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        <name>CHESAPEAKE ENERGY CORPORATION</name>
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        <name>TULLOW OIL PLC</name>
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        <name>BROOKFIELD RESIDENTIAL PROPERTIES INC.</name>
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        <name>C&amp;W SENIOR FINANCING DESIGNATED ACTIVITY COMPANY</name>
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        <name>Federal National Mortgage Association</name>
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        <name>MILL CITY MORTGAGE LOAN TRUST</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>HANESBRANDS INC.</name>
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        <name>TENET HEALTHCARE CORPORATION</name>
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        <name>Trivium Packaging Finance B.V.</name>
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        <name>HERC HOLDINGS INC.</name>
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        <name>JBS USA Lux S.A.</name>
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        <name>AMC NETWORKS INC.</name>
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        <name>Alcoa Nederland Holding B.V.</name>
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        <name>LEVEL 3 FINANCING, INC.</name>
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        <name>Cascades Inc.</name>
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        <name>BEACON ROOFING SUPPLY, INC.</name>
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        <name>QUICKEN LOANS INC.</name>
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        <name>HCA INC.</name>
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        <name>SPRINT CORPORATION</name>
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        <name>FREEPORT-MCMORAN INC.</name>
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        <name>BAUSCH HEALTH COMPANIES INC.</name>
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        <name>FREEPORT-MCMORAN INC.</name>
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        <name>OWENS-BROCKWAY GLASS CONTAINER INC.</name>
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        <name>AMN HEALTHCARE, INC.</name>
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        <name>Freddie Mac</name>
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        <name>RADIAN GROUP INC.</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>IRON MOUNTAIN INCORPORATED</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN INC</title>
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          <isin value="US46284VAE11"/>
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        <balance>1553000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1601531.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>ALTICE FRANCE S.A.</name>
        <lei>5493001ZMCICV4N02J21</lei>
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        <cusip>67054LAC1</cusip>
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          <isin value="US67054LAC19"/>
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        <balance>530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>547225.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>N/A</lei>
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        <cusip>20753QAF6</cusip>
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          <isin value="US20753QAF63"/>
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        <balance>3190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3480687.47000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOMBARDIER INC.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC</title>
        <cusip>097751BJ9</cusip>
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          <isin value="US097751BJ96"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1245312.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SHEA HOMES LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP</name>
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        <cusip>82088KAC2</cusip>
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          <isin value="US82088KAC27"/>
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        <balance>755000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>772931.25000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CARRIAGE SERVICES, INC.</name>
        <lei>N/A</lei>
        <title>CARRIAGE SERVICES INC</title>
        <cusip>143905AN7</cusip>
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          <isin value="US143905AN72"/>
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        <balance>1599000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1638975.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>MARKIT CMBX NA AAA SERIES 12</name>
        <lei>N/A</lei>
        <title>MARKIT CMBX NA AAA SERIES 12</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="1WP294754"/>
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        <balance>-11100000.00000000</balance>
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        <assetCat>DCR</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY</counterpartyName>
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                <indexName>Markit CMBX North America AAA; series 12, 40 year</indexName>
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            <swapFlag>N</swapFlag>
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      <invstOrSec>
        <name>TAYLOR MORRISON COMMUNITIES, INC.</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TAYLOR MORRISON</title>
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          <isin value="US877249AD49"/>
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        <balance>1968000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2098380.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>PILGRIM'S PRIDE CORPORATION</name>
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        <title>PILGRIM'S PRIDE CORP</title>
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          <isin value="US72147KAE82"/>
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        <curCd>USD</curCd>
        <valUSD>516600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ACADIA HEALTHCARE COMPANY, INC.</name>
        <lei>5493005CW985Y9D0NC11</lei>
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          <isin value="US00404AAJ88"/>
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        <curCd>USD</curCd>
        <valUSD>946560.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>TRIUMPH GROUP, INC.</name>
