2</fairValLevel>
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        <name>BEACON ROOFING 4.875% 11/01/25</name>
        <lei>549300HDXQWWCBOYXP31</lei>
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        <cusip>073685AD1</cusip>
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          <isin value="US073685AD12"/>
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        <name>HILTON DOMESTI 5.375% 05/01/25</name>
        <lei>N/A</lei>
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          <isin value="US432833AG67"/>
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        <name>PRIME SECSRVC B 5.75% 04/15/26</name>
        <lei>N/A</lei>
        <title>PRIME SECSRVC BRW/FINANC REGD 144A P/P 5.75000000</title>
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          <isin value="US74166MAC01"/>
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        <name>FORD MOTOR CRE 4.134% 08/04/25</name>
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          <isin value="US345397XL24"/>
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      <invstOrSec>
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        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <issuerCat>CORP</issuerCat>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIONSTAR MTG HLD 6% 01/15/27</name>
        <lei>N/A</lei>
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        <cusip>63861CAA7</cusip>
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          <isin value="US63861CAA71"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28500.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DELTA AIR LINES 3.75% 10/28/29</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>DELTA AIR LINES INC REGD 3.75000000</title>
        <cusip>247361ZT8</cusip>
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          <isin value="US247361ZT81"/>
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        <balance>269000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>215246.34000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITI GRP/UNIT 7.875% 02/15/25</name>
        <lei>N/A</lei>
        <title>UNITI GRP/UNITI HLD/CSL REGD 144A P/P 7.87500000</title>
        <cusip>91327AAA0</cusip>
        <identifiers>
          <isin value="US91327AAA07"/>
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        <balance>93000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T/L REGIONALCARE H 0% 11/16/25</name>
        <lei>N/A</lei>
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        <cusip>75915TAD4</cusip>
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          <isin value="US75915TAD46"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-16</maturityDt>
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      <invstOrSec>
        <name>US RENAL CARE 10.625% 07/15/27</name>
        <lei>N/A</lei>
        <title>US RENAL CARE INC REGD 144A P/P 10.62500000</title>
        <cusip>07335BAA4</cusip>
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          <isin value="US07335BAA44"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EXPEDIA GROUP I 6.25% 05/01/25</name>
        <lei>N/A</lei>
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        <cusip>30212PAS4</cusip>
        <identifiers>
          <isin value="US30212PAS48"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ISTAR INC 4.75% 10/01/24</name>
        <lei>N/A</lei>
        <title>ISTAR INC REGD 4.75000000</title>
        <cusip>45031UCF6</cusip>
        <identifiers>
          <isin value="US45031UCF66"/>
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        <balance>195000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-01</maturityDt>
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      <invstOrSec>
        <name>GFL ENVIRONMENTA 8.5% 05/01/27</name>
        <lei>N/A</lei>
        <title>GFL ENVIRONMENTAL INC REGD 144A P/P 8.50000000</title>
        <cusip>36168QAE4</cusip>
        <identifiers>
          <isin value="US36168QAE44"/>
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        <balance>120000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>WOLVERINE WORL 6.375% 05/15/25</name>
        <lei>549300OVC7PK14LQ8D87</lei>
        <title>WOLVERINE WORLD WIDE REGD 144A P/P 6.37500000</title>
        <cusip>978097AF0</cusip>
        <identifiers>
          <isin value="US978097AF04"/>
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        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>78562.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CARDTRONICS INC 1% 12/01/20</name>
        <lei>N/A</lei>
        <title>CARDTRONICS INC REGD SER CATM CONVERTIBLE 1.00000000</title>
        <cusip>14161HAG3</cusip>
        <identifiers>
          <isin value="US14161HAG39"/>
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        <balance>158000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>155827.50000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <title>CARDTRONICS PLC - A</title>
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      <invstOrSec>
        <name>INDIGO NATURAL 6.875% 02/15/26</name>
        <lei>549300F7DOI6H6TA3C86</lei>
        <title>INDIGO NATURAL RES LLC REGD 144A P/P 6.87500000</title>
        <cusip>45569LAA9</cusip>
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          <isin value="US45569LAA98"/>
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        <balance>296000.00000000</balance>
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      <invstOrSec>
