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      <regCik>0000038721</regCik>
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      <seriesName>Franklin Income Fund</seriesName>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>DAIMLER AG ORD EUR NPV</name>
        <lei>529900R27DL06UVNT076</lei>
        <title>DAIMLER AG ORD EUR NPV</title>
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          <ticker value="DAI"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE WILLIAMS COS INC COM USD1</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>THE WILLIAMS COS INC COM USD1</title>
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          <ticker value="WMB"/>
          <other otherDesc="Internal Identifier" value="26547"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Syngenta Finance NV 5.182% 04/24/2028 144A</name>
        <lei>54930042S3BYCEGOCN86</lei>
        <title>Syngenta Finance NV 5.182% 04/24/2028 144A</title>
        <cusip>87164KAC8</cusip>
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          <other otherDesc="Internal Identifier" value="870666"/>
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        <curCd>USD</curCd>
        <valUSD>21614420.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-24</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>MET 7.5% ELN Issued by Citigroup Global Markets Holdings Inc 7.5% ELN 3/11/2020</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>MET 7.5% ELN Issued by Citigroup Global Markets Holdings Inc 7.5% ELN 3/11/2020</title>
        <cusip>17326W548</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="965843"/>
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        <curCd>USD</curCd>
        <valUSD>271914682.05000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DISH DBS CORP 5.875% 07/15/2022</name>
        <lei>N/A</lei>
        <title>DISH DBS CORP 5.875% 07/15/2022</title>
        <cusip>25470XAJ4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="530689"/>
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        <balance>391500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>415686870.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FORD MOTOR CREDIT CO LLC 4.389% 01/08/2026</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>FORD MOTOR CREDIT CO LLC 4.389% 01/08/2026</title>
        <cusip>345397XU2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="623346"/>
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        <balance>16365000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16631145.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.38900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHS/Community Health Systems Inc 8.125% 06/30/2024 144A</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems Inc 8.125% 06/30/2024 144A</title>
        <cusip>12543DBA7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="878322"/>
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        <balance>718006000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>590552754.94000000</valUSD>
        <pctVal>0.778004087482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bausch Health Cos Inc 7.25% 05/30/2029 144A</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc 7.25% 05/30/2029 144A</title>
        <cusip>071734AF4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="981220"/>
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        <balance>40000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45774000.00000000</valUSD>
        <pctVal>0.060303434032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNILEVER PLC ORD GBP.0311</name>
        <lei>549300MKFYEKVRWML317</lei>
        <title>UNILEVER PLC ORD GBP.0311</title>
        <cusip>G92087165</cusip>
        <identifiers>
          <ticker value="ULVR"/>
          <other otherDesc="Internal Identifier" value="3019"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.76315490"/>
        <valUSD>57620196.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bausch Health Cos Inc 7% 01/15/2028 144A</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc 7% 01/15/2028 144A</title>
        <cusip>071734AD9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="981219"/>
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        <balance>40000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44074000.00000000</valUSD>
        <pctVal>0.058063825568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Dell International LLC / EMC Corp 4.9% 10/01/2026 144A</name>
        <lei>N/A</lei>
        <title>Dell International LLC / EMC Corp 4.9% 10/01/2026 144A</title>
        <cusip>24703DAZ4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="966807"/>
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        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33026441.10000000</valUSD>
        <pctVal>0.043509586494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</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>CITIGROUP INC 6.30% 11/15/2168 PERP</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC 6.30% 11/15/2168 PERP</title>
        <cusip>172967HQ7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="575428"/>
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        <balance>140000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>151799900.00000000</valUSD>
        <pctVal>0.199983729974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.30000000</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>N/A</name>
        <lei>N/A</lei>
        <title>OCCIDENTAL PETROLEUM CORP STRIKE 50 EXPIRES 01/17/20 CALLS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="OXY 1 C50"/>
          <other otherDesc="Internal Identifier" value="1019866"/>
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        <balance>-5000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-20000.00000000</valUSD>
        <pctVal>-0.00002634833</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>SeaPort Global Securities LLC</counterpartyName>
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            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>OCCIDENTAL PETROLEUM CORP STRIKE 50 EXPIRES 01/17/20 CALLS</issuerName>
                <issueTitle>OCCIDENTAL PETROLEUM CORP STRIKE 50 EXPIRES 01/17/20 CALLS</issueTitle>
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                  <isin value="US6745991058"/>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>259800.1</unrealizedAppr>
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      <invstOrSec>
        <name>HOST HOTELS &amp; RESORTS INC REIT USD.01</name>
        <lei>N6EL63S0K3PB1YFTDI24</lei>
        <title>HOST HOTELS &amp; RESORTS INC REIT USD.01</title>
        <cusip>44107P104</cusip>
        <identifiers>
          <ticker value="HST"/>
          <other otherDesc="Internal Identifier" value="29888"/>
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        <balance>20000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>371000000.00000000</valUSD>
        <pctVal>0.488761611967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTHERN CO/THE COM USD5</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SOUTHERN CO/THE COM USD5</title>
        <cusip>842587107</cusip>
        <identifiers>
          <ticker value="SO"/>
          <other otherDesc="Internal Identifier" value="1134"/>
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        <balance>20000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1274000000.00000000</valUSD>
        <pctVal>1.678388931660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNIVISION COMMUNICATIONS INC 5.125% 05/15/2023 144A</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UNIVISION COMMUNICATIONS INC 5.125% 05/15/2023 144A</title>
        <cusip>914906AR3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="549931"/>
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        <balance>175000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>175000000.00000000</valUSD>
        <pctVal>0.230547930173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>CNX Resources Corp 7.25% 03/14/2027 144A</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX Resources Corp 7.25% 03/14/2027 144A</title>
        <cusip>12653CAC2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="967009"/>
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        <balance>85000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74564125.00000000</valUSD>
        <pctVal>0.098232026765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>OXY 9% ELN Issued by Wells Fargo Bank, N.A. 9% ELN 2/25/2020</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BELK INC 6.5% 07/31/2025 Extended Term Loan B</name>
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        <cusip>07384DAC6</cusip>
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          <other otherDesc="Internal Identifier" value="1018813"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SHEA HOMES LP / SHEA HOMES FUNDING CORP 6.125% 04/01/2025 144A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>DELL INTERNATIONAL LLC / EMC CORP 5.45% 06/15/2023 144A</name>
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          <other otherDesc="Internal Identifier" value="634361"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GENERAL MOTORS CO COM USD.01</name>
        <lei>54930070NSV60J38I987</lei>
        <title>GENERAL MOTORS CO COM USD.01</title>
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          <ticker value="GM"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Bristol-Myers Squibb Co 3.4% 07/26/2029 144A</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
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        <cusip>110122CB2</cusip>
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          <other otherDesc="Internal Identifier" value="980688"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CEMEX SAB DE CV 7.75% 04/16/2026 144A</name>
        <lei>549300RIG2CXWN6IV731</lei>
        <title>CEMEX SAB DE CV 7.75% 04/16/2026 144A</title>
        <cusip>151290BU6</cusip>
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          <other otherDesc="Internal Identifier" value="629100"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>UNIVISION COMMUNICATIONS INC 5.125% 02/15/2025 144A</name>
        <lei>549300YQDE2JSGTL8V47</lei>
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        <cusip>914906AS1</cusip>
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          <other otherDesc="Internal Identifier" value="597350"/>
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        <valUSD>158619825.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Ford Motor Credit Co LLC 5.113% 05/03/2029</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
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        <cusip>345397ZR7</cusip>
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          <other otherDesc="Internal Identifier" value="979733"/>
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        <curCd>USD</curCd>
        <valUSD>118468720.85000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Bausch Health Americas Inc 8.5% 01/31/2027 144A</name>
        <lei>KOO0397YRO83WY5MGD97</lei>
        <title>Bausch Health Americas Inc 8.5% 01/31/2027 144A</title>
        <cusip>91911XAW4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="875016"/>
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        <curCd>USD</curCd>
        <valUSD>57032500.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ENDO DAC / ENDO FINANCE LLC / ENDO FINCO INC 6.00% 07/15/2023 144A</name>
        <lei>N/A</lei>
        <title>ENDO DAC / ENDO FINANCE LLC / ENDO FINCO INC 6.00% 07/15/2023 144A</title>
        <cusip>29273EAC2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="607357"/>
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        <valUSD>113841554.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Bausch Health Cos Inc 7.00% 03/15/2024 144A</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc 7.00% 03/15/2024 144A</title>
        <cusip>91911KAK8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="661871"/>
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        <curCd>USD</curCd>
        <valUSD>80553170.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>JPMORGAN CHASE &amp; CO STRIKE 135 EXPIRES 01/17/20 CALLS</title>
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          <other otherDesc="Internal Identifier" value="1021229"/>
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        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Credit Suisse Securities (Europe) Ltd.</counterpartyName>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>US 10YR NOTE (CBT)Mar20 Mar 20 Future</title>
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          <ticker value="TYH0"/>
          <other otherDesc="Internal Identifier" value="1006232"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>JPMORGAN CHASE BANK NA</counterpartyName>
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      <invstOrSec>
        <name>NCR CORP 6.375% 12/15/2023</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR CORP 6.375% 12/15/2023</title>
        <cusip>62886EAS7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="580706"/>
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        <curCd>USD</curCd>
        <valUSD>35947975.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AAPL 8.00% ELN ISSUED BY CITIGROUP GLOBAL MARKET 8.00% ELN 01/13/2021</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>AAPL 8.00% ELN ISSUED BY CITIGROUP GLOBAL MARKET 8.00% ELN 01/13/2021</title>
        <cusip>17327U269</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1034403"/>
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        <balance>1180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>335660514.34000000</valUSD>
        <pctVal>0.442204781839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SPRINT CORP 7.875% 09/15/2023</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>SPRINT CORP 7.875% 09/15/2023</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HANESBRANDS INC 4.875% 05/15/2026 144A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>CEMEX FINANCE LLC 6.00% 04/01/2024 144A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BROADCOM CORP/CAYMAN FINANCE LTD 3.50% 01/15/2028</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Bausch Health Cos Inc 9.00% 12/15/2025 144A</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
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        <cusip>91911KAP7</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Note/Bond 2.25% 03/31/2020</name>
        <lei>N/A</lei>
        <title>United States Treasury Note/Bond 2.25% 03/31/2020</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Tenet Healthcare Corp 7% 08/01/2025</name>
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      <invstOrSec>
        <name>IRON MOUNTAIN INC 5.75% 08/15/2024</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC 5.75% 08/15/2024</title>
        <cusip>46284PAP9</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Syngenta Finance NV 4.441% 04/24/2023 144A</name>
        <lei>54930042S3BYCEGOCN86</lei>
        <title>Syngenta Finance NV 4.441% 04/24/2023 144A</title>
        <cusip>87164KAH7</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp 11% 04/15/2025 144A</name>
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        <cusip>131477AT8</cusip>
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        <name>CCO HOLDINGS LLC/CAPITAL CORP 5.75% 01/15/2024</name>
        <lei>N/A</lei>
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        <cusip>1248EPBE2</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bristol-Myers Squibb Co 4.25% 10/26/2049 144A</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
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        <cusip>110122CD8</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>AMZN 8.00% ELN Issued by Citigroup Global Markets Holdings Inc 8.00% ELN 11/19/2020</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>AMZN 8.00% ELN Issued by Citigroup Global Markets Holdings Inc 8.00% ELN 11/19/2020</title>
        <cusip>17327P757</cusip>
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          <other otherDesc="Internal Identifier" value="1020165"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GM 9.0% ELN Issued by Wells Fargo Bank NA 9.0% ELN 6/1/2020</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
