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      <regCity>Boston</regCity>
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        <name>Republica de El Salvador</name>
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      <invstOrSec>
        <name>CITIGROUP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TENET HEALTHCARE CORPORATION</name>
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          <isin value="US88033GCX60"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LIFEPOINT HEALTH, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TARGA RESOURCES PARTNERS LP</name>
        <lei>6OQWTZ1SPC04IFT4T704</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-03-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PETSMART, INC.</name>
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        <curCd>USD</curCd>
        <valUSD>227535.00000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-01</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>DISH DBS Corporation</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PBF LOGISTICS LP</name>
        <lei>529900XB9LDTN4488F04</lei>
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          <isin value="US69318UAB17"/>
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        <balance>322000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>330050.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MINERAL RESOURCES LIMITED</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>MINERAL RESOURCES LTD</title>
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          <isin value="US603051AA15"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>AU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LEVEL 3 FINANCING, INC.</name>
        <lei>N/A</lei>
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        <balance>202000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>205282.50000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-15</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>REFINITIV US HOLDINGS INC.</name>
        <lei>549300NF240HXJO7N016</lei>
        <title>REFINITIV US HOLDINGS</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AK STEEL CORPORATION</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-15</maturityDt>
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        <name>LEVEL 3 FINANCING, INC.</name>
        <lei>N/A</lei>
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        <name>COMMSCOPE TECHNOLOGIES LLC</name>
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        <name>ARDAGH PACKAGING FINANCE PUBLIC LIMITED COMPANY</name>
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        <invCountry>IE</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>CLEVELAND-CLIFFS INC.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
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        <name>TEGNA INC.</name>
        <lei>549300YC5EDBGX85AO10</lei>
        <title>TEGNA INC</title>
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        <name>NOVA Chemicals Corporation</name>
        <lei>5493007M1XGU5E55ZJ25</lei>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CCO HOLDINGS, LLC</name>
        <lei>N/A</lei>
        <title>CCO HOLDINGS LLC</title>
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        <name>Republica Argentina</name>
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        <name>DOMINION DIAMOND MINES ULC</name>
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        <name>HCA INC.</name>
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        <name>OASIS PETROLEUM INC.</name>
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        <name>ACADIA HEALTHCARE COMPANY, INC.</name>
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        <name>REYNOLDS GROUP ISSUER INC.</name>
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        <name>NEW GOLD INC.</name>
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        <name>CRESTWOOD MIDSTREAM PARTNERS LP</name>
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        <name>Hudbay Minerals Inc.</name>
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        <name>ALLY FINANCIAL INC.</name>
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        <name>JACOBS ENTERTAINMENT, INC.</name>
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        <name>HERC HOLDINGS INC.</name>
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        <name>YPF SOCIEDAD ANONIMA</name>
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        <name>GLOBAL AIRCRAFT LEASING CO., LTD</name>
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        <name>SPRINT CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HCA INC.</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>ALLY FINANCIAL INC.</name>
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          <isin value="US02005NAZ33"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>135945.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-03-30</maturityDt>
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        <name>AMERICAN EXPRESS COMPANY</name>
        <lei>R4PP93JZOLY261QX3811</lei>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2168-05-15</maturityDt>
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        <name>T-MOBILE USA, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-01-15</maturityDt>
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        <name>Clarios Global LP</name>
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        <title>PANTHER BF AGGREGATOR 2</title>
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        <balance>190000.00000000</balance>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-15</maturityDt>
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        <name>NAVIENT CORPORATION</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>REFINITIV US HOLDINGS</name>
        <lei>N/A</lei>
        <title>REFINITIV US HOLDINGS</title>
        <cusip>AU3905604</cusip>