        <name>MARRIOTT INTER 4.625% 06/15/30</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>MARRIOTT INTERNATIONAL REGD 4.62500000</title>
        <cusip>571903BE2</cusip>
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          <isin value="US571903BE27"/>
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        <balance>55000.00000000</balance>
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      <invstOrSec>
        <name>LAMAR MEDIA COR 3.75% 02/15/28</name>
        <lei>N/A</lei>
        <title>LAMAR MEDIA CORP REGD 144A P/P 3.75000000</title>
        <cusip>513075BQ3</cusip>
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          <isin value="US513075BQ35"/>
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        <valUSD>47140.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSC HOLDINGS L 5.375% 02/01/28</name>
        <lei>N/A</lei>
        <title>CSC HOLDINGS LLC REGD 144A P/P 5.37500000</title>
        <cusip>126307AS6</cusip>
        <identifiers>
          <isin value="US126307AS68"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>209000.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TEVA PHARMACEUTI 2.8% 07/21/23</name>
        <lei>N/A</lei>
        <title>TEVA PHARMACEUTICALS NE REGD 2.80000000</title>
        <cusip>88167AAD3</cusip>
        <identifiers>
          <isin value="US88167AAD37"/>
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        <balance>456000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>430777.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-21</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LORENZ RE 2018 0.0% 07/01/21</name>
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        <title>LORENZ RE 2018 REGD ZCP        /BNR3Y35Y1/ 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR3Y35Y1"/>
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        <curCd>USD</curCd>
        <valUSD>2185.00000000</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>
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      <invstOrSec>
        <name>DCP MIDSTREAM  5.375% 07/15/25</name>
        <lei>N/A</lei>
        <title>DCP MIDSTREAM OPERATING REGD 5.37500000</title>
        <cusip>23311VAG2</cusip>
        <identifiers>
          <isin value="US23311VAG23"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>198500.00000000</valUSD>
        <pctVal>0.479628101676</pctVal>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WESCO DISTRIBU 7.125% 06/15/25</name>
        <lei>N/A</lei>
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          <isin value="US95081QAN43"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SPRINT CORP 7.125% 06/15/24</name>
        <lei>N/A</lei>
        <title>SPRINT CORP REGD SER WI 7.12500000</title>
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          <isin value="US85207UAH86"/>
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        <curCd>USD</curCd>
        <valUSD>347775.12000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HERC HOLDINGS IN 5.5% 07/15/27</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HERC HOLDINGS INC REGD 144A P/P 5.50000000</title>
        <cusip>42704LAA2</cusip>
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          <isin value="US42704LAA26"/>
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        <balance>36000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELDORADO RESORTS I 6% 09/15/26</name>
        <lei>N/A</lei>
        <title>ELDORADO RESORTS INC REGD 6.00000000</title>
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          <isin value="US28470RAG74"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>STANDARD INDUS 4.375% 07/15/30</name>
        <lei>N/A</lei>
        <title>STANDARD INDUSTRIES INC REGD 144A P/P 4.37500000</title>
        <cusip>853496AG2</cusip>
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          <isin value="US853496AG21"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44887.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>N/A</name>
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        <title>CDS US165167CF27 05.000 SP 06/20/2022 GSINT LONG</title>
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          <other otherDesc="CLIENT ID" value="BNR3FNDU7"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>GOLDMAN SACHS</counterpartyName>
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                <issuerName>CHESAPEAKE ENE 6.625% 08/15/20</issuerName>
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      <invstOrSec>
        <name>ENDEAVOR ENERG 6.625% 07/15/25</name>
        <lei>N/A</lei>
        <title>ENDEAVOR ENERGY RESOURCE REGD 144A P/P 6.62500000</title>
        <cusip>29260FAF7</cusip>
        <identifiers>
          <isin value="US29260FAF71"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OPTION CARE HEALTH INC WT EXP 6/30/25</name>
        <lei>N/A</lei>
        <title>OPTION CARE HEALTH INC WARRANTS EXP 6/30/25 0.00000000</title>
        <cusip>68404L128</cusip>
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          <isin value="US68404L1281"/>
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        <curCd>USD</curCd>
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        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>VIKING CRUISES  6.25% 05/15/25</name>
        <lei>N/A</lei>
        <title>VIKING CRUISES LTD REGD P/P 6.25000000</title>
        <cusip>92676XAC1</cusip>
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          <isin value="US92676XAC11"/>
