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          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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        <classId>C000018131</classId>
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      <regFileNumber>811-08282</regFileNumber>
      <regCik>0000917469</regCik>
      <regLei>549300826G7KS737WZ11</regLei>
      <regStreet1>888 BOYLSTON STREET</regStreet1>
      <regStreet2>Suite 800</regStreet2>
      <regCity>BOSTON</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>02199-8197</regZipOrPostalCode>
      <regPhone>617-449-2822</regPhone>
      <seriesName>Loomis Sayles Institutional High Income Fund</seriesName>
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      <seriesLei>2VADWF791WNZH77Z3N89</seriesLei>
      <repPdEnd>2020-09-30</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>561257.66</totLiabs>
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      <assetsInvested>0</assetsInvested>
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      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
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      <liquidPref>0</liquidPref>
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        <name>Commonwealth of Puerto Rico</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>TRI POINTE GROUP / HOMES</name>
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          <isin value="US962178AN91"/>
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        <curCd>USD</curCd>
        <valUSD>1087500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
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      <invstOrSec>
        <name>Quicken Loans Inc</name>
        <lei>549300FGXN1K3HLB1R50</lei>
        <title>Quicken Loans Inc</title>
        <cusip>74840LAB8</cusip>
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          <isin value="US74840LAB80"/>
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        <balance>4815000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4983525.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROVI CORP</name>
        <lei>5493006VRWO1PMVOHL98</lei>
        <title>Rovi Corp</title>
        <cusip>779376AD4</cusip>
        <identifiers>
          <isin value="US779376AD42"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2950890.00000000</valUSD>
        <pctVal>0.525958098124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>TiVo Corp</name>
              <title>TiVo Corp</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="88870P106"/>
                <isin value="US88870P1066"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="39.73480000" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Central Bank of Iceland</name>
        <lei>549300K5GD3JPA2LLG98</lei>
        <title>CENTRAL BK ICELAND 10/22 7.25</title>
        <cusip>000000000</cusip>
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          <isin value="IS0000027282"/>
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        <balance>6995000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="ISK" exchangeRt="121.07000000"/>
        <valUSD>63802.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IS</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>912828YT1</cusip>
        <identifiers>
          <isin value="US912828YT13"/>
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        <balance>9600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9587250.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DISH Network Corp</name>
        <lei>529900U350CWHH15G169</lei>
        <title>DISH Network Corp</title>
        <cusip>25470MAD1</cusip>
        <identifiers>
          <isin value="US25470MAD11"/>
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        <balance>3815000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3483476.50000000</valUSD>
        <pctVal>0.620884775373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.38000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>DISH Network Corp</name>
              <title>DISH Network Corp</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="25470M109"/>
                <isin value="US25470M1099"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="12.16300000" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vistra Energy Corp</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>Vistra Energy Corp</title>
        <cusip>26817RAB4</cusip>
        <identifiers>
          <isin value="US26817RAB42"/>
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        <balance>340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>347833.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</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>Koppers Inc</name>
        <lei>LTO4ZL5EBDR1NE6FGJ36</lei>
        <title>Koppers Inc</title>
        <cusip>500605AH3</cusip>
        <identifiers>
          <isin value="US500605AH33"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>785625.00000000</valUSD>
        <pctVal>0.140027527572</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARDONAGH MIDCO THREE PLC</name>
        <lei>549300C8F38DVT8CAO43</lei>
        <title>Ardonagh Midco 3 PLC</title>
        <cusip>48250PAA8</cusip>
        <identifiers>
          <isin value="US48250PAA84"/>
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        <balance>4925000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4888062.50000000</valUSD>
        <pctVal>0.871234121235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.63000000</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>IQOR US Inc.</name>
        <lei>549300LKMK4MMQCMDH78</lei>
        <title>IQOR US Inc. 2nd Lien Term Loan</title>
        <cusip>46264NAE3</cusip>
        <identifiers>
          <isin value="US46264NAE31"/>
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        <balance>128399.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78725.28000000</valUSD>
        <pctVal>0.014031766193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CCO HLDGS LLC/CAP CORP</name>
        <lei>N/A</lei>
        <title>CCO Holdings LLC / CCO Holdings Capital Corp</title>
        <cusip>1248EPBF9</cusip>
        <identifiers>
          <isin value="US1248EPBF98"/>
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        <balance>60000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>61237.80000000</valUSD>
        <pctVal>0.010914848341</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</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>SM Energy Co</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co</title>
        <cusip>78454LAM2</cusip>
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          <isin value="US78454LAM28"/>
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        <balance>1485000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1405831.80000000</valUSD>
        <pctVal>0.250571393651</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>SM Energy Co</name>
              <title>SM Energy Co</title>
              <curCd>USD</curCd>
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                <isin value="US78454L1008"/>
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          <currencyInfos>
            <currencyInfo convRatio="24.69140000" curCd="USD"/>
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          <delta>XXXX</delta>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PIONEER ENERGY SERVICES</name>
        <lei>529900NHYED469G7XK29</lei>
        <title>Pioneer Energy Services Corp</title>
        <cusip>723664AB4</cusip>
        <identifiers>
          <isin value="US723664AB43"/>
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        <balance>6050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1391500.00000000</valUSD>
        <pctVal>0.248016935073</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.13000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>IRON MOUNTAIN INC</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain Inc</title>
        <cusip>46284VAF8</cusip>
        <identifiers>
          <isin value="US46284VAF85"/>
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        <balance>2685000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2727423.00000000</valUSD>
        <pctVal>0.486127986424</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SM Energy Co</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co</title>
        <cusip>78454LAH3</cusip>
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          <isin value="US78454LAH33"/>
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        <balance>1270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1209675.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tenet Healthcare Corp</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp</title>
        <cusip>88033GCW8</cusip>
        <identifiers>
          <isin value="US88033GCW87"/>
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        <balance>910000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>961187.50000000</valUSD>
        <pctVal>0.171319279756</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chesapeake Energy Corp</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp</title>
        <cusip>165167107</cusip>
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          <isin value="US1651671075"/>
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        <balance>2846.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2349.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>912810SD1</cusip>