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        <balance>200000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>LCPR SENIOR SECURED FINANCING DESIGNATED ACTIVITY COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TEMPO ACQUISITION, LLC</name>
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        <name>GO DADDY OPERATING COMPANY, LLC</name>
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        <name>PFG Escrow Corporation</name>
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        <name>ELECTRICITE DE FRANCE SA</name>
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        <name>NRG ENERGY, INC.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>BAUSCH HEALTH AMERICAS, INC.</name>
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        <name>DELL INC.</name>
        <lei>3E70L4WYANTIWWIPHC81</lei>
        <title>DELL INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FMG RESOURCES (AUGUST 2006) PTY LTD</name>
        <lei>549300EFD6S2NFE9D745</lei>
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        <cusip>30251GBA4</cusip>
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          <isin value="US30251GBA40"/>
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        <balance>228000.00000000</balance>
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        <invCountry>AU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-15</maturityDt>
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      <invstOrSec>
        <name>SPRINT CORPORATION</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>SPRINT CORP</title>
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          <isin value="US85207UAK16"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19912.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ARD Finance S.A.</name>
        <lei>6354006P6QPGGPVJW880</lei>
        <title>ARD FINANCE SA</title>
        <cusip>00191AAC0</cusip>
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          <isin value="US00191AAC09"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>207750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>INTELSAT JACKSON HOLDINGS S.A.</name>
        <lei>8XJ8KF85PBKK1TLMFN29</lei>
        <title>INTELSAT JACKSON HOLDINGS</title>
        <cusip>45824TBA2</cusip>
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          <isin value="US45824TBA25"/>
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        <balance>326000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>328343.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-15</maturityDt>
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      <invstOrSec>
        <name>VIPER ENERGY PARTNERS LP</name>
        <lei>5299009LINL232255G03</lei>
        <title>VIPER ENERGY PARTNERS LP</title>
        <cusip>92763MAA3</cusip>
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          <isin value="US92763MAA36"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30525.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-01</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IAMGOLD CORPORATION</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD CORP</title>
        <cusip>450913AE8</cusip>
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          <isin value="US450913AE80"/>
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        <balance>147000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>151777.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GULFPORT ENERGY CORPORATION</name>
        <lei>549300FJX18IDUFPHD40</lei>
        <title>GULFPORT ENERGY CORP WHEN ISSUED</title>
        <cusip>402635AL0</cusip>
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          <isin value="US402635AL06"/>
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        <balance>77000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46585.00000000</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>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INFOR (US), INC.</name>
        <lei>CIOT8TLNSHRE7MIBDR09</lei>
        <title>INFOR US INC</title>
        <cusip>45672NAG6</cusip>
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          <isin value="US45672NAG60"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>126718.75000000</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>2022-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Altice Luxembourg SA</name>
        <lei>2221006ZDZREFLFIFQ42</lei>
        <title>ALTICE LUXEMBOURG SA</title>
        <cusip>02156DAA7</cusip>
        <identifiers>
          <isin value="US02156DAA72"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>452500.00000000</valUSD>
        <pctVal>1.389643606122</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.50000000</annualizedRt>
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      <invstOrSec>
        <name>ARCHROCK PARTNERS, L.P.</name>
        <lei>549300YFKOM2XNCKQU76</lei>
        <title>ARCHROCK PARTNERS LP/FIN</title>
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          <isin value="US03959KAA88"/>
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        <balance>231000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>238484.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>BLUE CUBE SPINCO LLC</name>
        <lei>N/A</lei>
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        <balance>88000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>95920.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
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      <invstOrSec>
        <name>Camelot Finance S.A.</name>
        <lei>N/A</lei>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20208.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>TARGA RESOURCES PARTNERS LP</name>
        <lei>6OQWTZ1SPC04IFT4T704</lei>
        <title>TARGA RESOURCES PARTNERS</title>
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        <balance>64000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63520.00000000</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>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CSC HOLDINGS, LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC HOLDINGS LLC</title>
