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      <invstOrSec>
        <name>DISH DBS Corporation</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Lealand Finance Company B.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RESORTS WORLD LAS VEGAS LLC</name>
        <lei>254900LHVH9D3APT8R82</lei>
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          <isin value="US76120HAC16"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VENTURE GLOBAL LNG, INC.</name>
        <lei>54930011XLBUWMQUC829</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>IHEARTCOMMUNICATIONS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Spirit Airlines Class A Pass Through Certificates, Series 2015-1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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        <name>NORDSTROM, INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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      <invstOrSec>
        <name>LATAM Airlines Group S.A.</name>
        <lei>549300HX3UUDPEFTG707</lei>
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        <invCountry>CL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
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      <invstOrSec>
        <name>CHURCHILL DOWNS INCORPORATED</name>
        <lei>529900FODTBQC8MIS994</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-01</maturityDt>
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      <invstOrSec>
        <name>THE ADT SECURITY CORPORATION</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MARATHON OIL CORPORATION</name>
        <lei>1FRVQX2CRLGC1XLP5727</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>STAPLES, INC.</name>
        <lei>XQM2JINI1UL7642TU573</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SABRE GLBL INC.</name>
        <lei>F2TJC7HPPHLHU1AQMP98</lei>
        <title>SABRE GLBL INC</title>
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        <name>TK ELEVATOR U.S. NEWCO, INC.</name>
        <lei>549300C2AFWPAYWS5574</lei>
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        <name>HARBOUR ENERGY PLC</name>
        <lei>213800YPC42DYBKVPF97</lei>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JABIL INC.</name>
        <lei>5493000CGCQY2OQU7669</lei>
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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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        <title>HSBC US GOVT MMKT-I</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>THE MICHAELS COMPANIES, INC.</name>
        <lei>549300H9LWMBP7HYLR98</lei>
        <title>MICHAELS COS INC THE</title>
        <cusip>59408UAB3</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>TARGA RESOURCES CORP.</name>
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        <name>CEC ENTERTAINMENT, LLC</name>
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      <invstOrSec>
        <name>TOWNSQUARE MEDIA, INC.</name>
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        <name>GRAHAM PACKAGING COMPANY INC.</name>
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        <name>RHP HOTEL PROPERTIES, LP</name>
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        <name>THE BOEING COMPANY</name>
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        <name>CCI BUYER, INC.</name>
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        <name>TRONOX INCORPORATED</name>
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        <name>GXO LOGISTICS, INC.</name>
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        <name>GENON</name>
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        <name>WASTE PRO USA, INC.</name>
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        <name>CDK GLOBAL II LLC</name>
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        <name>ASBURY AUTOMOTIVE GROUP, INC.</name>
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        <name>OPEN TEXT HOLDINGS, INC.</name>
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        <name>THE E.W. SCRIPPS COMPANY</name>
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        <name>FRONTIER COMMUNICATIONS HOLDINGS, LLC</name>
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        <name>PACTIV EVERGREEN GROUP ISSUER INC.</name>
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        <name>CLOUD SOFTWARE GROUP, INC.</name>
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        <name>ARD Finance S.A.</name>
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        <name>VIKING CRUISES LTD</name>
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        <name>Post Holdings, Inc.</name>
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        <name>JABIL INC.</name>
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        <name>DYE &amp; DURHAM CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>J. B. POINDEXTER &amp; CO., INC.</name>
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        <name>EQUIPMENTSHARE.COM INC</name>
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        <name>NCR VOYIX CORPORATION</name>
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        <name>VT TOPCO, INC.</name>
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        <name>NCL CORPORATION LTD.</name>
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        <name>GEN DIGITAL INC.</name>
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        <name>SPIRIT IP CAYMAN LTD.</name>
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        <name>ALTICE FRANCE SA</name>
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        <name>AMYNTRA AGENCY BORROWER INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSC HOLDINGS, LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FMC CORPORATION</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VISTAJET MALTA FINANCE P.L.C.</name>
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        <invCountry>MT</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eldorado Gold Corporation</name>
