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        <name>ENTERPRISE PRODUCTS OPERATING LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>DCP MIDSTREAM OPERATING, LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gaz Capital S.A.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>REFINITIV US HOLDINGS INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>OMEGA HEALTHCARE INVESTORS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Republica Bolivariana de Venezuela</name>
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        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JABIL INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-12</maturityDt>
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        <name>PT Perusahaan Listrik Negara (Persero)</name>
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        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VOC ESCROW LTD</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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        <name>TURKIYE IS BANKASI ANONIM SIRKETI</name>
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        <name>NEW GOLD INC.</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-15</maturityDt>
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        <name>EMBARQ CORPORATION</name>
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        <name>SYNCHRONY FINANCIAL</name>
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        <name>QUATRIM</name>
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        <name>ENERGY TRANSFER OPERATING, L.P.</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>ENERGY TRANSFER PARTNERS</title>
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        <name>CSX Corporation</name>
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        <name>DIAMOND SPORTS GROUP, LLC</name>
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      </invstOrSec>
      <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>136000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>68000.00000000</valUSD>
        <pctVal>0.222893486205</pctVal>
        <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>
          <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>CELGENE CORPORATION</name>
        <lei>4SIHMF0MOSTTL8CD0X64</lei>
        <title>CELGENE CORP</title>
        <cusip>151020AU8</cusip>
        <identifiers>
          <isin value="US151020AU84"/>
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        <balance>60000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73923.25000000</valUSD>
        <pctVal>0.242308983884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-15</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PACKAGING CORPORATION OF AMERICA</name>
        <lei>549300XZP8MFZFY8TJ84</lei>
        <title>PACKAGING CORP OF AMERIC</title>
        <cusip>695156AU3</cusip>
        <identifiers>
          <isin value="US695156AU37"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36020.40000000</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>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <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.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC</title>
        <cusip>172967KU4</cusip>
        <identifiers>
          <isin value="US172967KU42"/>
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        <balance>70000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77778.15000000</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>2028-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</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>BLUE RACER MIDSTREAM, LLC</name>
        <lei>N/A</lei>
        <title>BLUE RACER MID LLC/FINAN</title>
        <cusip>095796AA6</cusip>
        <identifiers>
          <isin value="US095796AA63"/>
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        <balance>164000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>160244.40000000</valUSD>
        <pctVal>0.525256367072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</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>SUNOCO LOGISTICS PARTNERS OPERATIONS L.P.</name>
        <lei>5493006LL0CKP8WQW329</lei>
        <title>SUNOCO LOGISTICS PARTNERS OPERATIONS LP</title>
        <cusip>86765BAV1</cusip>
        <identifiers>
          <isin value="US86765BAV18"/>
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        <balance>40000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43360.14000000</valUSD>
        <pctVal>0.142127834808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JACOBS ENTERTAINMENT, INC.</name>
        <lei>5493004U9JIWY3HSUO63</lei>
        <title>JACOBS ENTERTAINMENT INC</title>
        <cusip>469815AH7</cusip>
        <identifiers>
          <isin value="US469815AH78"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>158969.25000000</valUSD>
        <pctVal>0.521076622529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>NATIONWIDE BLDG SOCIETY</title>
        <cusip>63861VAD9</cusip>
        <identifiers>
          <isin value="US63861VAD91"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>206735.75000000</valUSD>
        <pctVal>0.677647824130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62200000</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>ENABLE MIDSTREAM PARTNERS, LP</name>
        <lei>549300TLGDBYE711G509</lei>
        <title>ENABLE MIDSTREAM PARTNER</title>
        <cusip>292480AL4</cusip>
        <identifiers>
          <isin value="US292480AL49"/>
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        <balance>245000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>253124.20000000</valUSD>
        <pctVal>0.829701990897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BNP PARIBAS CARDIF S.A.</name>
        <lei>969500VRSFWX7S1P2M29</lei>
        <title>BNP PARIBAS CARDIF</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0012329845"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90179000"/>
        <valUSD>251167.12000000</valUSD>
        <pctVal>0.823286985250</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.03200000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Turkiye Cumhuriyeti</name>
        <lei>5493000PCHOG3B6S3Q85</lei>
        <title>REPUBLIC OF TURKEY</title>
        <cusip>900123AY6</cusip>
        <identifiers>
          <isin value="US900123AY60"/>