        <cusip>126307AH0</cusip>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>215500.00000000</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>2024-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GFL ENVIRONMENTAL INC.</name>
        <lei>5493008HF9XC5H29ZX61</lei>
        <title>GFL ENVIRONMENTAL INC</title>
        <cusip>36168QAC8</cusip>
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        <balance>79000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>80975.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>TAYLOR MORRISON COMMUNITIES, INC.</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TAYLOR MORRISON COMM</title>
        <cusip>87724RAA0</cusip>
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          <isin value="US87724RAA05"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>111670.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Provincia de Buenos Aires</name>
        <lei>549300L6AYROPOTQ4L07</lei>
        <title>PROVINCIA DE BUENOS AIRE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1566193295"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16750.50000000</valUSD>
        <pctVal>0.051441381711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>MOUNTAIN PROVINCE DIAMONDS INC.</name>
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        <name>GRAY TELEVISION, INC.</name>
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        <name>NRG ENERGY, INC.</name>
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        <name>Commscope Finance LLC</name>
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        <name>FREEPORT-MCMORAN INC.</name>
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        <name>DELL INTERNATIONAL L.L.C.</name>
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        <name>ITAU UNIBANCO HOLDING S.A.</name>
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        <name>SELECT MEDICAL CORPORATION</name>
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        <name>iShares iBoxx $ High Yield Corporate Bond Fund</name>
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        <name>CSC HOLDINGS, LLC</name>
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        <name>CENTENE CORPORATION</name>
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        <name>ENERGY TRANSFER OPERATING, L.P.</name>
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        <name>MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP</name>
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        <name>NAVIENT CORPORATION</name>
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        <name>PLAINS ALL AMERICAN PIPELINE, L.P.</name>
        <lei>5521FA2ITF25TVH63740</lei>
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        <name>Republica Argentina</name>
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        <name>KINETIC CONCEPTS, INC.</name>
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        <name>GENESIS ENERGY, L.P.</name>
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        <name>DIAMOND SPORTS GROUP, LLC</name>
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        <name>INEOS Group Holdings S.A.</name>
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        <name>Kleopatra Holdings 1 S.C.A.</name>
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        <name>DCP MIDSTREAM OPERATING, LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cascades Inc.</name>
        <lei>FPD41G4F3GH7OJ38TS94</lei>
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        <invCountry>CA</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>SPRINT CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NAVIENT CORPORATION</name>
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        <title>SLM CORPORATION</title>
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        <name>BANFF MERGER SUB INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BLUE RACER MIDSTREAM, LLC</name>
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        <name>T-MOBILE USA, INC.</name>
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        <name>NOVA Chemicals Corporation</name>
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        <name>NOVA Chemicals Corporation</name>
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        <name>SPRINT CORPORATION</name>
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        <name>ASCENT RESOURCES UTICA HOLDINGS, LLC</name>
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        <title>ASCENT RESOURCES / ARU FIN</title>
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      <invstOrSec>
        <name>ARCONIC INC.</name>
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        <curCd>USD</curCd>
        <valUSD>84505.06000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREEPORT-MCMORAN INC.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>FREEPORT-MCMORAN INC</title>
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          <isin value="US35671DAZ87"/>
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        <balance>44000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44660.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-03-15</maturityDt>
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      <invstOrSec>
        <name>ADIENT US LLC</name>
        <lei>213800SOTRCDGZUHL712</lei>
        <title>ADIENT US LLC</title>
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          <isin value="US00688JAA51"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-15</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>REFINITIV US HOLDINGS INC.</name>
        <lei>549300NF240HXJO7N016</lei>
        <title>REFINITIV US HOLDINGS</title>
        <cusip>31740LAC7</cusip>
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          <isin value="US31740LAC72"/>
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        <balance>305000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>342362.50000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-15</maturityDt>