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          <isin value="US284902AF02"/>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>IHEARTCOMMUNICATIONS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LATAM Airlines Group S.A.</name>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-12</maturityDt>
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      <invstOrSec>
        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CCO HOLDINGS, LLC</name>
        <lei>N/A</lei>
        <title>CCO HOLDINGS LLC CCO HOLDINGS CAPITAL CORP</title>
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          <isin value="US1248EPCP61"/>
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        <curCd>USD</curCd>
        <valUSD>7614686.45000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WESTJET LOYALTY LP</name>
        <lei>N/A</lei>
        <title>WESTJET LOYALTY LP</title>
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          <isin value="XAC9763HAB33"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-14</maturityDt>
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      <invstOrSec>
        <name>ITHACA ENERGY (NORTH SEA) PLC</name>
        <lei>213800BMMUN3AKWBIO91</lei>
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          <isin value="US46567TAB08"/>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ACRISURE, LLC</name>
        <lei>549300R0Z1Q47XRTGO22</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SANTANDER BANK, N.A.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PETCO HEALTH AND WELLNESS COMPANY, INC.</name>
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        <name>ONTARIO GAMING GTA LIMITED PARTNERSHIP</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>TARGA RESOURCES CORP.</name>
        <lei>5493003QENHHS261UR94</lei>
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        <name>DISH NETWORK CORPORATION</name>
        <lei>529900U350CWHH15G169</lei>
        <title>DISH NETWORK CORP</title>
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        <name>UKG INC.</name>
        <lei>529900FKHWSTQ1GXK240</lei>
        <title>UKG INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>URBAN ONE, INC.</name>
        <lei>549300PLGIGPBRQUP240</lei>
        <title>URBAN ONE INC</title>
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        <balance>3616000.00000000</balance>
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        <name>STANDARD BUILDING SOLUTIONS INC.</name>
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        <name>FORD MOTOR COMPANY</name>
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        <name>FLEX LTD.</name>
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        <name>EMBECTA CORP.</name>
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        <name>VALLOUREC SA</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AVENTURA MALL VENTURE</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>720 EAST CLO LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>UNIVISION COMMUNICATIONS INC.</name>
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        <name>Life Time, Inc.</name>
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        <name>LEVEL 3 FINANCING, INC.</name>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <name>ASHTON WOODS USA L.L.C.</name>
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        <name>ATHENAHEALTH GROUP INC.</name>
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        <name>TK Elevator Holdco GmbH</name>
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        <name>LOUISIANA-PACIFIC CORPORATION</name>
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        <name>THE CHEMOURS COMPANY</name>
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        <name>WESTERN DIGITAL CORPORATION</name>
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        <name>iShares iBoxx $ High Yield Corporate Bond ETF</name>
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        <name>SANTANDER BANK, N.A.</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SIRIUS XM RADIO INC.</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRIUS XM RADIO INC</title>
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          <isin value="US82967NBG25"/>
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        <balance>1000000.00000000</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>2030-07-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CLOUD SOFTWARE GROUP, INC.</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
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          <isin value="US88632NBB55"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>997750.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNITI GROUP LP</name>
        <lei>N/A</lei>
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          <isin value="US91327BAA89"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
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      <invstOrSec>
        <name>MONEYGRAM INTERNATIONAL, INC.</name>
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          <isin value="US606950AA10"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AT&amp;T INC.</name>
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        <title>AT T INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ZAYO GROUP HOLDINGS, INC.</name>
        <lei>529900Z6OTS7RT0V0I47</lei>
        <title>FRONT RANGE BIDCO INC</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HARVEST MIDSTREAM I, L.P.</name>
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        <title>HARVEST MIDSTREAM I LP</title>
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          <isin value="US417558AB90"/>
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        <balance>2500000.00000000</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>2032-05-15</maturityDt>
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      <invstOrSec>
        <name>Bausch + Lomb Corporation</name>
        <lei>549300NY6OZM39SO6475</lei>
        <title>BAUSCH LOMB CORP</title>
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          <other otherDesc="Internal" value="C0787FAF9"/>
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        <balance>1492500.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-29</maturityDt>