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        <balance>68000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75480.00000000</valUSD>
        <pctVal>0.247411769688</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENLINK MIDSTREAM PARTNERS, LP</name>
        <lei>88CPW63VL7KHJWS0NY83</lei>
        <title>ENLINK MIDSTREAM PARTNER</title>
        <cusip>29336UAH0</cusip>
        <identifiers>
          <isin value="US29336UAH05"/>
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        <balance>51000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35572.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Saudi Arabian Oil Company</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>SAUDI ARABIAN OIL CO</title>
        <cusip>80414L2F1</cusip>
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          <isin value="US80414L2F13"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>225806.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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        <name>NOVA Chemicals Corporation</name>
        <lei>5493007M1XGU5E55ZJ25</lei>
        <title>NOVA CHEMICALS CORP</title>
        <cusip>66977WAR0</cusip>
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          <isin value="US66977WAR07"/>
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        <balance>237000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>241147.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>OWENS-BROCKWAY GLASS CONTAINER INC.</name>
        <lei>V2UQUCDZJ9WY98W8QU33</lei>
        <title>OWENS-BROCKWAY</title>
        <cusip>690872AA4</cusip>
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          <isin value="US690872AA43"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51750.00000000</valUSD>
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        <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>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PEABODY ENERGY CORPORATION</name>
        <lei>EJCO258LNNVSKAR2JX59</lei>
        <title>PEABODY SEC FIN CORP</title>
        <cusip>70457LAA2</cusip>
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          <isin value="US70457LAA26"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>139125.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>PBF HOLDING COMPANY LLC</name>
        <lei>549300TILVIIV9FLL461</lei>
        <title>PBF HOLDING CO LLC</title>
        <cusip>69318FAH1</cusip>
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          <isin value="US69318FAH10"/>
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        <balance>178000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>182022.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>GULFPORT ENERGY CORPORATION</name>
        <lei>549300FJX18IDUFPHD40</lei>
        <title>GULFPORT ENREGY CORP</title>
        <cusip>402635AH9</cusip>
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          <isin value="US402635AH93"/>
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        <balance>25000.00000000</balance>
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        <name>PETSMART, INC.</name>
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        <name>KENNAMETAL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TRUCK HERO, INC.</name>
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        <name>CENTURYLINK, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EQUINIX, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SINCLAIR TELEVISION GROUP, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
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        <name>STEEL DYNAMICS, INC.</name>
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        <name>BARCLAYS PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>FMG RESOURCES (AUGUST 2006) PTY LTD</name>
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        <name>FREEPORT-MCMORAN INC.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
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        <name>EPR PROPERTIES</name>
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        <name>LABL ESCROW ISSUER, LLC</name>
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        <name>Provincia de Buenos Aires</name>
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        <name>KLA Corporation</name>
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        <name>DISCOVER FINANCIAL SERVICES</name>
        <lei>Z1YLO2USPORE63VVUL20</lei>
        <title>DISCOVER FINANCIAL SVS</title>
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        <invCountry>US</invCountry>

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        <name>AVOLON HOLDINGS FUNDING LIMITED</name>
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        <name>Northern Institutional Funds: US Government Portfolio; Shares</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sultanate of Oman</name>
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        <name>SERVICE CORPORATION INTERNATIONAL</name>
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        <name>RAYONIER A.M. PRODUCTS INC.</name>
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        <name>Cascades Inc.</name>
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        <name>EPR PROPERTIES</name>
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        <name>CHENIERE CORPUS CHRISTI HOLDINGS, LLC</name>
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        <name>JBS USA Lux S.A.</name>
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        <name>NEW GOLD INC.</name>
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        <name>TIME WARNER CABLE, LLC</name>
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        <name>Commscope Finance LLC</name>
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        <name>WELLTOWER INC</name>
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        <name>ARCONIC INC.</name>
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        <title>ALCOA INC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLOBAL AIRCRAFT LEASING CO., LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ALLY FINANCIAL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
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        <name>PBF HOLDING COMPANY LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CENTURYLINK, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-15</maturityDt>