        <title>GM 9.0% ELN Issued by Wells Fargo Bank NA 9.0% ELN 6/1/2020</title>
        <cusip>94980V280</cusip>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Barclays PLC 4.61% 02/15/2023 *FIXED TO FLOAT*</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC 4.61% 02/15/2023 *FIXED TO FLOAT*</title>
        <cusip>06738EBE4</cusip>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-02-15</maturityDt>
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        <name>BHP Group PLC ORD GBP.5</name>
        <lei>549300C116EOWV835768</lei>
        <title>BHP Group PLC ORD GBP.5</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP INC 5.95% 2/15/2168 PERP</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC 5.95% 2/15/2168 PERP</title>
        <cusip>172967JZ5</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNITED TECHNOLOGIES CORP 3.125% 05/04/2027</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>UNITED TECHNOLOGIES CORP 3.125% 05/04/2027</title>
        <cusip>913017CR8</cusip>
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          <other otherDesc="Internal Identifier" value="669404"/>
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        <balance>40000000.00000000</balance>
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        <valUSD>42001150.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO 5.00% 1/1/2169 PERP *FORMERLY FIXED*</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE &amp; CO 5.00% 1/1/2169 PERP *FORMERLY FIXED*</title>
        <cusip>48127FAA1</cusip>
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          <other otherDesc="Internal Identifier" value="577971"/>
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        <curCd>USD</curCd>
        <valUSD>201750000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.22938000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CMI 8.0% ELN Issued by Credit Suisse AG, London Branch 8% ELN 07/10/20</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
        <title>CMI 8.0% ELN Issued by Credit Suisse AG, London Branch 8% ELN 07/10/20</title>
        <cusip>22550T252</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="993184"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>299681462.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GENERAL MOTORS CO 5.15% 04/01/2038</name>
        <lei>54930070NSV60J38I987</lei>
        <title>GENERAL MOTORS CO 5.15% 04/01/2038</title>
        <cusip>37045VAP5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="673734"/>
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        <balance>165000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>168707888.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITED STATES TREASURY NOTE/BOND 2.375% 03/15/2021</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY NOTE/BOND 2.375% 03/15/2021</title>
        <cusip>9128284B3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="687059"/>
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        <balance>750000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>756528832.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITIGROUP INC 5.95% 7/30/2167 PERP</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC 5.95% 7/30/2167 PERP</title>
        <cusip>172967GD7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="534096"/>
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        <balance>180000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>190712700.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VERIZON COMMUNICATIONS INC COM USD1</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNICATIONS INC COM USD1</title>
        <cusip>92343V104</cusip>
        <identifiers>
          <ticker value="VZ"/>
          <other otherDesc="Internal Identifier" value="22610"/>
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        <balance>10000200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>614012280.00000000</valUSD>
        <pctVal>0.808910058599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>WYNN LAS VEGAS LLC/CAPITAL CORP 4.25% 05/30/2023 144A</name>
        <lei>N/A</lei>
        <title>WYNN LAS VEGAS LLC/CAPITAL CORP 4.25% 05/30/2023 144A</title>
        <cusip>983130AU9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="557714"/>
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        <balance>84000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88183200.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MALLINCKRODT INTERNATIONAL FINANCE SA/CB LLC 5.50% 04/15/2025 144A</name>
        <lei>N/A</lei>
        <title>MALLINCKRODT INTERNATIONAL FINANCE SA/CB LLC 5.50% 04/15/2025 144A</title>
        <cusip>561233AC1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="601453"/>
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        <balance>129500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46296250.00000000</valUSD>
        <pctVal>0.060991454927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ABBVIE INC 2.90% 11/06/2022</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBVIE INC 2.90% 11/06/2022</title>
        <cusip>00287YAL3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="554632"/>
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        <balance>35000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35723408.00000000</valUSD>
        <pctVal>0.047062615846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</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>CALUMET SPECIALTY PRODUCTS PARTNERS LP/FINANCE C 7.625% 01/15/2022</name>
        <lei>N/A</lei>
        <title>CALUMET SPECIALTY PRODUCTS PARTNERS LP/FINANCE C 7.625% 01/15/2022</title>
        <cusip>131477AL5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="566789"/>
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        <balance>161165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>161618195.98000000</valUSD>
        <pctVal>0.212918517494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>United States Treasury Note/Bond 2.875% 05/31/2025</name>
        <lei>N/A</lei>
        <title>United States Treasury Note/Bond 2.875% 05/31/2025</title>
        <cusip>9128284R8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="874948"/>
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        <balance>250000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>264605577.50000000</valUSD>
        <pctVal>0.348595818313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</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>HSBC Holdings PLC 4.292 09/12/2026 *FIXED TO FLOAT*</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC 4.292 09/12/2026 *FIXED TO FLOAT*</title>
        <cusip>404280BX6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="927901"/>
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        <balance>125000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>135139307.50000000</valUSD>
        <pctVal>0.178034786452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.29200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>PHILIP MORRIS INTERNATIONAL INC STRIKE 87.5 EXPIRES 01/17/20 CALLS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="PM 1 C87.5"/>
          <other otherDesc="Internal Identifier" value="1017741"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-290000.00000000</valUSD>
        <pctVal>-0.00038205085</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Credit Suisse Securities (Europe) Ltd.</counterpartyName>
              <counterpartyLei>DL6FFRRLF74S01HE2M14</counterpartyLei>
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            <writtenOrPur>Written</writtenOrPur>
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      <invstOrSec>
        <name>BAT Capital Corp 3.222% 08/15/2024</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp 3.222% 08/15/2024</title>
        <cusip>05526DAZ8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="946368"/>
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        <balance>88500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>90504932.10000000</valUSD>
        <pctVal>0.119232712949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.22200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</name>
        <lei>N/A</lei>
        <title>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</title>
        <cusip>457756500</cusip>
        <identifiers>
          <ticker value="INFXX"/>
          <other otherDesc="Internal Identifier" value="170875"/>
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        <balance>2531956065.96200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2531956065.96000000</valUSD>
        <pctVal>3.335641315980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="16184000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bausch Health Cos Inc 5.50% 03/01/2023 144A</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc 5.50% 03/01/2023 144A</title>
        <cusip>91911KAE2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="595784"/>
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        <balance>70526000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71084213.29000000</valUSD>
        <pctVal>0.093647532811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-01</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>
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      <invstOrSec>
        <name>Truist Financial Corp COM USD5</name>
        <lei>549300DRQQI75D2JP341</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>JPMORGAN CHASE &amp; CO 7.90% 10/30/2168 *FORMERLY FIXED*</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THE WILLIAMS COS INC 4.55% 06/24/2024</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>THE WILLIAMS COS INC 4.55% 06/24/2024</title>
        <cusip>969457BW9</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BCE INC ORD CAD NPV</name>
        <lei>5493001I9203PRB5KR45</lei>
        <title>BCE INC ORD CAD NPV</title>
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          <ticker value="BCE"/>
          <other otherDesc="Internal Identifier" value="365920"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bayer US Finance II LLC 4.25% 12/15/2025 144A</name>
        <lei>529900XWNEXYNJ3X6T40</lei>
        <title>Bayer US Finance II LLC 4.25% 12/15/2025 144A</title>
        <cusip>07274NAJ2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="878169"/>
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        <balance>75000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>80917574.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>PEPSICO INC COM USD.017</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PEPSICO INC COM USD.017</title>
        <cusip>713448108</cusip>
        <identifiers>
          <ticker value="PEP"/>
          <other otherDesc="Internal Identifier" value="6887"/>
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        <balance>3500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>478345000.00000000</valUSD>
        <pctVal>0.630179712335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SEMPRA ENERGY 6.00% CNV PFD *SER A*</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SEMPRA ENERGY 6.00% CNV PFD *SER A*</title>
        <cusip>816851406</cusip>
        <identifiers>
          <ticker value="SRE"/>
          <other otherDesc="Internal Identifier" value="682147"/>
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        <curCd>USD</curCd>
        <valUSD>48008000.00000000</valUSD>
        <pctVal>0.063246543038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tenet Healthcare Corp 05/01/2025</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp 05/01/2025</title>
        <cusip>88033GCU2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="920108"/>
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        <balance>133300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>137632250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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        <name>IP 9.0% ELN Issued by Barclays Bank PLC 9.0% ELN 9/17/2020</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>IP 9.0% ELN Issued by Barclays Bank PLC 9.0% ELN 9/17/2020</title>
        <cusip>06747C181</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1007003"/>
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        <balance>5634000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>246165561.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMZN 9% ELN Issued by JPMORGAN CHASE 9.00% ELN 01/22/2020</name>
        <lei>549300NJFDJOFYVV6789</lei>
        <title>AMZN 9% ELN Issued by JPMORGAN CHASE 9.00% ELN 01/22/2020</title>
        <cusip>48130X869</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="954070"/>
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        <curCd>USD</curCd>
        <valUSD>314977702.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHS/Community Health Systems Inc STEP 06/30/2023 144A</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems Inc STEP 06/30/2023 144A</title>
        <cusip>12543DAZ3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="878321"/>
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        <curCd>USD</curCd>
        <valUSD>1243903875.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-06-30</maturityDt>
          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO 6.10% 04/01/2167 PERP</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE &amp; CO 6.10% 04/01/2167 PERP</title>
        <cusip>48126HAC4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="587792"/>
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        <balance>80000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>87361200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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      <invstOrSec>
        <name>CCO HOLDINGS LLC/CAPITAL CORP 5.50% 05/01/2026 144A</name>
        <lei>N/A</lei>
        <title>CCO HOLDINGS LLC/CAPITAL CORP 5.50% 05/01/2026 144A</title>
        <cusip>1248EPBR3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="631502"/>
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        <balance>50000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>52803625.00000000</valUSD>
        <pctVal>0.069564379710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Cigna Corp 3.75% 07/15/2023</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Corp 3.75% 07/15/2023</title>
        <cusip>125523AF7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1004080"/>
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        <balance>60000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62935452.00000000</valUSD>
        <pctVal>0.082912218246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FORD MOTOR CO 4.75% 01/15/2043</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>FORD MOTOR CO 4.75% 01/15/2043</title>
        <cusip>345370CQ1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="539375"/>
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        <curCd>USD</curCd>
        <valUSD>59835060.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GOVT NATL MORTG ASSN 3.5% 11/20/2049 SF2</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GOVT NATL MORTG ASSN 3.5% 11/20/2049 SF2</title>
        <cusip>36179U6V9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1022178"/>
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        <curCd>USD</curCd>
        <valUSD>422166480.74000000</valUSD>
        <pctVal>0.556169190417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vistra Energy Corp 5.875% 06/01/2023</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>Vistra Energy Corp 5.875% 06/01/2023</title>
        <cusip>26817RAB4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="572770"/>
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        <balance>78000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79991340.00000000</valUSD>
        <pctVal>0.105381930678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>GENERAL MOTORS CO STRIKE 40 EXPIRES 02/21/20 CALLS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="GM 2 C40"/>
          <other otherDesc="Internal Identifier" value="1025939"/>
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        <balance>-10000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-280000.00000000</valUSD>
