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        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <isin value="US2619081076"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NORTHWOODS CAPITAL LIMITED</name>
        <lei>N/A</lei>
        <title>NORTHWOODS CAPITAL XII-B LTD WOODS 2018-12BA F</title>
        <cusip>66858EAC7</cusip>
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          <isin value="US66858EAC75"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <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>
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          <isin value="US12549WAE21"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ATLAS SENIOR LOAN FUND, LTD</name>
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          <isin value="US04942LAG14"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TALOS ENERGY INC.</name>
        <lei>549300OKFHZ84SFJFT95</lei>
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          <isin value="US87484T1088"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Nexpoint Real Estate Finance Inc</name>
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        <title>Nexpoint Real Estate Finance Inc PREFERRED STOCK</title>
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        <name>MidWave Wireless, Inc. Tranche J Loan</name>
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          <other otherDesc="All Others" value="BLA05FJ1"/>
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        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="All Others" value="NFROREIT2"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="All Others" value="933DXD000"/>
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        <isRestrictedSec>N</isRestrictedSec>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="All Others" value="JUNIORCTL"/>
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        <invCountry>US</invCountry>

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        <name>WHEELER REAL ESTATE INVESTMENT TRUST, INC.</name>
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        <title>Wheeler Real Estate Investment Trust Inc PREFERRED STOCK</title>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>NXLST PROM NOTE 1  4.2% 12/31/28</title>
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        <debtSec>
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        <name>MIDWAVE WIRELESS H</name>
        <lei>N/A</lei>
        <title>MIDWAVE WIRELESS H 2/28/2022</title>
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        <identifiers>
          <other otherDesc="All Others" value="BLA05FKD"/>
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        <assetCat>LON</assetCat>
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          <couponKind>Floating</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>NREF OP IV REIT SUB, LLC TERM LOAN @ FIXED 7.50%</title>
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          <other otherDesc="All Others" value="NREFOP TL"/>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Telesat Corporation</name>
        <lei>N/A</lei>
        <title>TELESAT CORP COMMON STOCK</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>VOYA CLO</name>
        <lei>N/A</lei>
        <title>VOYA CLO 2013-2 LTD INGIM 2013-2A DR</title>
        <cusip>92916YAA3</cusip>
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          <isin value="US92916YAA38"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>SARANAC CLO LIMITED</name>
        <lei>N/A</lei>
        <title>SARANAC CLO III LTD SRANC 2014-3A ER</title>
        <cusip>803166AG2</cusip>
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          <isin value="US803166AG25"/>
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        <curCd>USD</curCd>
        <valUSD>2249100.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-22</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2014-5A SUB - CIFC FUNDING 2014-V LTD 10/17/2031</title>
        <cusip>12550BAE4</cusip>
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          <isin value="US12550BAE48"/>
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        <balance>2000000.00000000</balance>
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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>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-17</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PARK AVENUE INSTITUTIONAL ADVISERS CLO LTD</name>
        <lei>N/A</lei>
        <title>PARK AVENUE INSTITUTIONAL ADVISERS CLO LTD 2021-2 PAIA 2021-2A E</title>
        <cusip>70019FAA6</cusip>
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          <isin value="US70019FAA66"/>
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        <balance>2000000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2015-1A SUB - CIFC Funding 2015-I Ltd 01/22/2031</title>
        <cusip>12548NAG8</cusip>
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          <isin value="US12548NAG88"/>
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        <balance>3000000.00000000</balance>
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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>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>
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          <isin value="US12549LAE65"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>125000.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEXPOINT DIVERSIFIED REAL ESTATE TRUST</name>
        <lei>5493008KGR2NU3OXMR64</lei>
        <title>NEXPOINT DIVERSIFIED REAL ES REIT</title>
        <cusip>65340G205</cusip>
        <identifiers>
          <isin value="US65340G2057"/>
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        <balance>1406480.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5386818.40000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MEANINGFUL PARTNERS DEDICATEDCAPITAL VEHICLE II LP COMMON STOCK</title>
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          <other otherDesc="All Others" value=".MPDCV"/>
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        <curCd>USD</curCd>
        <valUSD>10616885.94000000</valUSD>
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        <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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SAPIENCE WARRANTS 08/23/2027</title>
        <cusip>003CVR016</cusip>
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          <other otherDesc="All Others" value="SAPIWARR"/>
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        <balance>1800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2844000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NHT CONVERTIBLE PROM NOTE</title>
        <cusip>N/A</cusip>
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          <other otherDesc="All Others" value="PNOTE2357"/>
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        <balance>6400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4243200.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.49999880</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ZAIS CLO LIMITED</name>
        <lei>N/A</lei>
        <title>ZAIS CLO 3 LTD ZCLO3 2015-3A DR</title>
        <cusip>98887JAG5</cusip>
        <identifiers>
          <isin value="US98887JAG58"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2207775.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.47358880</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>ATLAS SENIOR LOAN FUND, LTD</name>
        <lei>N/A</lei>
        <title>ATLAS SENIOR LOAN FUND XII LTD ATCLO 2018-12A E</title>
        <cusip>04942TAA7</cusip>
        <identifiers>
          <isin value="US04942TAA79"/>
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        <balance>2400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1956000.00000000</valUSD>