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        <valUSD>133950.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SPECTRUM BRANDS  5.5% 07/15/30</name>
        <lei>N/A</lei>
        <title>SPECTRUM BRANDS INC REGD 144A P/P 5.50000000</title>
        <cusip>84762LAW5</cusip>
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          <isin value="US84762LAW54"/>
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        <curCd>USD</curCd>
        <valUSD>105131.25000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ARCHROCK PARTN 6.875% 04/01/27</name>
        <lei>N/A</lei>
        <title>ARCHROCK PARTNERS LP/FIN REGD 144A P/P 6.87500000</title>
        <cusip>03959KAA8</cusip>
        <identifiers>
          <isin value="US03959KAA88"/>
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        <curCd>USD</curCd>
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        <name>GLOBAL PART/GLP FI 7% 08/01/27</name>
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        <name>PARKLAND CORP 5.875% 07/15/27</name>
        <lei>549300Q72GWZCL8MQC95</lei>
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        <cusip>70137TAP0</cusip>
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          <isin value="US70137TAP03"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EXTERRAN NRG S 8.125% 05/01/25</name>
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      <invstOrSec>
        <name>SHELF DRILL HOL 8.25% 02/15/25</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PALO ALTO NETWO 0.75% 07/01/23</name>
        <lei>N/A</lei>
        <title>PALO ALTO NETWORKS REGD CONVERTIBLE 0.75000000</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MDC PARTNERS INC 6.5% 05/01/24</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IRB HOLDING CORP 7% 06/15/25</name>
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          <isin value="US44988MAC91"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ASBURY AUTOMOTIV 4.5% 03/01/28</name>
        <lei>549300JH4DTA7U42GL91</lei>
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        <cusip>043436AS3</cusip>
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          <isin value="US043436AS36"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELDORADO RESORTS I 6% 04/01/25</name>
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          <isin value="US28470RAF91"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SEACOR HOLDINGS IN 3% 11/15/28</name>
        <lei>549300IQTYSR1SC4II14</lei>
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        <cusip>81170YAB5</cusip>
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          <isin value="US81170YAB56"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>SEACOR HOLDINGS INC</title>
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      <invstOrSec>
        <name>GARTNER INC 4.5% 07/01/28</name>
        <lei>PP55B5R38BFB8O8HH686</lei>
        <title>GARTNER INC REGD 144A P/P 4.50000000</title>
        <cusip>366651AC1</cusip>
        <identifiers>
          <isin value="US366651AC11"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>ROYAL CARIBBEA 9.125% 06/15/23</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>ROYAL CARIBBEAN CRUISES REGD 144A P/P 9.12500000</title>
        <cusip>780153BC5</cusip>
        <identifiers>
          <isin value="US780153BC56"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29737.28000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NOVELIS CORP 5.875% 09/30/26</name>
        <lei>N/A</lei>
        <title>NOVELIS CORP REGD 144A P/P 5.87500000</title>
        <cusip>670001AC0</cusip>
        <identifiers>
          <isin value="US670001AC05"/>
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        <balance>92000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>91885.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-30</maturityDt>
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      <invstOrSec>
        <name>HESS MIDSTREAM 5.625% 02/15/26</name>
        <lei>N/A</lei>
        <title>HESS MIDSTREAM OPERATION REGD 144A P/P 5.62500000</title>
        <cusip>428102AC1</cusip>
        <identifiers>
          <isin value="US428102AC14"/>
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        <balance>167000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>165244.83000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NOVELIS CORP 4.75% 01/30/30</name>
        <lei>N/A</lei>
        <title>NOVELIS CORP REGD 144A P/P 4.75000000</title>
        <cusip>670001AE6</cusip>
        <identifiers>
          <isin value="US670001AE60"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>124150.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JAGUAR HL / PPDI 5% 06/15/28</name>
        <lei>N/A</lei>
        <title>JAGUAR HL / PPDI REGD 144A P/P 5.00000000</title>
        <cusip>47010LAA0</cusip>
        <identifiers>
          <isin value="US47010LAA08"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56306.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KOPPERS INC 6% 02/15/25</name>
        <lei>N/A</lei>
        <title>KOPPERS INC REGD 144A P/P 6.00000000</title>
        <cusip>500605AH3</cusip>
        <identifiers>
          <isin value="US500605AH33"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>ROYAL CARIBBEAN 4.25% 06/15/23</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>ROYAL CARIBBEAN CRUISES REGD 144A P/P CONVERTIBLE 4.25000000</title>
        <cusip>780153BA9</cusip>
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          <isin value="US780153BA90"/>