        <pctVal>-0.00036887668</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MERRILL LYNCH INTERNATIONAL</counterpartyName>
              <counterpartyLei>GGDZP1UYGU9STUHRDP48</counterpartyLei>
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        <name>MOTORS LIQUIDATION CO ESCROW ACCOUNT USD NPV REF SM # 280615</name>
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        <name>ALIBABA GROUP HOLDING LTD 3.40% 12/06/2027</name>
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        <name>MSFT 6.5% ELN Issued by Goldman Sachs International (Series L) 6.50% ELN 3/12/2020</name>
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        <name>Walmart Inc 3.4% 06/26/2023</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart Inc 3.4% 06/26/2023</title>
        <cusip>931142EK5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="878476"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MERCK &amp; CO INC COM USD.5</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>MERCK &amp; CO INC COM USD.5</title>
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        <name>NVDA 10% ELN ISSUED BY JPMORGAN CHASE BANK, NATIONAL ASSOCIATION NVDA 10% ELN 7/28/2020</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Tenet Healthcare Corp 6.25% 02/01/2027 144A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SCHLUMBERGER LTD ORD USD0.01</name>
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        <title>SCHLUMBERGER LTD ORD USD0.01</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DUKE ENERGY CORP COM USD.001</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FEDERAL HOME LOAN MORTGAGE CORP 4% 10/01/2049 FNL</name>
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          <other otherDesc="Internal Identifier" value="1017364"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TXN 9.0% ELN Issued by JPMorgan Chase Bank, National Association 9% ELN 07/06/2020</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>TXN 9.0% ELN Issued by JPMorgan Chase Bank, National Association 9% ELN 07/06/2020</title>
        <cusip>48128D719</cusip>
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          <other otherDesc="Internal Identifier" value="993504"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CHESAPEAKE ENERGY CORP COM USD.01</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
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          <ticker value="CHK"/>
          <other otherDesc="Internal Identifier" value="53250"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BANK OF AMERICA CORP 6.25% 03/05/2168 PERP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <cusip>060505EH3</cusip>
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          <other otherDesc="Internal Identifier" value="585467"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GOVT NATL MORTG ASSN 4% 11/20/2049 SF2</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GOVT NATL MORTG ASSN 4% 11/20/2049 SF2</title>
        <cusip>36179U6W7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1022187"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Weatherford International Ltd 11% 12/01/2024 144A</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>Weatherford International Ltd 11% 12/01/2024 144A</title>
        <cusip>947075AP2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1033481"/>
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        <valUSD>731653713.75000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.00000000</annualizedRt>
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        <name>United States Treasury Note/Bond 2.5% 05/31/2020</name>
        <lei>N/A</lei>
        <title>United States Treasury Note/Bond 2.5% 05/31/2020</title>
        <cusip>9128284Q0</cusip>
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          <other otherDesc="Internal Identifier" value="874947"/>
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        <valUSD>752604990.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>BOEING CO STRIKE 310 EXPIRES 01/17/20 PUTS</title>
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          <ticker value="BA 1 P310"/>
          <other otherDesc="Internal Identifier" value="1033244"/>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BANK OF AMERICA CORP 5.20% 12/1/2168 PERP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bausch Health Americas Inc 9.25% 04/01/2026 144A</name>
        <lei>KOO0397YRO83WY5MGD97</lei>
        <title>Bausch Health Americas Inc 9.25% 04/01/2026 144A</title>
        <cusip>91911XAV6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="686506"/>
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        <valUSD>230090000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LYB INTERNATIONAL FINANCE II BV 3.50% 03/02/2027</name>
        <lei>549300ZSNDBYN4Z4VZ93</lei>
        <title>LYB INTERNATIONAL FINANCE II BV 3.50% 03/02/2027</title>
        <cusip>50247WAB3</cusip>
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          <other otherDesc="Internal Identifier" value="660673"/>
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        <balance>50000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>52427159.50000000</valUSD>
        <pctVal>0.069068417757</pctVal>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>GM 8.5% ELN Issued by Wells Fargo Bank, N.A. 8.5% ELN 11/25/2020</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
        <title>GM 8.5% ELN Issued by Wells Fargo Bank, N.A. 8.5% ELN 11/25/2020</title>
        <cusip>95002A840</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1021268"/>
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        <balance>6512000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>245030390.70000000</valUSD>
        <pctVal>0.322807139459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Ashtead Capital Inc 4% 05/01/2028 144A</name>
        <lei>213800J1134IW58IC398</lei>
        <title>Ashtead Capital Inc 4% 05/01/2028 144A</title>
        <cusip>045054AJ2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1018958"/>
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        <curCd>USD</curCd>
        <valUSD>25312500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>METLIFE INC COM USD.01</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>METLIFE INC COM USD.01</title>
        <cusip>59156R108</cusip>
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          <ticker value="MET"/>
          <other otherDesc="Internal Identifier" value="185823"/>
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        <curCd>USD</curCd>
        <valUSD>91746000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAC 7.00% ELN Issued by Credit Suisse AG, London Branch 7.00% ELN 2/6/2020</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
        <title>BAC 7.00% ELN Issued by Credit Suisse AG, London Branch 7.00% ELN 2/6/2020</title>
        <cusip>22550T120</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="957072"/>
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        <balance>10400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>345208021.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOVT NATL MORTG ASSN 4% 10/20/2049 SF2</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GOVT NATL MORTG ASSN 4% 10/20/2049 SF2</title>
        <cusip>36179U4D1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1017315"/>
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        <balance>79929669.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>83360859.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ASHTEAD CAPITAL INC 4.375% 08/15/2027 144A</name>
        <lei>213800J1134IW58IC398</lei>
        <title>ASHTEAD CAPITAL INC 4.375% 08/15/2027 144A</title>
        <cusip>045054AF0</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="671485"/>
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        <balance>34500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35861542.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROYAL DUTCH SHELL PLC SPONSORED ADR A</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>ROYAL DUTCH SHELL PLC SPONSORED ADR A</title>
        <cusip>780259206</cusip>
        <identifiers>
          <ticker value="RDS/A"/>
          <other otherDesc="Internal Identifier" value="339933"/>
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        <balance>15000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>884700000.00000000</valUSD>
        <pctVal>1.165518593281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CEMEX SAB DE CV 5.70% 01/11/2025 144A</name>
        <lei>549300RIG2CXWN6IV731</lei>
        <title>CEMEX SAB DE CV 5.70% 01/11/2025 144A</title>
        <cusip>151290BM4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="585621"/>
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        <balance>65000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>66950000.00000000</valUSD>
        <pctVal>0.088201051000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</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>WFC 8.0% ELN Issued by Credit Suisse AG, London Branch 8% ELN 11/30/2020</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
        <title>WFC 8.0% ELN Issued by Credit Suisse AG, London Branch 8% ELN 11/30/2020</title>
        <cusip>22550T393</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1022989"/>
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        <balance>5640000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>304243894.92000000</valUSD>
        <pctVal>0.400816001380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CALPINE CORP 5.375% 01/15/2023</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>CALPINE CORP 5.375% 01/15/2023</title>
        <cusip>131347CE4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="580883"/>
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        <balance>300000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>304140345.00000000</valUSD>
        <pctVal>0.400679582982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IBM 8.0% ELN Issued by Barclays Bank PLC 8.00% ELN 12/31/2020</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>IBM 8.0% ELN Issued by Barclays Bank PLC 8.00% ELN 12/31/2020</title>
        <cusip>06747E450</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1031707"/>
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        <balance>2000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>268762976.00000000</valUSD>
        <pctVal>0.354072844708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VERIZON COMMUNICATIONS INC 3.50% 11/01/2024</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNICATIONS INC 3.50% 11/01/2024</title>
        <cusip>92343VCR3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="614319"/>
        </identifiers>
        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53008342.00000000</valUSD>
        <pctVal>0.069834077314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>Broadcom Inc COM USD 1</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc COM USD 1</title>
        <cusip>11135F101</cusip>
        <identifiers>
          <ticker value="AVGO"/>
          <other otherDesc="Internal Identifier" value="868236"/>
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        <balance>230000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>72684600.00000000</valUSD>
        <pctVal>0.095755909059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FERRELLGAS LP/FINANCE CORP 6.75% 06/15/2023</name>
        <lei>N/A</lei>
        <title>FERRELLGAS LP/FINANCE CORP 6.75% 06/15/2023</title>
        <cusip>315292AR3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="639629"/>
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        <balance>55200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46804908.00000000</valUSD>
        <pctVal>0.061661569493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FANNIE MAE 4% 12/01/2049 FNL</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE 4% 12/01/2049 FNL</title>
        <cusip>31418DJT0</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1024623"/>
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        <balance>97860576.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>102021008.05000000</valUSD>
        <pctVal>0.134404184229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Broadcom Inc STRIKE 300 EXPIRES 02/21/20 PUTS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="AVGO 2 P300"/>
          <other otherDesc="Internal Identifier" value="1034726"/>
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        <balance>-1200.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-654000.00000000</valUSD>
        <pctVal>-0.00086159055</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>NOMURA SECURITIES INTERNATIONAL INC</counterpartyName>
              <counterpartyLei>OXTKY6Q8X53C9ILVV871</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Broadcom Inc STRIKE 300 EXPIRES 02/21/20 PUTS</issuerName>
                <issueTitle>Broadcom Inc STRIKE 300 EXPIRES 02/21/20 PUTS</issueTitle>
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                  <cusip value="11135F101"/>
                  <isin value="US11135F1012"/>
                  <ticker value="AVGO 2 P300"/>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>300</exercisePrice>
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            <delta>XXXX</delta>
            <unrealizedAppr>-80458.49</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FORD MOTOR CREDIT CO LLC 4.134% 08/04/2025</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>FORD MOTOR CREDIT CO LLC 4.134% 08/04/2025</title>
        <cusip>345397XL2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="611750"/>
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        <balance>145000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>147008206.50000000</valUSD>
        <pctVal>0.193671072725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.13400000</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>POST HOLDINGS INC 5.00% 08/15/2026 144A</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST HOLDINGS INC 5.00% 08/15/2026 144A</title>
        <cusip>737446AK0</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="641320"/>
        </identifiers>
        <balance>87000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>92054700.00000000</valUSD>
        <pctVal>0.121274403129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cigna Corp 4.125% 11/15/2025</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Corp 4.125% 11/15/2025</title>
        <cusip>125523AG5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1004081"/>
        </identifiers>
        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>54273831.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <ticker value="CSCO 3 P45"/>
          <other otherDesc="Internal Identifier" value="1034965"/>
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        <curCd>USD</curCd>
        <valUSD>-1020000.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>WELLS FARGO SECURITIES LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-10409.33</unrealizedAppr>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co 7.25% 04/15/2025 144A</name>
        <lei>549300DNGHXL0OMHW304</lei>
        <title>Mauser Packaging Solutions Holding Co 7.25% 04/15/2025 144A</title>
        <cusip>12429TAE4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="662819"/>
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        <balance>189500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <pctVal>0.247151471724</pctVal>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SPRINT COMMUNICATIONS INC 6.00% 11/15/2022</name>
        <lei>549300JKU50UT08ZWD77</lei>
        <title>SPRINT COMMUNICATIONS INC 6.00% 11/15/2022</title>
        <cusip>852061AS9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="535619"/>
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        <balance>367700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>386279881.00000000</valUSD>
        <pctVal>0.508891583040</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>TENET HEALTHCARE CORP 8.125% 04/01/2022</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE CORP 8.125% 04/01/2022</title>
        <cusip>88033GCE8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="562555"/>
