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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MILEAGE PLUS HLD 6.5% 06/20/27</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SUNCOKE ENGY PAR 7.5% 06/15/25</name>
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      <invstOrSec>
        <name>WYNDHAM DESTIN 6.625% 07/31/26</name>
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      <invstOrSec>
        <name>CALPINE CORP 5% 02/01/31</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLOBAL AIR LEASE 6.5% 09/15/24</name>
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        <cusip>37960JAA6</cusip>
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          <isin value="US37960JAA60"/>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO V/R /PERP/</name>
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        <cusip>48128BAG6</cusip>
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          <isin value="US48128BAG68"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2169-08-01</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>INGEVITY CORP 3.875% 11/01/28</name>
        <lei>5493009UTFC4B5IMGF87</lei>
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        <cusip>45688CAB3</cusip>
        <identifiers>
          <isin value="US45688CAB37"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>110825.00000000</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>2028-11-01</maturityDt>
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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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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CENTRAL GARDEN 4.125% 10/15/30</name>
        <lei>5493004DVZLD37DJ0H83</lei>
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        <cusip>153527AN6</cusip>
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        <name>TAYLOR MORRISO 5.875% 06/15/27</name>
        <lei>N/A</lei>
        <title>TAYLOR MORRISON COMM REGD 144A P/P 5.87500000</title>
        <cusip>87724RAA0</cusip>
        <identifiers>
          <isin value="US87724RAA05"/>
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        <balance>147000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <name>SCRIPPS ESCROW 5.375% 01/15/31</name>
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          <isin value="US81105DAB10"/>
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        <name>FAGE INTL / FA 5.625% 08/15/26</name>
        <lei>N/A</lei>
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        <cusip>30257WAA4</cusip>
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        <invCountry>LU</invCountry>
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        <name>ENLINK MIDSTREA 5.45% 06/01/47</name>
        <lei>N/A</lei>
        <title>ENLINK MIDSTREAM PARTNER REGD 5.45000000</title>
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          <isin value="US29336UAG22"/>
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        <name>DIAMOND SPORTS 6.625% 08/15/27</name>
        <lei>N/A</lei>
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          <isin value="US25277LAC00"/>
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      <invstOrSec>
        <name>AKAMAI TECHNOL 0.125% 05/01/25</name>
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        <name>T/L SURGERY CENTER 0% 08/16/24</name>
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        <name>OUTFRONT MEDIA  6.25% 06/15/25</name>
        <lei>N/A</lei>
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        <cusip>69007TAD6</cusip>
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        <name>WELLS FARGO &amp; COMPANY /PFD/CV</name>
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        <name>WESCO DISTRIBUT 7.25% 06/15/28</name>
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        <name>VISTRA CORP 5.625% 02/15/27</name>
        <lei>N/A</lei>
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        <cusip>92840VAB8</cusip>
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        <balance>183000.00000000</balance>
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        <valUSD>194646.12000000</valUSD>
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        <name>OCCIDENTAL PETRO 4.4% 04/15/46</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
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        <cusip>674599CJ2</cusip>
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      <invstOrSec>
        <name>GLOBAL PART/GLP FI 7% 08/01/27</name>
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          <isin value="US37954FAG90"/>
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      <invstOrSec>
        <name>PURE STORAGE I 0.125% 04/15/23</name>
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        <name>UNITED RENTALS 3.875% 11/15/27</name>
        <lei>N/A</lei>
        <title>UNITED RENTALS NORTH AM REGD 3.87500000</title>
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        <name>BELDEN IN 3.875% 03/15/28/EUR/</name>
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        <name>NOVELIS CORP 4.75% 01/30/30</name>
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        <cusip>670001AE6</cusip>
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          <isin value="US670001AE60"/>
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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>PROVIDENT FDG/ 6.375% 06/15/25</name>
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          <isin value="US74387UAJ07"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRONOX INC 6.5% 05/01/25</name>
        <lei>N/A</lei>
        <title>TRONOX INC REGD 144A P/P 6.50000000</title>
        <cusip>897051AB4</cusip>
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          <isin value="US897051AB46"/>
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        <curCd>USD</curCd>
        <valUSD>165850.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NETFLIX INC 3.625% 06/15/25</name>
        <lei>549300Y7VHGU0I7CE873</lei>
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        <cusip>64110LAY2</cusip>
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          <isin value="US64110LAY20"/>
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        <curCd>USD</curCd>
        <valUSD>117781.40000000</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>ARCHROCK PARTNE 6.25% 04/01/28</name>
