<SEC-DOCUMENT>0001752724-21-045975.txt : 20210301
<SEC-HEADER>0001752724-21-045975.hdr.sgml : 20210301
<ACCEPTANCE-DATETIME>20210301172613
ACCESSION NUMBER:		0001752724-21-045975
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210301
PERIOD START:           	20201231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NexPoint Strategic Opportunities Fund
		CENTRAL INDEX KEY:			0001356115
		IRS NUMBER:				800139099
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21869
		FILM NUMBER:		21699634

	BUSINESS ADDRESS:	
		STREET 1:		200 CRESCENT COURT
		STREET 2:		SUITE 700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		972-628-4100

	MAIL ADDRESS:	
		STREET 1:		200 CRESCENT COURT
		STREET 2:		SUITE 700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NexPoint Credit Strategies Fund
		DATE OF NAME CHANGE:	20120702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Pyxis Credit Strategies Fund
		DATE OF NAME CHANGE:	20120109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Highland Credit Strategies Fund
		DATE OF NAME CHANGE:	20060314
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <repPdEnd>2020-12-31</repPdEnd>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>AVAYA HOLDINGS CORP WT</name>
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        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>GRAYSON CLO LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>IHEARTCOMMUNICATIONS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>HERON THERAPEUTICS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

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        <name>COUPA SOFTWARE INCORPORATED</name>
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        <name>NEXPOINT RESIDENTIAL TRUST, INC.</name>
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        <name>N/A</name>
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        <name>Cresud Sociedad Anonima, Comercial, Inmobiliaria, Financiera y Agropecuaria</name>
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        <title>CRESUD S.A.-SPONS ADR DEPOSITARY RECEIPT</title>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HIGHLAND PARK CDO</name>
        <lei>N/A</lei>
        <title>HIGHLAND PARK CDO I LTD HPCDO 2006-1A B</title>
        <cusip>404185AB6</cusip>
        <identifiers>
          <isin value="US404185AB65"/>
        </identifiers>
        <balance>3771558.73000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2451513.17000000</valUSD>
        <pctVal>0.309836217529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.20100120</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>Republica Argentina</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>REPUBLIC OF ARGENTINA 1.000000% 07/09/2029</title>
        <cusip>040114HX1</cusip>
        <identifiers>
          <isin value="US040114HX11"/>
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        <balance>75736.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33002.72000000</valUSD>
        <pctVal>0.004171071996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CREEK PINE HOLDINGS LLC CREEK PINE HOLDINGS LLC</title>
        <cusip>933JZQ907</cusip>
        <identifiers>
          <other otherDesc="All Others" value="933JZQ907"/>
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        <balance>18508.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25149799.39000000</valUSD>
        <pctVal>3.178575098018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>PARATEK PHARMACEUTICALS, INC.</name>
        <lei>5493007V5QDIWECEYV79</lei>
        <title>PARATEK PHARMACEUTICALS INC 4.750000% 05/01/2024</title>
        <cusip>699374AB0</cusip>
        <identifiers>
          <isin value="US699374AB04"/>
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        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>304691.46000000</valUSD>
        <pctVal>0.038508644634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>N/A</name>
        <lei>N/A</lei>
        <title>Brentwood Investors Corp PREFERRED STOCK</title>
        <cusip>107293201</cusip>
        <identifiers>
          <isin value="US1072932015"/>
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        <balance>13600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4760000.00000000</valUSD>
        <pctVal>0.601595950406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>TXU  TCEH TRA RIGHTS</title>
        <cusip>931ESA903</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX155509"/>
        </identifiers>
        <balance>1625020.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1787522.00000000</valUSD>
        <pctVal>0.225917226147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republica Argentina</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>REPUBLIC OF ARGENTINA 0.125000% 07/09/2041</title>
        <cusip>040114HV5</cusip>
        <identifiers>
          <isin value="US040114HV54"/>
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        <balance>19401163.99000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7362741.73000000</valUSD>