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        <balance>883311000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>978735087.33000000</valUSD>
        <pctVal>1.289401991838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sunoco LP / Sunoco Finance Corp 5.5% 02/15/2026</name>
        <lei>N/A</lei>
        <title>Sunoco LP / Sunoco Finance Corp 5.5% 02/15/2026</title>
        <cusip>86765LAL1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="942187"/>
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        <balance>74775000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77791984.31000000</valUSD>
        <pctVal>0.102484462667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-15</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>AT&amp;T INC STRIKE 33 EXPIRES 03/20/20 PUTS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="T 3 P33"/>
          <other otherDesc="Internal Identifier" value="1024543"/>
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        <balance>-20000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-380000.00000000</valUSD>
        <pctVal>-0.00050061836</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MORGAN STANLEY</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>AT&amp;T INC STRIKE 33 EXPIRES 03/20/20 PUTS</issuerName>
                <issueTitle>AT&amp;T INC STRIKE 33 EXPIRES 03/20/20 PUTS</issueTitle>
                <identifiers>
                  <cusip value="00206R102"/>
                  <isin value="US00206R1023"/>
                  <ticker value="T 3 P33"/>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>33</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-03-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>779199.57</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OCCIDENTAL PETROLEUM CORP COM USD.2</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>OCCIDENTAL PETROLEUM CORP COM USD.2</title>
        <cusip>674599105</cusip>
        <identifiers>
          <ticker value="OXY"/>
          <other otherDesc="Internal Identifier" value="18979"/>
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        <balance>17500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>721175000.00000000</valUSD>
        <pctVal>0.950088020243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABBVIE INC 3.20% 05/14/2026</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBVIE INC 3.20% 05/14/2026</title>
        <cusip>00287YAY5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="634046"/>
        </identifiers>
        <balance>35000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36231616.40000000</valUSD>
        <pctVal>0.047732138101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</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>Baker Hughes Co COM USD 0.0001 CL A </name>
        <lei>N/A</lei>
        <title>Baker Hughes Co COM USD 0.0001 CL A </title>
        <cusip>05722G100</cusip>
        <identifiers>
          <ticker value="BKR"/>
          <other otherDesc="Internal Identifier" value="810540"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>102520000.00000000</valUSD>
        <pctVal>0.135061564579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ENDO DAC / ENDO FINANCE LLC / ENDO FINCO INC 6.00% 02/01/2025 144A</name>
        <lei>N/A</lei>
        <title>ENDO DAC / ENDO FINANCE LLC / ENDO FINCO INC 6.00% 02/01/2025 144A</title>
        <cusip>29273EAA6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="596013"/>
        </identifiers>
        <balance>82900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56139051.00000000</valUSD>
        <pctVal>0.073958525771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ADI 7.00% ELN ISSUED BY BARCLAYS BANK PLC 7.00% ELN 2/06/2020</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>ADI 7.00% ELN ISSUED BY BARCLAYS BANK PLC 7.00% ELN 2/06/2020</title>
        <cusip>06746Y820</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="957745"/>
        </identifiers>
        <balance>2635000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>289556795.65000000</valUSD>
        <pctVal>0.381466970883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diamond Sports Group LLC / Diamond Sports Finance Co 6.625% 08/15/2027 144A</name>
        <lei>N/A</lei>
        <title>Diamond Sports Group LLC / Diamond Sports Finance Co 6.625% 08/15/2027 144A</title>
        <cusip>25277LAC0</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="998602"/>
        </identifiers>
        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48717500.00000000</valUSD>
        <pctVal>0.064181250218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL HOME LOAN MORTGAGE CORP PFD 8.3750%  SER Z</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP PFD 8.3750%  SER Z</title>
        <cusip>313400624</cusip>
        <identifiers>
          <ticker value="FMCC"/>
          <other otherDesc="Internal Identifier" value="406802"/>
        </identifiers>
        <balance>6700000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79395000.00000000</valUSD>
        <pctVal>0.104596302377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAVITA INC 5.00% 05/01/2025</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DAVITA INC 5.00% 05/01/2025</title>
        <cusip>23918KAR9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="601829"/>
        </identifiers>
        <balance>129500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>133493132.50000000</valUSD>
        <pctVal>0.175866087944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NETFLIX INC 5.875% 11/15/2028</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>NETFLIX INC 5.875% 11/15/2028</title>
        <cusip>64110LAT3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="978722"/>
        </identifiers>
        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55520500.00000000</valUSD>
        <pctVal>0.073143636326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; CO 5.90% 12/15/2168 PERP</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO &amp; CO 5.90% 12/15/2168 PERP</title>
        <cusip>949746RG8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="574881"/>
        </identifiers>
        <balance>125000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>136191875.00000000</valUSD>
        <pctVal>0.179421456500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Matador Resources Co 5.875% 09/15/2026</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Co 5.875% 09/15/2026</title>
        <cusip>576485AE6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="950216"/>
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        <curCd>USD</curCd>
        <valUSD>28743715.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO 6.125% 10/30/2168 PERP</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE &amp; CO 6.125% 10/30/2168 PERP</title>
        <cusip>46625HJW1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="572321"/>
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        <balance>60000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65592900.00000000</valUSD>
        <pctVal>0.086413184737</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="SPX 6 P2400"/>
          <other otherDesc="Internal Identifier" value="987069"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-16800000.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Index" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>MORGAN STANLEY</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>S&amp;P 500 INDEX STRIKE 2400 EXPIRES 06/19/20 PUTS</issuerName>
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                  <cusip value="783786106"/>
                  <ticker value="SPX 6 P2400"/>
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            <shareNo>200.00000000</shareNo>
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            <unrealizedAppr>66595425</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHS/Community Health Systems Inc 6.875% 04/01/2028 144A</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems Inc 6.875% 04/01/2028 144A</title>
        <cusip>12543DBE9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1024439"/>
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        <balance>1405000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>806090650.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Note/Bond 2.5% 02/28/2021</name>
        <lei>N/A</lei>
        <title>United States Treasury Note/Bond 2.5% 02/28/2021</title>
        <cusip>9128286D7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="964886"/>
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        <balance>500000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>504881745.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Prudential Financial Inc 5.70% 09/15/2048 *FIXED TO FLOAT*</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc 5.70% 09/15/2048 *FIXED TO FLOAT*</title>
        <cusip>744320BF8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="931147"/>
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        <balance>100000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>114402000.00000000</valUSD>
        <pctVal>0.150715110329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ANHEUSER-BUSCH INBEV SA/NV SPONSORED ADR</name>
        <lei>5493008H3828EMEXB082</lei>
        <title>ANHEUSER-BUSCH INBEV SA/NV SPONSORED ADR</title>
        <cusip>03524A108</cusip>
        <identifiers>
          <ticker value="BUD"/>
          <other otherDesc="Internal Identifier" value="460326"/>
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        <balance>2500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>205100000.00000000</valUSD>
        <pctVal>0.270202174162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Note/Bond 2.75% 08/15/2021</name>
        <lei>N/A</lei>
        <title>United States Treasury Note/Bond 2.75% 08/15/2021</title>
        <cusip>9128284W7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="920639"/>
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        <balance>350000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>356393782.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FMG RESOURCES AUGUST 2006 PTY LTD 5.125% 03/15/2023 144A</name>
        <lei>549300EFD6S2NFE9D745</lei>
        <title>FMG RESOURCES AUGUST 2006 PTY LTD 5.125% 03/15/2023 144A</title>
        <cusip>30251GAY3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="685852"/>
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        <balance>25000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26468500.00000000</valUSD>
        <pctVal>0.034870045084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>UBS AG LONDON BRANCH ZERO 5/07/2021 S&amp;P 500 INDEX</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>UBS AG LONDON BRANCH ZERO 5/07/2021 S&amp;P 500 INDEX</title>
        <cusip>90269A443</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1015827"/>
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        <curCd>USD</curCd>
        <valUSD>77837250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-07</maturityDt>
          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Southern Co/The 6.75% CNV PFD 2019 *SOUEU*</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co/The 6.75% CNV PFD 2019 *SOUEU*</title>
        <cusip>842587602</cusip>
        <identifiers>
          <ticker value="SO"/>
          <other otherDesc="Internal Identifier" value="1003211"/>
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        <balance>1600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>86240000.00000000</valUSD>
        <pctVal>0.113614019989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EQUINIX INC 5.375% 05/15/2027</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>EQUINIX INC 5.375% 05/15/2027</title>
        <cusip>29444UAR7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="661764"/>
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        <balance>75000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>81591000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Broadcom Inc 8% CNV PFD a *AVGOP*</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc 8% CNV PFD a *AVGOP*</title>
        <cusip>11135F200</cusip>
        <identifiers>
          <ticker value="AVGO"/>
          <other otherDesc="Internal Identifier" value="1012579"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTERNATIONAL PAPER CO 3.00% 02/15/2027</name>
        <lei>824LMFJDH41EY779Q875</lei>
        <title>INTERNATIONAL PAPER CO 3.00% 02/15/2027</title>
        <cusip>460146CP6</cusip>
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          <other otherDesc="Internal Identifier" value="642024"/>
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        <balance>50000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51548877.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CORP 3.75% 07/28/2026</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>CAPITAL ONE FINANCIAL CORP 3.75% 07/28/2026</title>
        <cusip>14040HBK0</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="641359"/>
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        <balance>110200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>116081839.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-28</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TEXAS INSTRUMENTS INC COM USD1</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>TEXAS INSTRUMENTS INC COM USD1</title>
        <cusip>882508104</cusip>
        <identifiers>
          <ticker value="TXN"/>
          <other otherDesc="Internal Identifier" value="5041"/>
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        <balance>2764000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>354593560.00000000</valUSD>
        <pctVal>0.467147493204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AMERICAN TOWER CORP 3.375% 10/15/2026</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP 3.375% 10/15/2026</title>
        <cusip>03027XAK6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="633828"/>
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        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51976359.50000000</valUSD>
        <pctVal>0.068474526289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOVT NATL MORTG ASSN 3.5% 10/20/2049 SF2</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GOVT NATL MORTG ASSN 3.5% 10/20/2049 SF2</title>
        <cusip>36179U4C3</cusip>
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          <other otherDesc="Internal Identifier" value="1016565"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAT Capital Corp 3.557% 08/15/2027</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp 3.557% 08/15/2027</title>
        <cusip>05526DBB0</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JOHNSON &amp; JOHNSON COM USD1</name>
        <lei>549300G0CFPGEF6X2043</lei>
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          <ticker value="JNJ"/>
          <other otherDesc="Internal Identifier" value="726"/>
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        <curCd>USD</curCd>
        <valUSD>583480000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DISH DBS CORP 5.875% 11/15/2024</name>
        <lei>N/A</lei>
        <title>DISH DBS CORP 5.875% 11/15/2024</title>
        <cusip>25470XAW5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="594958"/>
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        <curCd>USD</curCd>
        <valUSD>131271672.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FORD MOTOR CO 4.346% 12/08/2026</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>FORD MOTOR CO 4.346% 12/08/2026</title>
        <cusip>345370CR9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="654910"/>
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        <balance>140000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>144636875.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-08</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MS 8.5% ELN Issued by JPMorgan Chase Bank, National Association 8.5% ELN 12/21/2020</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>MS 8.5% ELN Issued by JPMorgan Chase Bank, National Association 8.5% ELN 12/21/2020</title>
        <cusip>48128D636</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1029162"/>
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        <curCd>USD</curCd>