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        <balance>60000.00000000</balance>
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        <valUSD>55800.00000000</valUSD>
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        <invCountry>US</invCountry>
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              <title>ROYAL CARIBBEAN CRUISES </title>
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      <invstOrSec>
        <name>GRAY TELEVISIO 5.875% 07/15/26</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GRAY TELEVISION INC REGD 144A P/P 5.87500000</title>
        <cusip>389375AJ5</cusip>
        <identifiers>
          <isin value="US389375AJ52"/>
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        <balance>106000.00000000</balance>
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        <valUSD>105509.22000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENERGIZER HOLDI 4.75% 06/15/28</name>
        <lei>5493000D6NN0V57UME20</lei>
        <title>ENERGIZER HOLDINGS INC REGD 144A P/P 4.75000000</title>
        <cusip>29272WAC3</cusip>
        <identifiers>
          <isin value="US29272WAC38"/>
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        <balance>112000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>109868.64000000</valUSD>
        <pctVal>0.265471472226</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ISTAR INC 4.25% 08/01/25</name>
        <lei>N/A</lei>
        <title>ISTAR INC REGD 4.25000000</title>
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          <isin value="US45031UCG40"/>
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        <curCd>USD</curCd>
        <valUSD>95025.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KB HOME 6.875% 06/15/27</name>
        <lei>549300LGUCWQURMWLG09</lei>
        <title>KB HOME REGD 6.87500000</title>
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          <isin value="US48666KAX72"/>
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        <curCd>USD</curCd>
        <valUSD>334630.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>XPO LOGISTICS I 6.25% 05/01/25</name>
        <lei>N/A</lei>
        <title>XPO LOGISTICS INC REGD 144A P/P 6.25000000</title>
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          <isin value="US983793AH33"/>
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        <curCd>USD</curCd>
        <valUSD>204262.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOTHEBY'S 7.375% 10/15/27</name>
        <lei>N/A</lei>
        <title>SOTHEBY'S REGD 144A P/P 7.37500000</title>
        <cusip>835898AH0</cusip>
        <identifiers>
          <isin value="US835898AH05"/>
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        <balance>280000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>264600.00000000</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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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDS US165167CF27 05.000 SP 06/20/2022 GSINT LONG</title>
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          <other otherDesc="CLIENT ID" value="BNR3FNDL7"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-32642.21000000</valUSD>
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        <assetCat>DCR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>GOLDMAN SACHS</counterpartyName>
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                <issuerName>CHESAPEAKE ENE 6.625% 08/15/20</issuerName>
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      <invstOrSec>
        <name>WESTERN DIGITAL 4.75% 02/15/26</name>
        <lei>N/A</lei>
        <title>WESTERN DIGITAL CORP REGD 4.75000000</title>
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          <isin value="US958102AM75"/>
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        <balance>185000.00000000</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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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>STANDARD INDUS 5.375% 11/15/24</name>
        <lei>N/A</lei>
        <title>STANDARD INDUSTRIES INC REGD P/P 5.37500000</title>
        <cusip>120111BM0</cusip>
        <identifiers>
          <isin value="US120111BM05"/>
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        <balance>190000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>195225.00000000</valUSD>
        <pctVal>0.471714842064</pctVal>
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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>BUILDERS FIRSTS 6.75% 06/01/27</name>
        <lei>N/A</lei>
        <title>BUILDERS FIRSTSOURCE INC REGD 144A P/P 6.75000000</title>
        <cusip>12008RAM9</cusip>
        <identifiers>
          <isin value="US12008RAM97"/>
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        <balance>158000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>161752.50000000</valUSD>
        <pctVal>0.390836496304</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NEPTUNE ENERGY 6.625% 05/15/25</name>
        <lei>N/A</lei>
        <title>NEPTUNE ENERGY BONDCO REGD 144A P/P 6.62500000</title>
        <cusip>64073KAA1</cusip>
        <identifiers>
          <isin value="US64073KAA16"/>
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        <balance>219000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>190530.00000000</valUSD>
        <pctVal>0.460370489734</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>LAMAR MEDIA CORP 4% 02/15/30</name>