        <lei>N/A</lei>
        <title>ARCHROCK PARTNERS LP/FIN REGD 144A P/P 6.25000000</title>
        <cusip>03959KAC4</cusip>
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          <isin value="US03959KAC45"/>
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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>2028-04-01</maturityDt>
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      <invstOrSec>
        <name>SESI LLC 7.75% 09/15/24</name>
        <lei>N/A</lei>
        <title>SESI LLC REGD SER WI 0.00000000</title>
        <cusip>78412FAU8</cusip>
        <identifiers>
          <isin value="US78412FAU84"/>
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        <balance>120000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>PBF HOLDING CO LLC 6% 02/15/28</name>
        <lei>N/A</lei>
        <title>PBF HOLDING CO LLC REGD SER WI 6.00000000</title>
        <cusip>69318FAJ7</cusip>
        <identifiers>
          <isin value="US69318FAJ75"/>
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        <curCd>USD</curCd>
        <valUSD>171375.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>IRON MOUNTAIN IN 4.5% 02/15/31</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
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        <cusip>46284VAN1</cusip>
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        <curCd>USD</curCd>
        <valUSD>53422.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>FORD MOTOR CRE 4.134% 08/04/25</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US345397XL24"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>314625.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-04</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CENOVUS ENERGY 5.375% 07/15/25</name>
        <lei>549300EIRQ0Z2B9C1W06</lei>
        <title>CENOVUS ENERGY INC REGD 5.37500000</title>
        <cusip>15135UAS8</cusip>
        <identifiers>
          <isin value="US15135UAS87"/>
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        <balance>175000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>197303.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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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>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>216320.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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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>
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        <balance>42000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>43262.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>WILLIAMS SCOTS 4.625% 08/15/28</name>
        <lei>N/A</lei>
        <title>WILLIAMS SCOTSMAN INTL REGD 144A P/P 4.62500000</title>
        <cusip>96950GAE2</cusip>
        <identifiers>
          <isin value="US96950GAE26"/>
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        <balance>55000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56925.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>ENERGY TRANSFER OPE V/R /PERP/</name>
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        <title>ENERGY TRANSFER OPERATNG REGD V/R /PERP/ SER G 7.12500000</title>
        <cusip>29278NAT0</cusip>
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          <isin value="US29278NAT00"/>
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        <balance>220000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>209000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2169-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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        <name>GREIF INC 6.5% 03/01/27</name>
        <lei>54930070FVGKR0Z1FI24</lei>
        <title>GREIF INC REGD 144A P/P 6.50000000</title>
        <cusip>397624AH0</cusip>
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          <isin value="US397624AH07"/>
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        <curCd>USD</curCd>
        <valUSD>342630.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>DELTA AIR LINE 7.375% 01/15/26</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>DELTA AIR LINES INC REGD 7.37500000</title>
        <cusip>247361ZZ4</cusip>
        <identifiers>
          <isin value="US247361ZZ42"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22846.06000000</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>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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      <invstOrSec>
        <name>PRIME SECSRVC B 6.25% 01/15/28</name>
        <lei>N/A</lei>
        <title>PRIME SECSRVC BRW/FINANC REGD 144A P/P 6.25000000</title>
        <cusip>74166MAE6</cusip>
        <identifiers>
          <isin value="US74166MAE66"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>279133.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CLEARWAY ENERGY 4.75% 03/15/28</name>
        <lei>N/A</lei>
        <title>CLEARWAY ENERGY OP LLC REGD 144A P/P 4.75000000</title>
        <cusip>18539UAC9</cusip>
        <identifiers>
          <isin value="US18539UAC99"/>
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        <balance>65000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>69712.50000000</valUSD>
        <pctVal>0.165100825882</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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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>
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          <isin value="US68404L1281"/>
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        <balance>80.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71.20000000</valUSD>
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      <invstOrSec>
        <name>HYATT HOTELS C 4.375% 09/15/28</name>
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      <invstOrSec>
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        <name>COVANTA HOLDING CO 6% 01/01/27</name>
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        <name>PIONEER ILS INTERVAL FUND</name>
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        <name>KBR INC 4.75% 09/30/28</name>
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      <invstOrSec>
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        <name>MICHAELS STORES IN 8% 07/15/27</name>
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      <invstOrSec>
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        <name>FORD MOTOR CRE 3.815% 11/02/27</name>