        <pctVal>0.930545295936</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JASPER CLO LTD</name>
        <lei>N/A</lei>
        <title>JASPER CLO LTD Preferred</title>
        <cusip>471315200</cusip>
        <identifiers>
          <isin value="US4713152001"/>
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        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5000000.00000000</valUSD>
        <pctVal>0.631928519334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>UNITED DEVELOPMENT FUNDING I REIT</title>
        <cusip>910187103</cusip>
        <identifiers>
          <isin value="US9101871039"/>
        </identifiers>
        <balance>1763581.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2151568.82000000</valUSD>
        <pctVal>0.271927539733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CLAYMORE COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="ACI06QHT0"/>
        </identifiers>
        <balance>2204511.24000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2.20000000</valUSD>
        <pctVal>0.000000278048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAKE AT LAS VEGAS</name>
        <lei>N/A</lei>
        <title>LAKE AT LAS VEGAS 3/3/2019</title>
        <cusip>50202LAB0</cusip>
        <identifiers>
          <other otherDesc="All Others" value="930WMKII9"/>
        </identifiers>
        <balance>9241411.34000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8326511.62000000</valUSD>
        <pctVal>1.052352031850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LLV HOLDCO INC LLVHSAM01</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="ACI04K3Y9"/>
        </identifiers>
        <balance>26711.57000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.03000000</valUSD>
        <pctVal>0.000000003791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>VALHALLA CLO LTD 2004 1A EIN 144A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="91914QAAX"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>225000.00000000</valUSD>
        <pctVal>0.028436783370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARCH RESOURCES INC WT</name>
        <lei>N/A</lei>
        <title>ARCH RESOURCES INC WT EXPIRATION: 10/05/23</title>
        <cusip>03940R115</cusip>
        <identifiers>
          <isin value="US03940R1150"/>
        </identifiers>
        <balance>4071.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>36639.00000000</valUSD>
        <pctVal>0.004630645803</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>ARCH RESOURCES INC WT</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <cusip value="03940R107"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>4071.00000000</shareNo>
            <exercisePrice>54.65200000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2023-10-08</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>36639.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NextDecade Corp</name>
        <lei>549300XB4GCLNGHFTT48</lei>
        <title>NEXTDECADE CORP COMMON STOCK</title>
        <cusip>65342K105</cusip>
        <identifiers>
          <isin value="US65342K1051"/>
        </identifiers>
        <balance>744992.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1557033.28000000</valUSD>
        <pctVal>0.196786747037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRENTWOOD CLO LTD</name>
        <lei>N/A</lei>
        <title>BRENTWOOD CLO LTD</title>
        <cusip>107264400</cusip>
        <identifiers>
          <isin value="US1072644008"/>
        </identifiers>
        <balance>13800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4830000.00000000</valUSD>
        <pctVal>0.610442949677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Transocean Ltd.</name>
        <lei>529900QO4W5DQGBGEF32</lei>
        <title>TRANSOCEAN LTD COMMON STOCK</title>
        <cusip>H8817H100</cusip>
        <identifiers>
          <isin value="CH0048265513"/>
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        <balance>40.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>92.40000000</valUSD>
        <pctVal>0.000011678039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STRATFORD CLO LTD</name>
        <lei>N/A</lei>
        <title>Stratford CLO Ltd PREFERRED STOCK</title>
        <cusip>86280C301</cusip>
        <identifiers>
          <isin value="US86280C3016"/>
        </identifiers>
        <balance>41500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10063750.00000000</valUSD>
        <pctVal>1.271914127291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IHEARTCOMMUNICATIONS, INC.</name>
        <lei>54930076J6KDZL504O62</lei>
        <title>IHEARTCOMMUNICATIONS INC 6.375000% 05/01/2026</title>
        <cusip>45174HBC0</cusip>
        <identifiers>
          <isin value="US45174HBC07"/>
        </identifiers>
        <balance>26446.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28346.81000000</valUSD>
        <pctVal>0.003582631534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dreyfus Treasury Obligations Cash Management; Institutional Shares</name>
        <lei>N/A</lei>
