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        <name>Avantor Inc</name>
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        <name>ALLIANCE RES OP/FINANCE</name>
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        <name>CONFIE SEGUROS HOLDING II CO. 2018 2ND LIEN TERM L</name>
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        <name>CHG ALT ED ACQUISITION CO. 13.50% 6/19/2020</name>
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        <name>FIRST QUANTUM MINERALS L</name>
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      <invstOrSec>
        <name>SARA LEE FROZEN BAKERY 2018 1ST LIEN TERM LOAN</name>
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        <name>ELITE SPORTSWEAR HOLDING LLC</name>
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        <name>CommScope Inc</name>
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        <name>VERITAS US INC/BERMUDA L</name>
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        <name>GD Dental Services LLC</name>
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        <name>U.S. Retirement Partners INC.-2nd Lien Delayed Dr</name>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2023-05-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WG SMC Holdings Inc</name>
        <lei>N/A</lei>
        <title>WG SMC HOLDINGS INC COMMON STOCK</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="92965#106"/>
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        <curCd>USD</curCd>
        <valUSD>107150.04000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DCCP PETERSON PARTY HOLDING LLC UNIT SERIES A-1</name>
        <lei>N/A</lei>
        <title>DCCP PETERSON PARTY HOLDING LLC UNIT SERIES A-1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA2016AP4"/>
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        <balance>339.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22378.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Westminster Foods II LLC</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="BA2071WW2"/>
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        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MES PARTNERS INC  PREFERRED STOCK SERIES A</name>
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          <other otherDesc="Internal Identifier" value="59047@PP8"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTHWEST ACQ/DOMINION</name>
        <lei>N/A</lei>
        <title>Northwest Acquisitions ULC / Dominion Finco Inc</title>
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          <isin value="US66727WAA09"/>
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        <curCd>USD</curCd>
        <valUSD>245000.00000000</valUSD>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-01</maturityDt>
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      <invstOrSec>
        <name>Truck-Lite Cc-Delayed Draw</name>
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          <other otherDesc="Internal Identifier" value="IGLS_8328"/>
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        <curCd>USD</curCd>
        <valUSD>-15614.17000000</valUSD>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-14</maturityDt>
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      <invstOrSec>
        <name>Hoosiers Holdings</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal Identifier" value="43923#126"/>
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        <curCd>USD</curCd>
        <valUSD>209390.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>CALUMET SPECIALTY PROD</name>
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          <isin value="US131477AT87"/>
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        <curCd>USD</curCd>
        <valUSD>360175.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
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      <invstOrSec>
        <name>B RILEY FINANCIAL INC</name>
        <lei>N/A</lei>
        <title>B. Riley Financial Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="US05580M6030"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>405600.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>TRIDENT TPI HOLDINGS INC</name>
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        <title>Trident TPI Holdings Inc</title>
        <cusip>89616RAB5</cusip>
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          <isin value="US89616RAB50"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>415000.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>US ORAL SURGERY MANAGEMENT (USOSM)-DDTL</name>
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        <title>US ORAL SURGERY MANAGEMENT (USOSM)-DDTL</title>
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        <identifiers>
          <other otherDesc="Internal Identifier" value="IGLS_7285"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Transit Technologies LLC-DDTL-B</name>
        <lei>N/A</lei>
        <title>Transit Technologies LLC-DDTL-B</title>
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          <other otherDesc="Internal Identifier" value="IGLS_8508636"/>
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        <balance>780310.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-44504.36000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>JUPITER RESOURCES INC. 13% 2/05/24</name>
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          <other otherDesc="Internal Identifier" value="935ETZII4"/>
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        <valUSD>50194.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>MILLER ENVIRONMENTAL SERVICES LLC 12% 09/30/2021</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal Identifier" value="IGLS_60053*ZZ6"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>LAC ACQUISITION LLC UNIT CLASS A</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal Identifier" value="IGLS_BA2300LA3"/>
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        <name>1WORLDSYNC INC. TERM LOAN</name>
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        <title>1WORLDSYNC INC. TERM LOAN</title>
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          <other otherDesc="Internal Identifier" value="7227HAYZ8"/>
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        <curCd>USD</curCd>
        <valUSD>1558535.19000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>DEL REAL HOLDCO LLC</name>
        <lei>N/A</lei>
        <title>DEL REAL HOLDCO LLC UNIT</title>
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          <other otherDesc="Internal Identifier" value="BA2157DR9"/>
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        <valUSD>156887.11000000</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>DCCP PETERSON PARTY HOLDING LLC UNIT</name>
        <lei>N/A</lei>
        <title>DCCP PETERSON PARTY HOLDING LLC UNIT</title>
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          <other otherDesc="Internal Identifier" value="BA2016PP8"/>