        <lei>N/A</lei>
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      <invstOrSec>
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        <lei>549300B7OYKYJLTE3G11</lei>
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        <cusip>974637AC4</cusip>
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        <name>WEST STREET ME 6.375% 09/01/25</name>
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        <cusip>95616AAA1</cusip>
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        <name>APX GROUP INC 6.75% 02/15/27</name>
        <lei>N/A</lei>
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        <name>BAYTEX ENERGY C 8.75% 04/01/27</name>
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        <name>HILTON DOMESTIC 3.75% 05/01/29</name>
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        <name>ALLIED UNIVERSA 9.75% 07/15/27</name>
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        <name>FORD MOTOR CRE 3.375% 11/13/25</name>
        <lei>N/A</lei>
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        <name>TRANSOCEAN INC 8% 02/01/27</name>
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        <name>HUDBAY MINERAL 6.125% 04/01/29</name>
        <lei>549300WI524AL577IX21</lei>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <name>EQT CORP 5% 01/15/29</name>
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        <name>BEAZER HOMES US 7.25% 10/15/29</name>
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        <lei>549300GKGW6WPZ282D40</lei>
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        <name>WESCO DISTRIBU 7.125% 06/15/25</name>
        <lei>N/A</lei>
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        <name>NRG ENERGY INC 3.625% 02/15/31</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>AMERICAN AXLE &amp; 6.25% 03/15/26</name>
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        <name>BOOZ ALLEN HAM 3.875% 09/01/28</name>
        <lei>N/A</lei>
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        <lei>549300JH4DTA7U42GL91</lei>
        <title>ASBURY AUTOMOTIVE GROUP REGD SER WI 4.50000000</title>
        <cusip>043436AU8</cusip>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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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        <curCd>USD</curCd>
        <valUSD>79754.63000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>ROYAL CARIBBEAN CRUISES</title>
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          <currencyInfos>
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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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        <curCd>USD</curCd>
        <valUSD>302660.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHS/COMMUNITY HEAL 6% 01/15/29</name>
        <lei>N/A</lei>
        <title>CHS/COMMUNITY HEALTH SYS REGD 144A P/P 6.00000000</title>
        <cusip>12543DBH2</cusip>
        <identifiers>
          <isin value="US12543DBH26"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32407.80000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MEG ENERGY COR 7.125% 02/01/27</name>
        <lei>5493002WXPTG5ZC1T326</lei>
        <title>MEG ENERGY CORP REGD 144A P/P 7.12500000</title>
        <cusip>552704AE8</cusip>
        <identifiers>
          <isin value="US552704AE86"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25812.50000000</valUSD>
        <pctVal>0.061132007431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOODYEAR TIRE &amp;  9.5% 05/31/25</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>GOODYEAR TIRE &amp; RUBBER REGD 9.50000000</title>
        <cusip>382550BH3</cusip>
        <identifiers>
          <isin value="US382550BH30"/>
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        <balance>58000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65557.40000000</valUSD>
        <pctVal>0.155260260107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ALTICE FRANCE HOLD 6% 02/15/28</name>
        <lei>N/A</lei>
        <title>ALTICE FRANCE HOLDING SA REGD 144A P/P 6.00000000</title>
        <cusip>02156TAA2</cusip>
        <identifiers>
          <isin value="US02156TAA25"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>202500.00000000</valUSD>
        <pctVal>0.479582818593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>FREEDOM MORTGA 8.125% 11/15/24</name>
        <lei>549300LYRWPSYPK6S325</lei>
        <title>FREEDOM MORTGAGE CORP REGD 144A P/P 8.12500000</title>
        <cusip>35640YAA5</cusip>
        <identifiers>
          <isin value="US35640YAA55"/>
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        <balance>182000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>189847.84000000</valUSD>
        <pctVal>0.449618578820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>225250.00000000</valUSD>
        <pctVal>0.533461875991</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>SINCLAIR TELEVIS 5.5% 03/01/30</name>
        <lei>N/A</lei>
        <title>SINCLAIR TELEVISION GROU REGD 144A P/P 5.50000000</title>
        <cusip>829259AY6</cusip>
        <identifiers>
          <isin value="US829259AY67"/>
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        <balance>230000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>239200.00000000</valUSD>
        <pctVal>0.566499803494</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>5.50000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>BEACON ROOFING 4.875% 11/01/25</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>BEACON ROOFING SUPPLY IN REGD 144A P/P 4.87500000</title>
        <cusip>073685AD1</cusip>
        <identifiers>
          <isin value="US073685AD12"/>
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        <balance>287000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>293816.25000000</valUSD>
        <pctVal>0.695848026289</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HYATT HOTELS C 5.375% 04/23/25</name>
        <lei>T27JQIMTYSH41TCD5186</lei>
        <title>HYATT HOTELS CORP REGD 5.37500000</title>
        <cusip>448579AH5</cusip>
        <identifiers>
          <isin value="US448579AH52"/>
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        <balance>95000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>107361.12000000</valUSD>
        <pctVal>0.254264437219</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>AVATION CAPITAL  6.5% 05/15/21</name>
