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      <invstOrSec>
        <name>ALTERRA MOUNTAIN COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HOWDEN UK REFINANCE 2 PLC</name>
        <lei>875500O63ODR8S3K5X33</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AIR CANADA 2013-1 PASS THROUGH TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Viper Energy, Inc.</name>
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        <name>CSC HOLDINGS, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COMM MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>COMM 2024 277P MORTGAGE TRUST</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CAPSTONE BORROWER, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SUNOCO LP</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CLYDESDALE ACQUISITION HOLDINGS, INC.</name>
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        <name>ACRISURE, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>ROCKET SOFTWARE, INC.</name>
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        <name>WERNER FINCO LP</name>
        <lei>N/A</lei>
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        <name>UNITED STATES STEEL CORPORATION</name>
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        <name>EXCELERATE ENERGY LIMITED PARTNERSHIP</name>
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        <name>FLAGSHIP CREDIT AUTO TRUST</name>
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        <name>Grupo Aeromexico, S.A.B. de C.V.</name>
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        <name>ZOOMINFO TECHNOLOGIES LLC</name>
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        <name>BOMBARDIER INC.</name>
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        <name>IHO Verwaltungs GmbH</name>
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        <name>STARWOOD PROPERTY TRUST, INC.</name>
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        <name>JETBLUE AIRWAYS CORPORATION</name>
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        <name>Spirit Airlines Class A Pass Through Certificates, Series 2015-1</name>
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        <name>ONE MANHATTAN WEST</name>
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        <name>NORDSTROM, INC.</name>
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        <name>ALLIANT HOLDINGS INTERMEDIATE, LLC</name>
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        <name>HUDSON YARDS MORTGAGE TRUST</name>
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        <name>LAS VEGAS SANDS CORP.</name>
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        <name>CHURCHILL DOWNS INCORPORATED</name>
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        <name>NORTHRIVER MIDSTREAM FINANCE LP</name>
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        <name>GARRETT MOTION HOLDINGS INC.</name>
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        <name>TAYLOR MORRISON COMMUNITIES, INC.</name>
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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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        <name>GXO LOGISTICS, INC.</name>
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        <name>OPEN TEXT INC.</name>
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        <name>ARDONAGH MIDCO 3 LIMITED</name>
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        <name>NOVA Chemicals Corporation</name>
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        <name>SINCLAIR TELEVISION GROUP, INC.</name>
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        <name>J. B. POINDEXTER &amp; CO., INC.</name>
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        <name>GEN DIGITAL INC.</name>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <name>CCO HOLDINGS, LLC</name>
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        <name>SEALED AIR CORPORATION</name>
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        <name>WESTJET LOYALTY LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

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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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        <name>DISH NETWORK CORPORATION</name>
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        <name>SABRE GLBL INC.</name>
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        <name>UKG INC.</name>
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        <name>STANDARD BUILDING SOLUTIONS INC.</name>
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        <name>ARCOSA, INC.</name>
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        <name>SHIFT4 PAYMENTS, LLC</name>
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        <name>FORD MOTOR COMPANY</name>
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        <title>FORD MOTOR CO</title>
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      <invstOrSec>
        <name>AMYNTA AGENCY BORROWER INC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>UNITI GROUP LP</name>
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        <name>MONEYGRAM INTERNATIONAL, INC.</name>
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        <name>VERMILION ENERGY INC.</name>
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        <name>ZAYO GROUP HOLDINGS, INC.</name>
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        <name>HARVEST MIDSTREAM I, L.P.</name>
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        <name>WINDSTREAM SERVICES, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Bausch + Lomb Corporation</name>
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        <name>GROUP 1 AUTOMOTIVE, INC.</name>
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        <name>X CORP.</name>
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        <name>EMRLD BORROWER LP</name>
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        <name>MSILF Government Portfolio</name>
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        <name>ATS CORPORATION</name>
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        <name>THE E.W. SCRIPPS COMPANY</name>
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        <name>FMC CORPORATION</name>
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        <name>TAYLOR MORRISON COMMUNITIES, INC.</name>
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        <title>TAYLOR MORRISON COMM</title>
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        <name>VB-S1 ISSUER, LLC</name>
        <lei>N/A</lei>
        <title>VB S1 ISSUER LLC VBTEL</title>
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        <name>PRIME HEALTHCARE SERVICES, INC.</name>
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        <name>QBE INSURANCE GROUP LIMITED</name>
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        <invCountry>AU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BOYNE USA INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RXO, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>THE CHEMOURS COMPANY</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GOAT HOLDCO, LLC</name>
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        <name>RHP HOTEL PROPERTIES, LP</name>
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        <name>NOVA Chemicals Corporation</name>
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        <name>HILCORP ENERGY I, L.P.</name>
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        <name>CLEAR CHANNEL OUTDOOR HOLDINGS, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>CHESAPEAKE FUNDING LLC</name>
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        <name>MACQUARIE AIRFINANCE HOLDINGS LIMITED</name>
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        <name>PRAIRIE ACQUIROR LP</name>
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        <name>CAESARS ENTERTAINMENT, INC.</name>
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        <name>CALPINE CORPORATION</name>
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        <name>HIG FINANCE 2 LIMITED</name>
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        <name>OAKTREE CLO LTD</name>