        <title>DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A</title>
        <cusip>261908107</cusip>
        <identifiers>
          <isin value="US2619081076"/>
        </identifiers>
        <balance>38434.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38434.58000000</valUSD>
        <pctVal>0.004857581446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TerreStar Corporation TL</name>
        <lei>N/A</lei>
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          <other otherDesc="All Others" value="LX180564"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GINN LA CS BORROWER</name>
        <lei>N/A</lei>
        <title>GINN LA CS BORROWER 5/30/2019</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX045209"/>
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        <curCd>USD</curCd>
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        <pctVal>0.000000</pctVal>
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        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2019-05-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2013-2A SUB - CIFC Funding 2013-II Ltd 10/18/2030</title>
        <cusip>12548YAD1</cusip>
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          <isin value="US12548YAD13"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-18</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>AERIE PHARMACEUTICALS, INC.</name>
        <lei>529900SFXHDHUO324R09</lei>
        <title>AERIE PHARMACEUTICALS INC COMMON STOCK</title>
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          <isin value="US00771V1089"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NEXPOINT REAL ESTATE CAPITAL, REIT REIT</title>
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          <other otherDesc="All Others" value="ACI095T45"/>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CREATIVE SCIENCE PROPERTIES INC PREFERRED STOCK</title>
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          <other otherDesc="All Others" value="22530K207"/>
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        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RED RIVER CLO LTD.</name>
        <lei>N/A</lei>
        <title>Red River CLO Ltd Preferrred Stock</title>
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          <isin value="US75686X3089"/>
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        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RAIT Financial Trust</name>
        <lei>N/A</lei>
        <title>RAIT Financial Trust PREFERRED STOCK</title>
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          <isin value="US7492275000"/>
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        <balance>86294.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASHFORD HOSPITALITY TRUST</name>
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        <title>ASHFORD HOSPITALITY TRUST 2018-KEYS AHT1 2018-KEYS E</title>
        <cusip>04410CAN9</cusip>
        <identifiers>
          <isin value="US04410CAN92"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.29087960</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>CBL &amp; ASSOCIATES LIMITED PARTNERSHIP</name>
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        <cusip>12505JAD5</cusip>
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          <isin value="US12505JAD54"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>795610.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC</name>
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        <title>TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC TXU ESCROW LOAN</title>
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          <other otherDesc="All Others" value="964KQZ906"/>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>SABLE PERMIAN RESOURCES LAND, LLC</name>
        <lei>5493006OY0UV1LRA5K84</lei>
        <title>SABLE PERMIAN RESOURCES LAND LLC / AEPB FINANCE CO 7.375000% 11/01/2021</title>
        <cusip>02563LAC2</cusip>
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          <isin value="US02563LAC28"/>
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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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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SFR WLIF I, LLC</title>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TERRESTAR CORPORATION</name>
        <lei>N/A</lei>
        <title>TERRESTAR CORPORATION 2/27/2020</title>
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          <other otherDesc="All Others" value="933NZLII0"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2022-02-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Ocean Rig UDW Inc</name>
        <lei>N/A</lei>
        <title>Ocean Rig UDW Inc Maturity:04/01/2019</title>
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          <isin value="US67500PAA66"/>
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        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2019-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>Y</isDefault>