        <lei>N/A</lei>
        <title>AVATION CAPITAL SA REGD 144A P/P MTN 6.50000000</title>
        <cusip>05351CAA5</cusip>
        <identifiers>
          <isin value="US05351CAA53"/>
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        <balance>360000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>262800.00000000</valUSD>
        <pctVal>0.622391924574</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>QVC INC 4.75% 02/15/27</name>
        <lei>N/A</lei>
        <title>QVC INC REGD 4.75000000</title>
        <cusip>747262AY9</cusip>
        <identifiers>
          <isin value="US747262AY90"/>
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        <balance>140000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>150150.00000000</valUSD>
        <pctVal>0.355601778823</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CROWN CORK &amp; S 7.375% 12/15/26</name>
        <lei>N/A</lei>
        <title>CROWN CORK &amp; SEAL CO INC REGD 7.37500000</title>
        <cusip>228255AH8</cusip>
        <identifiers>
          <isin value="US228255AH83"/>
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        <balance>254000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>309245.00000000</valUSD>
        <pctVal>0.732388092523</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MACQUARIE INFRASTR 2% 10/01/23</name>
        <lei>529900IZSJ64GH477714</lei>
        <title>MACQUARIE INFRASTRUCTURE REGD CONVERTIBLE 2.00000000</title>
        <cusip>55608BAB1</cusip>
        <identifiers>
          <isin value="US55608BAB18"/>
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        <balance>64935.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64610.50000000</valUSD>
        <pctVal>0.153017707164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>MACQUARIE INFRASTRUCTURE COR</name>
              <title>MACQUARIE INFRASTRUCTURE COR</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="55608B105"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="9.00000000" 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>USA COM PART/U 6.875% 09/01/27</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T/L GRUPO AEROMEXIC 0% 8/19/22</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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          <isin value="US11283YAD22"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WATCO COS LLC/FI 6.5% 06/15/27</name>
        <lei>N/A</lei>
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        <cusip>941130AB2</cusip>
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          <isin value="US941130AB21"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MDC PARTNERS INC 6.5% 05/01/24</name>
        <lei>529900SR4J92B5C43M74</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SCIENTIFIC GAMES I 7% 05/15/28</name>
        <lei>N/A</lei>
        <title>SCIENTIFIC GAMES INTERNA REGD 144A P/P 7.00000000</title>
        <cusip>80874YBC3</cusip>
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          <isin value="US80874YBC30"/>
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        <balance>100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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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>451485.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>US T BILL ZCP 01/26/21</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY BILL ZCP 0.00000000</title>
        <cusip>912796A82</cusip>
        <identifiers>
          <isin value="US912796A825"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999970.97000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>SINCLAIR TELEV 4.125% 12/01/30</name>
        <lei>N/A</lei>
        <title>SINCLAIR TELEVISION GROU REGD 144A P/P 4.12500000</title>
        <cusip>829259BA7</cusip>
        <identifiers>
          <isin value="US829259BA72"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71626.10000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>PRIME SECSRVC B 5.75% 04/15/26</name>
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        <cusip>74166MAC0</cusip>
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          <isin value="US74166MAC01"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>ARCHROCK PARTN 6.875% 04/01/27</name>
        <lei>N/A</lei>
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        <cusip>03959KAA8</cusip>
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          <isin value="US03959KAA88"/>
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      <invstOrSec>
        <name>ENLINK MIDSTREA 5.05% 04/01/45</name>
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        <title>ENLINK MIDSTREAM PARTNER REGD 5.05000000</title>
        <cusip>29336UAD9</cusip>
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          <isin value="US29336UAD90"/>
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        <name>ISTAR INC 4.75% 10/01/24</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
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        <name>LORENZ RE 2018 0.0% 07/01/21</name>
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        <name>REVANCE THERAPE 1.75% 02/15/27</name>
        <lei>549300N33TFDZHS81H11</lei>
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        <name>NEPTUNE ENERGY 6.625% 05/15/25</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T/L BUILDERS FIRST 0% 02/29/24</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SCHWEITZER-MAU 6.875% 10/01/26</name>
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        <curCd>USD</curCd>
        <valUSD>302100.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DEALER TIRE LLC/DT 8% 02/01/28</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>HERC HOLDINGS IN 5.5% 07/15/27</name>
        <lei>549300TP80QLITMSBP82</lei>
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        <cusip>42704LAA2</cusip>
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          <isin value="US42704LAA26"/>
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        <curCd>USD</curCd>
        <valUSD>38160.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
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        <name>UNITED RENTALS  5.25% 01/15/30</name>
        <lei>N/A</lei>