        <identifiers>
          <isin value="US912810SD19"/>
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        <balance>11165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12606418.92000000</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>2048-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>
      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>71654QBA9</cusip>
        <identifiers>
          <isin value="US71654QBA94"/>
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        <balance>7500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="MXN" exchangeRt="18.90750000"/>
        <valUSD>386887.01000000</valUSD>
        <pctVal>0.068957621588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.65000000</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>HCA Inc</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc</title>
        <cusip>404119AJ8</cusip>
        <identifiers>
          <isin value="US404119AJ84"/>
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        <balance>4660000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5871600.00000000</valUSD>
        <pctVal>1.046537000344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chesapeake Energy Corp</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp</title>
        <cusip>165167CY1</cusip>
        <identifiers>
          <isin value="US165167CY16"/>
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        <balance>4610000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2196130.38000000</valUSD>
        <pctVal>0.391431926604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Chesapeake Energy Corp</name>
              <title>Chesapeake Energy Corp</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="165167107"/>
                <isin value="US1651671075"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="116.71340000" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BIOMARIN PHARMACEUTICAL</name>
        <lei>NSLL8ITTRR0J5HEMR848</lei>
        <title>BioMarin Pharmaceutical Inc</title>
        <cusip>09061GAH4</cusip>
        <identifiers>
          <isin value="US09061GAH48"/>
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        <balance>440000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>464859.45000000</valUSD>
        <pctVal>0.082855203757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>BioMarin Pharmaceutical Inc</name>
              <title>BioMarin Pharmaceutical Inc</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="09061G101"/>
                <isin value="US09061G1013"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="8.02120000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEX BONOS DESARR FIX RT</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexican Bonos</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MX0MGO0000P2"/>
        </identifiers>
        <balance>11000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="MXN" exchangeRt="18.90750000"/>
        <valUSD>620613.51000000</valUSD>
        <pctVal>0.110616356892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ford Motor Co</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co</title>
        <cusip>345370860</cusip>
        <identifiers>
          <isin value="US3453708600"/>
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        <balance>876900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8155170.00000000</valUSD>
        <pctVal>1.453553911898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>912828YP9</cusip>
        <identifiers>
          <isin value="US912828YP90"/>
        </identifiers>
        <balance>22950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22918622.99000000</valUSD>
        <pctVal>4.084949069416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VINE OIL &amp; GAS LP / FIN</name>
        <lei>N/A</lei>
        <title>Vine Oil &amp; Gas LP / Vine Oil &amp; Gas Finance Corp</title>
        <cusip>927375AB1</cusip>
        <identifiers>
          <isin value="US927375AB16"/>
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        <balance>90000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45000.00000000</valUSD>
        <pctVal>0.008020669837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chesapeake Energy Corp</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp</title>
        <cusip>165167784</cusip>
        <identifiers>
          <isin value="US1651677841"/>
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        <balance>160.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27454.40000000</valUSD>
        <pctVal>0.004893392843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Springleaf Finance Corp</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>Springleaf Finance Corp</title>
        <cusip>85172FAF6</cusip>
        <identifiers>
          <isin value="US85172FAF62"/>
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        <balance>805000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>937825.00000000</valUSD>
        <pctVal>0.167155215332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</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>Delphi Technologies PLC</name>
        <lei>549300SEU65CJHRH6V04</lei>
        <title>Delphi Technologies PLC</title>
        <cusip>24718PAA5</cusip>
        <identifiers>
          <isin value="US24718PAA57"/>
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        <balance>8660000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8010500.00000000</valUSD>
        <pctVal>1.427768349557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALLEGHENY TECHNOLOGIES</name>
        <lei>ZW1LRE7C3H17O2ZN9B45</lei>
        <title>Allegheny Technologies Inc</title>
        <cusip>01741RAF9</cusip>
        <identifiers>
          <isin value="US01741RAF91"/>
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        <balance>2520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2824491.60000000</valUSD>
        <pctVal>0.503429212916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.88000000</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>Southwestern Energy Co</name>
        <lei>EFWMP121W54QV9MGOP87</lei>
        <title>Southwestern Energy Co</title>
        <cusip>845467AL3</cusip>
        <identifiers>
          <isin value="US845467AL33"/>
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        <balance>6345000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5819634.00000000</valUSD>
        <pctVal>1.037274730816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</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>NOBLE HOLDING INTL LTD</name>
        <lei>549300GNEZBJHMST9U32</lei>
        <title>Noble Holding International Ltd</title>
        <cusip>65504LAP2</cusip>
        <identifiers>
          <isin value="US65504LAP22"/>
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        <balance>285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>153620.70000000</valUSD>
        <pctVal>0.027380909218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DISH Network Corp</name>
        <lei>529900U350CWHH15G169</lei>
        <title>DISH Network Corp</title>
        <cusip>25470MAB5</cusip>
        <identifiers>
          <isin value="US25470MAB54"/>
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        <balance>11145000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10720375.50000000</valUSD>
        <pctVal>1.910768720338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.38000000</annualizedRt>
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      <invstOrSec>
        <name>iHeartMedia Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gulfport Energy Corp</name>
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      <invstOrSec>
        <name>NORWEGIAN GOVERNMENT</name>
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      <invstOrSec>
        <name>Range Resources Corp</name>
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      <invstOrSec>
        <name>INTL LEASE FINANCE CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Baytex Energy Corp</name>
        <lei>549300R5LTV2H7I1I079</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Jefferies Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>iHeartCommunications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hecla Mining Co</name>
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        <title>Hecla Mining Co</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TransDigm Inc</name>
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        <name>Ziggo BV</name>
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        <name>iHeartMedia Inc</name>
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        <name>Qwest Corp</name>
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        <name>SERVICEMASTER COMPANY LL</name>
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        <name>MEX BONOS DESARR FIX RT</name>
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        <name>HCA Inc</name>
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        <title>HCA Inc</title>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CenturyLink Inc</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
        <title>CenturyLink Inc</title>
        <cusip>156700AZ9</cusip>
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          <isin value="US156700AZ93"/>
