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        <fairValLevel>2</fairValLevel>
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        <name>Encino Acquisition Partners Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BWX Technologies, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Adient Global Holdings Ltd.</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cheplapharm Arzneimittel GmbH</name>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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      <invstOrSec>
        <name>PetSmart, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
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        <balance>533000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PTC, Inc.</name>
        <lei>54930050SSMU8SKDJ030</lei>
        <title>PTC, Inc.</title>
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        <balance>503000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Olympus Water US Holding Corp.</name>
        <lei>549300YU2GGVCBN3MY89</lei>
        <title>Olympus Water US Holding Corp.</title>
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        <balance>874000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>807289.67000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>CCO Holdings LLC</name>
        <lei>N/A</lei>
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        <balance>2707000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bausch + Lomb Corp.</name>
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        <title>Bausch + Lomb Corp.</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Matador Resources Co.</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Clarios Global LP</name>
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        <title>Clarios Global LP</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>AG Issuer LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-03-01</maturityDt>
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        <name>Hess Midstream Operations LP</name>
        <lei>N/A</lei>
        <title>Hess Midstream Operations LP</title>
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        <curCd>USD</curCd>
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        <name>Clearwater Paper Corp.</name>
        <lei>549300HCVV19GXN4P292</lei>
        <title>Clearwater Paper Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Consolidated Communications, Inc.</name>
        <lei>549300WW675Y48HDVX34</lei>
        <title>Consolidated Communications, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NCR Voyix Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Martin Midstream Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mineral Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Necessity Retail REIT, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Credit Acceptance Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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        <name>GCI LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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      <invstOrSec>
        <name>Lamar Media Corp.</name>
        <lei>N/A</lei>
        <title>Lamar Media Corp.</title>
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          <isin value="US513075BR18"/>
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        <balance>637000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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        <name>Northern Oil &amp; Gas, Inc.</name>
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        <balance>755000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
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        <name>Charles River Laboratories International, Inc.</name>
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        <title>Charles River Laboratories International, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
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        <name>Mallinckrodt International Finance SA</name>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Silgan Holdings, Inc.</name>
        <lei>KAF673KJXD92C8KSLU49</lei>
        <title>Silgan Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Howard Midstream Energy Partners LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-15</maturityDt>
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          <annualizedRt>8.87500000</annualizedRt>
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        <name>CTR Partnership LP</name>
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        <name>NCL Finance Ltd.</name>
        <lei>N/A</lei>
        <title>NCL Finance Ltd.</title>
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        <invCountry>BM</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
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        <name>M/I Homes, Inc.</name>
        <lei>5299005M71FH9CCSFB69</lei>
        <title>M/I Homes, Inc.</title>
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        <name>Enova International, Inc.</name>
        <lei>549300O8XOCQSB49UO63</lei>
        <title>Enova International, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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      <invstOrSec>
        <name>Clear Channel Outdoor Holdings, Inc.</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>Clear Channel Outdoor Holdings, Inc.</title>
        <cusip>18453HAE6</cusip>
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        <balance>793000.00000000</balance>
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        <valUSD>822044.15000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
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          <annualizedRt>9.00000000</annualizedRt>
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        <name>Bausch Health Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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      <invstOrSec>
        <name>eG Global Finance plc</name>
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          <isin value="US28228PAC59"/>
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        <balance>1164000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-30</maturityDt>
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      <invstOrSec>
        <name>Kinetik Holdings LP</name>
        <lei>549300RD6AJIMYC0HY12</lei>
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          <isin value="US49461MAB63"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>Hudson Pacific Properties LP</name>
        <lei>5493007NTUGLGZ8T3526</lei>
        <title>Hudson Pacific Properties LP</title>
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          <isin value="US44409MAD83"/>
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        <balance>401000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>334945.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INEOS Finance plc</name>
        <lei>2138002D68XDR4LZCG32</lei>
        <title>INEOS Finance plc</title>
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          <isin value="US44984WAH07"/>
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        <balance>475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>468043.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Howard Hughes Corp. (The)</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>Howard Hughes Corp. (The)</title>
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          <isin value="US44267DAD93"/>
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        <balance>784000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>756241.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BlackRock Funds III</name>
        <lei>549300JDHS1T46VWOG19</lei>
        <title>BlackRock Cash Funds: Institutional, SL Agency Shares</title>
        <cusip>066922519</cusip>
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          <isin value="US0669225197"/>
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        <balance>22744195.43700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22753293.12000000</valUSD>
        <pctVal>10.32729611640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="22753293.12000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>LD Holdings Group LLC</name>
        <lei>N/A</lei>
        <title>LD Holdings Group LLC</title>
        <cusip>521088AC8</cusip>
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          <isin value="US521088AC89"/>
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        <balance>536000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>440657.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Teleflex, Inc.</name>
        <lei>UUL85LWXB4NGSWWXIQ25</lei>
        <title>Teleflex, Inc.</title>
        <cusip>879369AG1</cusip>
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          <isin value="US879369AG12"/>
          <other otherDesc="Inhouse Asset ID" value="879369AG1"/>