        <lei>5493007L6S47Q14SL582</lei>
        <title>TRIUMPH GROUP INC</title>
        <cusip>896818AL5</cusip>
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          <isin value="US896818AL57"/>
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        <balance>1029000.00000000</balance>
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        <valUSD>1026427.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FTS INTERNATIONAL, INC.</name>
        <lei>549300LIZ1UTOOLOZV47</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>MURPHY OIL USA, INC.</name>
        <lei>N32S6DTR2ZZ5222WHV58</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PENSKE AUTOMOTIVE GROUP, INC.</name>
        <lei>549300W7UTQ0M4C7LB15</lei>
        <title>PENSKE AUTOMOTIVE GROUP</title>
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          <isin value="US70959WAF05"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALTICE FINANCING S.A.</name>
        <lei>549300DIYGW8HVDF7Q17</lei>
        <title>ALTICE FINANCING SA</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TALLGRASS ENERGY PARTNERS, LP</name>
        <lei>549300IQ3DN0F3VERF65</lei>
        <title>TALLGRASS ENERGY PARTNERS/FIN</title>
        <cusip>87470LAD3</cusip>
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        <balance>629000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>THE E.W. SCRIPPS COMPANY</name>
        <lei>549300U1OW41QPKYW028</lei>
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        <name>CVR PARTNERS, LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PDC ENERGY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CSMC TRUST</name>
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        <name>SUPERIOR PLUS LP</name>
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        <name>AMSTED INDUSTRIES INCORPORATED</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HCA INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SEMGROUP CORPORATION</name>
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        <title>ROSE ROCK MIDSTREAM LP</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ENCOMPASS HEALTH CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HILTON DOMESTIC OPERATING COMPANY INC.</name>
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        <name>BOOZ ALLEN HAMILTON INC.</name>
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        <name>MATTEL, INC.</name>
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        <name>INTELSAT JACKSON HOLDINGS S.A.</name>
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        <invCountry>LU</invCountry>

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        <name>AMC NETWORKS INC.</name>
        <lei>549300VGG9K75226LR46</lei>
        <title>AMC NETWORKS INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSC HOLDINGS, LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>QUICKEN LOANS INC.</name>
        <lei>549300FGXN1K3HLB1R50</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>GENESIS ENERGY, L.P.</name>
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          <isin value="US37185LAF94"/>
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        <balance>955000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-15</maturityDt>
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      <invstOrSec>
        <name>JBS USA Lux S.A.</name>
        <lei>P77IMDGVZE8EFBTF2M92</lei>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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      <invstOrSec>
        <name>LENNAR CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-29</maturityDt>
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      <invstOrSec>
        <name>THE HERTZ CORPORATION</name>
        <lei>549300PD0C69OJ0NLB27</lei>
        <title>HERTZ CORP</title>
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        <balance>1507000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1510767.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EXTRACTION OIL &amp; GAS, INC.</name>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>501500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MGM China Holdings Limited</name>
        <lei>529900VZFN87OS7WJM66</lei>
        <title>MGM CHINA HOLDINGS LTD</title>
        <cusip>55300RAB7</cusip>
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          <isin value="US55300RAB78"/>
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        <balance>596000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>622820.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-15</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>CHESAPEAKE ENERGY CORPORATION</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
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        <balance>158000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114550.00000000</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>2024-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ALLY FINANCIAL INC.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY FINANCIAL INC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BLUE RACER MIDSTREAM, LLC</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-15</maturityDt>
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        <name>COMM COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES</name>
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        <title>CREDIT SUISSE MORTGAGE TRUST</title>
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        <balance>1500000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNIT CORPORATION</name>
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        <title>UNIT CORP.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>DISH DBS Corporation</name>
        <lei>N/A</lei>
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        <balance>706000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-06-01</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>N/A</lei>
        <title>SEASONED CREDIT RISK TRANSFER</title>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-25</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>STEEL DYNAMICS, INC.</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
        <title>STEEL DYNAMICS INC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-15</maturityDt>
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        <name>CYRUSONE LP</name>
        <lei>549300TDXOX1X4TWIB58</lei>
        <title>CYRUSONE LP/CYRUSONE FIN</title>
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        <balance>267000.00000000</balance>