        <valUSD>259710956.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sempra Energy 3.4% 02/01/2028</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra Energy 3.4% 02/01/2028</title>
        <cusip>816851BG3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="871465"/>
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        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51815202.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FANNIE MAE 4% 10/01/2049 FNL</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE 4% 10/01/2049 FNL</title>
        <cusip>31418DGN6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1014020"/>
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        <balance>189275258.89000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>197666578.75000000</valUSD>
        <pctVal>0.260409260544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Centene Corp 4.625% 12/15/2029 144A</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp 4.625% 12/15/2029 144A</title>
        <cusip>15135BAS0</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1024899"/>
        </identifiers>
        <balance>60000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63342000.00000000</valUSD>
        <pctVal>0.083447811388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corp 3.004% 12/20/2023 FIXED TO FLOAT</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp 3.004% 12/20/2023 FIXED TO FLOAT</title>
        <cusip>06051GHC6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="875546"/>
        </identifiers>
        <balance>100000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>102459128.00000000</valUSD>
        <pctVal>0.134981370787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00400000</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>Bank of America Corp 3.419% 12/20/28 FIXED TO FLOAT</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp 3.419% 12/20/28 FIXED TO FLOAT</title>
        <cusip>06051GHD4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="875483"/>
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        <balance>135000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>141686950.95000000</valUSD>
        <pctVal>0.186660761566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.41900000</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>SPRINT SPECTRUM CO LLC / SPRINT SPECTRUM CO II LLC / SP 5.152% 09/20/2029 144A</name>
        <lei>N/A</lei>
        <title>SPRINT SPECTRUM CO LLC / SPRINT SPECTRUM CO II LLC / SP 5.152% 09/20/2029 144A</title>
        <cusip>85208NAE0</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="686665"/>
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        <balance>220000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>240426450.00000000</valUSD>
        <pctVal>0.316741830893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15200000</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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        <name>Barclays PLC FRN 05/07/2025 *FIXED TO FLOAT*</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC FRN 05/07/2025 *FIXED TO FLOAT*</title>
        <cusip>06738EBH7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="979732"/>
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        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52554750.00000000</valUSD>
        <pctVal>0.069236507618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.93200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITIGROUP INC 5.35% 11/15/2168 PERP</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC 5.35% 11/15/2168 PERP</title>
        <cusip>172967GR6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="568366"/>
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        <balance>150000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>155928000.00000000</valUSD>
        <pctVal>0.205422158034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SPRINT CORP 7.625% 03/01/2026</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>SPRINT CORP 7.625% 03/01/2026</title>
        <cusip>85207UAK1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="685189"/>
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        <balance>96300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>106377795.00000000</valUSD>
        <pctVal>0.140143888306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BASF SE ORD EUR NPV***REGISTERED SHARES***</name>
        <lei>529900PM64WH8AF1E917</lei>
        <title>BASF SE ORD EUR NPV***REGISTERED SHARES***</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000BASF111"/>
          <other otherDesc="Internal Identifier" value="54436"/>
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        <balance>11000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>830826238.39000000</valUSD>
        <pctVal>1.094544397682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>POST HOLDINGS INC 5.625% 01/15/2028 144A</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST HOLDINGS INC 5.625% 01/15/2028 144A</title>
        <cusip>737446AN4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="679666"/>
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        <balance>65000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70157750.00000000</valUSD>
        <pctVal>0.092426994560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>CVS HEALTH CORP COM USD1</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DISH DBS CORP 5.00% 03/15/2023</name>
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        <name>CALUMET SPECIALTY PRODUCTS PARTNERS LP/FINANCE C 7.75% 04/15/2023</name>
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        <name>CCO HOLDINGS LLC/CAPITAL CORP 5.125% 02/15/2023</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MET 7.5% ELN Issued by Royal Bank of Canada MET 7.5% ELN 8/21/2020</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MGM Resorts International 5.5% 04/15/2027</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SPRINT COMMUNICATIONS INC 6.5% 02/03/2024 2018 Incremental Term Loans</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WELLS FARGO &amp; CO COM USD.1666</name>
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        <fairValLevel>1</fairValLevel>
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        <name>24 HOUR FITNESS WORLDWIDE INC 8.00% 06/01/2022 144A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>AMAT 8.50% ELN Issued by Merrill Lynch International &amp; Co C.V. 8.50% ELN 03/09/2020</name>
        <lei>AHYI0DDQ2LCHPGHJC422</lei>
        <title>AMAT 8.50% ELN Issued by Merrill Lynch International &amp; Co C.V. 8.50% ELN 03/09/2020</title>
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          <other otherDesc="Internal Identifier" value="965844"/>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VERIZON COMMUNICATIONS INC 2.625% 08/15/2026</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <cusip>92343VDD3</cusip>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HCA Inc 5.625% 09/01/2028</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc 5.625% 09/01/2028</title>
        <cusip>404121AJ4</cusip>
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          <other otherDesc="Internal Identifier" value="922345"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVS HEALTH CORP 5.05% 03/25/2048</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS HEALTH CORP 5.05% 03/25/2048</title>
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          <other otherDesc="Internal Identifier" value="686102"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MALLINCKRODT INTERNATIONAL FINANCE SA/CB LLC 5.625% 10/15/2023 144A</name>
        <lei>N/A</lei>
        <title>MALLINCKRODT INTERNATIONAL FINANCE SA/CB LLC 5.625% 10/15/2023 144A</title>
        <cusip>561233AD9</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CVS 8.5% ELN ISSUED BY CREDIT SUISSE AG, LONDON BRANCH 8.50% ELN 8/24/2020</name>
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        <title>CVS 8.5% ELN ISSUED BY CREDIT SUISSE AG, LONDON BRANCH 8.50% ELN 8/24/2020</title>
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          <other otherDesc="Internal Identifier" value="1001204"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>GENERAL MOTORS CO STRIKE 34 EXPIRES 02/21/20 PUTS</title>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SIRIUS XM RADIO INC 4.625% 05/15/2023 144A</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRIUS XM RADIO INC 4.625% 05/15/2023 144A</title>
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        <name>GLOBAL EAGLE ENTERTAINMENT INC 10.02025% 01/06/2023 Initial Term Loans</name>
        <lei>5493000LLKPEGV8XVG26</lei>
        <title>GLOBAL EAGLE ENTERTAINMENT INC 10.02025% 01/06/2023 Initial Term Loans</title>
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        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>IRON MOUNTAIN INC 4.875% 09/15/2027 144A</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC 4.875% 09/15/2027 144A</title>
        <cusip>46284VAC5</cusip>
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      <invstOrSec>
        <name>Bausch health Cos inc 6.50% 03/15/2022 144A</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch health Cos inc 6.50% 03/15/2022 144A</title>
        <cusip>91911KAJ1</cusip>
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        <invCountry>CA</invCountry>

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        <name>CCO HOLDINGS LLC/CAPITAL CORP 5.75% 09/01/2023</name>
        <lei>N/A</lei>
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        <cusip>1248EPBD4</cusip>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES TREASURY NOTE/BOND 7.50% 11/15/2024</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY NOTE/BOND 7.50% 11/15/2024</title>
        <cusip>912810ES3</cusip>
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          <other otherDesc="Internal Identifier" value="64005"/>
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        <balance>350000000.00000000</balance>
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        <valUSD>444369968.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WYNN LAS VEGAS LLC/CAPITAL CORP 5.50% 03/01/2025 144A</name>
        <lei>N/A</lei>
        <title>WYNN LAS VEGAS LLC/CAPITAL CORP 5.50% 03/01/2025 144A</title>
        <cusip>983130AV7</cusip>
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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>JPMORGAN CHASE &amp; CO 6.75% 08/01/2167  PERP</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE &amp; CO 6.75% 08/01/2167  PERP</title>
        <cusip>46625HJQ4</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA INC 5.875% 05/01/2023</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA INC 5.875% 05/01/2023</title>
        <cusip>404121AG0</cusip>
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          <other otherDesc="Internal Identifier" value="533524"/>
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        <balance>110000000.00000000</balance>
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        <valUSD>121796950.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>ALLERGAN FUNDING SCS 3.80% 03/15/2025</name>
        <lei>222100FLFVOSKCBCAR54</lei>
        <title>ALLERGAN FUNDING SCS 3.80% 03/15/2025</title>
        <cusip>00507UAS0</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="598677"/>
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        <valUSD>104882700.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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        <name>MORGAN STANLEY 5.55% 7/15/2168 PERP</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY 5.55% 7/15/2168 PERP</title>
        <cusip>617474AA9</cusip>
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          <other otherDesc="Internal Identifier" value="599548"/>
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        <balance>58000000.00000000</balance>
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        <name>Bausch Health Cos Inc 5.875% 05/15/2023 144A</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc 5.875% 05/15/2023 144A</title>
        <cusip>91831AAB7</cusip>
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          <other otherDesc="Internal Identifier" value="599699"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <name>Chesapeake Energy Corp 11.5% 01/01/2025 144A</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp 11.5% 01/01/2025 144A</title>
        <cusip>165167DD6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1034312"/>
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        <balance>1115000000.00000000</balance>
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        <valUSD>1056462500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.50000000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>S&amp;P 500 INDEX STRIKE 2700 EXPIRES 12/18/20 PUTS</title>
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          <ticker value="SPX 12 P2700"/>
          <other otherDesc="Internal Identifier" value="689075"/>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>JP MORGAN SECURITIESPLC</counterpartyName>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>RIO 10.00% ELN Issued by Barclays Bank PLC 10.00% ELN 10/27/2020</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>RIO 10.00% ELN Issued by Barclays Bank PLC 10.00% ELN 10/27/2020</title>
        <cusip>06747D692</cusip>
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          <other otherDesc="Internal Identifier" value="1015804"/>
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        <curCd>USD</curCd>
        <valUSD>288312045.00000000</valUSD>
        <pctVal>0.379827115535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COCA-COLA CO COM USD0.25</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FMG RESOURCES AUGUST 2006 PTY LTD 4.75% 05/15/2022 144A</name>
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        <cusip>30251GAU1</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIE MAE 4% 09/01/2049 FNL</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE 4% 09/01/2049 FNL</title>
        <cusip>31418DFS6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1017365"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bausch Health Cos Inc 6.125% 04/15/2025 144A</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
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        <cusip>91831AAC5</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TGT 8.00% ELN ISSUED BY MERRILL LYNCH INTERNATIONAL &amp; C 8.00% ELN 05/06/2020</name>
        <lei>AHYI0DDQ2LCHPGHJC422</lei>
        <title>TGT 8.00% ELN ISSUED BY MERRILL LYNCH INTERNATIONAL &amp; C 8.00% ELN 05/06/2020</title>
        <cusip>59027A490</cusip>
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          <other otherDesc="Internal Identifier" value="978215"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GOVT NATL MORTG ASSN 3.5% 09/20/2049 SF2</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GOVT NATL MORTG ASSN 3.5% 09/20/2049 SF2</title>
        <cusip>36179UZT2</cusip>
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          <other otherDesc="Internal Identifier" value="1009873"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HCA INC 7.50% 02/15/2022</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA INC 7.50% 02/15/2022</title>
        <cusip>404121AD7</cusip>
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          <other otherDesc="Internal Identifier" value="499652"/>
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        <balance>70000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>77474600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>UNITED STATES TREASURY NOTE/BOND 6.25% 05/15/2030</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY NOTE/BOND 6.25% 05/15/2030</title>
        <cusip>912810FM5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="185869"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MALLINCKRODT INTERNATIONAL FINANCE SA/CB LLC 4.875% 04/15/2020 144A</name>
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        <title>MALLINCKRODT INTERNATIONAL FINANCE SA/CB LLC 4.875% 04/15/2020 144A</title>