        <lei>N/A</lei>
        <title>LAMAR MEDIA CORP REGD 144A P/P 4.00000000</title>
        <cusip>513075BS9</cusip>
        <identifiers>
          <isin value="US513075BS90"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28716.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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      <invstOrSec>
        <name>NCR CORP 8.125% 04/15/25</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR CORP REGD 144A P/P 8.12500000</title>
        <cusip>62886EAX6</cusip>
        <identifiers>
          <isin value="US62886EAX67"/>
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        <curCd>USD</curCd>
        <valUSD>21200.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T/L DYNCORP INTERNA 0% 8/18/25</name>
        <lei>N/A</lei>
        <title>T/L DYNCORP INTERNATIONAL INC. ZCP REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOANX" value="LX181987"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>BAUSCH HEALTH COS  5% 01/30/28</name>
        <lei>N/A</lei>
        <title>BAUSCH HEALTH COS INC REGD 144A P/P 5.00000000</title>
        <cusip>071734AH0</cusip>
        <identifiers>
          <isin value="US071734AH05"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70611.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <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>
        <identifiers>
          <isin value="US46289RAA32"/>
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        <balance>155000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>155775.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>INTEGRA LIFESCIE 0.5% 08/15/25</name>
        <lei>WB7IJCYY8YFTENS4O147</lei>
        <title>INTEGRA LIFESCIENCES HLD REGD 144A P/P CONVERTIBLE 0.50000000</title>
        <cusip>457985AL3</cusip>
        <identifiers>
          <isin value="US457985AL30"/>
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        <balance>120000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>109088.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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              <title>INTEGRA LIFESCIENCES HOLDING</title>
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      <invstOrSec>
        <name>TEVA PHARM FIN  0.25% 02/01/26</name>
        <lei>N/A</lei>
        <title>TEVA PHARM FIN CO LLC REGD SER C CONVERTIBLE 0.25000000</title>
        <cusip>88163VAE9</cusip>
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          <isin value="US88163VAE92"/>
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        <balance>117000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>113303.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
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              <title>TEVA PHARMACEUTICAL-SP ADR</title>
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      <invstOrSec>
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        <lei>5493000D6NN0V57UME20</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DISH NETWORK C 3.375% 08/15/26</name>
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        <title>DISH NETWORK CORP REGD CONVERTIBLE 3.37500000</title>
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          <isin value="US25470MAB54"/>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
              <name>DISH NETWORK CORP-A</name>
              <title>DISH NETWORK CORP-A</title>
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      <invstOrSec>
        <name>CENTENE CORP 4.75% 01/15/25</name>
        <lei>N/A</lei>
        <title>CENTENE CORP REGD SER * 4.75000000</title>
        <cusip>15135BAP6</cusip>
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          <isin value="US15135BAP67"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SUNCOKE ENRGY PA 7.5% 06/15/25</name>
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        <cusip>86723CAF5</cusip>
        <identifiers>
          <isin value="US86723CAF59"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>338080.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATIONSTAR MTG 9.125% 07/15/26</name>
        <lei>N/A</lei>
        <title>NATIONSTAR MTG HLD INC REGD 144A P/P 9.12500000</title>
        <cusip>93369KAB1</cusip>
        <identifiers>
          <isin value="US93369KAB17"/>
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        <balance>254000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>268444.98000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
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      <invstOrSec>
        <name>FTS INTERNATION 6.25% 05/01/22</name>
        <lei>549300LIZ1UTOOLOZV47</lei>
        <title>FTS INTERNATIONAL INC REGD 6.25000000</title>
        <cusip>30283WAB0</cusip>
        <identifiers>
          <isin value="US30283WAB00"/>
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        <balance>296000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>94720.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>BOMBARDIER INC 7.875% 04/15/27</name>
        <lei>N/A</lei>
        <title>BOMBARDIER INC REGD 144A P/P 7.87500000</title>
        <cusip>097751BT7</cusip>
        <identifiers>
          <isin value="US097751BT78"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32750.00000000</valUSD>
        <pctVal>0.079132596120</pctVal>
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        <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>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRANSOCEAN INC 8% 02/01/27</name>
        <lei>N/A</lei>