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        <name>EAGLE HOLDING COMPANY II, LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-05-15</maturityDt>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CENTENE CORPORATION</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
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        <name>FORTUNE BRANDS HOME &amp; SECURITY, INC.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-09-21</maturityDt>
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        <name>EG GLOBAL FINANCE PLC</name>
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        <invCountry>GB</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>SABRA HEALTH CARE LIMITED PARTNERSHIP</name>
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        <title>CARE CAPITAL PROPERTIES WI</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>DELL INTERNATIONAL L.L.C.</name>
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        <name>BAUSCH HEALTH COMPANIES INC.</name>
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        <name>GENESIS ENERGY, L.P.</name>
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        <name>WRKCO INC.</name>
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        <name>CENTRAL GARDEN &amp; PET COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ELECTRICITE DE FRANCE SA</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>ELECTRICITE DE FRANCE SA</title>
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      <invstOrSec>
        <name>AK STEEL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-01</maturityDt>
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      <invstOrSec>
        <name>ANTERO RESOURCES CORPORATION</name>
        <lei>APVBKPOULHUX7YZLKU17</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-01</maturityDt>
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      <invstOrSec>
        <name>CARGO AIRCRAFT MANAGEMENT, INC</name>
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        <balance>89000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>90338.56000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
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      <invstOrSec>
        <name>Kleopatra Holdings 1 S.C.A.</name>
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          <isin value="XS1642812991"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-06-30</maturityDt>
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      <invstOrSec>
        <name>PETROLEOS MEXICANOS</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>PETROLEOS MEXICANOS</title>
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        <balance>46000.00000000</balance>
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        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-12</maturityDt>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBRIDGE INC</title>
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          <isin value="US29250NAS45"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57145.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2077-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>PETROLEOS MEXICANOS</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>PETROLEOS MEXICANOS</title>
        <cusip>71654QBB7</cusip>
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          <isin value="US71654QBB77"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115280.00000000</valUSD>
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        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TARGA RESOURCES PARTNERS LP</name>
        <lei>6OQWTZ1SPC04IFT4T704</lei>
        <title>TARGA RESOURCES PARTNERS</title>
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        <balance>15000.00000000</balance>
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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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          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>FIRST QUANTUM MINERALS LTD.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FIRST QUANTUM MINERALS</title>
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        <balance>212000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>208820.00000000</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>2025-04-01</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>LAM RESEARCH CORPORATION</name>
        <lei>549300I4GMO6D34U1T02</lei>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
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        <name>IAMGOLD CORPORATION</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD CORP</title>
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        <balance>39000.00000000</balance>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <name>ENTERPRISE PRODUCTS OPERATING LLC</name>
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        <title>ENTERPRISE PRODUCTS OPER</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PRIME SECURITY SERVICES BORROWER, LLC</name>
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        <name>NAVIENT CORPORATION</name>
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        <title>NAVIENT CORP</title>
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        <name>Commscope Finance LLC</name>
        <lei>549300NGP3QQM94T9A69</lei>
        <title>COMMSCOPE FINANCE LLC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WARRIOR MET COAL, INC.</name>
        <lei>549300152B1S9YKBYV79</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PBF HOLDING COMPANY LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DOMINION DIAMOND MINES ULC</name>
        <lei>549300514YCQANUHXW83</lei>
        <title>NORTHWEST ACQ/DOMINION</title>
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          <isin value="US66727WAA09"/>
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        <balance>162000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>130410.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-01</maturityDt>
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      <invstOrSec>
        <name>ENERGY TRANSFER OPERATING, L.P.</name>
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        <title>ENERGY TRANSFER PARTNERS</title>