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        <name>HOWMET AEROSPA 6.875% 05/01/25</name>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>IRB HOLDING CORP 7% 06/15/25</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>60087.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <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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        <curCd>USD</curCd>
        <valUSD>101298.50000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ENDO DAC/FIN LLC/F 6% 06/30/28</name>
        <lei>N/A</lei>
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        <cusip>29273DAC4</cusip>
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        <curCd>USD</curCd>
        <valUSD>89250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>POWERTEAM SERV 9.033% 12/04/25</name>
        <lei>N/A</lei>
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        <cusip>73939VAA2</cusip>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>378287.40000000</valUSD>
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        <name>NUSTAR LOGISTI 6.375% 10/01/30</name>
        <lei>N/A</lei>
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        <cusip>67059TAH8</cusip>
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          <isin value="US67059TAH86"/>
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        <valUSD>152928.00000000</valUSD>
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        <name>WOLVERINE WORL 6.375% 05/15/25</name>
        <lei>549300OVC7PK14LQ8D87</lei>
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        <cusip>978097AF0</cusip>
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        <name>CARDTRONICS INC  5.5% 05/01/25</name>
        <lei>N/A</lei>
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        <cusip>14161TAA0</cusip>
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        <name>BOMBARDIER INC 6% 10/15/22</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
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        <cusip>097751BJ9</cusip>
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        <invCountry>CA</invCountry>
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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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        <valUSD>39292.50000000</valUSD>
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      <invstOrSec>
        <name>CCO HLDGS LLC/CA 5.5% 05/01/26</name>
        <lei>N/A</lei>
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        <name>EXTERRAN NRG S 8.125% 05/01/25</name>
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        <title>EXTERRAN NRG SOLUTIONS/F REGD SER WI 8.12500000</title>
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        <curCd>USD</curCd>
        <valUSD>74315.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GFL ENVIRONMENTAL  4% 08/01/28</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRICIDA INC 3.5% 05/15/27</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>TRICIDA INC</title>
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      <invstOrSec>
        <name>GENESIS ENERGY LP/ 8% 01/15/27</name>
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          <isin value="US37185LAM46"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BACM 2007-4 H V/R 02/10/51</name>
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        <cusip>059513AY7</cusip>
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          <isin value="US059513AY71"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CARNIVAL CORP 7.625% 03/01/26</name>
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        <cusip>143658BL5</cusip>
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          <isin value="US143658BL56"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCO HLDGS LLC/ 5.125% 05/01/27</name>
        <lei>N/A</lei>
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        <cusip>1248EPBT9</cusip>
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          <isin value="US1248EPBT92"/>
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        <curCd>USD</curCd>
        <valUSD>185708.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>SUMMIT MATERIAL 5.25% 01/15/29</name>
        <lei>N/A</lei>
        <title>SUMMIT MATERIALS LLC/FIN REGD 144A P/P 5.25000000</title>
        <cusip>86614RAN7</cusip>
        <identifiers>
          <isin value="US86614RAN70"/>
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        <curCd>USD</curCd>
        <valUSD>10500.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <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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        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>142500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LIFEPOINT HEAL 5.375% 01/15/29</name>
        <lei>N/A</lei>
        <title>LIFEPOINT HEALTH INC REGD 144A P/P 5.37500000</title>
        <cusip>53219LAU3</cusip>
        <identifiers>
          <isin value="US53219LAU35"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>DCP MIDSTREAM  3.875% 03/15/23</name>
        <lei>N/A</lei>
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        <cusip>23311VAD9</cusip>
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          <isin value="US23311VAD91"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MPT OPER PARTNER 3.5% 03/15/31</name>
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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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        <name>HEXION INC 7.875% 07/15/27</name>
        <lei>N/A</lei>
        <title>HEXION INC REGD 144A P/P 7.87500000</title>
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          <isin value="US42829LAF13"/>
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        <curCd>USD</curCd>
        <valUSD>110210.00000000</valUSD>
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        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>ALLISON TRANSMI 3.75% 01/30/31</name>
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        <name>NOVELIS CORP 5.875% 09/30/26</name>
        <lei>N/A</lei>
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          <isin value="US670001AC05"/>
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      <invstOrSec>
        <name>UNITI GROUP/CSL 8.25% 10/15/23</name>
        <lei>N/A</lei>
        <title>UNITI GROUP/CSL CAPITAL REGD SER WI 8.25000000</title>
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          <isin value="US20341WAD74"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NRG ENERGY INC 3.375% 02/15/29</name>