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        <name>TRUIST INSURANCE HOLDINGS, LLC</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="LX227767"/>
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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>2032-03-08</maturityDt>
          <couponKind>None</couponKind>
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        <name>ALTERRA MOUNTAIN COMPANY</name>
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        <title>ALTERRA MOUNTAIN CO</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-31</maturityDt>
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        <name>EMRLD BORROWER LP</name>
        <lei>5493000GJYE7GAQCUC61</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>MSILF Government Portfolio</name>
        <lei>N/A</lei>
        <title>MSILF GOVERNMENT-INST</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>STAPLES, INC.</name>
        <lei>XQM2JINI1UL7642TU573</lei>
        <title>STAPLES INC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ATS Corporation</name>
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        <title>ATS AUTOMATION TOOLING SYSTEMS INC</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>THE E.W. SCRIPPS COMPANY</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>EMPIRE COMMUNITIES CORP</name>
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        <title>EMPIRE COMMUNITIES CORP</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TAYLOR MORRISON COMMUNITIES, INC.</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TAYLOR MORRISON COMM</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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        <name>LABL, INC.</name>
        <lei>5493004FUZN8R6Y3VB98</lei>
        <title>LABL INC</title>
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        <balance>997448.98000000</balance>
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        <valUSD>975255.74000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BOMBARDIER INC.</name>
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        <name>Xerox Holdings Corp</name>
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        <name>UNITED AUTO CREDIT SECURITIZATION TRUST</name>
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        <name>FORD CREDIT AUTO OWNER TRUST</name>
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        <name>THE GAP, INC.</name>
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        <name>Deutsche Bank AG (New York Branch)</name>
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        <name>VMED O2 UK FINANCING I PLC</name>
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        <name>CCO HOLDINGS, LLC</name>
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        <name>AUTONATION, INC.</name>
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        <name>U.S. ACUTE CARE SOLUTIONS, LLC</name>
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        <name>Petroleos Mexicanos</name>
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        <name>DISH DBS Corporation</name>
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        <name>Altice France Holding S.A.</name>
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        <name>METLIFE, INC.</name>
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        <name>Alcoa Nederland Holding B.V.</name>
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        <name>CUSHMAN &amp; WAKEFIELD U.S. BORROWER, LLC.</name>
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        <name>DYE &amp; DURHAM CORPORATION</name>
        <lei>549300XUQDPIC5QRY347</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FRONTIER COMMUNICATIONS HOLDINGS, LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>APX GROUP, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CLEVELAND-CLIFFS INC.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Trivium Packaging Finance B.V.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>GUADALUPE VALLEY ELECTRIC COOPERATIVE, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>DIRECTV FINANCING, LLC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY BOND</title>
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        <issuerCat>UST</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-15</maturityDt>
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        <name>TRITON WATER HOLDINGS, INC.</name>
        <lei>5493005IYCEL7QJFZZ63</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AADVANTAGE LOYALTY IP LTD</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>GRAY TELEVISION, INC.</name>
        <lei>529900TM5726KDN7UU35</lei>
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        <name>CHURCHILL DOWNS INCORPORATED</name>
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        <name>SINCLAIR TELEVISION GROUP, INC.</name>
        <lei>549300CQGEN0CH65UD62</lei>
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        <name>FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>CALPINE CORPORATION</name>
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        <name>TALLGRASS ENERGY PARTNERS, LP</name>
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        <name>MARATHON OIL CORPORATION</name>
        <lei>1FRVQX2CRLGC1XLP5727</lei>
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        <name>CHS/COMMUNITY HEALTH SYSTEMS, INC.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS COMMUNITY HEALTH SYS</title>
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        <name>QUICKSILVER RESOURCES INC.</name>
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        <name>MACQUARIE AIRFINANCE HOLDINGS LIMITED</name>
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        <name>SEASPAN CORPORATION</name>
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      <invstOrSec>
        <name>CSC HOLDINGS, LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-01</maturityDt>
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      <invstOrSec>
        <name>Nouryon Finance B.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PRAIRIE ACQUIROR LP</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OAKTREE CLO LTD</name>