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        <valUSD>285022.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>CREDIT SUISSE COMMERCIAL MORTGAGE TRUST</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TEGNA INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J2 CLOUD SERVICES, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GENESIS ENERGY, L.P.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-15</maturityDt>
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      <invstOrSec>
        <name>TELECOM ITALIA CAPITAL S.A.</name>
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        <title>TELECOM ITALIA CAPITAL</title>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LONE STAR PORTFOLIO TRUST</name>
        <lei>N/A</lei>
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          <isin value="USU5422NAJ47"/>
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        <balance>4010146.42000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
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      <invstOrSec>
        <name>NEXSTAR ESCROW, INC.</name>
        <lei>N/A</lei>
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        <balance>417000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
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      <invstOrSec>
        <name>AECOM GLOBAL II, LLC</name>
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        <title>URS CORP</title>
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        <valUSD>1205695.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-04-01</maturityDt>
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        <name>SOUTHWESTERN ENERGY COMPANY</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-23</maturityDt>
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        <name>CENTURYLINK, INC.</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>HLF FINANCING SARL, LLC</name>
        <lei>549300VKVJUV5OGV2R51</lei>
        <title>HLF FIN SARL LLC / HERBALI</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC-STACR</title>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Legacy Mortgage Asset Trust</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CREDIT ACCEPTANCE CORPORATION</name>
        <lei>N/A</lei>
        <title>CREDIT ACCEPTANC</title>
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      <invstOrSec>
        <name>GRUBHUB HOLDINGS INC.</name>
        <lei>N/A</lei>
        <title>GRUBHUB HOLDINGS INC</title>
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      <invstOrSec>
        <name>MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP</name>
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        <title>MGM GROWTH / MGM FINANCE</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA INC.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA INC</title>
        <cusip>404121AH8</cusip>
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        <balance>746000.00000000</balance>
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      <invstOrSec>
        <name>NGL ENERGY PARTNERS LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SIRIUS XM RADIO INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAUSCH HEALTH AMERICAS, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DELEK LOGISTICS PARTNERS, LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>COMMSCOPE TECHNOLOGIES LLC</name>
        <lei>M4TWC4QDOKW45N7T6Y12</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>PMT Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-05-27</maturityDt>
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        <name>SPRINT CAPITAL CORPORATION</name>
        <lei>549300L17W0GQBR1PO80</lei>
        <title>SPRINT CAPITAL CORP.</title>
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          <isin value="US852060AD48"/>
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        <balance>3710000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4034625.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>ASHTEAD CAPITAL, INC.</name>
        <lei>213800J1134IW58IC398</lei>
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        <valUSD>790392.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.37500000</annualizedRt>
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        <name>ZAYO GROUP, LLC</name>
        <lei>549300Q4HWM0W5QWTQ31</lei>
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        <balance>1074000.00000000</balance>
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        <valUSD>1096822.50000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>SABRA HEALTH CARE LIMITED PARTNERSHIP</name>
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        <title>CARE CAPITAL PROPERTIES WI</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-15</maturityDt>
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        <name>ALBERTSONS COMPANIES, LLC</name>
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        <name>AHERN RENTALS, INC.</name>
        <lei>N/A</lei>
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        <name>PILGRIM'S PRIDE CORPORATION</name>
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        <name>ROCKPOINT GAS STORAGE CANADA LTD.</name>
        <lei>549300T32FQEHEIVPB75</lei>
        <title>ROCKPOINT GAS STORAGE CA</title>
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        <name>UPCB Finance IV Limited</name>
        <lei>549300EGTRJCEFDLJ069</lei>
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        <name>UNIVISION COMMUNICATIONS INC.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UNIVISION COMMUNICATIONS</title>
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        <name>NIELSEN FINANCE LLC</name>
        <lei>UJ76Y189LDMPCOCW7204</lei>
        <title>NIELSEN FINANCE LLC/CO</title>
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        <name>Cimpress N.V.</name>
        <lei>549300JJX3WMIPNL7R91</lei>
        <title>CIMPRESS NV</title>
        <cusip>17186HAC6</cusip>
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        <name>SIRIUS XM RADIO INC.</name>
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        <name>Norbord Inc.</name>
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        <name>Mallinckrodt International Finance S.A.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>THARALDSON HOTEL PORTFOLIO TRUST</name>
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        <name>Kraft Heinz Foods Company</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>TAYLOR MORRISON COMMUNITIES, INC.</name>
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        <name>GULFPORT ENERGY CORPORATION</name>
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      <invstOrSec>
        <name>STANDARD INDUSTRIES INC.</name>