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          <isin value="US29278NAA19"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2168-02-15</maturityDt>
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      <invstOrSec>
        <name>CITIGROUP INC.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC</title>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96752.75000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2199-12-31</maturityDt>
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          <annualizedRt>4.70000000</annualizedRt>
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        <name>AMERICAN EXPRESS COMPANY</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AMERICAN EXPRESS CO</title>
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        <balance>48000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48300.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2168-05-15</maturityDt>
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          <annualizedRt>5.33788000</annualizedRt>
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      <invstOrSec>
        <name>AerCap Ireland Capital Designated Activity Company</name>
        <lei>549300TI38531ODB1G63</lei>
        <title>AERCAP IRELAND CAP / GLOBA</title>
        <cusip>00774MAC9</cusip>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>157391.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T INC.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T INC</title>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97343.54000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-02-15</maturityDt>
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          <annualizedRt>5.65000000</annualizedRt>
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        <name>HCA INC.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA INC</title>
        <cusip>404119BV0</cusip>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41584.30000000</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>2047-06-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>ALLY FINANCIAL INC.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY FINANCIAL INC</title>
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        <curCd>USD</curCd>
        <valUSD>50171.00000000</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>2020-03-30</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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        <name>ENERGY TRANSFER OPERATING, L.P.</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>ENERGY TRANSFER PARTNERS</title>
        <cusip>29273RBL2</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.30000000</annualizedRt>
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        <name>VISTRA OPERATIONS COMPANY LLC</name>
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        <title>VISTRA OPERATIONS CO LLC</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-31</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PRUDENTIAL FINANCIAL, INC.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>PRUDENTIAL FINANCIAL INC</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-05-15</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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        <name>BUCKEYE PARTNERS, L.P.</name>
        <lei>549300C1PQJLVEIUBK50</lei>
        <title>BUCKEYE PARTNERS LP</title>
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        <balance>100000.00000000</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>2043-11-15</maturityDt>
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          <annualizedRt>5.85000000</annualizedRt>
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        <name>Republica Argentina</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>REPUBLIC OF ARGENTINA</title>
        <cusip>040114HR4</cusip>
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          <isin value="US040114HR43"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71911.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-01-11</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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        <name>SBA Communications Corporation</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA COMMUNICATIONS CORP</title>
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        <balance>20000.00000000</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>2024-09-01</maturityDt>
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        <name>SPRINT CORPORATION</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>SPRINT CORP</title>
        <cusip>85207UAK1</cusip>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
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        <name>PRIME SECURITY SERVICES BORROWER, LLC</name>
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        <name>Clarios Global LP</name>
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        <name>DELL INTERNATIONAL L.L.C.</name>
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        <name>THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>LK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ALLY FINANCIAL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TENET HEALTHCARE CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SABRE GLBL INC.</name>
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        <name>SANTANDER UK GROUP HOLDINGS PLC</name>
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        <name>CENTENE CORPORATION</name>
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        <name>PLASTIPAK HOLDINGS, INC.</name>
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        <name>United States of America</name>
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        <issuerCat>UST</issuerCat>
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        <name>United States of America</name>
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          <isin value="US912810SE91"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRIVIUM PACKAGING FIN</name>
        <lei>N/A</lei>
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          <isin value="XS2034069752"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-15</maturityDt>
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      <invstOrSec>
        <name>GENERAL MOTORS FINANCIAL COMPANY, INC.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