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        <balance>205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>217822.75000000</valUSD>
        <pctVal>0.038824096905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WINDSTREAM SRVC / FIN</name>
        <lei>N/A</lei>
        <title>Windstream Services LLC / Windstream Finance Corp</title>
        <cusip>97381LAF5</cusip>
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          <isin value="US97381LAF58"/>
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        <balance>5756000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2187280.00000000</valUSD>
        <pctVal>0.389854460473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
          <isDefault>Y</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>VINE OIL &amp; GAS LP / FIN</name>
        <lei>N/A</lei>
        <title>Vine Oil &amp; Gas LP / Vine Oil &amp; Gas Finance Corp</title>
        <cusip>927375AA3</cusip>
        <identifiers>
          <isin value="US927375AA33"/>
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        <balance>6905000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3383450.00000000</valUSD>
        <pctVal>0.603056341340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chesapeake Energy Corp</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp</title>
        <cusip>165167776</cusip>
        <identifiers>
          <isin value="US1651677767"/>
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        <balance>3000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>514410.00000000</valUSD>
        <pctVal>0.091686950464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SM Energy Co</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co</title>
        <cusip>78454LAK6</cusip>
        <identifiers>
          <isin value="US78454LAK61"/>
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        <balance>428000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>432280.00000000</valUSD>
        <pctVal>0.077048336826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.13000000</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>Tenet Healthcare Corp</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp</title>
        <cusip>88033GCN8</cusip>
        <identifiers>
          <isin value="US88033GCN88"/>
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        <balance>5520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6064879.20000000</valUSD>
        <pctVal>1.080986525890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chesapeake Energy Corp</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp</title>
        <cusip>165167CU9</cusip>
        <identifiers>
          <isin value="US165167CU93"/>
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        <balance>2835000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1686881.70000000</valUSD>
        <pctVal>0.300664914887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BELLATRIX EXPLORATION</name>
        <lei>549300S2235IL73TH941</lei>
        <title>Bellatrix Exploration Ltd</title>
        <cusip>078314AF8</cusip>
        <identifiers>
          <isin value="CA078314AF85"/>
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        <balance>1752000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1051200.00000000</valUSD>
        <pctVal>0.187362847394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUE RACER MID LLC/FINAN</name>
        <lei>N/A</lei>
        <title>Blue Racer Midstream LLC / Blue Racer Finance Corp</title>
        <cusip>095796AA6</cusip>
        <identifiers>
          <isin value="US095796AA63"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>784000.00000000</valUSD>
        <pctVal>0.139737892273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.13000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NUANCE COMMUNICATIONS</name>
        <lei>AEMSOT3SS15TNMJCE605</lei>
        <title>Nuance Communications Inc</title>
        <cusip>67020YAN0</cusip>
        <identifiers>
          <isin value="US67020YAN04"/>
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        <balance>1255000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1393514.35000000</valUSD>
        <pctVal>0.248375966991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Nuance Communications Inc</name>
              <title>Nuance Communications Inc</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="67020Y100"/>
                <isin value="US67020Y1001"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="50.79570000" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INTERCEPT PHARMAS</name>
        <lei>N/A</lei>
        <title>Intercept Pharmaceuticals Inc</title>
        <cusip>45845PAA6</cusip>
        <identifiers>
          <isin value="US45845PAA66"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>756249.34000000</valUSD>
        <pctVal>0.134791694903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Intercept Pharmaceuticals Inc</name>
              <title>Intercept Pharmaceuticals Inc</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="45845P108"/>
                <isin value="US45845P1084"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="5.03580000" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Halcon Resources Corp</name>
        <lei>3XHTN2NNIMMPORDAMJ28</lei>
        <title>Halcon Resources Corp</title>
        <cusip>40537Q803</cusip>
        <identifiers>
          <isin value="US40537Q8033"/>
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        <balance>50400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>722232.00000000</valUSD>
        <pctVal>0.128728542617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CONTINENTAL RESOURCES</name>
        <lei>XXRTID9RYWOZ0UPIVR53</lei>
        <title>Continental Resources Inc/OK</title>
        <cusip>212015AL5</cusip>
        <identifiers>
          <isin value="US212015AL58"/>
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        <balance>2095000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2188949.77000000</valUSD>
        <pctVal>0.390152075448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AES CORP/THE</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES Corp/VA</title>
        <cusip>00130HBW4</cusip>
        <identifiers>
          <isin value="US00130HBW43"/>
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        <balance>185000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>191280.75000000</valUSD>
        <pctVal>0.034093327598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL GAME TECH</name>
        <lei>549300UQ6KHRCZDRGZ76</lei>
        <title>International Game Technology PLC</title>
        <cusip>460599AD5</cusip>
        <identifiers>
          <isin value="US460599AD57"/>
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        <balance>1570000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1766250.00000000</valUSD>
        <pctVal>0.314811291106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</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>Leonardo US Holdings Inc</name>
        <lei>529900WVR776KSXHSA85</lei>
        <title>Leonardo US Holdings Inc</title>
        <cusip>583491AC9</cusip>
        <identifiers>
          <isin value="US583491AC98"/>
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        <balance>1072000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1176541.44000000</valUSD>
        <pctVal>0.209703343109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Woodmark Corp</name>
        <lei>N/A</lei>
        <title>American Woodmark Corp</title>
        <cusip>030506AA7</cusip>
        <identifiers>
          <isin value="US030506AA79"/>
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        <balance>3350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3433750.00000000</valUSD>
        <pctVal>0.612021667847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>CONTINENTAL RESOURCES</name>
        <lei>XXRTID9RYWOZ0UPIVR53</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MICHAELS STORES INC</name>
        <lei>BV4WJ23XIGNG4UDYEK73</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Chesapeake Energy Corp</name>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>UNITED RENTALS NORTH AM</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America Inc</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>MetLife Inc</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc</title>
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          <isin value="US59156RBS67"/>
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        <balance>280000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>412300.00000000</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>2038-04-08</maturityDt>
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          <annualizedRt>9.25000000</annualizedRt>
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      <invstOrSec>
        <name>DEUTSCHE BANK NY</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG/New York NY</title>
        <cusip>251526BN8</cusip>
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          <isin value="US251526BN89"/>
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        <balance>1145000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1079162.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
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      <invstOrSec>
        <name>UNITED AIR 2014-1 B PTT</name>
        <lei>N/A</lei>
        <title>United Airlines 2014-1 Class B Pass Through Trust</title>
        <cusip>90932PAB4</cusip>