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        <name>ENDEAVOUR MINING PLC</name>
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        <name>HILCORP ENERGY I, L.P.</name>
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        <name>NCL CORPORATION LTD.</name>
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        <name>FORTRESS INTERMEDIATE 3, INC.</name>
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        <name>INTERNATIONAL GAME TECHNOLOGY PLC</name>
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        <title>INTERNATIONAL GAME TECH</title>
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        <name>ROYAL CARIBBEAN CRUISES LTD.</name>
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        <name>LITHIA MOTORS, INC.</name>
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        <name>TRANSDIGM INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AMC NETWORKS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>KNIFE RIVER CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PROLOGIS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>UNITED AIRLINES PASS THROUGH TRUST 2020-1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LEVEL 3 FINANCING INC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Carnival Corporation</name>
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        <name>United States of America</name>
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        <name>ZAYO GROUP HOLDINGS, INC.</name>
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        <name>Edgewell Personal Care Company</name>
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        <name>American Airlines 2017-2B Class B Pass Through Trust</name>
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        <name>LITHIA MOTORS, INC.</name>
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        <name>BUILDERS FIRSTSOURCE, INC.</name>
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      <invstOrSec>
        <name>Carnival Corporation</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSC HOLDINGS, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LGI HOMES, INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALGOMA STEEL INC.</name>
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        <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>NCL CORPORATION LTD.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL CORPORATION LTD</title>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OPAL BIDCO SAS</name>
        <lei>969500R96XT7XY2UJ564</lei>
        <title>OPAL BIDCO SAS</title>
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        <curCd>USD</curCd>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-31</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>GGAM Finance Limited</name>
        <lei>254900X2QXEN0FVXRF65</lei>
        <title>GGAM FINANCE LTD</title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1021625.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <name>GENESEE &amp; WYOMING INC.</name>
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        <title>GENESEE WYOMING INC</title>
        <cusip>371559AB1</cusip>
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        <balance>3187000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>La Compagnie de Telephone Bell du Canada ou Bell Canada</name>
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        <balance>873000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>874839.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <name>METHANEX CORPORATION</name>
        <lei>549300TSJHRXT9QXRD13</lei>
        <title>METHANEX CORP</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-15</maturityDt>
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        <name>ALBERTSONS COMPANIES, INC.</name>
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        <title>ALBERTSONS COS INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SCIENTIFIC GAMES HOLDINGS LP</name>
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        <title>SCIENTIFIC GAMES HOLDINGS LP</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ENERGY TRANSFER LP</name>
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        <title>ENERGY TRANSFER LP</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>UNITI GROUP LP</name>
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        <title>UNITI GROUP LP UNITI GROUP FINANCE INC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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        <name>Aris Mining Corporation</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>ARIS MINING CORP</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NEPTUNE BIDCO US INC.</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>NEPTUNE BIDCO US INC</title>
        <cusip>64069JAF9</cusip>
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        <valUSD>493707.39000000</valUSD>
        <pctVal>0.049134127822</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>APA CORPORATION</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA CORP</title>
        <cusip>00188AS10</cusip>
        <identifiers>
          <isin value="US00188AS104"/>
          <other otherDesc="Internal" value="00188AS10"/>
        </identifiers>
        <balance>8500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8498811.70000000</valUSD>
        <pctVal>0.845808081606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <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"/>
          <other otherDesc="Internal" value="BRBFJT4"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2139570.26000000</valUSD>
        <pctVal>0.212931628673</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"/>
          <other otherDesc="Internal" value="BS2HX38"/>
        </identifiers>
        <balance>3224000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3265245.71000000</valUSD>
        <pctVal>0.324959689358</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"/>
          <other otherDesc="Internal" value="BLCF601"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>944465.04000000</valUSD>
        <pctVal>0.093993865474</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"/>
          <other otherDesc="Internal" value="BMD5CB0"/>
        </identifiers>
        <balance>1928000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1830134.80000000</valUSD>
        <pctVal>0.182136380815</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>HERC HOLDINGS INC.</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HERC HOLDINGS INC</title>
        <cusip>42704LAE4</cusip>
        <identifiers>
          <isin value="US42704LAE48"/>
          <other otherDesc="Internal" value="BRDZX56"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1975623.68000000</valUSD>
        <pctVal>0.196615542706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</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>ARROW ELECTRONICS, INC.</name>
        <lei>549300YNNLBXT8N8R512</lei>
        <title>ARROW ELECTRONICS INC</title>
        <cusip>04273LS55</cusip>
        <identifiers>
          <isin value="US04273LS552"/>
          <other otherDesc="Internal" value="04273LS55"/>
        </identifiers>
        <balance>5600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5596252.48000000</valUSD>
        <pctVal>0.556943222343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <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"/>
          <other otherDesc="Internal" value="BJLV5H6"/>
        </identifiers>
        <balance>40315.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3818233.65000000</valUSD>
        <pctVal>0.379993461748</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="3801273.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIRIUS XM RADIO LLC</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>SIRIUS XM RADIO INC</title>
        <cusip>82967NBM9</cusip>
        <identifiers>
          <isin value="US82967NBM92"/>
          <other otherDesc="Internal" value="BM9SD09"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1716037.01000000</valUSD>
        <pctVal>0.170781283622</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1297354.50999999"/>
        </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>2025-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
