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        <name>BW NHHC HOLDCO INC.</name>
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        <name>CALLON PETROLEUM COMPANY</name>
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        <name>TEGNA INC.</name>
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        <name>UBER TECHNOLOGIES, INC.</name>
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        <name>THE MICHAELS COMPANIES, INC.</name>
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        <name>BCPE CYCLE MERGER SUB II, INC.</name>
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        <name>CLYDESDALE ACQUISITION HOLDINGS, INC.</name>
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        <name>APACHE CORPORATION</name>
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        <name>WestJet Airlines Ltd.</name>
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        <name>AZZ INC.</name>
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        <name>BAUSCH HEALTH COMPANIES INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CPM HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>OSCAR ACQUISITIONCO, LLC</name>
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        <name>WP CPP HOLDINGS, LLC</name>
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        <name>ENVISION HEALTHCARE CORPORATION</name>
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        <name>CSC HOLDINGS, LLC</name>
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        <name>ALLIANCE LAUNDRY SYSTEMS LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CUMULUS MEDIA NEW HOLDINGS INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LIFEPOINT HEALTH, INC.</name>
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        <name>CHART INDUSTRIES, INC.</name>
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        <name>CSC HOLDINGS, LLC</name>
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        <name>UNIVISION COMMUNICATIONS INC.</name>
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        <title>TELEVISAUNIVISION</title>
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        <name>PETSMART LLC</name>
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        <name>CLOUD SOFTWARE GROUP, INC.</name>
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        <title>TIBCO SOFTWARE INC</title>
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        <name>INEOS FINANCE PLC</name>
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        <name>Trinseo Materials Operating S.C.A.</name>
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        <title>TRINSEO MATERIALS OPERATING SCA</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>HUSKY INJECTION MOLDING SYSTEMS LTD.</name>
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        <name>LIFEPOINT HEALTH, INC.</name>
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        <name>COMSTOCK RESOURCES, INC.</name>
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        <name>GATES GLOBAL LLC</name>
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        <name>Northriver Midstream Finance LP</name>
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        <name>CALLON PETROLEUM COMPANY</name>
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        <name>NEPTUNE BIDCO US INC.</name>
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        <name>GLOBAL MEDICAL RESPONSE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HOUGHTON MIFFLIN HARCOURT COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VIKING CRUISES LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Life Time, Inc.</name>
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        <name>TRIDENT TPI HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SWF HOLDINGS I CORP.</name>
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        <name>GRAY ESCROW II, INC.</name>
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        <name>CHARIOT BUYER LLC</name>
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        <name>PARK RIVER HOLDINGS, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSC HOLDINGS, LLC</name>
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        <name>HOLLEY INC.</name>
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        <name>Life Time, Inc.</name>
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        <curCd>USD</curCd>
        <valUSD>3672985.48000000</valUSD>
        <pctVal>0.310793765786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.59000000</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>CAESARS ENTERTAINMENT, INC.</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>COLT MERGER SUB INC</title>
        <cusip>28470RAK8</cusip>
        <identifiers>
          <isin value="US28470RAK86"/>
        </identifiers>
        <balance>7050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7193973.76000000</valUSD>
        <pctVal>0.608726118851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENTERCOM MEDIA CORP</name>
        <lei>N/A</lei>
        <title>ENTERCOM MEDIA CORP</title>
        <cusip>12506KAE9</cusip>
        <identifiers>
          <isin value="US12506KAE91"/>
        </identifiers>
        <balance>14706476.43000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9363172.35000000</valUSD>