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        <balance>227058.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>233155.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>HCA Inc</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc</title>
        <cusip>197677AC1</cusip>
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          <isin value="US197677AC10"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>455625.00000000</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>2024-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.36000000</annualizedRt>
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      <invstOrSec>
        <name>FIRST QUANTUM MINERALS L</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd</title>
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        <balance>1660000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-01</maturityDt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796TS8</cusip>
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        <balance>5820000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-30</maturityDt>
          <couponKind>None</couponKind>
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        <name>Sprint Capital Corp</name>
        <lei>549300L17W0GQBR1PO80</lei>
        <title>Sprint Capital Corp</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC Holdings LLC</title>
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        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC Holdings LLC</title>
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          <maturityDt>2028-02-01</maturityDt>
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        <name>EMBRAER NETHERLANDS FINA</name>
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        <title>Embraer Netherlands Finance BV</title>
        <cusip>29082HAB8</cusip>
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        <name>MEX BONOS DESARR FIX RT</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexican Bonos</title>
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          <isin value="MX0MGO0000H9"/>
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        <balance>7500000.00000000</balance>
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        <invCountry>MX</invCountry>
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        <name>Sprint Capital Corp</name>
        <lei>549300L17W0GQBR1PO80</lei>
        <title>Sprint Capital Corp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MPT OPER PARTNERSP/FINL</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Bellatrix Exploration Ltd</name>
        <lei>549300S2235IL73TH941</lei>
        <title>Bellatrix Exploration Ltd</title>
        <cusip>078314705</cusip>
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        <balance>702553.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>MEG Energy Corp</name>
        <lei>5493002WXPTG5ZC1T326</lei>
        <title>MEG Energy Corp</title>
        <cusip>552704AB4</cusip>
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          <isin value="US552704AB48"/>
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        <balance>1270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1273175.00000000</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>2023-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SUMMIT MIDSTREAM PARTNER</name>
        <lei>N/A</lei>
        <title>Summit Midstream Partners LP</title>
        <cusip>866142AA0</cusip>
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          <isin value="US866142AA01"/>
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        <balance>885000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>443261.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Navient Corp</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp</title>
        <cusip>78442FAZ1</cusip>
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          <isin value="US78442FAZ18"/>
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        <balance>6540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5624400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.63000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CCO HLDGS LLC/CAP CORP</name>
        <lei>N/A</lei>
        <title>CCO Holdings LLC / CCO Holdings Capital Corp</title>
        <cusip>1248EPBG7</cusip>
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          <isin value="US1248EPBG71"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>72275.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38000000</annualizedRt>
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          <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>Transocean Inc</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>Transocean Inc</title>
        <cusip>893830AT6</cusip>
        <identifiers>
          <isin value="US893830AT68"/>
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        <balance>3760000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2669600.00000000</valUSD>
        <pctVal>0.475821782158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.80000000</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>NRG Energy Inc</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy Inc</title>
        <cusip>629377CA8</cusip>
        <identifiers>
          <isin value="US629377CA80"/>
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        <balance>2430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2654775.00000000</valUSD>
        <pctVal>0.473179417039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</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>LONESTAR RESOURCES AMERI</name>
        <lei>549300SMXPFO4S25OB75</lei>
        <title>Lonestar Resources America Inc</title>
        <cusip>54238XAC2</cusip>
        <identifiers>
          <isin value="US54238XAC20"/>
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        <balance>3690000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2518425.00000000</valUSD>
        <pctVal>0.448876787433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.25000000</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>GE CAPITAL INTL FUNDING</name>
        <lei>549300G6UZOB126GBY72</lei>
        <title>GE Capital International Funding Co Unlimited Co</title>
        <cusip>36164QNA2</cusip>
        <identifiers>
          <isin value="US36164QNA21"/>
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        <balance>2240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2396204.07000000</valUSD>
        <pctVal>0.427092482395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.42000000</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>Cincinnati Bell Inc</name>
        <lei>549300JYVZOCUJOHL272</lei>
        <title>Cincinnati Bell Inc</title>
        <cusip>171871AP1</cusip>
        <identifiers>
          <isin value="US171871AP14"/>
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        <balance>0.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Group 1 Automotive Inc</name>
        <lei>549300US8QAZJLWYAF63</lei>
        <title>Group 1 Automotive Inc</title>
        <cusip>398905AK5</cusip>
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          <isin value="US398905AK59"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>506875.00000000</valUSD>
        <pctVal>0.090343933859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>TELECOM ITALIA CAPITAL</name>
        <lei>549300777DJZOR5C4L39</lei>
        <title>Telecom Italia Capital SA</title>
        <cusip>87927VAM0</cusip>
        <identifiers>
          <isin value="US87927VAM00"/>
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        <balance>2213000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2373442.50000000</valUSD>
        <pctVal>0.423035525996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chesapeake Energy Corp</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp</title>
        <cusip>165167750</cusip>
        <identifiers>
          <isin value="US1651677502"/>
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        <balance>2954.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>506876.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NUANCE COMMUNICATIONS</name>
        <lei>AEMSOT3SS15TNMJCE605</lei>
        <title>Nuance Communications Inc</title>
        <cusip>67020YAK6</cusip>
        <identifiers>
          <isin value="US67020YAK64"/>
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        <balance>10395000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10484916.75000000</valUSD>
        <pctVal>1.868801233804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Nuance Communications Inc</name>
              <title>Nuance Communications Inc</title>
              <curCd>USD</curCd>
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                <isin value="US67020Y1001"/>
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      <invstOrSec>
        <name>Clear Channel Holdings Inc</name>
        <lei>N/A</lei>
        <title>Clear Channel Holdings Inc</title>
        <cusip>18453H106</cusip>
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          <isin value="US18453H1068"/>
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        <balance>67175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>192120.50000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Springleaf Finance Corp</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>Springleaf Finance Corp</title>