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          <isin value="US37045XCU81"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-08</maturityDt>
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      <invstOrSec>
        <name>SUNOCO LP</name>
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          <isin value="US86765LAQ05"/>
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        <balance>17000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BRANDYWINE OPERATING PARTNERSHIP, L.P.</name>
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          <isin value="US105340AQ63"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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      <invstOrSec>
        <name>THE MANITOWOC COMPANY, INC.</name>
        <lei>2RTSLGQ89VMY18RHX631</lei>
        <title>MANITOWOC COMPANY INC</title>
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          <isin value="US563571AL27"/>
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        <curCd>USD</curCd>
        <valUSD>36210.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-01</maturityDt>
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      <invstOrSec>
        <name>CSX Corporation</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX CORP</title>
        <cusip>126408HK2</cusip>
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          <isin value="US126408HK26"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>47524.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CONTINENTAL RESOURCES, INC.</name>
        <lei>XXRTID9RYWOZ0UPIVR53</lei>
        <title>CONTINENTAL RESOURCES</title>
        <cusip>212015AQ4</cusip>
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          <isin value="US212015AQ46"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>112217.13000000</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>2044-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</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>154269.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IQVIA INC.</name>
        <lei>549300PLWY28YB00C717</lei>
        <title>IQVIA INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2036798234"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.90179000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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      <invstOrSec>
        <name>FOX CORPORATION</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>FOX CORP</title>
        <cusip>35137LAC9</cusip>
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          <isin value="US35137LAC90"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>262121.73000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-25</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WELLTOWER INC</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>WELLTOWER INC</title>
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        <balance>30000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SERVICE CORPORATION INTERNATIONAL</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>SERVICE CORP INTL</title>
        <cusip>817565CE2</cusip>
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          <isin value="US817565CE22"/>
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        <balance>55000.00000000</balance>
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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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          <maturityDt>2029-06-01</maturityDt>
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      <invstOrSec>
        <name>AT&amp;T INC.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T INC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ADIENT US LLC</name>
        <lei>213800SOTRCDGZUHL712</lei>
        <title>ADIENT US LLC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MTS Systems Corporation</name>
        <lei>549300E7ZL4ZDETLML64</lei>
        <title>MTS SYSTEM CORP</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAUSCH HEALTH COMPANIES INC.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS INC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lowe`s Companies, Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>LOWE'S COS INC</title>
        <cusip>548661DR5</cusip>
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        <balance>300000.00000000</balance>
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        <valUSD>327418.08000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <name>EQUIFAX INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MPT OPERATING PARTNERSHIP, L.P.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PLAINS ALL AMERICAN PIPELINE, L.P.</name>
        <lei>5521FA2ITF25TVH63740</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN EXPRESS COMPANY</name>
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        <name>CENTENE CORPORATION</name>
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        <name>CALPINE CORPORATION</name>
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        <name>SELECT MEDICAL CORPORATION</name>
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        <name>GENERAL MOTORS FINANCIAL COMPANY, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SILVERSEA CRUISE FINANCE LTD</name>
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        <invCountry>BS</invCountry>

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        <name>LLOYDS BANKING GROUP PLC</name>
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        <invCountry>GB</invCountry>

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        <name>AT&amp;T INC.</name>
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        <name>MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP</name>
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        <name>CDS CREDIT SUISS 12/20/24</name>
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            <unrealizedAppr>-26967.54000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BBVA Bancomer SA (Houston Branch)</name>
        <lei>N/A</lei>
        <title>BBVA BANCOMER SA TEXAS</title>
        <cusip>P16259AB2</cusip>
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          <isin value="USP16259AB20"/>
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        <curCd>USD</curCd>