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        <securityLending>
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        <name>CENTRAL PUERTO SOC. ANONIMA</name>
        <lei>2549005JLIWQ6B7VNR38</lei>
        <title>CENTRAL PUERTO-SPONSORED ADR DEPOSITARY RECEIPT</title>
        <cusip>155038201</cusip>
        <identifiers>
          <isin value="US1550382014"/>
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        <balance>327750.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>884925.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WESTCHESTER CLO LTD.</name>
        <lei>N/A</lei>
        <title>Westchester CLO Ltd PREFERRED STOCK</title>
        <cusip>95736T206</cusip>
        <identifiers>
          <isin value="US95736T2069"/>
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        <balance>35507.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11658131.65000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MPM HOLDINGS INC/DE ESCROW SECURITY</title>
        <cusip>55336L102</cusip>
        <identifiers>
          <isin value="US55336L1026"/>
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        <balance>356875.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1784375.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GREENBRIAR CLO</name>
        <lei>N/A</lei>
        <title>Greenbriar CLO Ltd PREFERRED STOCK</title>
        <cusip>39364P201</cusip>
        <identifiers>
          <isin value="US39364P2011"/>
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        <balance>3750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1331250.00000000</valUSD>
        <pctVal>0.168250968272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TerreStar 5/20 tl</name>
        <lei>N/A</lei>
        <title>TerreStar 5/20 tl 2/28/2022</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX188359"/>
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        <balance>257307.42000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257307.42000000</valUSD>
        <pctVal>0.032519979386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.00000160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>AMERICAN AIRLINES</title>
        <cusip>001ESC102</cusip>
        <identifiers>
          <other otherDesc="All Others" value="001ESC102"/>
        </identifiers>
        <balance>8371900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1255785.00000000</valUSD>
        <pctVal>0.158713271130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARATEK PHARMACEUTICALS, INC.</name>
        <lei>5493007V5QDIWECEYV79</lei>
        <title>PARATEK PHARMACEUTICALS INC COMMON STOCK</title>
        <cusip>699374302</cusip>
        <identifiers>
          <isin value="US6993743029"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>313000.00000000</valUSD>
        <pctVal>0.039558725310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACIS CLO LTD</name>
        <lei>N/A</lei>
        <title>ACIS 2015-6A SUB - ACIS CLO 2015-6 Ltd 05/01/2027</title>
        <cusip>004524AD6</cusip>
        <identifiers>
          <isin value="US004524AD61"/>
        </identifiers>
        <balance>7500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1175000.03000000</valUSD>
        <pctVal>0.148503205835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Floating</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>ACIS CLO LTD</name>
        <lei>N/A</lei>
        <title>ACIS 2013-1A SUB - Acis CLO 2013-1 Ltd 04/18/2024</title>
        <cusip>00089PAC2</cusip>
        <identifiers>
          <isin value="US00089PAC23"/>
        </identifiers>
        <balance>14000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14.00000000</valUSD>
        <pctVal>0.000001769399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-18</maturityDt>
          <couponKind>Floating</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>Nexpoint Real Estate Finance Inc</name>
        <lei>N/A</lei>
        <title>NREF OP I REIT REIT</title>
        <cusip>65342V101</cusip>
        <identifiers>
          <isin value="US65342V1017"/>
        </identifiers>
        <balance>397239.72000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6562400.17000000</valUSD>
        <pctVal>0.829393564542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Loma Negra Compania Industrial Argentina S.A.</name>
        <lei>529900VKOQQJ8U9DDK92</lei>
        <title>LOMA NEGRA CIA IND-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>54150E104</cusip>
        <identifiers>
          <isin value="US54150E1047"/>
        </identifiers>
        <balance>64000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>393600.00000000</valUSD>
        <pctVal>0.049745413042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>EASTLAND CLO LTD</title>
        <cusip>27734A806</cusip>
        <identifiers>
          <ticker value="EAAC39"/>
        </identifiers>
        <balance>13006.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5196764.07000000</valUSD>
        <pctVal>0.656796684817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>AMERICAN BANKNOTE CORPORATION</title>