        <lei>N/A</lei>
        <title>OAKTREE CLO 2023 2 LTD</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ENDEAVOUR MINING PLC</name>
        <lei>529900NI5MXQ91GHXR07</lei>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HILCORP ENERGY I, L.P.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PEDIATRIX MEDICAL GROUP, INC.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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        <name>ARROW ELECTRONICS, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>The Commonwealth of The Bahamas</name>
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        <invCountry>BS</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>INTERNATIONAL GAME TECHNOLOGY PLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ARDONAGH GROUP FINANCE LIMITED</name>
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        <name>FERTITTA ENTERTAINMENT LLC</name>
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        <name>SINCLAIR TELEVISION GROUP, INC.</name>
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        <name>GUADALUPE VALLEY ELECTRIC COOPERATIVE, INC.</name>
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        <title>GUADALUPE VAL ELEC COOP</title>
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        <name>AXALTA COATING SYSTEMS, LLC</name>
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        <name>CLEAR CHANNEL OUTDOOR HOLDINGS, INC.</name>
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        <name>NEPTUNE BIDCO US INC.</name>
        <lei>549300VG15T3VCYZ4531</lei>
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        <name>ROCKET SOFTWARE, INC.</name>
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        <name>CLOUD SOFTWARE GROUP, INC.</name>
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        <name>GESTION D'ASSURANCES JONES DESLAURIERS INC.</name>
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      <invstOrSec>
        <name>TAPESTRY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PANTHER ESCROW ISSUER, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMC NETWORKS INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bausch + Lomb Corporation</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VERTICAL BRIDGE CC LLC</name>
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        <name>CSC HOLDINGS, LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ARSENAL AIC PARENT LLC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Bank AG (New York Branch)</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <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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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Lealand Finance Company B.V.</name>
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        <invCountry>NL</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>PRA GROUP, INC.</name>
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        <name>CHS Inc.</name>
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        <name>LITHIA MOTORS, INC.</name>
        <lei>SE8N1EZEHPZQBCBVKD53</lei>
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        <name>WW International, Inc.</name>
        <lei>SGT8R1MU6ESIC7UJC518</lei>
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        <name>US FOODS, INC.</name>
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        <name>CABLE ONE, INC.</name>
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        <name>720 EAST CLO LTD</name>
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        <name>VIRGIN MEDIA FINANCE PLC</name>
        <lei>2138001LVYC87DDHT482</lei>
        <title>VIRGIN MEDIA FINANCE PLC</title>
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        <invCountry>GB</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>STAPLES, INC.</name>
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      <invstOrSec>
        <name>GESTION D'ASSURANCES JONES DESLAURIERS INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WAND NEWCO 3, INC.</name>
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        <name>AVIS BUDGET RENTAL CAR FUNDING</name>
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        <name>ARDONAGH FINCO LIMITED</name>
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        <name>BLH ESCROW 1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SPDR Portfolio High Yield Bond ETF</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PARK INTERMEDIATE HOLDINGS LLC.</name>
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        <name>FIRST QUANTUM MINERALS LTD.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN AIRLINES 2013-1 PASS THROUGH TRUST</name>
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        <name>BOYD GAMING CORPORATION</name>
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        <name>HERTZ VEHICLE FINANCING III LLC</name>
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        <name>SERVICE PROPERTIES TRUST</name>
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        <title>SERVICE PROPERTIES TRUST</title>
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        <name>TALLGRASS ENERGY PARTNERS, LP</name>
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        <name>ALLIANT HOLDINGS INTERMEDIATE, LLC</name>
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        <name>NEWS CORPORATION</name>
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        <name>EVERGREEN ACQCO 1 LP</name>
        <lei>549300F6POVHG3ME8T95</lei>
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        <name>BLACKSTONE PRIVATE CREDIT FUND</name>
        <lei>549300ORP3TTCNXSYO43</lei>
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        <name>AADVANTAGE LOYALTY IP LTD.</name>
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        <name>WEEKLEY HOMES, LLC</name>
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        <name>CABLEVISION LIGHTPATH CT LLC</name>
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        <name>MELCO RESORTS FINANCE LIMITED</name>
