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        <name>Venator Finance S.a r.l.</name>
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        <name>VERGEGY CONSOLIDATED, VEREGY 10/20 COV-LITE</name>
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        <name>CONVERGEONE HOLDINGS 01/04/27</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SOLARIS MIDSTREAM HOLDINGS, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Cerdia Finanz GmbH</name>
        <lei>391200KURNDJSX9GX570</lei>
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        <cusip>15679GAA0</cusip>
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          <isin value="US15679GAA04"/>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>PARK RIVER HOLDINGS, INC.</name>
        <lei>N/A</lei>
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        <name>CARESTREAM DENTAL TECHNOLOGY PARENT LIMITED  TRANC</name>
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        <name>SWF ESCROW ISSUER CORPORATION</name>
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        <name>VIRTUSA CORPORATION</name>
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        <name>ITT HOLDINGS LLC</name>
        <lei>549300TH2PHOLK31LB42</lei>
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        <name>Emerald EMS</name>
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        <name>BEASLEY MEZZANINE HOLDINGS, LLC</name>
        <lei>549300VK8LJV1TK18D38</lei>
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        <name>TRANSOCEAN POSEIDON LIMITED</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIRECTV FINANCING, LLC</name>
        <lei>N/A</lei>
        <title>DIRECTV FINANCING, LLC 7/22/2027</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX196261"/>
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        <balance>334250.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>306814.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.05959920</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>RAILWORKS HOLDINGS, LP</name>
        <lei>N/A</lei>
        <title>RAILWORKS HOLDINGS LP / RAILWORKS RALLY INC 144A 8.250000% 11/15/2028</title>
        <cusip>75079MAA7</cusip>
        <identifiers>
          <isin value="US75079MAA71"/>
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        <balance>727000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>656117.50000000</valUSD>
        <pctVal>1.305561759196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FORMING MACHINES IND. TLB</name>
        <lei>N/A</lei>
        <title>FORMING MACHINES IND. TLB 10/5/2026</title>
        <cusip>34639HAE0</cusip>
        <identifiers>
          <isin value="US34639HAE09"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>317915.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.25599960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GPD COMPANIES, INC.</name>
        <lei>N/A</lei>
        <title>GPD COS INC 144A 10.125000% 04/01/2026</title>
        <cusip>64051NAA1</cusip>
        <identifiers>
          <isin value="US64051NAA19"/>
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        <balance>712000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>678450.56000000</valUSD>
        <pctVal>1.350000734077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TKC HOLDINGS, INC.</name>
        <lei>N/A</lei>
        <title>TKC HOLDINGS INC 144A 10.500000% 05/15/2029</title>
        <cusip>87256YAA1</cusip>
        <identifiers>
          <isin value="US87256YAA10"/>
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        <balance>1163000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>951531.71000000</valUSD>
        <pctVal>1.893385579928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RESEARCH 12/17 Cov Lite</name>
        <lei>N/A</lei>
        <title>RESEARCH 12/17 Cov Lite 12/20/2024</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX169473"/>
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        <balance>1092589.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1003816.27000000</valUSD>
        <pctVal>1.997422924051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.50000160</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>DXP ENTERPRISES 12/20 TL</name>
        <lei>N/A</lei>
        <title>DXP ENTERPRISES 12/20 TL 12/16/2027 LIBOR + 4.75</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX191334"/>
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        <balance>533250.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>513029.16000000</valUSD>
        <pctVal>1.020840402288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.80960080</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>24 HOUR FITNESS OFFERING DUMMY ID PREFERRED SHARES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="99924HRFW"/>
        </identifiers>
        <balance>22590.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16942.50000000</valUSD>
        <pctVal>0.033712681196</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>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>24 HOUR FITNESS RESTRICTED SHARES DUMMY ID EQUITY COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="99924HRES"/>
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        <balance>90461.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11307.63000000</valUSD>
        <pctVal>0.022500252340</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>SUMMIT MIDSTREAM HOLDINGS, LLC</name>
        <lei>N/A</lei>
        <title>SUMMIT MIDSTREAM HOLDINGS LLC / SUMMIT MIDSTREAM F 5.750000% 04/15/2025</title>
        <cusip>86614WAD8</cusip>
        <identifiers>
          <isin value="US86614WAD83"/>
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        <balance>755000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>590787.50000000</valUSD>
        <pctVal>1.175566217653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>FCG ACQUISITIONS, INC.</name>
        <lei>N/A</lei>
        <title>FCG ACQUISITIONS, INC. 3/30/2029</title>
        <cusip>30260UAF2</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX193295"/>
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        <balance>380000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>362900.00000000</valUSD>
        <pctVal>0.722109016163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.80957000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NATURAL RESOURCE PARTNERS L.P.</name>
        <lei>529900EECJ7CSX1S1S58</lei>
        <title>NATURAL RESOURCE PARTNERS LP / NRP FINANCE CORP 14 9.125000% 06/30/2025</title>
        <cusip>63902MAE8</cusip>