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        <cusip>629377CQ3</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LOGMEIN INC 5.5% 09/01/27</name>
        <lei>N/A</lei>
        <title>LOGMEIN INC REGD 144A P/P 5.50000000</title>
        <cusip>541056AA5</cusip>
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          <isin value="US541056AA53"/>
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        <curCd>USD</curCd>
        <valUSD>209500.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>INSMED INC 1.75% 01/15/25</name>
        <lei>529900Q55QAG41CCAC11</lei>
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          <isin value="US457669AA77"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CENOVUS ENERGY  6.75% 11/15/39</name>
        <lei>549300EIRQ0Z2B9C1W06</lei>
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        <cusip>15135UAF6</cusip>
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          <isin value="US15135UAF66"/>
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        <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>
        <title>HILLENBRAND INC REGD 5.75000000</title>
        <cusip>431571AD0</cusip>
        <identifiers>
          <isin value="US431571AD01"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
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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>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"/>
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        <balance>116000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>93090.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HECLA MINING CO 7.25% 02/15/28</name>
        <lei>5493009Y6HOBZD1QD537</lei>
        <title>HECLA MINING CO REGD 7.25000000</title>
        <cusip>422704AH9</cusip>
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          <isin value="US422704AH97"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>142025.00000000</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>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>GARDA WORLD SECU 9.5% 11/01/27</name>
        <lei>N/A</lei>
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        <cusip>36257BAA7</cusip>
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      <invstOrSec>
        <name>HARVEST MIDSTREA 7.5% 09/01/28</name>
        <lei>549300DW5M17KJOXCY66</lei>
        <title>HARVEST MIDSTREAM I LP REGD 144A P/P 7.50000000</title>
        <cusip>417558AA1</cusip>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>PENSKE AUTOMOTIV 3.5% 09/01/25</name>
        <lei>549300W7UTQ0M4C7LB15</lei>
        <title>PENSKE AUTOMOTIVE GROUP REGD 3.50000000</title>
        <cusip>70959WAJ2</cusip>
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          <isin value="US70959WAJ27"/>
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        <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>
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          <isin value="US29272WAC38"/>
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        <curCd>USD</curCd>
        <valUSD>117880.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>RACKSPACE TECH 5.375% 12/01/28</name>
        <lei>N/A</lei>
        <title>RACKSPACE TECHNOLOGY REGD 144A P/P 5.37500000</title>
        <cusip>750098AA3</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>LUMEN TECHNOLOGI 4.5% 01/15/29</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
        <title>LUMEN TECHNOLOGIES INC REGD 144A P/P 4.50000000</title>
        <cusip>156700BD7</cusip>
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          <isin value="US156700BD72"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>203500.00000000</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>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PBF LOGISTICS  6.875% 05/15/23</name>
        <lei>N/A</lei>
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          <isin value="US69318UAB17"/>
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      <invstOrSec>
        <name>HILTON DOMESTIC OP 4% 05/01/31</name>
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      <invstOrSec>
        <name>STATION CASINOS  4.5% 02/15/28</name>
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          <isin value="US857691AG41"/>
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        <name>COMMSCOPE INC 8.25% 03/01/27</name>
        <lei>N/A</lei>
        <title>COMMSCOPE INC REGD 144A P/P 8.25000000</title>
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        <identifiers>
          <isin value="US20338QAA13"/>
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        <balance>63000.00000000</balance>
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      <invstOrSec>
        <name>L BRANDS INC 6.625% 10/01/30</name>
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        <name>PENN NATIONAL  5.625% 01/15/27</name>
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        <name>CSC HOLDINGS LLC 7.5% 04/01/28</name>
        <lei>N/A</lei>
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          <isin value="US126307AY37"/>
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        <name>T/L COMMSCOPE INC 0% 04/06/26</name>
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          <isin value="US20337EAQ44"/>
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        <invCountry>US</invCountry>
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        <name>KEN GARFF AUTO 4.875% 09/15/28</name>
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        <title>KEN GARFF AUTOMOTIVE LLC REGD 144A P/P 4.87500000</title>
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          <isin value="US48850PAA21"/>
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        <valUSD>62400.00000000</valUSD>
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      <invstOrSec>
        <name>HYATT HOTELS CO 5.75% 04/23/30</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CD&amp;R SMOKEY BUY 6.75% 07/15/25</name>
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        <cusip>12510CAA9</cusip>
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        <name>CAESARS ENTERT 8.125% 07/01/27</name>
        <lei>549300FA4CTCW903Y781</lei>
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        <name>BAUSCH HEALTH CO 5.5% 11/01/25</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