        <pctVal>0.286379808398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.50824880</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LLV HOLDCO INC LLVHSBM01</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="ACI04K2R5"/>
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        <balance>435.65000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45399.09000000</valUSD>
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        <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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>APNIMED, INC SERIES C-2</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="APNIME456"/>
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        <balance>144132.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1912631.64000000</valUSD>
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        <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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>APNIMED, INC SERIES C-1</title>
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          <other otherDesc="All Others" value="APNIME123"/>
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        <balance>270246.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COVENANT CREDIT PARTNERS CLO</name>
        <lei>N/A</lei>
        <title>CLOVER CREDIT PARTNERS CLO III LTD CLVR 2017-1A F</title>
        <cusip>22284JAC3</cusip>
        <identifiers>
          <isin value="US22284JAC36"/>
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        <balance>3190523.05000000</balance>
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        <curCd>USD</curCd>
        <valUSD>797630.76000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.51358920</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ECP CLO LTD</name>
        <lei>N/A</lei>
        <title>MAN GLG US CLO GLGU 2018-1A DR</title>
        <cusip>26829DAQ8</cusip>
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          <isin value="US26829DAQ88"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2279312.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.45478160</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLAYMORE COMMON STOCK</name>
        <lei>N/A</lei>
        <title>CLAYMORE COMMON STOCK</title>
        <cusip>N/A</cusip>
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          <other otherDesc="All Others" value="ACI06QHT0"/>
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        <balance>11561679.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NEXPOINT STORAGE PARTNERS SERIES A PREFERRED STOCK</title>
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          <other otherDesc="All Others" value="NSPSSTOCK"/>
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        <balance>16103.16000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11691860.32000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>TCAL MEZZ LENDER, LLC PROMISSORY NOTE</title>
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          <other otherDesc="All Others" value="TCALPROM"/>
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        <balance>21000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>12.99999960</annualizedRt>
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      <invstOrSec>
        <name>MIDWAVE WIRELESS 5/20 TL</name>
        <lei>N/A</lei>
        <title>MIDWAVE WIRELESS 5/20 TL 2/28/2022</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX188359"/>
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        <balance>86939.58700000</balance>
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        <curCd>USD</curCd>
        <valUSD>86722.24000000</valUSD>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>2025-12-31</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SAPIENCE THERAPEUTICS PROMISSORY NOTE</title>
        <cusip>N/A</cusip>
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          <other otherDesc="All Others" value="SAPIPROM"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15634500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.99999920</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLENBY COMMON STOCK</name>
        <lei>N/A</lei>
        <title>ALLENBY COMMON STOCK</title>
        <cusip>N/A</cusip>
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          <other otherDesc="All Others" value="ACI06QHV5"/>
        </identifiers>
        <balance>3209879.63000000</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>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MP CLO LTD</name>
        <lei>N/A</lei>
        <title>ACAS CLO 2015-1 LTD MP7 2015-1A FRR</title>
        <cusip>55320TAD5</cusip>
        <identifiers>
          <isin value="US55320TAD54"/>
        </identifiers>
        <balance>6162165.76020000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1553327.93000000</valUSD>
        <pctVal>0.227424210109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.46478040</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>CARESTREAM HEALTH, INC.</name>
        <lei>N/A</lei>
        <title>CARESTREAM HEALTH, INC. 9/30/2027</title>
        <cusip>14173VAT0</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX208470"/>
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        <balance>15963281.09500000</balance>
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        <curCd>USD</curCd>
        <valUSD>11020650.19000000</valUSD>
        <pctVal>1.613543808711</pctVal>
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        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.92878000</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>IQHQ INC PRIVATE COMPANY</title>
        <cusip>44988Q106</cusip>
        <identifiers>
          <isin value="US44988Q1067"/>
        </identifiers>
        <balance>2006665.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25584978.75000000</valUSD>
        <pctVal>3.745920916311</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>SFR OPERATING PARTNERSHIP, L.P. CONVERTIBLE NOTE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="SFRPROM"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4857500.00000000</valUSD>
        <pctVal>0.711191165284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.49999880</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>OZLM FUNDING LTD</name>
        <lei>N/A</lei>
        <title>OZLM XXII LTD OZLM 2018-22A E</title>
        <cusip>67111XAC6</cusip>
        <identifiers>
          <isin value="US67111XAC65"/>
        </identifiers>
        <balance>3110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1617200.00000000</valUSD>
        <pctVal>0.236775780236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.95449120</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>BRAEMAR HOTELS &amp; RESORTS INC.</name>
        <lei>549300JDUUEBN868C776</lei>
        <title>Braemar Hotels &amp; Resorts Inc PREFERRED STOCK</title>
        <cusip>10482B200</cusip>
        <identifiers>
          <isin value="US10482B2007"/>
        </identifiers>
        <balance>325976.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4240947.76000000</valUSD>
        <pctVal>0.620921169190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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 RESIDENTIAL TRUST, INC.</name>
        <lei>549300U2J6XVYBF87166</lei>
        <title>NEXPOINT RESIDENTIAL REIT</title>
        <cusip>65341D102</cusip>
        <identifiers>
          <isin value="US65341D1028"/>
        </identifiers>
        <balance>204648.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8089735.44000000</valUSD>
        <pctVal>1.184425810481</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Highland Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Stephanie Vitiello</ncom:signature>
      <ncom:signerName>Stephanie Vitiello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