        <cusip>85172FAM1</cusip>
        <identifiers>
          <isin value="US85172FAM14"/>
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        <balance>1725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1962187.50000000</valUSD>
        <pctVal>0.349734624355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.88000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TELECOM ITALIA CAPITAL</name>
        <lei>549300777DJZOR5C4L39</lei>
        <title>Telecom Italia Capital SA</title>
        <cusip>87927VAF5</cusip>
        <identifiers>
          <isin value="US87927VAF58"/>
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        <balance>1550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1720500.00000000</valUSD>
        <pctVal>0.306656943438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.38000000</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>GOODYEAR TIRE &amp; RUBBER</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>Goodyear Tire &amp; Rubber Co/The</title>
        <cusip>382550BG5</cusip>
        <identifiers>
          <isin value="US382550BG56"/>
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        <balance>220000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>227700.00000000</valUSD>
        <pctVal>0.040584589375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88000000</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>ALBERTSONS COS/SAFEWAY</name>
        <lei>N/A</lei>
        <title>Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC</title>
        <cusip>013093AD1</cusip>
        <identifiers>
          <isin value="US013093AD14"/>
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        <balance>655000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>677925.00000000</valUSD>
        <pctVal>0.120831391095</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>General Electric Co</name>
        <lei>3C7474T6CDKPR9K6YT90</lei>
        <title>General Electric Co</title>
        <cusip>369604BQ5</cusip>
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          <isin value="US369604BQ57"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>254659.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-21</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chesapeake Energy Corp</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp</title>
        <cusip>165167CZ8</cusip>
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          <isin value="US165167CZ80"/>
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        <balance>4250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2635000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOBLE HOLDING INTL LTD</name>
        <lei>549300GNEZBJHMST9U32</lei>
        <title>Noble Holding International Ltd</title>
        <cusip>65504LAQ0</cusip>
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          <isin value="US65504LAQ05"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>181250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.88000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DENBURY RESOURCES INC</name>
        <lei>549300KCWA5W52MS5559</lei>
        <title>Denbury Resources Inc</title>
        <cusip>247916AM1</cusip>
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          <isin value="US247916AM12"/>
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        <balance>4870000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4309950.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hexion Holdings Corp</name>
        <lei>549300LBB370MUHGLV84</lei>
        <title>Hexion Holdings Corp</title>
        <cusip>42830K103</cusip>
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          <isin value="US42830K1034"/>
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        <balance>98456.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1255314.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Navient Corp</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp</title>
        <cusip>78442FEL8</cusip>
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          <isin value="US78442FEL85"/>
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        <balance>325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>353093.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <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>Evolent Health Inc</name>
        <lei>549300CZOCFHQ2BBTR11</lei>
        <title>Evolent Health Inc</title>
        <cusip>30050BAB7</cusip>
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          <isin value="US30050BAB71"/>
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        <balance>1560000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1398246.56000000</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>2021-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Evolent Health Inc</name>
              <title>Evolent Health Inc</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="30050B101"/>
                <isin value="US30050B1017"/>
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          <currencyInfos>
            <currencyInfo convRatio="41.60820000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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      <invstOrSec>
        <name>America Movil SAB de CV</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>America Movil SAB de CV</title>
        <cusip>000000000</cusip>
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          <isin value="XS0860706935"/>
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        <balance>29970000.00000000</balance>
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        <currencyConditional curCd="MXN" exchangeRt="18.90750000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>AES CORP/THE</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES Corp/VA</title>
        <cusip>00130HBT1</cusip>
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          <isin value="US00130HBT14"/>
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        <balance>391000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>396865.00000000</valUSD>
        <pctVal>0.070736069664</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88000000</annualizedRt>
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      <invstOrSec>
        <name>Transocean Inc</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>Transocean Inc</title>
        <cusip>893830AF6</cusip>
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          <isin value="US893830AF64"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>193750.00000000</valUSD>
        <pctVal>0.034533439576</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Montage Resources Corp</name>
        <lei>54930070862I62NN3X72</lei>
        <title>Montage Resources Corp</title>
        <cusip>27890GAB6</cusip>
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          <isin value="US27890GAB68"/>
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        <balance>6850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6319125.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.88000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NGL ENRGY PART LP/FIN CO</name>
        <lei>N/A</lei>
        <title>NGL Energy Partners LP / NGL Energy Finance Corp</title>
        <cusip>62913TAJ1</cusip>
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          <isin value="US62913TAJ16"/>
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        <balance>3465000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3465000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>CINC BELL TEL</name>
        <lei>N/A</lei>
        <title>Cincinnati Bell Telephone Co LLC</title>
        <cusip>171875AD9</cusip>
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          <isin value="US171875AD97"/>
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        <balance>1180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1211376.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.30000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>CONTINENTAL RESOURCES</name>
        <lei>XXRTID9RYWOZ0UPIVR53</lei>
        <title>Continental Resources Inc/OK</title>
        <cusip>212015AH4</cusip>
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          <isin value="US212015AH47"/>
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        <balance>1289000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1298245.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>HCA Inc</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc</title>
        <cusip>19767QAS4</cusip>
        <identifiers>
          <isin value="US19767QAS49"/>
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        <balance>3875000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4611250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>iStar Inc</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>iStar Inc</title>
        <cusip>45031UCB5</cusip>
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        <balance>755000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>846600.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.13000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
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            <dbtSecRefInstrument>
              <name>iStar Inc</name>
              <title>iStar Inc</title>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BELLATRIX EXPLORATION</name>
        <lei>549300S2235IL73TH941</lei>