        <pctVal>0.792275278573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.33000000</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>DIAMOND SPORTS GROUP, LLC</name>
        <lei>5493002K6DHWNZH8YA34</lei>
        <title>DIAMOND SPORTS GROUP LLC</title>
        <cusip>25277BAE8</cusip>
        <identifiers>
          <isin value="US25277BAE83"/>
        </identifiers>
        <balance>1448736.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1355930.45000000</valUSD>
        <pctVal>0.114733568372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.78000000</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>SURGERY CENTER HOLDINGS, INC.</name>
        <lei>54930054EVI5HWPPW113</lei>
        <title>SURGERY CENTER HOLDINGS INC</title>
        <cusip>86880NAX1</cusip>
        <identifiers>
          <isin value="US86880NAX12"/>
        </identifiers>
        <balance>9647237.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9577101.73000000</valUSD>
        <pctVal>0.810377151827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.46000000</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>TELESAT CANADA</name>
        <lei>5493004V5GLBY6SO5Y34</lei>
        <title>TELESAT CANADA TELESAT LLC</title>
        <cusip>87952VAR7</cusip>
        <identifiers>
          <isin value="US87952VAR78"/>
        </identifiers>
        <balance>4350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2281637.64000000</valUSD>
        <pctVal>0.193063315430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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>CHART INDUSTRIES, INC.</name>
        <lei>EM7QGKC1GYOF3LSZSL80</lei>
        <title>CHART INDUSTRIES INC</title>
        <cusip>16115EAQ0</cusip>
        <identifiers>
          <isin value="US16115EAQ08"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1245312.50000000</valUSD>
        <pctVal>0.105373507073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.49</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>HANESBRANDS INC.</name>
        <lei>GX5LWVWZLL5S4W1L2F20</lei>
        <title>HANESBRANDS INC</title>
        <cusip>410346AX8</cusip>
        <identifiers>
          <isin value="US410346AX88"/>
        </identifiers>
        <balance>2100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2089500.00000000</valUSD>
        <pctVal>0.176805374577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.56</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>PBF HOLDING COMPANY LLC</name>
        <lei>549300TILVIIV9FLL461</lei>
        <title>PBF HOLDING CO LLC PBF FINANCE CORP</title>
        <cusip>69318FAJ7</cusip>
        <identifiers>
          <isin value="US69318FAJ75"/>
        </identifiers>
        <balance>6258000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6017113.81000000</valUSD>
        <pctVal>0.509144800696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>THE HERTZ CORPORATION</name>
        <lei>549300PD0C69OJ0NLB27</lei>
        <title>HERTZ CORP THE</title>
        <cusip>42804VBC4</cusip>
        <identifiers>
          <isin value="US42804VBC46"/>
        </identifiers>
        <balance>3187890.93000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3163981.75000000</valUSD>
        <pctVal>0.267723847076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.09</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>WHITEWATER WHISTLER HOLDINGS, LLC</name>
        <lei>549300FRGKJP12ZORL46</lei>
        <title>WHITEWATER WHISTLER HOLDINGS</title>
        <cusip>96620EAB3</cusip>
        <identifiers>
          <isin value="US96620EAB39"/>
        </identifiers>
        <balance>5500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5472500.00000000</valUSD>
        <pctVal>0.463061695323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.15</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>WIRECO WORLDGROUP INC.</name>
        <lei>5493008NQ1Q5T2GZOJ37</lei>
        <title>WIRECO WORLDGROUP INC</title>
        <cusip>97654QAJ6</cusip>
        <identifiers>
          <other otherDesc="Internal" value="LX199681"/>
        </identifiers>
        <balance>9269644.08000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9142186.47000000</valUSD>
        <pctVal>0.773576311696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.25</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>MEN S WEARHOUSE INC</name>
        <lei>N/A</lei>
        <title>MEN S WEARHOUSE INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="LX191420"/>
        </identifiers>
        <balance>51299.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>615588.00000000</valUSD>
        <pctVal>0.052088665673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FERTITTA ENTERTAINMENT LLC</name>
        <lei>N/A</lei>
        <title>FERTITTA ENTERTAINMENT LLC</title>
        <cusip>31556PAB3</cusip>
        <identifiers>
          <isin value="US31556PAB31"/>
        </identifiers>
        <balance>19331250.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18999525.75000000</valUSD>
        <pctVal>1.607666076588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.81000000</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 total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-05-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios</ncom:nameOfApplicant>
      <ncom:signature>Allan Shaer</ncom:signature>
      <ncom:signerName>Allan Shaer</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