        <identifiers>
          <isin value="US63902MAE84"/>
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        <balance>593000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>603265.91000000</valUSD>
        <pctVal>1.200396122223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PREMIER ENTERTAINMENT SUB, LLC</name>
        <lei>549300KRDMIL2NJVZ267</lei>
        <title>PREMIER ENTERTAINMENT SUB LLC / PREMIER ENTERTAINM 5.875000% 09/01/2031</title>
        <cusip>74052HAB0</cusip>
        <identifiers>
          <isin value="US74052HAB06"/>
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        <balance>775000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>537860.23000000</valUSD>
        <pctVal>1.070249990406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>PSS INDUSTRIAL OFFERING CLASS A MEMBERSHIP INTEREST</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="9999PSSRT"/>
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        <balance>1352.75100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>87967.91000000</valUSD>
        <pctVal>0.175041115855</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>
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      <invstOrSec>
        <name>ALTERA INFRASTRUCTURE L.P.</name>
        <lei>549300ZJBGOCXKXQWE39</lei>
        <title>ALTERA INFRASTRUCTURE LP/TEEKAY OFFSHORE FINANCE C 8.500000% 07/15/2023</title>
        <cusip>87901BAB8</cusip>
        <identifiers>
          <isin value="US87901BAB80"/>
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        <balance>679000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>365301.91000000</valUSD>
        <pctVal>0.726888406813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>GREENFIRE RESOURCES INC 144A 12.000000% 08/15/2025</title>
        <cusip>36136LAA2</cusip>
        <identifiers>
          <isin value="US36136LAA26"/>
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        <balance>948000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1004880.00000000</valUSD>
        <pctVal>1.999539565064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LaserShip 4/21 2nd Lien TL</name>
        <lei>N/A</lei>
        <title>LaserShip 4/21 2nd Lien TL 4/30/2029</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX194517"/>
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        <balance>230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223100.00000000</valUSD>
        <pctVal>0.443930894202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.25000120</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>VISTAJET MALTA FINANCE P.L.C.</name>
        <lei>5299001UK94VGT0CPQ36</lei>
        <title>VISTAJET MALTA FINANCE PLC / XO MANAGEMENT HOLDING 6.375000% 02/01/2030</title>
        <cusip>92840JAB5</cusip>
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        <name>NAVIOS SOUTH AMERICAN LOGISTICS INC.</name>
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        <name>UNIFRAX ESCROW ISSUER CORPORATION</name>
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        <name>WELLTEC INTERNATIONAL ApS</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>ARCOSA, INC.</name>
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        <cusip>039653AA8</cusip>
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        <name>ONE STOP MAILING LLC</name>
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        <name>Forming Machining/ Atlas Group 10/18</name>
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        <name>RLG Holdings INC</name>
        <lei>N/A</lei>
        <title>RLG Holdings INC 7/2/2029</title>
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        <name>SPANISH BROADCASTING SYSTEM, INC.</name>
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        <name>CORPACT</name>
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        <title>CORPACT</title>
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      <invstOrSec>
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        <name>PARTY CITY HOLDCO INC.</name>
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        <name>JW ALUMINUM CONTINUOUS CAST COMPANY</name>
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        <name>STAPLES, INC.</name>
        <lei>XQM2JINI1UL7642TU573</lei>
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      <invstOrSec>
        <name>INNOVATE CORP.</name>
        <lei>549300S6O246JWQQ1K58</lei>
        <title>INNOVATE CORP 144A 8.500000% 02/01/2026</title>
        <cusip>404139AJ6</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>ARROW BIDCO, LLC</name>
        <lei>549300YHZN08M0H3O128</lei>
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        <cusip>042728AA3</cusip>
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        <name>TRIUMPH GROUP, INC.</name>
        <lei>5493007L6S47Q14SL582</lei>
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        <cusip>896818AP6</cusip>
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        <balance>770000.00000000</balance>
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        <name>HLF FINANCING SARL, LLC</name>
        <lei>549300VKVJUV5OGV2R51</lei>
        <title>HLF FINANCING SARL LLC / HERBALIFE INTERNATIONAL I 4.875000% 06/01/2029</title>
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        <name>Cimpress plc</name>
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        <issuerCat>NUSS</issuerCat>
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        <name>WARRIOR MET COAL, INC.</name>
        <lei>549300152B1S9YKBYV79</lei>
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        <name>PM GENERAL PURCHASER LLC</name>
        <lei>N/A</lei>
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        <name>ARC FALCON I  INC.</name>
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        <name>BURFORD CAPITAL GLOBAL FINANCE LLC</name>
        <lei>549300JVAOO67CSCH406</lei>
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        <name>SALEM MEDIA GROUP, INC.</name>
        <lei>549300CTHBTS2MIXZL54</lei>
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        <name>NA RAIL HOLD CO. LLC                             D</name>
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        <name>EXELA INTERMEDIATE LLC</name>
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    <signature>
      <ncom:dateSigned>2022-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>THE ADVISORS' INNER CIRCLE III</ncom:nameOfApplicant>
      <ncom:signature>Andy Metzger</ncom:signature>
      <ncom:signerName>Andy Metzger</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