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        <name>TRINET GROUP, INC.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
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        <name>Citizens Bank, National Association</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VICI PROPERTIES L.P.</name>
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        <balance>1939000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
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        <name>EVERI HOLDINGS INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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          <maturityDt>2029-07-15</maturityDt>
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        <name>LIGHT AND WONDER INTERNATIONAL, INC.</name>
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        <title>SCIENTIFIC GAMES INTERNA</title>
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        <name>ARETEC ESCROW ISSUER 2 INC.</name>
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        <name>MARCEL BIDCO LLC</name>
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        <name>Radar Bidco SARL</name>
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        <name>M/I HOMES, INC.</name>
        <lei>5299005M71FH9CCSFB69</lei>
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        <name>Northriver Midstream Finance LP</name>
        <lei>549300SOLNLY3BL6GF18</lei>
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        <name>CCO HOLDINGS, LLC</name>
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        <name>NUSTAR LOGISTICS, L.P.</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2199-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NEPTUNE BIDCO US INC.</name>
        <lei>549300VG15T3VCYZ4531</lei>
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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>2028-10-11</maturityDt>
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      <invstOrSec>
        <name>ALBERTSONS COMPANIES, INC.</name>
        <lei>549300YKWOC0AOR16R51</lei>
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          <isin value="US01309QAA67"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MATTAMY GROUP CORPORATION</name>
        <lei>N/A</lei>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>GUADALUPE VALLEY ELECTRIC COOPERATIVE, INC.</name>
        <lei>TBXDF1BZ4WKPIZYR5I09</lei>
        <title>GUADALUPE VAL ELEC COOP</title>
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          <isin value="US40064AE851"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NMG HOLDING COMPANY, INC.</name>
        <lei>N/A</lei>
        <title>NMG HOLDING CO INC NEIMAN MARCUS GROUP LLC</title>
        <cusip>62929RAC2</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-01</maturityDt>
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      <invstOrSec>
        <name>HERTZ VEHICLE FINANCING III LLC</name>
        <lei>N/A</lei>
        <title>HERTZ VEHICLE FINANCING LLC</title>
        <cusip>42806MBC2</cusip>
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        <balance>1070000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>RITCHIE BROS. HOLDINGS INC.</name>
        <lei>N/A</lei>
        <title>RITCHIE BROS AUCTIONEERS INC</title>
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          <isin value="US76774LAC19"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2074800.52000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>THE CHEMOURS COMPANY</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO THE</title>
        <cusip>163851AF5</cusip>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1836827.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>TOUCHDOWN ACQUIRER INC.</name>
        <lei>2549001J7IO9BK03IC64</lei>
        <title>TOUCHDOWN ACQUIRER INC</title>
        <cusip>89157NAE3</cusip>
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        <balance>89820.36000000</balance>
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        <curCd>USD</curCd>
        <valUSD>90129.34000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>CONN'S RECEIVABLES FUNDING LLC</name>
        <lei>N/A</lei>
        <title>CONN S RECEIVABLES FUNDING 2023 A LLC</title>
        <cusip>20824CAB1</cusip>
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          <isin value="US20824CAB19"/>
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        <balance>3380000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3399001.62000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-17</maturityDt>
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          <annualizedRt>10.00000000</annualizedRt>
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        <name>DEXT ABS LLC</name>
        <lei>N/A</lei>
        <title>DEXT ABS 2023 2 LLC</title>
        <cusip>25216CAE0</cusip>
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          <isin value="US25216CAE03"/>
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        <balance>667000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>636465.67000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-15</maturityDt>
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          <annualizedRt>8.30000000</annualizedRt>
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        <name>GREAT OUTDOORS GROUP, LLC</name>
        <lei>549300IYLDI2E8I2AU46</lei>
        <title>GREAT OUTDOORS GROUP LLC</title>
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        <valUSD>477092.25000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MEDLINE BORROWER, LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDLINE BORROWER LP MEDLINE CO ISSUER INC</title>
        <cusip>58506DAA6</cusip>
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          <isin value="US58506DAA63"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>745110.24000000</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>2029-04-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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        <name>ENCOMPASS HEALTH CORPORATION</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>ENCOMPASS HEALTH CORP</title>