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        <name>IAA, INC.</name>
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        <name>SIRIUS XM RADIO INC.</name>
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        <name>UBS-BARCLAYS COMMERCIAL MORTGAGE TRUST</name>
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        <name>MDC Partners Inc.</name>
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        <name>J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST</name>
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        <name>TRIUMPH GROUP, INC.</name>
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        <name>NETFLIX, INC.</name>
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        <name>TELEFLEX INCORPORATED</name>
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        <name>Nokia Oyj</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Freddie Mac</name>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>DISH DBS Corporation</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>N/A</lei>
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          <isin value="US35563PBH10"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CCO HOLDINGS, LLC</name>
        <lei>N/A</lei>
        <title>CCO HLDGS LLC/CAP CORP</title>
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          <isin value="US1248EPBT92"/>
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        <balance>1281000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST</name>
        <lei>N/A</lei>
        <title>NATIXIS COMMERCIAL MORTGAGE SECURITIES</title>
        <cusip>63873VAN3</cusip>
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          <isin value="USU6380VAG06"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-05</maturityDt>
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      <invstOrSec>
        <name>ALLY FINANCIAL INC.</name>
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          <isin value="US370425RZ53"/>
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        <fairValLevel>2</fairValLevel>
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        <name>NAVIENT CORPORATION</name>
        <lei>54930067J0ZNOEBRW338</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NOVA Chemicals Corporation</name>
        <lei>5493007M1XGU5E55ZJ25</lei>
        <title>NOVA CHEMICALS CORP</title>
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        <balance>1649000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-01</maturityDt>
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      <invstOrSec>
        <name>CSMC TRUST</name>
        <lei>N/A</lei>
        <title>CREDIT SUISSE MORTGAGE TRUST</title>
        <cusip>22945AAH2</cusip>
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          <isin value="US22945AAH23"/>
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        <balance>1664846.93210000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SPRINT CORPORATION</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NOVELIS CORPORATION</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc of America Re-REMIC Trust</name>
        <lei>N/A</lei>
        <title>BANK OF AMERICA MERRILL LYNCH LARGE</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ESH HOSPITALITY, INC.</name>
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        <name>HCA INC.</name>
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        <name>MARKIT CMBX NA AAA SERIES 12</name>
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        <name>CALPINE CORPORATION</name>
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        <name>Multifamily Trust</name>
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        <name>CCO HOLDINGS, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CORECIVIC, INC.</name>
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        <name>CSMC</name>
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        <name>ACADIA HEALTHCARE COMPANY, INC.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Precision Drilling Corporation</name>
        <lei>549300WF2OE8T5BP4B84</lei>
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        <curCd>USD</curCd>
        <valUSD>756600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TWIN RIVER WORLDWIDE HOLDINGS, INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-15</maturityDt>
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        <name>HILCORP ENERGY I, L.P.</name>
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          <isin value="US431318AQ79"/>
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        <curCd>USD</curCd>
        <valUSD>516975.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JBS USA Lux S.A.</name>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BROOKFIELD RESIDENTIAL PROPERTIES INC.</name>
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        <curCd>USD</curCd>
        <valUSD>1068333.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SINCLAIR TELEVISION GROUP, INC.</name>
        <lei>549300CQGEN0CH65UD62</lei>
        <title>SINCLAIR TELEVISION GROU</title>
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        <curCd>USD</curCd>
        <valUSD>822106.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-15</maturityDt>
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      <invstOrSec>
        <name>Midcontinent Communications.</name>
        <lei>549300ZI9GDQBS28C408</lei>
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          <isin value="US59565XAC48"/>
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        <curCd>USD</curCd>
        <valUSD>435750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-15</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>UNIVISION COMMUNICATIONS INC.</name>
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        <valUSD>367080.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Cascades Inc.</name>
        <lei>FPD41G4F3GH7OJ38TS94</lei>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAUSCH HEALTH COMPANIES INC.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COS INC</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>AMSTED INDUSTRIES INCORPORATED</name>
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        <title>AMSTED INDUSTRIES</title>
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        <name>MEDNAX, INC.</name>
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      <invstOrSec>
        <name>MARKIT CMBX NA BBB- SERIES 12</name>
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        <name>BAUSCH HEALTH COMPANIES INC.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>VRX ESCROW CORP</title>