        <cusip>561233AB3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="601454"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CHS/Community Health Systems Inc 8% 03/15/2026 144A</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems Inc 8% 03/15/2026 144A</title>
        <cusip>12543DBC3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="966081"/>
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        <curCd>USD</curCd>
        <valUSD>464343300.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc 4.9% 02/01/2046</name>
        <lei>N/A</lei>
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        <cusip>03522AAJ9</cusip>
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          <other otherDesc="Internal Identifier" value="984377"/>
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        <valUSD>23689367.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Kraft Heinz Foods Co 4.625% 01/30/2029</name>
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        <cusip>50077LAT3</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AT&amp;T INC 4.125% 02/17/2026</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AAPL 7.5% ELN Issued by Merrill Lynch International &amp; Co. C.V. 7.50% ELN 4/3/2020</name>
        <lei>AHYI0DDQ2LCHPGHJC422</lei>
        <title>AAPL 7.5% ELN Issued by Merrill Lynch International &amp; Co. C.V. 7.50% ELN 4/3/2020</title>
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          <other otherDesc="Internal Identifier" value="971696"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>UNIVISION COMMUNICATIONS INC 6.50% 03/15/2024 TERM LOAN</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UNIVISION COMMUNICATIONS INC 6.50% 03/15/2024 TERM LOAN</title>
        <cusip>914908AX6</cusip>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GOOGL 7% ELN ISSUED BY GOLDMAN SACHS INTERNATIONAL 7% ELN 1/21/2020</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>GOOGL 7% ELN ISSUED BY GOLDMAN SACHS INTERNATIONAL 7% ELN 1/21/2020</title>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JPMORGAN CHASE &amp; CO 5.15% 11/1/2168 PERP</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE &amp; CO 5.15% 11/1/2168 PERP</title>
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        <curCd>USD</curCd>
        <valUSD>104571500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HAL 10.0% ELN Issued by Wells Fargo Bank, N.A. 10.0% ELN 1/11/2021</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
        <title>HAL 10.0% ELN Issued by Wells Fargo Bank, N.A. 10.0% ELN 1/11/2021</title>
        <cusip>95002A790</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1033701"/>
        </identifiers>
        <balance>12700000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>311460337.20000000</valUSD>
        <pctVal>0.410323063271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDEN NUGGET INC 6.75% 10/15/2024 144A</name>
        <lei>N/A</lei>
        <title>GOLDEN NUGGET INC 6.75% 10/15/2024 144A</title>
        <cusip>38113YAE9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="675849"/>
        </identifiers>
        <balance>60000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62249400.00000000</valUSD>
        <pctVal>0.082008401854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freeport-McMoRan Inc 5.25% 09/01/29</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan Inc 5.25% 09/01/29</title>
        <cusip>35671DCD5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1000461"/>
        </identifiers>
        <balance>40000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42926000.00000000</valUSD>
        <pctVal>0.056551431146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>TEXAS INSTRUMENTS INC STRIKE 105 EXPIRES 01/17/20 PUTS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="TXN 1 P105"/>
          <other otherDesc="Internal Identifier" value="1024774"/>
        </identifiers>
        <balance>-10000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-70000.00000000</valUSD>
        <pctVal>-0.00009221917</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SeaPort Global Securities LLC</counterpartyName>
              <counterpartyLei>54930028D6D0G5RZJ888</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>TEXAS INSTRUMENTS INC STRIKE 105 EXPIRES 01/17/20 PUTS</issuerName>
                <issueTitle>TEXAS INSTRUMENTS INC STRIKE 105 EXPIRES 01/17/20 PUTS</issueTitle>
                <identifiers>
                  <cusip value="882508104"/>
                  <isin value="US8825081040"/>
                  <ticker value="TXN 1 P105"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>105</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>820293.35</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHESAPEAKE ENERGY CORP 5.75% CNV PFD</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>CHESAPEAKE ENERGY CORP 5.75% CNV PFD</title>
        <cusip>165167768</cusip>
        <identifiers>
          <ticker value="CHK"/>
          <other otherDesc="Internal Identifier" value="542422"/>
        </identifiers>
        <balance>112980.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22192274.10000000</valUSD>
        <pctVal>0.029236473483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>HOME DEPOT INC STRIKE 210 EXPIRES 02/21/20 PUTS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="HD 2 P210"/>
          <other otherDesc="Internal Identifier" value="1035002"/>
        </identifiers>
        <balance>-5000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1170000.00000000</valUSD>
        <pctVal>-0.00154137759</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Susquehanna International Group</counterpartyName>
              <counterpartyLei>549300E8QX0ZMRDC2M81</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>HOME DEPOT INC STRIKE 210 EXPIRES 02/21/20 PUTS</issuerName>
                <issueTitle>HOME DEPOT INC STRIKE 210 EXPIRES 02/21/20 PUTS</issueTitle>
                <identifiers>
                  <cusip value="437076102"/>
                  <isin value="US4370761029"/>
                  <ticker value="HD 2 P210"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>210</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-02-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-219563.89</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BALL CORP 4.00% 11/15/2023</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
        <title>BALL CORP 4.00% 11/15/2023</title>
        <cusip>058498AS5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="549444"/>
        </identifiers>
        <balance>60000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63149400.00000000</valUSD>
        <pctVal>0.083194076923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>CISCO SYSTEMS INC COM USD NPV</name>
        <lei>8E6NF1YAL0WT6CWXXV93</lei>
        <title>CISCO SYSTEMS INC COM USD NPV</title>
        <cusip>17275R102</cusip>
        <identifiers>
          <ticker value="CSCO"/>
          <other otherDesc="Internal Identifier" value="29591"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>191840000.00000000</valUSD>
        <pctVal>0.252733228139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HighPoint Operating Corp 7.00% 10/15/2022</name>
        <lei>XE2KCQGOGYZ847CKN141</lei>
        <title>HighPoint Operating Corp 7.00% 10/15/2022</title>
        <cusip>06846NAD6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="515944"/>
        </identifiers>
        <balance>205783000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>196072511.80000000</valUSD>
        <pctVal>0.258309210053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</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>AMZN 7.5% ELN Issued by Goldman Sachs International 7.5% ELN 1/11/2021</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>AMZN 7.5% ELN Issued by Goldman Sachs International 7.5% ELN 1/11/2021</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1269132574"/>
          <other otherDesc="Internal Identifier" value="1034311"/>
        </identifiers>
        <balance>190000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>344589237.54000000</valUSD>
        <pctVal>0.453967631284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENET HEALTHCARE CORP 6.875% 11/15/2031</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE CORP 6.875% 11/15/2031</title>
        <cusip>88033GAV2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="242447"/>
        </identifiers>
        <balance>55258000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56520507.16000000</valUSD>
        <pctVal>0.074461062503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED STATES TREASURY NOTE/BOND 2.00% 11/30/2022</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY NOTE/BOND 2.00% 11/30/2022</title>
        <cusip>912828M80</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="621695"/>
        </identifiers>
        <balance>450000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>454924215.00000000</valUSD>
        <pctVal>0.599324778022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</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>United Technologies Corp 3.95% 08/16/2025</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>United Technologies Corp 3.95% 08/16/2025</title>
        <cusip>913017DD8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="923653"/>
        </identifiers>
        <balance>20000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21816117.60000000</valUSD>
        <pctVal>0.028740918611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</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>BAYER AG ORD EUR NPV *REGISTERED SHARES*</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>BAYER AG ORD EUR NPV *REGISTERED SHARES*</title>
        <cusip>D0712D163</cusip>
        <identifiers>
          <ticker value="BAYN"/>
          <other otherDesc="Internal Identifier" value="54437"/>
        </identifiers>
        <balance>3870500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>316037065.94000000</valUSD>
        <pctVal>0.416352522345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS PLC 3.65% 03/16/2025</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC 3.65% 03/16/2025</title>
        <cusip>06738EAE5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="613477"/>
        </identifiers>
        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52206319.50000000</valUSD>
        <pctVal>0.068777479443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</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>INTEL CORP COM USD.001</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>INTEL CORP COM USD.001</title>
        <cusip>458140100</cusip>
        <identifiers>
          <ticker value="INTC"/>
          <other otherDesc="Internal Identifier" value="7126"/>
        </identifiers>
        <balance>8000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>478800000.00000000</valUSD>
        <pctVal>0.630779136953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Note/Bond 6.125% 11/15/2027</name>
        <lei>N/A</lei>
        <title>United States Treasury Note/Bond 6.125% 11/15/2027</title>
        <cusip>912810FB9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="50100"/>
        </identifiers>
        <balance>300000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>394077285.00000000</valUSD>
        <pctVal>0.519164013628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HCA INC 5.00% 03/15/2024</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-03-15</maturityDt>
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      <invstOrSec>
        <name>MOTORS LIQUIDATION CO ESCROW ACCOUNT NPV REF SM# 280593</name>
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        <cusip>370ESCBT1</cusip>
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          <other otherDesc="Internal Identifier" value="492870"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>UNITED STATES TREASURY NOTE/BOND 6.875% 08/15/2025</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP INC 5.875% 9/27/2167 PERP</name>
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        <title>CITIGROUP INC 5.875% 9/27/2167 PERP</title>
        <cusip>172967JK8</cusip>
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          <other otherDesc="Internal Identifier" value="599678"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>F 10.00% ELN ISSUED BY CITIGROUP GLOBAL MARKET 10.00% ELN 02/06/2020</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>F 10.00% ELN ISSUED BY CITIGROUP GLOBAL MARKET 10.00% ELN 02/06/2020</title>
        <cusip>17327P518</cusip>
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          <other otherDesc="Internal Identifier" value="999264"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CHS/COMMUNITY HEALTH SYSTEMS INC 6.25% 03/31/2023</name>
        <lei>5493007X5NC5XI1BB106</lei>
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          <other otherDesc="Internal Identifier" value="661633"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>KINDER MORGAN INC 5.625% 11/15/2023 144A</name>
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        <cusip>49456BAB7</cusip>
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          <other otherDesc="Internal Identifier" value="563452"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>3M CO COM USD.01</name>
        <lei>LUZQVYP4VS22CLWDAR65</lei>
        <title>3M CO COM USD.01</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DEERE &amp; CO COM USD1</name>
        <lei>PWFTNG3EI0Y73OXWDH08</lei>
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          <other otherDesc="Internal Identifier" value="429"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>24 HOUR FITNESS WORLDWIDE INC 6.50% 05/30/2025 Term Loan</name>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>COCA-COLA CO STRIKE 57.5 EXPIRES 02/21/20 CALLS</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SPRINT COMMUNICATIONS INC 7.00% 08/15/2020</name>
        <lei>549300JKU50UT08ZWD77</lei>
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        <cusip>852061AR1</cusip>
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          <other otherDesc="Internal Identifier" value="528322"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>KRAFT HEINZ FOODS CO 3.95% 07/15/2025</name>
        <lei>5493003STKEZ2S0RNU91</lei>
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        <cusip>50077LAK2</cusip>
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          <other otherDesc="Internal Identifier" value="642801"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Par Pharmaceutical Inc 7.50% 04/01/2027 144A</name>
        <lei>549300KK5WR4MGN4YT97</lei>
        <title>Par Pharmaceutical Inc 7.50% 04/01/2027 144A</title>
        <cusip>69888XAA7</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Diamond Sports Group LLC 6.5% 08/24/2026 Term Loan</name>
        <lei>N/A</lei>
        <title>Diamond Sports Group LLC 6.5% 08/24/2026 Term Loan</title>
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          <other otherDesc="Internal Identifier" value="998576"/>
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        <valUSD>24937500.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-24</maturityDt>
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      <invstOrSec>
        <name>TC Energy Corp ORD NPV</name>
        <lei>549300UGKOFV2IWJJG27</lei>
        <title>TC Energy Corp ORD NPV</title>
        <cusip>87807B107</cusip>
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          <ticker value="TRP"/>
          <other otherDesc="Internal Identifier" value="277362"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>S&amp;P 500 INDEX STRIKE 2700 EXPIRES 06/19/20 PUTS</title>
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          <ticker value="SPX 6 P2700"/>
          <other otherDesc="Internal Identifier" value="960109"/>
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        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>JP MORGAN SECURITIES LLC</counterpartyName>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>FANNIE MAE 4% 01/01/2050 FNL</name>
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        <name>CALPINE CORP 5.50% 02/01/2024</name>
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        <name>VODAFONE GROUP PLC ORD GBP.2095</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CVS Health Corp 4.30% 03/25/2028</name>