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        <name>SCP ESP LLC UNIT</name>
        <lei>N/A</lei>
        <title>SCP ESP LLC UNIT</title>
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          <other otherDesc="Internal Identifier" value="BA2269SC9"/>
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        <invCountry>US</invCountry>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Strahman Holdings  Inc.</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.75000000</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>CADENCE AEROSPACE  LLC 2018 1ST LIEN TERM LOAN</name>
        <lei>N/A</lei>
        <title>CADENCE AEROSPACE  LLC 2018 1ST LIEN TERM LOAN</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IGLS_14719#YY9"/>
        </identifiers>
        <balance>895324.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>844296.41000000</valUSD>
        <pctVal>0.612412140696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-30</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>Hartland Controls Holding Corporation</name>
        <lei>N/A</lei>
        <title>HARTLAND CONTROLS HLDG COMMON STOCK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IGLS_41683@106"/>
        </identifiers>
        <balance>821.12000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>219305.86000000</valUSD>
        <pctVal>0.159073957438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cora Health Services Inc</name>
        <lei>N/A</lei>
        <title>CORA HEALTH SERVICES INC. PREFERRED SERIES A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="21775@123"/>
        </identifiers>
        <balance>758.24000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>109671.09000000</valUSD>
        <pctVal>0.079550151112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REVSPRING INC. 2ND LIEN TERM LOAN</name>
        <lei>N/A</lei>
        <title>REVSPRING INC. 2ND LIEN TERM LOAN</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="76155*ZZ9"/>
        </identifiers>
        <balance>1725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1605170.46000000</valUSD>
        <pctVal>1.164313700671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.19088000</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>TERRIER MEDIA BUYER INC</name>
        <lei>N/A</lei>
        <title>Terrier Media Buyer Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="US88146LAA17"/>
        </identifiers>
        <balance>183000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>154635.00000000</valUSD>
        <pctVal>0.112164815880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.88000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GTI Holdings Ltd</name>
        <lei>N/A</lei>
        <title>GTI HOLDING COMPANY COMMON STOCK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="36245@107"/>
        </identifiers>
        <balance>1046.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>98126.75000000</valUSD>
        <pctVal>0.071176440306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Polytex Holdings LLC</name>
        <lei>N/A</lei>
        <title>POLYTEX HOLDINGS LLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA2000PP2"/>
        </identifiers>
        <balance>148096.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DUNN PAPER INC 2ND LIEN TERM LOAN</name>
        <lei>N/A</lei>
        <title>DUNN PAPER INC 2ND LIEN TERM LOAN</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IGLS_265817ZZ2"/>
        </identifiers>
        <balance>1725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1466250.00000000</valUSD>
        <pctVal>1.063547458760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-31</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>FILTRATION GROUP EQUITY LLC UNIT CLASS B-1</name>
        <lei>N/A</lei>
        <title>FILTRATION GROUP EQUITY LLC UNIT CLASS B-1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA1777FG7"/>
        </identifiers>
        <balance>65789.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>640641.70000000</valUSD>
        <pctVal>0.464690777159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SBRK Buyer LLC-Delayed Draw Term Loan</name>
        <lei>N/A</lei>
        <title>SBRK Buyer LLC-Delayed Draw Term Loan</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IGLS_8360"/>
        </identifiers>
        <balance>501755.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27264.42000000</valUSD>
        <pctVal>0.019776303226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.20000000</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>GLOPROFESSIONAL HOLDINGS INC  PREFERRED STOCK</name>
        <lei>N/A</lei>
        <title>GLOPROFESSIONAL HOLDINGS INC  PREFERRED STOCK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IGLS_37960ZPP1"/>
        </identifiers>
        <balance>295.27600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>332335.74000000</valUSD>
        <pctVal>0.241060413798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SRS HOLDCO LLC 11% 03/27/2022</name>
        <lei>N/A</lei>
        <title>SRS HOLDCO LLC 11% 03/27/2022</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IGLS_78464ZMM6"/>
        </identifiers>
        <balance>1084565.09000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1021019.42000000</valUSD>
        <pctVal>0.740598540143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROI Solutions-2018 Delayed Draw Term Loan</name>
        <lei>N/A</lei>
        <title>ROI Solutions-2018 Delayed Draw Term Loan</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IGLS_6875"/>
        </identifiers>
        <balance>961561.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-70424.21000000</valUSD>
        <pctVal>-0.05108234583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.75000000</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>DART TERM LOAN II</name>
        <lei>N/A</lei>
        <title>DART TERM LOAN II</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="237420XX7"/>
        </identifiers>
        <balance>385214.07000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>358086.02000000</valUSD>
        <pctVal>0.259738432455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.32200000</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>PBF HOLDING CO LLC</name>
        <lei>N/A</lei>
        <title>PBF Holding Co LLC / PBF Finance Corp</title>
        <cusip>69318FAG3</cusip>
        <identifiers>
          <isin value="US69318FAG37"/>
        </identifiers>
        <balance>385000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>258065.50000000</valUSD>
        <pctVal>0.187188342178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>BARINGS PARTICIPATION INVESTORS</ncom:nameOfApplicant>
      <ncom:signature>Jonathan Bock</ncom:signature>
      <ncom:signerName>Jonathan Bock</ncom:signerName>
      <ncom:title>CFO for the funds</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