        <cusip>024490302</cusip>
        <identifiers>
          <ticker value="ABNT"/>
        </identifiers>
        <balance>47996.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71994.00000000</valUSD>
        <pctVal>0.009099012364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCKWALL CDO</name>
        <lei>N/A</lei>
        <title>ROCKWALL INVESTORS CORP 144A PREFERRED STOCK</title>
        <cusip>774272207</cusip>
        <identifiers>
          <isin value="XS0254367682"/>
        </identifiers>
        <balance>4800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>549600.00000000</valUSD>
        <pctVal>0.069461582845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPECIALTY FINANCIAL PROD DAC</title>
        <cusip>924BSS909</cusip>
        <identifiers>
          <other otherDesc="All Others" value="924BSS909"/>
        </identifiers>
        <balance>48258623.79380000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51294091.23000000</valUSD>
        <pctVal>6.482839824320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NEXPOINT RE OPPORTUNITIES REIT REIT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="ACI0646W4"/>
        </identifiers>
        <balance>147179634.98260000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>160228581.42000000</valUSD>
        <pctVal>20.25060204237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NREO SPECIAL PURPOSE LLC TL</name>
        <lei>N/A</lei>
        <title>NREO SPECIAL PURPOSE LLC TL 7/1/2030</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="BLA04SI6"/>
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        <balance>26721606.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26721606.92000000</valUSD>
        <pctVal>3.377229099040</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.36900160</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>N/A</name>
        <lei>N/A</lei>
        <title>ALLENBY COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="ACI06QHV5"/>
        </identifiers>
        <balance>663296.41000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.66000000</valUSD>
        <pctVal>0.000000083414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLENEAGLES CLO LTD</name>
        <lei>N/A</lei>
        <title>Gleneagles CLO Ltd PREFERRED STOCK</title>
        <cusip>37866PAB5</cusip>
        <identifiers>
          <isin value="US37866PAB58"/>
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        <balance>7750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1865812.50000000</valUSD>
        <pctVal>0.235812026096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2014-1A SUB - CIFC Funding 2014 Ltd 01/18/2031</title>
        <cusip>12549LAE6</cusip>
        <identifiers>
          <isin value="US12549LAE65"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1025000.00000000</valUSD>
        <pctVal>0.129545346463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENBRIAR CLO</name>
        <lei>N/A</lei>
        <title>Greenbriar CLO Ltd PREFERRED STOCK</title>
        <cusip>39364P300</cusip>
        <identifiers>
          <isin value="US39364P3001"/>
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        <balance>39000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13845000.00000000</valUSD>
        <pctVal>1.749810070038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STRATFORD CLO LTD</name>
        <lei>N/A</lei>
        <title>Stratford CLO Ltd PREFERRED STOCK</title>
        <cusip>86280C202</cusip>
        <identifiers>
          <isin value="US86280C2026"/>
        </identifiers>
        <balance>2000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1050000.00000000</valUSD>
        <pctVal>0.132704989060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIBERTY CLO, LTD.</name>
        <lei>N/A</lei>
        <title>Liberty CLO Ltd Preferrred Stock</title>
        <cusip>530360205</cusip>
        <identifiers>
          <isin value="US5303602057"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2193500.00000000</valUSD>
        <pctVal>0.277227041432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VISTRA CORP.</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>Vistra Corp. COMMON STOCK</title>
        <cusip>92840M102</cusip>
        <identifiers>
          <isin value="US92840M1027"/>
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        <balance>6477.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>127337.82000000</valUSD>
        <pctVal>0.016093680009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nexpoint Real Estate Finance Inc</name>
        <lei>N/A</lei>
        <title>NEXPOINT REAL ESTATE FINANCE OPERATING PARTNERSHIP</title>
        <cusip>65342V101</cusip>
        <identifiers>
          <isin value="US65342V1017"/>
        </identifiers>
        <balance>3247509.68000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53648859.91000000</valUSD>
        <pctVal>6.780448921385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTHFORK CLO LTD.</name>
        <lei>N/A</lei>
        <title>Southfork CLO Ltd/Southfork CLO Corp PREFERRED STOCK</title>