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        <name>BA 8.5% ELN Issued by Royal Bank of Canada 8.5% ELN 07/29/2020</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FMG RESOURCES AUGUST 2006 PTY LTD 5.125% 05/15/2024 144A</name>
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        <title>FMG RESOURCES AUGUST 2006 PTY LTD 5.125% 05/15/2024 144A</title>
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        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVS HEALTH CORP 4.10% 03/25/2025</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS HEALTH CORP 4.10% 03/25/2025</title>
        <cusip>126650CW8</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>PEPSICO INC STRIKE 145 EXPIRES 03/20/20 CALLS</title>
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          <other otherDesc="Internal Identifier" value="1033265"/>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>RIO TINTO PLC SPONSORED ADR</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>RIO TINTO PLC SPONSORED ADR</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Walmart Inc 3.55% 06/26/2025</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart Inc 3.55% 06/26/2025</title>
        <cusip>931142ED1</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ABBV 10.0% ELN Issued by Citigroup Global Markets Holdings Inc. 10.0% ELN 7/29/2020</name>
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        <title>ABBV 10.0% ELN Issued by Citigroup Global Markets Holdings Inc. 10.0% ELN 7/29/2020</title>
        <cusip>17327P427</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Owl Rock Capital Corp COM USD 1</name>
        <lei>2549000BD79OOCPF2L94</lei>
        <title>Owl Rock Capital Corp COM USD 1</title>
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          <ticker value="ORCC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>WYNN LAS VEGAS LLC/CAPITAL CORP 5.25% 05/15/2027 144A</name>
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        <title>WYNN LAS VEGAS LLC/CAPITAL CORP 5.25% 05/15/2027 144A</title>
        <cusip>983130AX3</cusip>
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      <invstOrSec>
        <name>FREEPORT-MCMORAN INC 3.875% 03/15/2023</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>FREEPORT-MCMORAN INC 3.875% 03/15/2023</title>
        <cusip>35671DAZ8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="559248"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>BANK OF AMERICA CORP 6.10% 9/17/2167 PERP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP 6.10% 9/17/2167 PERP</title>
        <cusip>060505EN0</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co PRF USD 6.00% SER EE *JPM C*</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co PRF USD 6.00% SER EE *JPM C*</title>
        <cusip>48128B648</cusip>
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          <other otherDesc="Internal Identifier" value="955486"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UNITED RENTALS NORTH AMERICA INC 4.875% 01/15/2028</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>UNITED RENTALS NORTH AMERICA INC 4.875% 01/15/2028</title>
        <cusip>911365BG8</cusip>
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          <other otherDesc="Internal Identifier" value="683466"/>
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        <curCd>USD</curCd>
        <valUSD>110566480.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC 3.50% 11/16/2026</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GOLDMAN SACHS GROUP INC 3.50% 11/16/2026</title>
        <cusip>38145GAH3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="652834"/>
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        <balance>65000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68365423.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SEMPRA ENERGY COM USD NPV</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SEMPRA ENERGY COM USD NPV</title>
        <cusip>816851109</cusip>
        <identifiers>
          <ticker value="SRE"/>
          <other otherDesc="Internal Identifier" value="36700"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>454440000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MALLINCKRODT INTERNATIONAL FINANCE SA/CB LLC 5.75% 08/01/2022 144A</name>
        <lei>N/A</lei>
        <title>MALLINCKRODT INTERNATIONAL FINANCE SA/CB LLC 5.75% 08/01/2022 144A</title>
        <cusip>561233AA5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="582576"/>
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        <balance>195110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>82921750.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASTRAZENECA PLC 2.375% 06/12/2022</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>ASTRAZENECA PLC 2.375% 06/12/2022</title>
        <cusip>046353AQ1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="673591"/>
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        <balance>31500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31850122.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-06-12</maturityDt>
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          <annualizedRt>2.37500000</annualizedRt>
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      <invstOrSec>
        <name>ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.00% 04/13/2028</name>
        <lei>549300CRGMZK3K53BF92</lei>
        <title>ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.00% 04/13/2028</title>
        <cusip>035240AL4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="687132"/>
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        <balance>25000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27501810.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>SHEA HOMES LP / SHEA HOMES FUNDING CORP 5.875% 04/01/2023 144A</name>
        <lei>N/A</lei>
        <title>SHEA HOMES LP / SHEA HOMES FUNDING CORP 5.875% 04/01/2023 144A</title>
        <cusip>82088KAC2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="599494"/>
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        <balance>100975000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>103162623.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>PFIZER INC COM USD.05</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>PFIZER INC COM USD.05</title>
        <cusip>717081103</cusip>
        <identifiers>
          <ticker value="PFE"/>
          <other otherDesc="Internal Identifier" value="971"/>
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        <balance>15000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>587700000.00000000</valUSD>
        <pctVal>0.774245820358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NETFLIX INC 4.875% 04/15/2028</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>NETFLIX INC 4.875% 04/15/2028</title>
        <cusip>64110LAS5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="942368"/>
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        <balance>79300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>82569142.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MERCK &amp; CO INC STRIKE 87.5 EXPIRES 01/17/20 CALLS</title>
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        <identifiers>
          <ticker value="MRK 1 C87.5"/>
          <other otherDesc="Internal Identifier" value="1018434"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3510000.00000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Citigroup Global Markets Ltd</counterpartyName>
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      <invstOrSec>
        <name>SPRINT CORP 7.125% 06/15/2024</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>SPRINT CORP 7.125% 06/15/2024</title>
        <cusip>85207UAH8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="590231"/>
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        <balance>190650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>206061192.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HANESBRANDS INC 4.625% 05/15/2024 144A</name>
        <lei>GX5LWVWZLL5S4W1L2F20</lei>
        <title>HANESBRANDS INC 4.625% 05/15/2024 144A</title>
        <cusip>410345AJ1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="633410"/>
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        <balance>38000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40153270.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PHILIP MORRIS INTERNATIONAL INC COM USD NPV</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>PHILIP MORRIS INTERNATIONAL INC COM USD NPV</title>
        <cusip>718172109</cusip>
        <identifiers>
          <ticker value="PM"/>
          <other otherDesc="Internal Identifier" value="415725"/>
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        <valUSD>85090000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DAVITA INC 5.125% 07/15/2024</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DAVITA INC 5.125% 07/15/2024</title>
        <cusip>23918KAQ1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="578488"/>
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        <balance>190700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>195865109.50000000</valUSD>
        <pctVal>0.258035974790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MICROCHIP TECHNOLOGY INC 4.333% 06/01/2023</name>
        <lei>5493007PTFULNYZJ1R12</lei>
        <title>MICROCHIP TECHNOLOGY INC 4.333% 06/01/2023</title>
        <cusip>595017AP9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="987864"/>
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        <balance>69000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72904499.55000000</valUSD>
        <pctVal>0.096045608408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.33300000</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>UNITED STATES TREASURY NOTE/BOND 6.125% 08/15/2029</name>
        <lei>N/A</lei>
        <title>UNITED STATES TREASURY NOTE/BOND 6.125% 08/15/2029</title>
        <cusip>912810FJ2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="177452"/>
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        <balance>100000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>137052019.00000000</valUSD>
        <pctVal>0.180554624608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>S&amp;P 500 INDEX STRIKE 2900 EXPIRES 03/20/20 PUTS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="SPX 3 P2900"/>
          <other otherDesc="Internal Identifier" value="1001410"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BAC 8.5% ELN Issued by Barclays Bank PLC 8.5% ELN 11/25/2020</name>
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        <title>BAC 8.5% ELN Issued by Barclays Bank PLC 8.5% ELN 11/25/2020</title>
        <cusip>06747D130</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCO HOLDINGS LLC/CAPITAL CORP 5.125% 05/01/2027 144A</name>
        <lei>N/A</lei>
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        <cusip>1248EPBT9</cusip>
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          <other otherDesc="Internal Identifier" value="658135"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ADI 8.50% ELN ISSUED BY ROYAL BANK OF CANADA 8.50% ELN 12/21/20</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>ADI 8.50% ELN ISSUED BY ROYAL BANK OF CANADA 8.50% ELN 12/21/20</title>
        <cusip>78013P758</cusip>
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          <other otherDesc="Internal Identifier" value="1029164"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>General Motors Financial Co Inc 4.15% 06/19/2023</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc 4.15% 06/19/2023</title>
        <cusip>37045XCL8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="877890"/>
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        <balance>75000000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-06-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>PEPSICO INC STRIKE 140 EXPIRES 01/17/20 CALLS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="PEP 1 C140"/>
          <other otherDesc="Internal Identifier" value="1024254"/>
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        <balance>-30000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Susquehanna International Group</counterpartyName>
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            <counterparties>
              <counterpartyName>MORGAN STANLEY</counterpartyName>
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                  <cusip value="713448108"/>
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            <shareNo>200.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>1339590.23</unrealizedAppr>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="CAT 2 P135"/>
          <other otherDesc="Internal Identifier" value="1035170"/>
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        <balance>-5000.00000000</balance>
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        <valUSD>-1000000.00000000</valUSD>
        <pctVal>-0.00131741674</pctVal>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>RBC Capital Markets LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-29714.29999999</unrealizedAppr>
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      <invstOrSec>
        <name>Allison Transmission Inc 5.875% 06/01/2029 144A</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
        <title>Allison Transmission Inc 5.875% 06/01/2029 144A</title>
        <cusip>019736AF4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="971857"/>
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        <balance>30000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32919675.00000000</valUSD>
        <pctVal>0.043368931046</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>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>INTC 8.00% ELN Issued by Royal Bank of Canada 8.00% ELN 11/18/2020</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>INTC 8.00% ELN Issued by Royal Bank of Canada 8.00% ELN 11/18/2020</title>
        <cusip>78013P733</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1018802"/>
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        <balance>5070000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>297842797.98000000</valUSD>
        <pctVal>0.392383089093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Comcast Corp 3.95% 10/15/2025</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp 3.95% 10/15/2025</title>
        <cusip>20030NCS8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="934692"/>
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        <balance>50000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54568724.00000000</valUSD>
        <pctVal>0.071889750687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>United States Treasury Note/Bond 2.75% 04/30/2023</name>
        <lei>N/A</lei>
        <title>United States Treasury Note/Bond 2.75% 04/30/2023</title>
        <cusip>9128284L1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="871039"/>
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        <balance>500000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>517874465.00000000</valUSD>
        <pctVal>0.682256491401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>HighPoint Operating Corp 8.75% 06/15/2025</name>
        <lei>XE2KCQGOGYZ847CKN141</lei>
        <title>HighPoint Operating Corp 8.75% 06/15/2025</title>
        <cusip>06846NAF1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="670769"/>
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        <balance>175845000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>160898175.00000000</valUSD>
        <pctVal>0.211969949799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITED TECHNOLOGIES CORP 4.50% 06/01/2042</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>UNITED TECHNOLOGIES CORP 4.50% 06/01/2042</title>
        <cusip>913017BT5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="521878"/>
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        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35931255.60000000</valUSD>
        <pctVal>0.047336437754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANK OF AMERICA CORP PFD 7.25% SERIES L CONV PFD STK</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP PFD 7.25% SERIES L CONV PFD STK</title>
        <cusip>060505682</cusip>
        <identifiers>
          <ticker value="BAC"/>