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        <name>PAR PHARMACEUTIC 7.5% 04/01/27</name>
        <lei>N/A</lei>
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          <isin value="US69888XAA72"/>
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        <name>VIKING CRUISES 5.875% 09/15/27</name>
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          <isin value="US92676XAD93"/>
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        <name>JELD-WEN INC 6.25% 05/15/25</name>
        <lei>N/A</lei>
        <title>JELD-WEN INC REGD 144A P/P 6.25000000</title>
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          <isin value="US475795AE07"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>T/L REGIONALCARE H 0% 11/16/25</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NETFLIX INC 4.875% 04/15/28</name>
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          <isin value="US64110LAS51"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENLINK MIDSTRE 5.375% 06/01/29</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CLEAR CHANNEL W 9.25% 02/15/24</name>
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          <isin value="US18451QAP37"/>
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        <fairValLevel>2</fairValLevel>
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        <name>DYCOM INDUSTRIE 0.75% 09/15/21</name>
        <lei>549300F56EKTHQI3WT60</lei>
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        <cusip>267475AB7</cusip>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>DYCOM INDUSTRIES INC</title>
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      <invstOrSec>
        <name>JBS USA LUX/JBS 6.75% 02/15/28</name>
        <lei>N/A</lei>
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        <cusip>472141AA8</cusip>
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          <isin value="US472141AA82"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELEMENT SOLUTI 3.875% 09/01/28</name>
        <lei>549300FLGN6P5CU20J91</lei>
        <title>ELEMENT SOLUTIONS INC REGD 144A P/P 3.87500000</title>
        <cusip>28618MAA4</cusip>
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          <isin value="US28618MAA45"/>
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        <balance>200000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>INTEGRA LIFESCIE 0.5% 08/15/25</name>
        <lei>WB7IJCYY8YFTENS4O147</lei>
        <title>INTEGRA LIFESCIENCES HLD REGD 144A P/P CONVERTIBLE 0.50000000</title>
        <cusip>457985AL3</cusip>
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          <isin value="US457985AL30"/>
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        <balance>120000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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              <title>INTEGRA LIFESCIENCES HOLDING</title>
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      <invstOrSec>
        <name>CHS/COMMUNITY  5.625% 03/15/27</name>
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        <title>CHS/COMMUNITY HEALTH SYS REGD 144A P/P 5.62500000</title>
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          <isin value="US12543DBG43"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LEGACY LIFEPOIN 6.75% 04/15/25</name>
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        <title>LEGACY LIFEPOINT HEALTH REGD 144A P/P 6.75000000</title>
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          <isin value="US53219LAT61"/>
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        <balance>65000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SYNCREON GROUP WT EX 10/01/24</name>
        <lei>N/A</lei>
        <title>SYNCREON GROUP WARRANTS EXP 10/01/2024 0.00000000</title>
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          <other otherDesc="INTERNAL" value="334V0M"/>
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        <name>KB HOME 6.875% 06/15/27</name>
        <lei>549300LGUCWQURMWLG09</lei>
        <title>KB HOME REGD 6.87500000</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MPT OPER PARTN 4.625% 08/01/29</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSP/FINL REGD 4.62500000</title>
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          <isin value="US55342UAJ34"/>
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        <balance>146000.00000000</balance>
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        <valUSD>156037.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <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>
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          <isin value="US68404L1109"/>
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        <balance>80.00000000</balance>
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        <valUSD>91.20000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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              <counterpartyName>OPTION CARE HEALTH INC</counterpartyName>
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            <exercisePrice>0.00000000</exercisePrice>
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            <delta>XXXX</delta>
            <unrealizedAppr>91.20000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SURGERY CENTER HO 10% 04/15/27</name>
        <lei>N/A</lei>
        <title>SURGERY CENTER HOLDINGS REGD 144A P/P 10.00000000</title>
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        <name>ALBERTSONS COS/ 5.75% 03/15/25</name>
        <lei>N/A</lei>
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          <isin value="US013093AD14"/>
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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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          <other otherDesc="LOANX" value="LX183154"/>
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          <other otherDesc="LOANX" value="LX188801"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US RENAL CARE 10.625% 07/15/27</name>
        <lei>N/A</lei>
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          <isin value="US07335BAA44"/>
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        <valUSD>161330.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>VISTAJET MALTA/ 10.5% 06/01/24</name>
        <lei>N/A</lei>
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          <isin value="US92840JAA79"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>PARSLEY ENERGY  5.25% 08/15/25</name>