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        <name>AVIS BUDGET CAR RENTAL, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PARKLAND FUEL CORPORATION</name>
        <lei>549300Q72GWZCL8MQC95</lei>
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        <name>ALTICE FRANCE S.A.</name>
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        <name>PEABODY ENERGY CORPORATION</name>
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        <name>Ressources Teck Limitee</name>
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        <name>NETFLIX, INC.</name>
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        <name>SILGAN HOLDINGS INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Open Text Corporation</name>
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        <name>Downstream Development Authority</name>
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        <name>LONE STAR PORTFOLIO TRUST</name>
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      <invstOrSec>
        <name>CCO HOLDINGS, LLC</name>
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        <name>CREDIT ACCEPTANCE CORPORATION</name>
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        <name>Mallinckrodt International Finance S.A.</name>
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        <name>MGM RESORTS INTERNATIONAL</name>
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        <name>MAGNOLIA OIL &amp; GAS OPERATING LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST</name>
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        <name>PULTEGROUP, INC.</name>
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        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
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        <name>Freddie Mac</name>
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        <name>ALBERTSONS COMPANIES, LLC</name>
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        <name>MGM China Holdings Limited</name>
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        <name>STAPLES, INC.</name>
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        <name>BALL CORPORATION</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Connect Finco SARL</name>
        <lei>N/A</lei>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
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      <invstOrSec>
        <name>SUNOCO LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CEDAR FAIR, L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WESTERN DIGITAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PARTY CITY HOLDINGS INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ESH HOSPITALITY, INC.</name>
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        <title>EXTENDED STAY AMERICA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CARDTRONICS, INC.</name>
        <lei>YMFI60WPVOWROKG67Y03</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Cooke Omega Investments Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CUMBERLAND FARMS, INC.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <name>WACHOVIA BANK COMMERCIAL MORTGAGE TRUST</name>
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        <name>COMMSCOPE, INC.</name>
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        <name>GENESIS ENERGY, L.P.</name>
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        <name>BEACON ROOFING SUPPLY, INC.</name>
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        <name>MPT OPERATING PARTNERSHIP, L.P.</name>
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        <name>CROWN AMERICAS LLC</name>
        <lei>RPPGGRL1J75WGF2DFO04</lei>
        <title>CROWN AMER/CAP CORP VI</title>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>522078.75000000</valUSD>
        <pctVal>0.090611051974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J. B. POINDEXTER &amp; CO., INC.</name>
        <lei>549300W6P81HOZZGPQ16</lei>
        <title>JB POINDEXTER &amp; CO INC</title>
        <cusip>730481AJ7</cusip>
        <identifiers>
          <isin value="US730481AJ74"/>
        </identifiers>
        <balance>1218000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1257585.00000000</valUSD>
        <pctVal>0.218264198260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRINKER INTERNATIONAL, INC.</name>
        <lei>52990067JY6PBGJNTG76</lei>
        <title>BRINKER INTERNATIONAL IN</title>
        <cusip>109641AH3</cusip>
        <identifiers>
          <isin value="US109641AH39"/>
        </identifiers>
        <balance>966000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1004660.29000000</valUSD>
        <pctVal>0.174367038984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-01</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>FEDERATED TREASURY OBLIGATIONS FUND</name>
        <lei>N/A</lei>
        <title>FEDERATED TREASURY OBLIGATIONS FUND MUF 2.29% 7/10/2019 - Extendable</title>
        <cusip>60934N500</cusip>
        <identifiers>
          <isin value="US60934N5005"/>
        </identifiers>
        <balance>2075361.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2075361.14000000</valUSD>
        <pctVal>0.360195959177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2075361.14000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JEFFERIES LLC</name>
        <lei>58PU97L1C0WSRCWADL52</lei>
        <title>JEFFERIES LLC TRIREPO 2.4% 10/1/2019 TSY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="internal" value="JEF191001"/>
        </identifiers>
        <balance>6511176.33</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6511176.33</valUSD>
        <pctVal>1.130068091937</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="58PU97L1C0WSRCWADL52" name="JEFFERIES"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>2.4</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>6511176.33</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>6641410.61</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="6511176.33" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The portfolio level risk metrics included in Item B.3 do not consider the impact related to the Fund's investments in swaps on fixed income instruments.  The Fund continues to work with its vendor to include these instruments prospectively in their coverage." noteItem="B.3.c"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2019-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>HC Capital Trust</ncom:nameOfApplicant>
      <ncom:signature>Christopher E. Sabato</ncom:signature>
      <ncom:signerName>Christopher E. Sabato</ncom:signerName>
      <ncom:title>Asst. Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
