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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TAILWIND SMITH COOPER INTERMEDIATE CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-28</maturityDt>
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      <invstOrSec>
        <name>AMNEAL PHARMACEUTICALS LLC</name>
        <lei>54930037VIXE7LRZ1M66</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-03-23</maturityDt>
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      <invstOrSec>
        <name>IHEARTCOMMUNICATIONS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-01</maturityDt>
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      <invstOrSec>
        <name>CP ATLAS BUYER, INC.</name>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-23</maturityDt>
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      <invstOrSec>
        <name>BW NHHC HOLDCO INC.</name>
        <lei>549300Y5ZHAEE7MHCH51</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-15</maturityDt>
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      <invstOrSec>
        <name>CALLON PETROLEUM COMPANY</name>
        <lei>549300EFOWPEB0WLZW21</lei>
        <title>CALLON PETROLEUM CO</title>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
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      <invstOrSec>
        <name>TEGNA INC.</name>
        <lei>549300YC5EDBGX85AO10</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>SPARTA U.S. HOLDCO LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SINCLAIR TELEVISION GROUP, INC.</name>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>BALLY'S CORPORATION</name>
        <lei>549300NS4D5IK406VT62</lei>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>THE SCOTTS MIRACLE-GRO COMPANY</name>
        <lei>2TH9E0JTOUXOEGI2R879</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ROYAL CARIBBEAN CRUISES LTD.</name>
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        <title>ROYAL CARIBBEAN CRUISES</title>
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        <invCountry>LR</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>UBER TECHNOLOGIES, INC.</name>
        <lei>549300B2FTG34FILDR98</lei>
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        <name>PERMIAN RESOURCES OPERATING, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Carnival Holdings (Bermuda) Limited</name>
        <lei>N/A</lei>
        <title>CARNIVAL HLDGS BM LTD</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
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        <name>LIFESCAN GLOBAL CORPORATION</name>
        <lei>549300VL0F83S4LR4105</lei>
        <title>LIFESCAN GLOBAL CORP</title>
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        <balance>3750000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-19</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>UBER TECHNOLOGIES, INC.</name>
        <lei>549300B2FTG34FILDR98</lei>
        <title>UBER TECHNOLOGIES INC</title>
        <cusip>90353TAC4</cusip>
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        <balance>1650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1680662.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>WHITE CAP SUPPLY HOLDINGS, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BCPE CYCLE MERGER SUB II, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GLOBAL MEDICAL RESPONSE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-02</maturityDt>
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        <name>IHEARTCOMMUNICATIONS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CAESARS ENTERTAINMENT, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SRS DISTRIBUTION INC.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VIKING OCEAN CRUISES SHIP VII LTD</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
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        <name>GRAY TELEVISION, INC.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
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        <name>CLYDESDALE ACQUISITION HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>APACHE CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HARSCO CORP</name>
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        <name>WYNN RESORTS FINANCE, LLC</name>
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        <name>WestJet Airlines Ltd.</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>U.S. RENAL CARE, INC.</name>
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        <name>MILEAGE PLUS HOLDINGS, LLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-20</maturityDt>
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        <name>LBM ACQUISITION, LLC</name>
        <lei>549300FAEB3VWZL4NI86</lei>
        <title>LBM ACQUISITION LLC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-17</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>AZZ INC.</name>
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        <name>NEPTUNE BIDCO US INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAUSCH HEALTH COMPANIES INC.</name>
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      <invstOrSec>
        <name>CUMULUS MEDIA NEW HOLDINGS INC.</name>
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        <name>TEAM HEALTH HOLDINGS, INC.</name>
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        <name>COVIS EQUITY B</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>B&amp;G FOODS, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JO-ANN STORES, LLC</name>
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      <invstOrSec>
        <name>BOMBARDIER INC.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
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        <name>CENGAGE LEARNING, INC.</name>
        <lei>549300BYGM0FWUSVXJ88</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GRAHAM PACKAGING COMPANY INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>THE HERTZ CORPORATION</name>
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        <title>HERTZ CORP THE</title>
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        <fairValLevel>2</fairValLevel>
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        <name>RAND PARENT, LLC</name>
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        <name>PG&amp;E CORPORATION</name>
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        <name>CHS/COMMUNITY HEALTH SYSTEMS, INC.</name>
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        <name>COMSTOCK RESOURCES, INC.</name>