        <cusip>29261AAE0</cusip>
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          <isin value="US29261AAE01"/>
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        <balance>500000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>CQP HOLDCO LP</name>
        <lei>549300LPL012JY5D4B69</lei>
        <title>CQP HOLDCO LP BIP V CHINOOK HOLDCO LLC</title>
        <cusip>12657NAA8</cusip>
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          <isin value="US12657NAA81"/>
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        <curCd>USD</curCd>
        <valUSD>2299686.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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        <name>LGI HOMES, INC.</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI HOMES INC</title>
        <cusip>50187TAH9</cusip>
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          <isin value="US50187TAH95"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1041228.65000000</valUSD>
        <pctVal>0.101880370851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>PETROBRAS GLOBAL FINANCE B.V.</name>
        <lei>549300FNENFFSMO3GT38</lei>
        <title>PETROBRAS GLOBAL FINANCE BV</title>
        <cusip>71647NBJ7</cusip>
        <identifiers>
          <isin value="US71647NBJ72"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1540787.62000000</valUSD>
        <pctVal>0.150760367695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>AMERICAN AIRLINES, INC.</name>
        <lei>IWUQB36BXD6OWD6X4T14</lei>
        <title>AMERICAN AIRLINES INC</title>
        <cusip>023771T32</cusip>
        <identifiers>
          <isin value="US023771T329"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502052.44000000</valUSD>
        <pctVal>0.049123973657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LATAM Airlines Group S.A.</name>
        <lei>549300HX3UUDPEFTG707</lei>
        <title>LATAM AIRLINES GROUP SA</title>
        <cusip>51818LAB4</cusip>
        <identifiers>
          <isin value="US51818LAB45"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2287046.18000000</valUSD>
        <pctVal>0.223779006630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.37500000</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>1375209 B.C. LTD.</name>
        <lei>N/A</lei>
        <title>1375209 BC LTD</title>
        <cusip>68251PAA5</cusip>
        <identifiers>
          <isin value="US68251PAA57"/>
        </identifiers>
        <balance>16197000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15894655.30000000</valUSD>
        <pctVal>1.555233210800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="7000549.10000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALTICE FRANCE SA</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>ALTICE FRANCE SA FRANCE</title>
        <cusip>02156LAH4</cusip>
        <identifiers>
          <isin value="US02156LAH42"/>
        </identifiers>
        <balance>7500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4910821.05000000</valUSD>
        <pctVal>0.480505669679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>CUSHMAN &amp; WAKEFIELD U.S. BORROWER, LLC.</name>
        <lei>549300870CMN3WI5IF97</lei>
        <title>CUSHMAN WAKEFIELD US BORROWER LLC</title>
        <cusip>23166MAC7</cusip>
        <identifiers>
          <isin value="US23166MAC73"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2078453.64000000</valUSD>
        <pctVal>0.203368998385</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>8.87500000</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>VAIL RESORTS, INC.</name>
        <lei>529900PSZHRNU9HKH870</lei>
        <title>VAIL RESORTS INC</title>
        <cusip>91879QAP4</cusip>
        <identifiers>
          <isin value="US91879QAP46"/>
        </identifiers>
        <balance>1415000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1417237.86000000</valUSD>
        <pctVal>0.138671480813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>POST HOLDINGS INC</title>
        <cusip>737446AQ7</cusip>
        <identifiers>
          <isin value="US737446AQ74"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>902527.16000000</valUSD>
        <pctVal>0.088308943250</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</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>HUNT COMPANIES, INC.</name>
        <lei>549300ODPWDNCH5TKM49</lei>
        <title>HUNT COS INC</title>
        <cusip>445587AE8</cusip>
        <identifiers>
          <isin value="US445587AE85"/>
        </identifiers>
        <balance>1928000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1728718.33000000</valUSD>
        <pctVal>0.169148692323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>TEGNA INC.</name>
        <lei>549300YC5EDBGX85AO10</lei>
        <title>TEGNA INC</title>
        <cusip>87901JAH8</cusip>
        <identifiers>
          <isin value="US87901JAH86"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2204204.45000000</valUSD>
        <pctVal>0.215673249864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>SPDR Bloomberg High Yield Bond ETF</name>
        <lei>N/A</lei>
        <title>SPDR BLOOMBERG HIGH YIELD</title>
        <cusip>78468R622</cusip>
        <identifiers>
          <isin value="US78468R6229"/>
        </identifiers>
        <balance>40315.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3766630.45000000</valUSD>
        <pctVal>0.368550852980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ETF"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3751398.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIRIUS XM RADIO INC.</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRIUS XM RADIO INC</title>
        <cusip>82967NBM9</cusip>
        <identifiers>
          <isin value="US82967NBM92"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1607796.08000000</valUSD>
        <pctVal>0.157316897574</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>3.87500000</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>2024-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Allan Shaer</ncom:signature>
      <ncom:signerName>Allan Shaer</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