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          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>SCIENTIFIC GAMES INTERNATIONAL, INC.</name>
        <lei>RLTHESQ0RNFQJWPBJN60</lei>
        <title>SCIENTIFIC GAMES INTERNATIONAL</title>
        <cusip>80874YAW0</cusip>
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          <isin value="US80874YAW03"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>154500.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CSC HOLDINGS, LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC HOLDINGS LLC</title>
        <cusip>64072TAA3</cusip>
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          <isin value="US64072TAA34"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>225692.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-15</maturityDt>
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          <annualizedRt>10.87500000</annualizedRt>
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      <invstOrSec>
        <name>OWENS-BROCKWAY GLASS CONTAINER INC.</name>
        <lei>V2UQUCDZJ9WY98W8QU33</lei>
        <title>OWENS-BROCKWAY</title>
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          <isin value="US69073TAS24"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>105250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-15</maturityDt>
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          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>REYNOLDS GROUP ISSUER LLC</name>
        <lei>N/A</lei>
        <title>REYNOLDS GRP ISS/REYNOLD</title>
        <cusip>761735AT6</cusip>
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          <isin value="US761735AT63"/>
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        <balance>72000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>73868.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>THE ROYAL BANK OF SCOTLAND GROUP PUBLIC LIMITED COMPANY</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>ROYAL BANK SCOTLAND GROUP PLC</title>
        <cusip>780097BB6</cusip>
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          <isin value="US780097BB64"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>215500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
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      <invstOrSec>
        <name>CCO HOLDINGS, LLC</name>
        <lei>N/A</lei>
        <title>CCO HOLDINGS LLC/CAP CORP</title>
        <cusip>1248EPBX0</cusip>
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          <isin value="US1248EPBX05"/>
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        <balance>134000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>140197.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>JAGUAR HOLDING COMPANY II</name>
        <lei>N/A</lei>
        <title>JAGUAR HL / PPDI</title>
        <cusip>47010DAA8</cusip>
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          <isin value="US47010DAA81"/>
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        <balance>69000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71415.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-08-01</maturityDt>
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      <invstOrSec>
        <name>LEVEL 3 FINANCING, INC.</name>
        <lei>N/A</lei>
        <title>LEVEL 3 FINANCING INC</title>
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        <balance>24000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-01-15</maturityDt>
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      <invstOrSec>
        <name>YUM! BRANDS, INC.</name>
        <lei>549300JE8XHZZ7OHN517</lei>
        <title>YUM! BRANDS INC</title>
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        <balance>80000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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        <name>ELDORADO RESORTS, INC.</name>
        <lei>5299000BKFWWVND5L441</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>THE CHEMOURS COMPANY</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO</title>
        <cusip>163851AB4</cusip>
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          <isin value="US163851AB45"/>
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        <balance>39000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-05-15</maturityDt>
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      <invstOrSec>
        <name>PBF HOLDING COMPANY LLC</name>
        <lei>549300TILVIIV9FLL461</lei>
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        <cusip>69318FAE8</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-11-15</maturityDt>
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      <invstOrSec>
        <name>SCIENTIFIC GAMES INTERNATIONAL, INC.</name>
        <lei>RLTHESQ0RNFQJWPBJN60</lei>
        <title>SCIENTIFIC GAMES INTERNATIONAL</title>
        <cusip>80874YAU4</cusip>
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        <balance>147000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-01</maturityDt>
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      <invstOrSec>
        <name>IQVIA INC.</name>
        <lei>549300PLWY28YB00C717</lei>
        <title>IQVIA INC</title>
        <cusip>N/A</cusip>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WYNDHAM DESTINATIONS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-01</maturityDt>
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      <invstOrSec>
        <name>SILVERSEA CRUISE FINANCE LTD</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>BS</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-01</maturityDt>
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      <invstOrSec>
        <name>EMBARQ CORPORATION</name>
        <lei>N/A</lei>
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        <balance>197000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>195030.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-06-01</maturityDt>