        <title>TRANSOCEAN INC REGD 144A P/P 8.00000000</title>
        <cusip>893830BL2</cusip>
        <identifiers>
          <isin value="US893830BL24"/>
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        <balance>37000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20419.38000000</valUSD>
        <pctVal>0.049338581696</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>AKAMAI TECHNOL 0.125% 05/01/25</name>
        <lei>OC1LZNN2LF5WTJ5RIL89</lei>
        <title>AKAMAI TECHNOLOGIES INC REGD CONVERTIBLE 0.12500000</title>
        <cusip>00971TAJ0</cusip>
        <identifiers>
          <isin value="US00971TAJ07"/>
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        <balance>103000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>128266.13000000</valUSD>
        <pctVal>0.309924636983</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>AKAMAI TECHNOLOGIES INC</title>
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          <currencyInfos>
            <currencyInfo convRatio="11.00000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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      <invstOrSec>
        <name>MILEAGE PLUS HLD 6.5% 06/20/27</name>
        <lei>N/A</lei>
        <title>MILEAGE PLUS HLDINGS LLC REGD 144A P/P 6.50000000</title>
        <cusip>599191AA1</cusip>
        <identifiers>
          <isin value="US599191AA16"/>
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        <balance>165000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>165412.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>HYATT HOTELS CO 5.75% 04/23/30</name>
        <lei>N/A</lei>
        <title>HYATT HOTELS CORP REGD 5.75000000</title>
        <cusip>448579AJ1</cusip>
        <identifiers>
          <isin value="US448579AJ19"/>
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        <balance>45000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49478.41000000</valUSD>
        <pctVal>0.119552825502</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MEG ENERGY CORP 6.5% 01/15/25</name>
        <lei>5493002WXPTG5ZC1T326</lei>
        <title>MEG ENERGY CORP REGD 144A P/P 6.50000000</title>
        <cusip>552704AD0</cusip>
        <identifiers>
          <isin value="US552704AD04"/>
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        <balance>42000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39191.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>BARCLAYS PLC V/R /PERP/</name>
        <lei>N/A</lei>
        <title>BARCLAYS PLC REGD V/R /PERP/ 7.75000000</title>
        <cusip>06738EBA2</cusip>
        <identifiers>
          <isin value="US06738EBA29"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>406500.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-12-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>T/L BUILDERS FIRST 0% 02/29/24</name>
        <lei>N/A</lei>
        <title>T/L BUILDERS FIRSTSOURCE INC   REGD 0.00000000</title>
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          <other otherDesc="LOANX" value="LX159595"/>
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        <curCd>USD</curCd>
        <valUSD>14248.21000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-02-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>ASHTEAD CAPITAL 4.25% 11/01/29</name>
        <lei>N/A</lei>
        <title>ASHTEAD CAPITAL INC REGD 144A P/P 4.25000000</title>
        <cusip>045054AL7</cusip>
        <identifiers>
          <isin value="US045054AL70"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20000.00000000</valUSD>
        <pctVal>0.048325249539</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ADIENT US LLC 9% 04/15/25</name>
        <lei>N/A</lei>
        <title>ADIENT US LLC REGD 144A P/P 9.00000000</title>
        <cusip>00688JAB3</cusip>
        <identifiers>
          <isin value="US00688JAB35"/>
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        <balance>55000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59246.00000000</valUSD>
        <pctVal>0.143153886709</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>TRI POINTE GROUP 5.7% 06/15/28</name>
        <lei>N/A</lei>
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          <isin value="US87265HAG48"/>
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        <fairValLevel>2</fairValLevel>
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        <name>US T BILL ZCP 08/13/20</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DYCOM INDUSTRIE 0.75% 09/15/21</name>
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            <dbtSecRefInstrument>
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        <name>RACKSPACE HOST 8.625% 11/15/24</name>
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      <invstOrSec>
        <name>STANDARD INDUSTRIE 5% 02/15/27</name>
        <lei>N/A</lei>
        <title>STANDARD INDUSTRIES INC REGD 144A P/P 5.00000000</title>
        <cusip>853496AC1</cusip>
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        <name>SCIENTIFIC GAMES I 7% 05/15/28</name>
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          <isin value="US80874YBC30"/>
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      <invstOrSec>
        <name>FREEDOM MORTGAG 8.25% 04/15/25</name>
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        <cusip>35640YAB3</cusip>
        <identifiers>
          <isin value="US35640YAB39"/>
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        <balance>152000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150480.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CLEARWAY ENERGY 5.75% 10/15/25</name>