        <valUSD>156376.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CENTENE CORPORATION</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CENTENE CORPORATION</title>
        <cusip>15135BAH4</cusip>
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          <isin value="US15135BAH42"/>
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        <balance>29000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29942.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HOST HOTELS &amp; RESORTS, L.P.</name>
        <lei>FXB7X4WXVA8QPMNOGS12</lei>
        <title>HOST HOTELS &amp; RESORTS LP</title>
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          <isin value="US44107TAW62"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALEXANDRIA REAL ESTATE EQUITIES, INC.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>ALEXANDRIA REAL ESTATE E</title>
        <cusip>015271AM1</cusip>
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          <isin value="US015271AM12"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>59276.38000000</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>2024-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. TREASURY NOTE</title>
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          <isin value="US9128286T26"/>
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        <balance>397000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>427069.65000000</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>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FORD MOTOR CREDIT COMPANY LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>FORD MOTOR CREDIT CO LLC</title>
        <cusip>345397ZR7</cusip>
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          <isin value="US345397ZR75"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>525192.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.11300000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLEARWATER PAPER CORPORATION</name>
        <lei>549300HCVV19GXN4P292</lei>
        <title>CLEARWATER PAPER CORP</title>
        <cusip>18538RAH6</cusip>
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          <isin value="US18538RAH66"/>
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        <balance>340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>353600.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PETROLEOS MEXICANOS</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>PETROLEOS MEXICANOS</title>
        <cusip>71654QCG5</cusip>
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          <isin value="US71654QCG55"/>
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        <balance>97000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>105164.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>ARCHROCK PARTNERS, L.P.</name>
        <lei>549300YFKOM2XNCKQU76</lei>
        <title>ARCHROCK PARTNERS LP/FIN</title>
        <cusip>03959KAA8</cusip>
        <identifiers>
          <isin value="US03959KAA88"/>
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        <balance>30000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32001.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEALTHPEAK PROPERTIES, INC.</name>
        <lei>PZ9HF5U52KPF0MH0QN75</lei>
        <title>HCP INC</title>
        <cusip>40414LAQ2</cusip>
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          <isin value="US40414LAQ23"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63585.54000000</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>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARD Finance S.A.</name>
        <lei>6354006P6QPGGPVJW880</lei>
        <title>ARD FINANCE SA</title>
        <cusip>00191AAD8</cusip>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>206250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AIRCASTLE LIMITED</name>
        <lei>549300PNK8AKY3OIKP58</lei>
        <title>AIRCASTLE LTD</title>
        <cusip>00928QAN1</cusip>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>106569.57000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GENERAL MOTORS FINANCIAL COMPANY, INC.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GENERAL MOTORS FINANCIAL</title>
        <cusip>37045XCN4</cusip>
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        <balance>40000.00000000</balance>
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        <valUSD>40205.91000000</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>2021-11-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.00825000</annualizedRt>
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      <invstOrSec>
        <name>CHARLES RIVER LABORATORIES INTERNATIONAL, INC.</name>
        <lei>549300BSQ0R4UZ5KX287</lei>
        <title>CHARLES RIVER LABORATORI</title>
        <cusip>159864AE7</cusip>
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        <balance>36000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36524.88000000</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>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>CSX Corporation</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX CORP</title>
        <cusip>126408HN6</cusip>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31635.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>NATIONSTAR MORTGAGE HOLDINGS INC.</name>
        <lei>N/A</lei>
        <title>NATIONSTAR MTG HLD INC</title>
        <cusip>63861CAA7</cusip>
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          <isin value="US63861CAA71"/>
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        <balance>64000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65130.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>Santander Holdings USA, Inc.</name>
        <lei>549300SMVCQN2P0O6I58</lei>
        <title>SANTANDER HOLDINGS USA</title>
        <cusip>80282KAW6</cusip>
        <identifiers>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>234775.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>LEVEL 3 FINANCING, INC.</name>
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        <name>HCA INC.</name>
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        <name>SIRIUS XM RADIO INC.</name>
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        <name>ROCKIES EXPRESS PIPELINE LLC</name>
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        <name>REFINITIV US HOLDINGS INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC.</name>