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      <invstOrSec>
        <name>ACADIA HEALTHCARE COMPANY, INC.</name>
        <lei>5493005CW985Y9D0NC11</lei>
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          <isin value="US00404AAJ88"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65975.00000000</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>2023-02-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GENESIS ENERGY, L.P.</name>
        <lei>549300VJ5D6MDK138782</lei>
        <title>GENESIS ENERGY LP</title>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97000.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>THE CHEMOURS COMPANY</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO</title>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57758.35000000</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>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <name>ZAYO GROUP, LLC</name>
        <lei>549300Q4HWM0W5QWTQ31</lei>
        <title>ZAYO GROUP LLC/ZAYO CAP</title>
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        <balance>147000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>151190.97000000</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>2023-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
        <lei>5493004T21MOAFINJP35</lei>
        <title>TEVA PHARMACEUTICALS NE</title>
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          <isin value="US88167AAE10"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37625.00000000</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>2026-10-01</maturityDt>
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          <annualizedRt>3.15000000</annualizedRt>
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      <invstOrSec>
        <name>PARTY CITY HOLDINGS INC.</name>
        <lei>5493005PYM1JS6EZN307</lei>
        <title>PARTY CITY HOLDINGS INC</title>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-01</maturityDt>
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          <annualizedRt>6.62500000</annualizedRt>
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        <name>PARSLEY ENERGY, LLC</name>
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        <balance>69000.00000000</balance>
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        <valUSD>70726.38000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MPT OPERATING PARTNERSHIP, L.P.</name>
        <lei>WUQXXXF7PXTUPGROE843</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>IRON MOUNTAIN INCORPORATED</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC</title>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>61425.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
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        <name>Petroleos de Venezuela, S.A.</name>
        <lei>549300YWR8TN1OFD4P06</lei>
        <title>PETROLEOS DE VENEZUELA</title>
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        <name>FOXTROT ESCROW ISSUER, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VIKING CRUISES LTD</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>VIKING CRUISES LTD</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>MTS Systems Corporation</name>
        <lei>549300E7ZL4ZDETLML64</lei>
        <title>MTS SYSTEM CORP</title>
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        <valUSD>46090.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-15</maturityDt>
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        <name>Republica Argentina</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>REPUBLIC OF ARGENTINA</title>
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        <balance>53000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20803.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Olin Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SIRIUS XM RADIO INC.</name>
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      <invstOrSec>
        <name>TRIVIUM PACKAGING FIN</name>
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          <isin value="XS2034069752"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-15</maturityDt>
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        <name>AerCap Holdings N.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ANTERO RESOURCES CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ELDORADO RESORTS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TALEN ENERGY SUPPLY, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDEN NUGGET, INC.</name>
        <lei>91D14OD6M4H1RVBN7R43</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CHARLES RIVER LABORATORIES INTERNATIONAL, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DIAMOND SPORTS GROUP, LLC</name>
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        <name>SUNOCO LP</name>
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        <name>Commscope Finance LLC</name>
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        <name>GOLDEN NUGGET, INC.</name>
        <lei>91D14OD6M4H1RVBN7R43</lei>
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        <name>GULFPORT ENERGY CORPORATION</name>
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        <name>BOYD GAMING CORPORATION</name>
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        <name>SCIENTIFIC GAMES INTERNATIONAL, INC.</name>
        <lei>RLTHESQ0RNFQJWPBJN60</lei>
        <title>SCIENTIFIC GAMES INTERNA</title>
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        <name>DISH DBS Corporation</name>
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        <balance>60000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62748.60000000</valUSD>
        <pctVal>0.192703184051</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>5.87500000</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>FEDERAL REPUBLIC OF NIGERIA</name>
        <lei>549300GSBZD84TNEQ285</lei>
        <title>REPUBLIC OF NIGERIA</title>
        <cusip>65412AEK4</cusip>
        <identifiers>
          <isin value="US65412AEK43"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46404.00000000</valUSD>