        <cusip>84427P202</cusip>
        <identifiers>
          <isin value="KY84427P2029"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>600.00000000</valUSD>
        <pctVal>0.000075831422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CELTIC PHARMA PHINCO B V SR SECD NT 144A</name>
        <lei>N/A</lei>
        <title>CELTIC PHARMA PHINCO B V SR SECD NT 144A 17.0%     06/15/2012</title>
        <cusip>15118WAA4</cusip>
        <identifiers>
          <other otherDesc="All Others" value="15118WAA4"/>
        </identifiers>
        <balance>93180354.00000000</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>3</fairValLevel>
        <debtSec>
          <maturityDt>2012-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>17.00000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACIS CLO LTD</name>
        <lei>N/A</lei>
        <title>HIGHLAND LOAN FUNDING LTD HLF 1A C1 144A 08/01/2020</title>
        <cusip>00100GAA1</cusip>
        <identifiers>
          <isin value="US00100GAA13"/>
        </identifiers>
        <balance>635386.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>486642.36000000</valUSD>
        <pctVal>0.061504637200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2021-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.84313040</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>BRENTWOOD CLO LTD</name>
        <lei>N/A</lei>
        <title>BRENTWOOD LTD</title>
        <cusip>107264202</cusip>
        <identifiers>
          <isin value="US1072642028"/>
        </identifiers>
        <balance>1200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>420000.00000000</valUSD>
        <pctVal>0.053081995624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACIS CLO LTD</name>
        <lei>N/A</lei>
        <title>ACIS CLO 2014-3 LTD ACIS 2014-3A E</title>
        <cusip>00100GAA1</cusip>
        <identifiers>
          <isin value="US00100GAA13"/>
        </identifiers>
        <balance>6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4542900.00000000</valUSD>
        <pctVal>0.574157614097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.96437840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>METRO GOLDWYN MAYER INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX117291"/>
        </identifiers>
        <balance>309137.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26894919.00000000</valUSD>
        <pctVal>3.399133268260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TERRESTAR TERM LOAN C</name>
        <lei>N/A</lei>
        <title>TERRESTAR TERM LOAN C 2/27/2020</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="932CYVII"/>
        </identifiers>
        <balance>569378.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>569378.62000000</valUSD>
        <pctVal>0.071961317655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.00000160</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>FIELDWOOD ENERGY INC COMMON STOCK</name>
        <lei>N/A</lei>
        <title>FIELDWOOD ENERGY INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX172899"/>
        </identifiers>
        <balance>72839.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SFR WLIF III, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="WLIF0003"/>
        </identifiers>
        <balance>7708490.84000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6973254.98000000</valUSD>
        <pctVal>0.881319738891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TXU (TCEH) ESCROW</name>
        <lei>N/A</lei>
        <title>TXU (TCEH) ESCROW 12/31/2049</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="931ESB90"/>
        </identifiers>
        <balance>17000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12750.00000000</valUSD>
        <pctVal>0.001611417724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Floating</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>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2014-4RA SUB - Cifc Funding 2014-IV-R Ltd 10/17/2030</title>
        <cusip>12549WAE2</cusip>
        <identifiers>
          <isin value="US12549WAE21"/>
        </identifiers>
        <balance>3214500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>964350.00000000</valUSD>
        <pctVal>0.121880053524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-17</maturityDt>
          <couponKind>Floating</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>ACIS CLO LTD</name>
        <lei>N/A</lei>
        <title>ACIS CLO 2014-3 LTD ACIS 2014-3A F</title>
        <cusip>00100GAC7</cusip>
        <identifiers>
          <isin value="US00100GAC78"/>
        </identifiers>
        <balance>5250064.93000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2602719.69000000</valUSD>
        <pctVal>0.328946559989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.81438160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-12-31</ncom:dateSigned>
      <ncom:nameOfApplicant>NEXPOINT</ncom:nameOfApplicant>
      <ncom:signature>Jason Post</ncom:signature>
      <ncom:signerName>Jason Post</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