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        <name>PERATON CORP.</name>
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        <title>PERATON CORP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ITT HOLDINGS LLC</name>
        <lei>549300TH2PHOLK31LB42</lei>
        <title>ITT HOLDINGS LLC</title>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-08</maturityDt>
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      <invstOrSec>
        <name>Anchor Packaging, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ACRISURE, LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CORNERSTONE BUILDING BRANDS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ROBERTSHAW US HOLDING CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CALPINE CORPORATION</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AUDACY CAPITAL CORP.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>FRONTIER COMMUNICATIONS HOLDINGS, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>UNIVISION COMMUNICATIONS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TRAVERSE MIDSTREAM PARTNERS LLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MADISON IAQ LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LIFEPOINT HEALTH, INC.</name>
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        <name>ROBERTSHAW US HOLDING CORP.</name>
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        <name>19TH HOLDINGS GOLF, LLC</name>
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        <name>TEAM HEALTH HOLDINGS, INC.</name>
        <lei>549300PVTQ4UDTTMQT11</lei>
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        <name>Carnival Corporation</name>
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        <title>CARNIVAL CORP BANK TERM LOAN B</title>
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        <name>AVIS BUDGET CAR RENTAL, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>COMMSCOPE, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KNIGHT HEALTH HOLDINGS LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AIR CANADA</name>
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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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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CINEWORLD</name>
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        <name>CUMULUS MEDIA NEW HOLDINGS INC.</name>
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        <name>LIFEPOINT HEALTH, INC.</name>
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        <name>CHART INDUSTRIES, INC.</name>
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        <name>INTELSAT JACKSON HOLDINGS S.A.</name>
        <lei>8XJ8KF85PBKK1TLMFN29</lei>
        <title>INTELSAT JACKSON HOLDINGS SA</title>
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        <invCountry>LU</invCountry>

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        <name>CLOUD SOFTWARE GROUP, INC.</name>
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        <name>THE HERTZ CORPORATION</name>
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        <name>THE MICHAELS COMPANIES, INC.</name>
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        <name>TRANSDIGM INC.</name>
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        <name>AIR METHODS CORPORATION</name>
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        <name>BAUSCH HEALTH COMPANIES INC.</name>
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        <name>HUSKY INJECTION MOLDING SYSTEMS LTD.</name>
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        <name>COMSTOCK RESOURCES, INC.</name>
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        <name>LIGHT AND WONDER INTERNATIONAL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CALLON PETROLEUM COMPANY</name>
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        <name>NEPTUNE BIDCO US INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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>Life Time, Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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>OUTFRONT MEDIA CAPITAL LLC</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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        <name>EYEMART EXPRESS LLC</name>
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        <name>RAND PARENT, LLC</name>
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        <name>GREAT OUTDOORS GROUP, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>UNITED AIRLINES, INC.</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
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        <name>CAESARS ENTERTAINMENT, INC.</name>
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        <name>AUDACY CAPITAL CORP.</name>
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        <name>SURGERY CENTER HOLDINGS, INC.</name>
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        <name>TELESAT CANADA</name>
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        <name>CHART INDUSTRIES, INC.</name>
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        <name>HANESBRANDS INC.</name>
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        <name>PBF HOLDING COMPANY LLC</name>
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        <name>THE HERTZ CORPORATION</name>
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        <name>RISING TIDE HOLDINGS INC.</name>
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        <name>WIRECO WORLDGROUP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TALOS PRODUCTION INC.</name>
        <lei>549300GZ2DZZE2Y8TX15</lei>
        <title>TALOS PRODUCTION INC</title>
        <cusip>87485LAC8</cusip>
        <identifiers>
          <isin value="US87485LAC81"/>
        </identifiers>
        <balance>2130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2238022.06000000</valUSD>
        <pctVal>0.211806872278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.00000000</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>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>598505.43000000</valUSD>
        <pctVal>0.056642678120</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>19282556.68000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19005466.34000000</valUSD>
        <pctVal>1.798681279160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.10000000</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>2023-07-31</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>
</edgarSubmission>