        <pctVal>0.142508335687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hudbay Minerals Inc.</name>
        <lei>549300WI524AL577IX21</lei>
        <title>HUDBY MINERALS INC</title>
        <cusip>443628AF9</cusip>
        <identifiers>
          <isin value="US443628AF98"/>
        </identifiers>
        <balance>2000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2067.30000000</valUSD>
        <pctVal>0.006348751882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MATCH GROUP, INC.</name>
        <lei>549300BIJKT86CPCKK96</lei>
        <title>MATCH GROUP INC</title>
        <cusip>57665RAJ5</cusip>
        <identifiers>
          <isin value="US57665RAJ59"/>
        </identifiers>
        <balance>165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>176756.25000000</valUSD>
        <pctVal>0.542824735148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS Group Funding (Switzerland) AG</name>
        <lei>506700Q800G1L95S7805</lei>
        <title>UBS GROUP AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0271428333"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223000.00000000</valUSD>
        <pctVal>0.684840937382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-02-19</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>IRSA Propiedades Comerciales S.A</name>
        <lei>549300WDBPUOVK4S9722</lei>
        <title>IRSA PROPIEDADES COM</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USP5880UAB63"/>
        </identifiers>
        <balance>23000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18515.23000000</valUSD>
        <pctVal>0.056860930354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</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>EG GLOBAL FINANCE PLC</name>
        <lei>549300TL8Q5207VYET27</lei>
        <title>EG GLOBAL FINANCE PLC</title>
        <cusip>28228PAB7</cusip>
        <identifiers>
          <isin value="US28228PAB76"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>210000.00000000</valUSD>
        <pctVal>0.644917474664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</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>CABLEVISION SYSTEMS CORPORATION</name>
        <lei>N/A</lei>
        <title>CABLEVISION SYSTEMS CORP</title>
        <cusip>12686CBB4</cusip>
        <identifiers>
          <isin value="US12686CBB46"/>
        </identifiers>
        <balance>174000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>187702.50000000</valUSD>
        <pctVal>0.576441058515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-15</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>CALPINE CORPORATION</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>CALPINE CORP</title>
        <cusip>131347CA2</cusip>
        <identifiers>
          <isin value="US131347CA27"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75105.00000000</valUSD>
        <pctVal>0.230650128260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLY FINANCIAL INC.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY FINANCIAL INC</title>
        <cusip>02005NAJ9</cusip>
        <identifiers>
          <isin value="US02005NAJ90"/>
        </identifiers>
        <balance>87000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>90697.50000000</valUSD>
        <pctVal>0.278535250754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XPO LOGISTICS, INC.</name>
        <lei>54930096DB9LCLPN7H13</lei>
        <title>XPO LOGISTICS INC</title>
        <cusip>983793AG5</cusip>
        <identifiers>
          <isin value="US983793AG59"/>
        </identifiers>
        <balance>217000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>234360.00000000</valUSD>
        <pctVal>0.719727901725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-15</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>JBS USA Lux S.A.</name>
        <lei>P77IMDGVZE8EFBTF2M92</lei>
        <title>JBS USA LLC / JBS USA FINANCE LLC</title>
        <cusip>U0901CAG5</cusip>
        <identifiers>
          <isin value="USU0901CAG51"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51562.50000000</valUSD>
        <pctVal>0.158350272797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-15</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>WARRIOR MET COAL, INC.</name>
        <lei>549300152B1S9YKBYV79</lei>
        <title>WARRIOR MET COAL LLC</title>
        <cusip>93627CAA9</cusip>
        <identifiers>
          <isin value="US93627CAA99"/>
        </identifiers>
        <balance>139000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>141780.00000000</valUSD>
        <pctVal>0.435411426466</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</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>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1481041587"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>213265.60000000</valUSD>
        <pctVal>0.654946248499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2167-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</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>Banco Bilbao Vizcaya Argentaria, S.A.</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>BANCO BIL VIZCAYA ARG</title>
        <cusip>05946KAF8</cusip>
        <identifiers>
          <isin value="US05946KAF84"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>196750.00000000</valUSD>
        <pctVal>0.604226253048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clarios Global LP</name>
        <lei>549300474L1ZLXZY2P98</lei>
        <title>PANTHER BF AGGREGATOR 2</title>
        <cusip>69867DAC2</cusip>
        <identifiers>
          <isin value="US69867DAC20"/>
        </identifiers>
        <balance>81000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>81405.00000000</valUSD>
        <pctVal>0.249997652500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2019-12-02</ncom:dateSigned>
      <ncom:nameOfApplicant>HSBC Funds</ncom:nameOfApplicant>
      <ncom:signature>Lauren Stuntebeck</ncom:signature>
      <ncom:signerName>Lauren Stuntebeck</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