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        <cusip>18539UAB1</cusip>
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          <isin value="US18539UAB17"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BRINK'S CO/THE 5.5% 07/15/25</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
        <title>BRINK'S CO/THE REGD 144A P/P 5.50000000</title>
        <cusip>109696AB0</cusip>
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        <name>COEUR MINING I 5.875% 06/01/24</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>COEUR MINING INC REGD 5.87500000</title>
        <cusip>192108BB3</cusip>
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        <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>
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        <name>BOYD GAMING CO 8.625% 06/01/25</name>
        <lei>N/A</lei>
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        <name>GENERAL MOTORS C 5.4% 10/02/23</name>
        <lei>54930070NSV60J38I987</lei>
        <title>GENERAL MOTORS CO REGD 5.40000000</title>
        <cusip>37045VAW0</cusip>
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        <name>DCP MIDSTREAM  3.875% 03/15/23</name>
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          <isin value="US23311VAD91"/>
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        <name>BACM 2007-4 H V/R 02/10/51</name>
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        <name>GARDA WORLD SECU 9.5% 11/01/27</name>
        <lei>N/A</lei>
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        <invCountry>CA</invCountry>
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        <name>PIONEER ILS INTERVAL FUND</name>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>BAUSCH HEALTH C 7.25% 05/30/29</name>
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        <name>DELL INT LLC / E 6.2% 07/15/30</name>
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        <name>EXPEDIA GROUP INC 7% 05/01/25</name>
        <lei>N/A</lei>
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          <isin value="US30212PAU93"/>
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        <name>N/A</name>
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        <title>CDX 2I65BRLR9 05.000 BP 12/20/2023 JPMSGB2LXXX FIXED</title>
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        <name>VISTAJET MALTA/ 10.5% 06/01/24</name>
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        <name>NETFLIX INC 5.375% 11/15/29</name>
        <lei>N/A</lei>
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        <name>BUILDERS FIRSTSOUR 5% 03/01/30</name>
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        <name>BAUSCH HEALTH COS  7% 01/15/28</name>
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      <invstOrSec>
        <name>SPRINGLEAF FIN 8.875% 06/01/25</name>
        <lei>N/A</lei>
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          <isin value="US85172FAS83"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENLINK MIDSTRE 5.375% 06/01/29</name>
        <lei>N/A</lei>
        <title>ENLINK MIDSTREAM LLC REGD 5.37500000</title>
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          <isin value="US29336TAA88"/>
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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>EDGEWELL PERSONA 5.5% 06/01/28</name>
        <lei>N/A</lei>
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          <isin value="US28035QAA04"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JBS USA/FOOD/FIN 6.5% 04/15/29</name>
        <lei>N/A</lei>
        <title>JBS USA/FOOD/FINANCE REGD 144A P/P 6.50000000</title>
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          <isin value="US46590XAA46"/>
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        <valUSD>68981.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AMERICAN AXLE &amp; 6.25% 03/15/26</name>
        <lei>N/A</lei>
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          <isin value="US02406PAY60"/>
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        <curCd>USD</curCd>
        <valUSD>392700.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
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      <invstOrSec>
        <name>CITIGROUP INC V/R /PERP/</name>
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          <isin value="US172967MK42"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>T/L SPECTACLE 0% 12/23/25</name>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOANX" value="LX183154"/>
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        <curCd>USD</curCd>
        <valUSD>200322.00000000</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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      <invstOrSec>
        <name>CSC HOLDINGS LLC 5.5% 05/15/26</name>
        <lei>N/A</lei>
        <title>CSC HOLDINGS LLC REGD 144A P/P 5.50000000</title>
        <cusip>126307AU1</cusip>
        <identifiers>
          <isin value="US126307AU15"/>
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        <balance>208000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>213484.96000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SUMMIT MATERIA 5.125% 06/01/25</name>
        <lei>N/A</lei>
        <title>SUMMIT MATERIALS LLC/FIN REGD 144A P/P 5.12500000</title>
        <cusip>86614RAL1</cusip>
        <identifiers>