        <title>Bellatrix Exploration Ltd</title>
        <cusip>078314AK7</cusip>
        <identifiers>
          <isin value="CA078314AK70"/>
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        <balance>1740065.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIRST QUANTUM MINERALS L</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd</title>
        <cusip>335934AL9</cusip>
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          <isin value="US335934AL97"/>
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        <curCd>USD</curCd>
        <valUSD>204500.00000000</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>2025-04-01</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Thryv Holdings Inc</name>
        <lei>N/A</lei>
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        <cusip>886029107</cusip>
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        <balance>787.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CCO HLDGS LLC/CAP CORP</name>
        <lei>N/A</lei>
        <title>CCO Holdings LLC / CCO Holdings Capital Corp</title>
        <cusip>1248EPBK8</cusip>
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          <isin value="US1248EPBK83"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>317250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNITED RENTALS NORTH AM</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America Inc</title>
        <cusip>911365BE3</cusip>
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          <isin value="US911365BE34"/>
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        <balance>1140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1222935.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NUANCE COMMUNICATIONS</name>
        <lei>AEMSOT3SS15TNMJCE605</lei>
        <title>Nuance Communications Inc</title>
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          <isin value="US67020YAG52"/>
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        <balance>1009000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Nuance Communications Inc</name>
              <title>Nuance Communications Inc</title>
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            <currencyInfo convRatio="48.52160000" curCd="USD"/>
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      <invstOrSec>
        <name>DISH DBS Corp</name>
        <lei>N/A</lei>
        <title>DISH DBS Corp</title>
        <cusip>25470XAL9</cusip>
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          <isin value="US25470XAL91"/>
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        <balance>2205000.00000000</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>
        <debtSec>
          <maturityDt>2023-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HCA Inc</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc</title>
        <cusip>197677AG2</cusip>
        <identifiers>
          <isin value="US197677AG24"/>
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        <balance>620000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>747100.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.69000000</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>CALIFORNIA RESOURCES CRP</name>
        <lei>5493003Q8F0T4F4YMR48</lei>
        <title>California Resources Corp</title>
        <cusip>13057QAF4</cusip>
        <identifiers>
          <isin value="US13057QAF46"/>
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        <balance>106000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31800.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <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>Baytex Energy Corp</name>
        <lei>549300R5LTV2H7I1I079</lei>
        <title>Baytex Energy Corp</title>
        <cusip>07317QAF2</cusip>
        <identifiers>
          <isin value="US07317QAF28"/>
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        <balance>470000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>465300.00000000</valUSD>
        <pctVal>0.082933726115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ENRGY TRANS PT/REG FIN</name>
        <lei>N/A</lei>
        <title>Energy Transfer Partners LP / Regency Energy Finance Corp</title>
        <cusip>75886AAQ1</cusip>
        <identifiers>
          <isin value="US75886AAQ13"/>
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        <balance>5415000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5744334.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Commercial Metals Co</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>Commercial Metals Co</title>
        <cusip>201723AL7</cusip>
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          <isin value="US201723AL70"/>
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        <balance>3894000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4088700.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38000000</annualizedRt>
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      <invstOrSec>
        <name>CCO HLDGS LLC/CAP CORP</name>
        <lei>N/A</lei>
        <title>CCO Holdings LLC / CCO Holdings Capital Corp</title>
        <cusip>1248EPBT9</cusip>
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          <isin value="US1248EPBT92"/>
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        <balance>1865000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1967575.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA RESOURCES CRP</name>
        <lei>5493003Q8F0T4F4YMR48</lei>
        <title>California Resources Corp</title>
        <cusip>13057QAD9</cusip>
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          <isin value="US13057QAD97"/>
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        <balance>647000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Prologis Inc</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>Prologis Inc</title>
        <cusip>74340W202</cusip>
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        <balance>3363.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DISH DBS Corp</name>
        <lei>N/A</lei>
        <title>DISH DBS Corp</title>
        <cusip>25470XAW5</cusip>
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        <balance>2686000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2744756.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Sanchez Energy Corp</name>
        <lei>549300SB0HTIM17TVR61</lei>
        <title>Sanchez Energy Corp</title>
        <cusip>79970YAD7</cusip>
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          <isin value="US79970YAD76"/>
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        <balance>1540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71671.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-01-15</maturityDt>
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          <annualizedRt>6.13000000</annualizedRt>
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      <invstOrSec>
        <name>SM Energy Co</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co</title>
        <cusip>78454LAP5</cusip>
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          <isin value="US78454LAP58"/>
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        <balance>690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>678169.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.63000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MEG Energy Corp</name>
        <lei>5493002WXPTG5ZC1T326</lei>
        <title>MEG Energy Corp</title>
        <cusip>552704AC2</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bombardier Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALBERTSONS COS/SAFEWAY</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AMER AIRLINE 16-3 B PTT</name>
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          <isin value="US023771S412"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-15</maturityDt>
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      <invstOrSec>
        <name>GOODYEAR TIRE &amp; RUBBER</name>
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        <title>Goodyear Tire &amp; Rubber Co/The</title>
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          <isin value="US382550AD35"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>US AIRWAYS 2013-1B PTT</name>
        <lei>N/A</lei>
        <title>US Airways 2013-1 Class B Pass Through Trust</title>
        <cusip>90346WAB9</cusip>
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          <isin value="US90346WAB90"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-11-15</maturityDt>
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      <invstOrSec>
        <name>MBIA INSURANCE CO</name>
        <lei>5493004M1UUDNTDXS107</lei>
        <title>MBIA Insurance Corp</title>
        <cusip>55276GAA3</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>13.26000000</annualizedRt>
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        <name>HCA Inc</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc</title>
        <cusip>19767QAQ8</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.58000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Steel Corp</name>
        <lei>JNLUVFYJT1OZSIQ24U47</lei>
        <title>United States Steel Corp</title>
        <cusip>912909AD0</cusip>
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          <isin value="US912909AD03"/>
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        <balance>3520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2851200.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