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          <isin value="US701885AF22"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SOTHEBY'S 7.375% 10/15/27</name>
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        <balance>80000.00000000</balance>
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        <valUSD>85700.00000000</valUSD>
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      <invstOrSec>
        <name>FORTERRA FIN LLC 6.5% 07/15/25</name>
        <lei>N/A</lei>
        <title>FORTERRA FIN LLC/FRTA FI REGD 144A P/P 6.50000000</title>
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        <identifiers>
          <isin value="US34962WAA27"/>
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        <curCd>USD</curCd>
        <valUSD>43000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ISTAR INC 4.25% 08/01/25</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
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        <cusip>45031UCG4</cusip>
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          <isin value="US45031UCG40"/>
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        <balance>105000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>SUMMIT MATERIA 5.125% 06/01/25</name>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>TALEN ENERGY S 7.625% 06/01/28</name>
        <lei>N/A</lei>
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        <cusip>87422VAJ7</cusip>
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          <isin value="US87422VAJ70"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>188562.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>FREEDOM MORTGAG 8.25% 04/15/25</name>
        <lei>549300LYRWPSYPK6S325</lei>
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        <cusip>35640YAB3</cusip>
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          <isin value="US35640YAB39"/>
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        <fairValLevel>2</fairValLevel>
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        <name>FTS INTERNATIONAL INC-CL A</name>
        <lei>549300LIZ1UTOOLOZV47</lei>
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        <name>DCP MIDSTREAM O 4.95% 04/01/22</name>
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        <title>DCP MIDSTREAM OPERATING REGD 4.95000000</title>
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          <isin value="US23311VAB36"/>
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        <name>NATIONSTAR MTG 5.125% 12/15/30</name>
        <lei>N/A</lei>
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        <name>TEVA PHARM FIN  0.25% 02/01/26</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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              <title>TEVA PHARMACEUTICAL-SP ADR</title>
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      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22272.80000000</valUSD>
        <pctVal>0.052748899762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</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>CALPINE CORP 4.625% 02/01/29</name>
        <lei>N/A</lei>
        <title>CALPINE CORP REGD 144A P/P 4.62500000</title>
        <cusip>131347CP9</cusip>
        <identifiers>
          <isin value="US131347CP95"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51414.00000000</valUSD>
        <pctVal>0.121764301408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PATRICK INDUSTRI 7.5% 10/15/27</name>
        <lei>549300FZ5ZTCCJ3Z5W14</lei>
        <title>PATRICK INDUSTRIES INC REGD 144A P/P 7.50000000</title>
        <cusip>703343AC7</cusip>
        <identifiers>
          <isin value="US703343AC76"/>
        </identifiers>
        <balance>280000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>305200.00000000</valUSD>
        <pctVal>0.722808277702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>103625.00000000</valUSD>
        <pctVal>0.245416146058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIME HEALTHCAR 7.25% 11/01/25</name>
        <lei>N/A</lei>
        <title>PRIME HEALTHCARE SERVICE REGD 144A P/P 7.25000000</title>
        <cusip>74165HAB4</cusip>
        <identifiers>
          <isin value="US74165HAB42"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>106250.00000000</valUSD>
        <pctVal>0.251632960373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>260339.03000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>236908.52000000</valUSD>
        <pctVal>0.561072868002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPECTRUM BRANDS  5.5% 07/15/30</name>
        <lei>N/A</lei>
        <title>SPECTRUM BRANDS INC REGD 144A P/P 5.50000000</title>
        <cusip>84762LAW5</cusip>
        <identifiers>
          <isin value="US84762LAW54"/>
        </identifiers>
        <balance>105000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>113137.50000000</valUSD>
        <pctVal>0.267944696980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>T/L TRICO GROUP LL 0% 02/02/24</name>
        <lei>N/A</lei>
        <title>T/L TRICO GROUP LLC REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOANX" value="LX189133"/>
        </identifiers>
        <balance>98748.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>98655.37000000</valUSD>
        <pctVal>0.233646520562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARSLEY ENERGY 5.625% 10/15/27</name>
        <lei>N/A</lei>
        <title>PARSLEY ENERGY LLC/FINAN REGD 144A P/P 5.62500000</title>
        <cusip>701885AH8</cusip>
        <identifiers>
          <isin value="US701885AH87"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21890.00000000</valUSD>
        <pctVal>0.051842310612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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>MEG ENERGY CORP 7% 03/31/24</name>
        <lei>5493002WXPTG5ZC1T326</lei>
        <title>MEG ENERGY CORP REGD P/P 7.00000000</title>
        <cusip>552704AC2</cusip>
        <identifiers>
          <isin value="US552704AC21"/>
        </identifiers>
        <balance>163000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>164630.00000000</valUSD>
        <pctVal>0.389894910741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="ISO country code not reported for forwards, swaps or supranationals." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-01-29</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>