          <isin value="US86614RAL15"/>
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        <curCd>USD</curCd>
        <valUSD>200462.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MOLINA HEALTHC 4.375% 06/15/28</name>
        <lei>549300NQQCEQ46YHZ591</lei>
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        <cusip>60855RAJ9</cusip>
        <identifiers>
          <isin value="US60855RAJ95"/>
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        <curCd>USD</curCd>
        <valUSD>44943.75000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STAPLES INC 7.5% 04/15/26</name>
        <lei>N/A</lei>
        <title>STAPLES INC REGD 144A P/P 7.50000000</title>
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          <isin value="US855030AN20"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>FAGE INTL / FA 5.625% 08/15/26</name>
        <lei>N/A</lei>
        <title>FAGE INTL / FAGE  USA REGD P/P 5.62500000</title>
        <cusip>30257WAA4</cusip>
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          <isin value="US30257WAA45"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CLEAR CHANNEL W 9.25% 02/15/24</name>
        <lei>N/A</lei>
        <title>CLEAR CHANNEL WORLDWIDE REGD SER WI 9.25000000</title>
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          <isin value="US18451QAP37"/>
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        <name>NETFLIX INC 4.875% 04/15/28</name>
        <lei>N/A</lei>
        <title>NETFLIX INC REGD 4.87500000</title>
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        <name>T/L DIAMOND SPORTS 0% 8/24/26</name>
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        <name>UNITED RENTALS 3.875% 11/15/27</name>
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        <title>UNITED RENTALS NORTH AM REGD 3.87500000</title>
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        <name>USA COM PART/U 6.875% 09/01/27</name>
        <lei>N/A</lei>
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            <dbtSecRefInstrument>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T/L SPECTACLE 0% 12/23/25</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TAYLOR MORRISO 5.875% 06/15/27</name>
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        <name>GLOBAL PART/GLP FI 7% 06/15/23</name>
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          <isin value="US37954FAD69"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PAR PHARMACEUTIC 7.5% 04/01/27</name>
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        <cusip>69888XAA7</cusip>
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          <isin value="US69888XAA72"/>
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        <fairValLevel>2</fairValLevel>
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        <name>T/L WATERJET HOL 0% 04/21/2025</name>
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          <isin value="US81946HAB50"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PROVIDENT FDG/ 6.375% 06/15/25</name>
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          <isin value="US74387UAJ07"/>
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        <curCd>USD</curCd>
        <valUSD>221595.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALTICE FRANCE HOLD 6% 02/15/28</name>
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          <isin value="US02156TAA25"/>
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        <valUSD>377752.00000000</valUSD>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CALPINE CORP 5.125% 03/15/28</name>
        <lei>N/A</lei>
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        <cusip>131347CN4</cusip>
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          <isin value="US131347CN48"/>
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        <valUSD>151900.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>ENERGY TRANSFER OPE V/R /PERP/</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FREEPORT-MCMORA 4.25% 03/01/30</name>
        <lei>N/A</lei>
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          <isin value="US35671DCF06"/>
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        <name>WESCO DISTRIBUT 7.25% 06/15/28</name>
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        <name>ROYAL CARIBBEAN 11.5% 06/01/25</name>
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        <name>DCP MIDSTREAM O 4.95% 04/01/22</name>
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          <isin value="US23311VAB36"/>
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        <name>UNITED RENTALS  5.25% 01/15/30</name>
        <lei>N/A</lei>
        <title>UNITED RENTALS NORTH AM REGD 5.25000000</title>
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        <name>PBF LOGISTICS  6.875% 05/15/23</name>
        <lei>N/A</lei>
        <title>PBF LOGISTICS LP/FINANCE REGD SER WI 6.87500000</title>
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          <isin value="US69318UAB17"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LORENZ RE 2019V/R 6/30/22</name>
        <lei>N/A</lei>
        <title>LORENZ RE 2019 /VARIABLE/ REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="332MLP"/>
        </identifiers>
        <balance>25723.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20328.89000000</valUSD>
        <pctVal>0.049119934105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-07-30</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>
</edgarSubmission>