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      <invstOrSec>
        <name>PULTE GROUP INC</name>
        <lei>N/A</lei>
        <title>PulteGroup Inc</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>AMER AIRLINE 17-2B PTT</name>
        <lei>N/A</lei>
        <title>American Airlines 2017-2 Class B Pass Through Trust</title>
        <cusip>02377DAA0</cusip>
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          <maturityDt>2025-10-15</maturityDt>
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      <invstOrSec>
        <name>NGL ENRGY PART LP/FIN CO</name>
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        <invCountry>US</invCountry>
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        <name>PARAGON LITIGATION CLASS A</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>APL LTD</name>
        <lei>549300TMJ045M7TR5G76</lei>
        <title>APL Ltd</title>
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        <name>SM Energy Co</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <name>iStar Inc</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>iStar Inc</title>
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        <name>TRI Pointe Group Inc</name>
        <lei>N/A</lei>
        <title>TRI Pointe Group Inc</title>
        <cusip>87265HAE9</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.88000000</annualizedRt>
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        <name>DISH DBS Corp</name>
        <lei>N/A</lei>
        <title>DISH DBS Corp</title>
        <cusip>25470XAY1</cusip>
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        <balance>1720000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1822150.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED RENTALS NORTH AM</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America Inc</title>
        <cusip>911365BG8</cusip>
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        <balance>330000.00000000</balance>
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      <invstOrSec>
        <name>Petroleum Geo-Services ASA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRI Pointe Group Inc</name>
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        <name>MEX BONOS DESARR FIX RT</name>
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        <name>INTL LEASE FINANCE CORP</name>
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        <name>QEP Resources Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tenet Healthcare Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bombardier Inc</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>AGFC Capital Trust I</name>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2067-01-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>HOVNANIAN ENTERPRISES</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bristol-Myers Squibb Co</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>JEFFERIES FIN LLC / JFIN</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Sealed Air Corp</name>
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        <name>CONTL AIRLINES 2000-2</name>
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        <name>Masco Corp</name>
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        <name>Whiting Petroleum Corp</name>
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        <name>PARAGON LITIGATION CLASS B</name>
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        <name>HCA Inc</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc</title>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Springleaf Finance Corp</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>Springleaf Finance Corp</title>
        <cusip>85172FAN9</cusip>
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        <balance>1535000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1774767.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.13000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MetLife Inc</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc</title>
        <cusip>59156RAV0</cusip>
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          <isin value="US59156RAV06"/>
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        <balance>1530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2555100.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Time Warner Cable LLC</name>
        <lei>549300U5NFR7S6E3GM41</lei>
        <title>Time Warner Cable LLC</title>
        <cusip>88732JBD9</cusip>
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          <isin value="US88732JBD90"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>173804.35000000</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>2042-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Safeway Inc</name>
        <lei>549300NKZ6VCN5P3K723</lei>
        <title>Safeway Inc</title>
        <cusip>786514BA6</cusip>
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          <isin value="US786514BA67"/>
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        <balance>155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>162750.00000000</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>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HUNTINGTON INGALLS INDUS</name>
        <lei>5TZLZ6WJTBVJ0QWBG121</lei>
        <title>Huntington Ingalls Industries Inc</title>
        <cusip>446413AH9</cusip>
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          <isin value="US446413AH98"/>
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        <balance>1165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1217425.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIXED INC CLEARING CORP.REPO</name>
        <lei>549300H47WTHXPU08X20</lei>
        <title>FIXED INC CLEARING CORP.REPO</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="85748R009"/>
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        <curCd>USD</curCd>
        <valUSD>8017688.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="FIXED INC CLEARING CORP.REPO" isCleared="Y"/>
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            <repurchaseCollateral>
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              <invstCat>UST</invstCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Whiting Petroleum Corp</name>
        <lei>52990028CHK9KUB1B293</lei>
        <title>Whiting Petroleum Corp</title>
        <cusip>966387BG6</cusip>
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          <isin value="US966387BG63"/>
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        <balance>2011000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1370456.28000000</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>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.63000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASCENT RESOURCES/ARU FIN</name>
        <lei>N/A</lei>
        <title>Ascent Resources Utica Holdings LLC / ARU Finance Corp</title>
        <cusip>04364VAA1</cusip>
        <identifiers>
          <isin value="US04364VAA17"/>
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        <balance>1846000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1836086.98000000</valUSD>
        <pctVal>0.327258832417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</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>Hercules LLC</name>
        <lei>N/A</lei>
        <title>Hercules LLC</title>
        <cusip>427056AU0</cusip>
        <identifiers>
          <isin value="US427056AU02"/>
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        <balance>4738000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4998590.00000000</valUSD>
        <pctVal>0.890934223133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>Chesapeake Energy Corp</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp</title>
        <cusip>165167CN5</cusip>
        <identifiers>
          <isin value="US165167CN50"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>790000.00000000</valUSD>
        <pctVal>0.140807314917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88000000</annualizedRt>
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      <invstOrSec>
        <name>BEAZER HOMES USA</name>
        <lei>549300DUPYT2T0F60I45</lei>
        <title>Beazer Homes USA Inc</title>
        <cusip>07556QBR5</cusip>
        <identifiers>
          <isin value="US07556QBR56"/>
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        <balance>2820000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2848200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Textron Financial Corp</name>
        <lei>4E8B2CNXPE5P5AY03O18</lei>
        <title>Textron Financial Corp</title>
        <cusip>883199AR2</cusip>
        <identifiers>
          <isin value="US883199AR25"/>
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        <balance>2610000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2074950.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.64000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FED REPUBLIC OF BRAZIL</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>Brazilian Government International Bond</title>
        <cusip>105756BN9</cusip>
        <identifiers>
          <isin value="US105756BN96"/>