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        <name>DELL INC.</name>
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        <name>DISCOVER BANK</name>
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        <name>NAVIENT CORPORATION</name>
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        <name>HCA INC.</name>
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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>YUM! BRANDS, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NAVIENT CORPORATION</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-06-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>Republica Argentina</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>REPUBLIC OF ARGENTINA</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-11</maturityDt>
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      <invstOrSec>
        <name>IRON MOUNTAIN INCORPORATED</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
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        <name>SPRINT SPECTRUM CO LLC</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-03-20</maturityDt>
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        <name>DELL INTERNATIONAL L.L.C.</name>
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        <curCd>USD</curCd>
        <valUSD>58403.94000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-15</maturityDt>
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        <name>MPT OPERATING PARTNERSHIP, L.P.</name>
        <lei>WUQXXXF7PXTUPGROE843</lei>
        <title>MPT OPER PARTNERSP/FINL</title>
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        <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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      <invstOrSec>
        <name>TEGNA INC.</name>
        <lei>549300YC5EDBGX85AO10</lei>
        <title>TEGNA INC</title>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>126562.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP.</title>
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        <curCd>USD</curCd>
        <valUSD>39550.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2168-04-23</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>HILLENBRAND, INC.</name>
        <lei>U246OE781574J2BUD366</lei>
        <title>HILLENBRAND 4.5% 09/15/26</title>
        <cusip>431571AB4</cusip>
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        <balance>300000.00000000</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>2026-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>TARGA RESOURCES PARTNERS LP</name>
        <lei>6OQWTZ1SPC04IFT4T704</lei>
        <title>TARGA RESOURCES PARTNERS</title>
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        <balance>30000.00000000</balance>
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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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          <maturityDt>2023-05-01</maturityDt>
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        <name>SABRA HEALTH CARE LIMITED PARTNERSHIP</name>
        <lei>549300OVKLRFSIQG0H81</lei>
        <title>SABRA HEALTH /CAPTL CORP</title>
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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>
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      <invstOrSec>
        <name>WRKCO INC.</name>
        <lei>549300JEB576INN13W07</lei>
        <title>WRKCO INC</title>
        <cusip>92940PAE4</cusip>
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        <balance>70000.00000000</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>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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        <name>GENESIS ENERGY, L.P.</name>
        <lei>549300VJ5D6MDK138782</lei>
        <title>GENESIS ENERGY LP</title>
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        <balance>112000.00000000</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>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KINROSS GOLD CORPORATION</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>KINROSS GOLD CORP</title>
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        <balance>50000.00000000</balance>
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        <valUSD>53205.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FIFTH THIRD BANCORP</title>
        <cusip>316773CR9</cusip>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50062.50000000</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>2168-09-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.07363000</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>Commerzbank Aktiengesellschaft</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>COMMERZBANK AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000CZ40LW5"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90179000"/>
        <valUSD>129779.88000000</valUSD>
        <pctVal>0.425398380772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-30</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>MINERAL RESOURCES LIMITED</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>MINERAL RESOURCES LTD</title>
        <cusip>603051AA1</cusip>
        <identifiers>
          <isin value="US603051AA15"/>
        </identifiers>
        <balance>74000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>80845.00000000</valUSD>
        <pctVal>0.264997410180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WOLVERINE ESCROW, LLC</name>
        <lei>N/A</lei>
        <title>WOLVERINE ESCROW LLC</title>
        <cusip>97789LAB2</cusip>
        <identifiers>
          <isin value="US97789LAB27"/>
        </identifiers>
        <balance>133000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>138144.44000000</valUSD>
        <pctVal>0.452816115169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The portfolio level risk metrics included in Item B.3 do not consider the impact related to the Fund's investments in swaps on fixed income instruments.  The Fund continues to work with its vendor to include these instruments prospectively in their coverage." noteItem="B.3.a"/>
      <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>2020-03-02</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>
  <documents>XXXX</documents>
</edgarSubmission>