          <other otherDesc="Internal Identifier" value="410912"/>
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        <balance>435218.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>630630882.00000000</valUSD>
        <pctVal>0.830803683133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SPRINT COMMUNICATIONS INC 11.50% 11/15/2021</name>
        <lei>549300JKU50UT08ZWD77</lei>
        <title>SPRINT COMMUNICATIONS INC 11.50% 11/15/2021</title>
        <cusip>852061AM2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="527606"/>
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        <balance>200000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>228864000.00000000</valUSD>
        <pctVal>0.301509265663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DuPont de Nemours Inc 4.493% 11/15/2025</name>
        <lei>5493004JF0SDFLM8GD76</lei>
        <title>DuPont de Nemours Inc 4.493% 11/15/2025</title>
        <cusip>26078JAC4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="942812"/>
        </identifiers>
        <balance>40000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44040434.00000000</valUSD>
        <pctVal>0.058019605157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.49300000</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>
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        <name>BMY 8.50% ELN ISSUED BY CREDIT SUISSE AG, LONDON 8.50% ELN 5/1/2020</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVT NATL MORTG ASSN 4% 09/20/2049 SF2</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Southern Co/The 5.50% 03/15/2057 *FIXED TO FLOAT*</name>
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        <name>GILD 9.0% ELN Issued by Merrill Lynch International &amp; Co. C.V. 9.0% ELN 12/30/2020</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC 3.40% 03/08/2021</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HOLDINGS PLC 3.40% 03/08/2021</title>
        <cusip>404280AV1</cusip>
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          <other otherDesc="Internal Identifier" value="628117"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FANNIE MAE 4% 08/01/2049 FNL</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE 4% 08/01/2049 FNL</title>
        <cusip>3140QBMZ8</cusip>
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          <other otherDesc="Internal Identifier" value="1022193"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY COM USD.01</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY COM USD.01</title>
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          <ticker value="MS"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION CNV PRF 5.375%</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION CNV PRF 5.375%</title>
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          <ticker value="FNMFO"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bausch Health Cos Inc 5.50% 11/01/2025 144A</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc 5.50% 11/01/2025 144A</title>
        <cusip>91911KAN2</cusip>
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          <other otherDesc="Internal Identifier" value="675974"/>
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        <curCd>USD</curCd>
        <valUSD>95284735.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ASTRAZENECA PLC 2.375% 11/16/2020</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>ASTRAZENECA PLC 2.375% 11/16/2020</title>
        <cusip>046353AK4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="630191"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bausch Health Cos Inc 6.5% 11/27/2025 First Incremental Term Loans</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc 6.5% 11/27/2025 First Incremental Term Loans</title>
        <cusip>C9413PBB8</cusip>
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          <other otherDesc="Internal Identifier" value="943422"/>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES TREASURY NOTE/BOND 1.625% 11/15/2022</name>
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          <other otherDesc="Internal Identifier" value="537989"/>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CHEVRON CORP COM USD.75</name>
        <lei>N/A</lei>
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          <ticker value="CVX"/>
          <other otherDesc="Internal Identifier" value="14093"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FERRELLGAS LP/FINANCE CORP 6.75% 01/15/2022</name>
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        <cusip>315292AP7</cusip>
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        <name>BMY 8.00% ELN Issued by Goldman Sachs International 8.00% ELN 11/4/2020</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
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        <invCountry>GB</invCountry>

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        <name>KINDER MORGAN INC 7.75% 01/15/2032</name>
        <lei>549300WR7IX8XE0TBO16</lei>
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        <cusip>28368EAE6</cusip>
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          <other otherDesc="Internal Identifier" value="226790"/>
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        <name>JPMORGAN CHASE &amp; CO 6.00% 2/1/2168 PERP</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE &amp; CO 6.00% 2/1/2168 PERP</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Tenet Healthcare Corp 4.625% 07/15/2024</name>
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        <name>XPO LOGISTICS INC 6.50% 06/15/2022 144A</name>
        <lei>54930096DB9LCLPN7H13</lei>
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        <cusip>983793AD2</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>AT&amp;T INC 3.00% 06/30/2022</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T INC 3.00% 06/30/2022</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ASCENT RESOURCES UTICA HOLDINGS LLC / ARU FINANC 10.00% 04/01/2022 144A</name>
        <lei>N/A</lei>
        <title>ASCENT RESOURCES UTICA HOLDINGS LLC / ARU FINANC 10.00% 04/01/2022 144A</title>
        <cusip>04364VAA1</cusip>
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          <other otherDesc="Internal Identifier" value="663255"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Note/Bond 2.75% 05/31/2023</name>
        <lei>N/A</lei>
        <title>United States Treasury Note/Bond 2.75% 05/31/2023</title>
        <cusip>9128284S6</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Broadcom Inc STRIKE 340 EXPIRES 02/21/20 CALLS</title>
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          <ticker value="AVGO 2 C340"/>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>NOMURA SECURITIES INTERNATIONAL INC</counterpartyName>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>Sempra Energy 6.75% CNV PFD B</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra Energy 6.75% CNV PFD B</title>
        <cusip>816851505</cusip>
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          <ticker value="SRE"/>
          <other otherDesc="Internal Identifier" value="913818"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CITIGROUP INC 3.50% 05/15/2023</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC 3.50% 05/15/2023</title>
        <cusip>172967GT2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="549911"/>
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        <balance>45000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BKR 8.5% ELN Issued by JPMORGAN CHASE BANK, NATIONAL ASSOCIATION 8.5% ELN 12/8/2020</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>BKR 8.5% ELN Issued by JPMORGAN CHASE BANK, NATIONAL ASSOCIATION 8.5% ELN 12/8/2020</title>
        <cusip>48128D644</cusip>
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          <other otherDesc="Internal Identifier" value="1024257"/>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NETFLIX INC 4.375% 11/15/2026</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>NETFLIX INC 4.375% 11/15/2026</title>
        <cusip>64110LAN6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="678011"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CMCSA 7.0% ELN Issued by Morgan Stanley BV 7.00% ELN 3/20/2020</name>
        <lei>KG1FTTDCK4KNVM3OHB52</lei>
        <title>CMCSA 7.0% ELN Issued by Morgan Stanley BV 7.00% ELN 3/20/2020</title>
        <cusip>61765M629</cusip>
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          <other otherDesc="Internal Identifier" value="967913"/>
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        <assetCat>EP</assetCat>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CAPITAL ONE FINANCIAL CORP 4.20% 10/29/2025</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>CAPITAL ONE FINANCIAL CORP 4.20% 10/29/2025</title>
        <cusip>14040HBJ3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="615933"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>GOLDMAN SACHS GROUP INC 3.272% 09/29/2025 FIXED TO FLOAT</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GOLDMAN SACHS GROUP INC 3.272% 09/29/2025 FIXED TO FLOAT</title>
        <cusip>38141GWQ3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="675579"/>
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        <valUSD>103504554.00000000</valUSD>
        <pctVal>0.136358632503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CHS/Community Health Systems Inc 8% 12/15/2027 144A</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems Inc 8% 12/15/2027 144A</title>
        <cusip>12543DBD1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1024438"/>
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        <balance>570000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>577125000.00000000</valUSD>
        <pctVal>0.760314138292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INTC 8.5% ELN Issued by Morgan Stanley Finance LLC 8.5% ELN 7/30/2020</name>
        <lei>5493003FCPSE9RKT4B56</lei>
        <title>INTC 8.5% ELN Issued by Morgan Stanley Finance LLC 8.5% ELN 7/30/2020</title>
        <cusip>61769Q493</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="998742"/>
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        <balance>7300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>403262358.70000000</valUSD>
        <pctVal>0.531264583514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORP COM USD.01</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP COM USD.01</title>
        <cusip>060505104</cusip>
        <identifiers>
          <ticker value="BAC"/>
          <other otherDesc="Internal Identifier" value="19138"/>
        </identifiers>
        <balance>5524000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>194555280.00000000</valUSD>
        <pctVal>0.256310383475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MYLAN NV 3.95% 06/15/2026</name>
        <lei>549300A0CD4KNFGIIS89</lei>
        <title>MYLAN NV 3.95% 06/15/2026</title>
        <cusip>62854AAN4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="671718"/>
        </identifiers>
        <balance>150000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>156507319.50000000</valUSD>
        <pctVal>0.206185363243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</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>AMC ENTERTAINMENT HOLDINGS INC 5.875% 11/15/2026</name>
        <lei>549300ZO77UNR6NRBR11</lei>
        <title>AMC ENTERTAINMENT HOLDINGS INC 5.875% 11/15/2026</title>
        <cusip>00165CAB0</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="671410"/>
        </identifiers>
        <balance>59300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53581849.25000000</valUSD>
        <pctVal>0.070589625368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chesapeake Energy Corp 7% 10/01/2024</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp 7% 10/01/2024</title>
        <cusip>165167DA2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="939653"/>
        </identifiers>
        <balance>440703000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>266620907.97000000</valUSD>
        <pctVal>0.351250848419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</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>FEDERAL HOME LOAN MORTGAGE CORP 4% 09/01/2049 FNL</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP 4% 09/01/2049 FNL</title>
        <cusip>3132DV3V5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1022189"/>
        </identifiers>
        <balance>20625037.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21474505.58000000</valUSD>
        <pctVal>0.028290873216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>GOVT NATL MORTG ASSN 4% 12/20/2049 SF2</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GOVT NATL MORTG ASSN 4% 12/20/2049 SF2</title>
        <cusip>36179VBH2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1030208"/>
        </identifiers>
        <balance>95460000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99747001.68000000</valUSD>
        <pctVal>0.131408370161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 8.25%</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 8.25%</title>
        <cusip>313586752</cusip>
        <identifiers>
          <ticker value="FNMA"/>
          <other otherDesc="Internal Identifier" value="407345"/>
        </identifiers>
        <balance>4650000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55567500.00000000</valUSD>
        <pctVal>0.073205554913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NCR CORP 5.00% 07/15/2022</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR CORP 5.00% 07/15/2022</title>
        <cusip>62886EAJ7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="555644"/>
        </identifiers>
        <balance>40000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40475000.00000000</valUSD>
        <pctVal>0.053322442707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>CVS 9.5% ELN ISSUED BY WELLS FARGO BANK NA 9.50% ELN 5/04/2020</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>CVS 9.5% ELN ISSUED BY WELLS FARGO BANK NA 9.50% ELN 5/04/2020</title>
        <cusip>94980V363</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="977402"/>
        </identifiers>
        <balance>4600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>295874277.00000000</valUSD>
        <pctVal>0.389789726593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Note/Bond 2.5% 06/30/2020</name>
        <lei>N/A</lei>
        <title>United States Treasury Note/Bond 2.5% 06/30/2020</title>
        <cusip>912828XY1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="878504"/>
        </identifiers>
        <balance>500000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502134010.00000000</valUSD>
        <pctVal>0.661519752428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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>CHESAPEAKE ENERGY CORP 6.5% 06/23/2024 Class A Loan</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>CHESAPEAKE ENERGY CORP 6.5% 06/23/2024 Class A Loan</title>
        <cusip>16516FAH2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1028081"/>
        </identifiers>
        <balance>200000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>206625000.00000000</valUSD>
        <pctVal>0.272211234697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.92775000</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>BARCLAYS PLC ORD GBP.25</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC ORD GBP.25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0031348658"/>
          <other otherDesc="Internal Identifier" value="279"/>
        </identifiers>
        <balance>200000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76315490"/>
        <valUSD>475848389.68000000</valUSD>
        <pctVal>0.626890636096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MET 7.5% ELN Issued by Goldman Sachs International 7.50% ELN 12/29/20</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>MET 7.5% ELN Issued by Goldman Sachs International 7.50% ELN 12/29/20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1269132491"/>
          <other otherDesc="Internal Identifier" value="1031782"/>
        </identifiers>
        <balance>5210000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>265498296.86000000</valUSD>
        <pctVal>0.349771901746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