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        <balance>4170000.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="4.02270000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.25000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>UNITED RENTALS NORTH AM</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America Inc</title>
        <cusip>911365BD5</cusip>
        <identifiers>
          <isin value="US911365BD50"/>
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        <balance>1370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1423515.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MEX BONOS DESARR FIX RT</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexican Bonos</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MX0MGO0000D8"/>
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        <balance>31000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</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>CCO HLDGS LLC/CAP CORP</name>
        <lei>N/A</lei>
        <title>CCO Holdings LLC / CCO Holdings Capital Corp</title>
        <cusip>1248EPAZ6</cusip>
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          <isin value="US1248EPAZ61"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>126406.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13000000</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>EL PASO ENERGY CAP TRST</name>
        <lei>N/A</lei>
        <title>El Paso Energy Capital Trust I</title>
        <cusip>283678209</cusip>
        <identifiers>
          <isin value="US2836782092"/>
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        <balance>116254.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5982430.84000000</valUSD>
        <pctVal>1.066291168687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JC Penney Corp Inc</name>
        <lei>8TDNUQ07MEFMWW1VHP39</lei>
        <title>JC Penney Corp Inc</title>
        <cusip>708130AC3</cusip>
        <identifiers>
          <isin value="US708130AC31"/>
        </identifiers>
        <balance>165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>54471.45000000</valUSD>
        <pctVal>0.009708833688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.38000000</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>Navient Corp</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp</title>
        <cusip>78442FET1</cusip>
        <identifiers>
          <isin value="US78442FET12"/>
        </identifiers>
        <balance>5345000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5799325.00000000</valUSD>
        <pctVal>1.033654913400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.13000000</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>Sprint Corp</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>Sprint Corp</title>
        <cusip>85207UAH8</cusip>
        <identifiers>
          <isin value="US85207UAH86"/>
        </identifiers>
        <balance>760000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>819850.00000000</valUSD>
        <pctVal>0.146127692576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.13000000</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>CALIFORNIA RESOURCES CRP</name>
        <lei>5493003Q8F0T4F4YMR48</lei>
        <title>California Resources Corp</title>
        <cusip>13057QAG2</cusip>
        <identifiers>
          <isin value="US13057QAG29"/>
        </identifiers>
        <balance>13220000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5910265.40000000</valUSD>
        <pctVal>1.053428609400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTRAL BANK OF ICELAND</name>
        <lei>549300K5GD3JPA2LLG98</lei>
        <title>CENTRAL BANK OF ICELAND 06/17 1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IS0000027068"/>
        </identifiers>
        <balance>120226126.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="ISK" exchangeRt="121.07000000"/>
        <valUSD>993029.87000000</valUSD>
        <pctVal>0.176994771681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IS</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jeld-Wen Inc</name>
        <lei>549300XWE6NM0N1HFW16</lei>
        <title>Jeld-Wen Inc</title>
        <cusip>475795AD2</cusip>
        <identifiers>
          <isin value="US475795AD24"/>
        </identifiers>
        <balance>525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>536812.50000000</valUSD>
        <pctVal>0.095679907265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796SD2</cusip>
        <identifiers>
          <isin value="US912796SD25"/>
        </identifiers>
        <balance>19615000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19568926.52000000</valUSD>
        <pctVal>3.487908859630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-02-27</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Leonardo US Holdings Inc</name>
        <lei>529900WVR776KSXHSA85</lei>
        <title>Leonardo US Holdings Inc</title>
        <cusip>583491AB1</cusip>
        <identifiers>
          <isin value="US583491AB16"/>
        </identifiers>
        <balance>2209000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2744461.60000000</valUSD>
        <pctVal>0.489164897204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.38000000</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>Corning Inc</name>
        <lei>549300X2937PB0CJ7I56</lei>
        <title>Corning Inc</title>
        <cusip>219350105</cusip>
        <identifiers>
          <isin value="US2193501051"/>
        </identifiers>
        <balance>735766.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21418148.26000000</valUSD>
        <pctVal>3.817508793677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST QUANTUM MINERALS L</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd</title>
        <cusip>335934AH8</cusip>
        <identifiers>
          <isin value="US335934AH85"/>
        </identifiers>
        <balance>4530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4551291.00000000</valUSD>
        <pctVal>0.811208943190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cincinnati Bell Inc</name>
        <lei>549300JYVZOCUJOHL272</lei>
        <title>Cincinnati Bell Inc</title>
        <cusip>14987RAA6</cusip>
        <identifiers>
          <isin value="US14987RAA68"/>
        </identifiers>
        <balance>1115000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1181900.00000000</valUSD>
        <pctVal>0.210658437343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN AIRLINES GROUP</name>
        <lei>N/A</lei>
        <title>American Airlines Group Inc</title>
        <cusip>02376RAC6</cusip>
        <identifiers>
          <isin value="US02376RAC60"/>
        </identifiers>
        <balance>3570000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3735112.50000000</valUSD>
        <pctVal>0.665735648153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHELF DRILL HOLD LTD</name>
        <lei>54930078ZJ3XP4MRYB68</lei>
        <title>Shelf Drilling Holdings Ltd</title>
        <cusip>822538AE4</cusip>
        <identifiers>
          <isin value="US822538AE44"/>
        </identifiers>
        <balance>3410000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3248025.00000000</valUSD>
        <pctVal>0.578918581058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bombardier Inc</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>Bombardier Inc</title>
        <cusip>097751AE1</cusip>
        <identifiers>
          <isin value="CA097751AE11"/>
        </identifiers>
        <balance>135000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>100556.31000000</valUSD>
        <pctVal>0.017922865834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.35000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796TQ2</cusip>
        <identifiers>
          <isin value="US912796TQ29"/>
        </identifiers>
        <balance>2875000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2863062.80000000</valUSD>
        <pctVal>0.510304032037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AIR CANADA 2013-1B PTT</name>
        <lei>N/A</lei>
        <title>Air Canada 2013-1 Class B Pass Through Trust</title>
        <cusip>009089AB9</cusip>
        <identifiers>
          <isin value="US009089AB93"/>
        </identifiers>
        <balance>234485.71000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>241074.81000000</valUSD>
        <pctVal>0.042968476823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38000000</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>BIOMARIN PHARMACEUTICAL</name>
        <lei>NSLL8ITTRR0J5HEMR848</lei>
        <title>BioMarin Pharmaceutical Inc</title>
        <cusip>09061GAF8</cusip>
        <identifiers>
          <isin value="US09061GAF81"/>
        </identifiers>
        <balance>135000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>146651.38000000</valUSD>
        <pctVal>0.026138717780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>BioMarin Pharmaceutical Inc</name>
              <title>BioMarin Pharmaceutical Inc</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="09061G101"/>
                <isin value="US09061G1013"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="10.62130000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Form N-PORT is based on scheduled maturity date while Form N-PORT-Part F is based on final maturity date." noteItem="C.9.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-02-19</ncom:dateSigned>
      <ncom:nameOfApplicant>LOOMIS SAYLES FUNDS I</ncom:nameOfApplicant>
      <ncom:signature>John Sgroi</ncom:signature>
      <ncom:signerName>John Sgroi</ncom:signerName>
      <ncom:title>VP</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