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        <balance>601000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>575282.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Zayo Group Holdings, Inc.</name>
        <lei>529900Z6OTS7RT0V0I47</lei>
        <title>Zayo Group Holdings, Inc.</title>
        <cusip>98919VAB1</cusip>
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          <isin value="US98919VAB18"/>
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        <balance>708000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>580788.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Nabors Industries Ltd.</name>
        <lei>N/A</lei>
        <title>Nabors Industries Ltd.</title>
        <cusip>629571AB6</cusip>
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        <balance>417000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>331620.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Genesis Energy LP</name>
        <lei>549300VJ5D6MDK138782</lei>
        <title>Genesis Energy LP</title>
        <cusip>37185LAL6</cusip>
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          <isin value="US37185LAL62"/>
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        <balance>731000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>728220.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fluor Corp.</name>
        <lei>CQ7WZ4NOFWT7FAE6Q943</lei>
        <title>Fluor Corp.</title>
        <cusip>343412AF9</cusip>
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          <isin value="US343412AF90"/>
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        <balance>643000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>622807.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Calpine Corp.</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>Calpine Corp.</title>
        <cusip>131347CN4</cusip>
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          <isin value="US131347CN48"/>
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        <balance>1505000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1489395.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
        <cusip>629377CE0</cusip>
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          <isin value="US629377CE03"/>
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        <balance>872000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>874634.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Buckeye Partners LP</name>
        <lei>549300C1PQJLVEIUBK50</lei>
        <title>Buckeye Partners LP</title>
        <cusip>118230AU5</cusip>
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          <isin value="US118230AU55"/>
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        <balance>612000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>590756.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tenet Healthcare Corp.</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp.</title>
        <cusip>88033GDK3</cusip>
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        <balance>2575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2569289.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Arches Buyer, Inc.</name>
        <lei>2549009ADY4208OH2Y47</lei>
        <title>Arches Buyer, Inc.</title>
        <cusip>039524AB9</cusip>
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          <isin value="US039524AB93"/>
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        <balance>529000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>474534.79000000</valUSD>
        <pctVal>0.215382506084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Vertiv Group Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oceaneering International, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sitio Royalties Operating Partnership LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Graphic Packaging International LLC</name>
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        <name>Forestar Group, Inc.</name>
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        <name>LABL, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Iliad Holding SASU</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Full House Resorts, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Evergreen Acqco 1 LP</name>
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        <name>Central Garden &amp; Pet Co.</name>
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        <name>Frontier Florida LLC</name>
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        <name>Block Communications, Inc.</name>
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        <name>Herens Holdco SARL</name>
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        <name>Element Solutions, Inc.</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>LGI Homes, Inc.</name>
        <lei>549300W02B4WNV8CV109</lei>
        <title>LGI Homes, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Avis Budget Car Rental LLC</name>
        <lei>XN8R4HH1TVC1XOCL5P21</lei>
        <title>Avis Budget Car Rental LLC</title>
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        <name>Acadia Healthcare Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sagicor Financial Co. Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lindblad Expeditions Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hilton Domestic Operating Co., Inc.</name>
        <lei>5493003EG7H0N1E4XV50</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
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      <invstOrSec>
        <name>FirstCash, Inc.</name>
        <lei>549300V2X3UU7K0DG350</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
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      <invstOrSec>
        <name>Newfold Digital Holdings Group, Inc.</name>
        <lei>549300UTQC2651SB0W88</lei>
        <title>Newfold Digital Holdings Group, Inc.</title>
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        <balance>353000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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      <invstOrSec>
        <name>Sunrise HoldCo IV BV</name>
        <lei>213800G1DU7LKI6ZCD69</lei>
        <title>Sunrise HoldCo IV BV</title>
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          <isin value="US90320LAG23"/>
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        <balance>420000.00000000</balance>
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        <valUSD>412150.52000000</valUSD>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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      <invstOrSec>
        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
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          <annualizedRt>11.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
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        <balance>397000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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        <name>Science Applications International Corp.</name>
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        <title>Science Applications International Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-01</maturityDt>
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        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
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        <name>1011778 BC ULC</name>
        <lei>549300RHSHNRWI5LLA86</lei>
        <title>1011778 BC ULC</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Clearway Energy Operating LLC</name>
        <lei>549300Z3NFMM54NWBB87</lei>
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        <invCountry>US</invCountry>
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        <name>Asbury Automotive Group, Inc.</name>
        <lei>549300JH4DTA7U42GL91</lei>
        <title>Asbury Automotive Group, Inc.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-03-01</maturityDt>
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      <invstOrSec>
        <name>Acushnet Co.</name>
        <lei>549300H805O14KEFES79</lei>
        <title>Acushnet Co.</title>
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        <name>Consensus Cloud Solutions, Inc.</name>
        <lei>N/A</lei>
        <title>Consensus Cloud Solutions, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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      <invstOrSec>
        <name>Uniti Group LP</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Sirius XM Radio LLC</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ahlstrom Holding 3 Oy</name>
        <lei>743700UEY0YM039XN974</lei>
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        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Advantage Sales &amp; Marketing, Inc.</name>
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        <title>Advantage Sales &amp; Marketing, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Coinbase Global, Inc.</name>
        <lei>5493004G3J2SC154DU06</lei>
        <title>Coinbase Global, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tallgrass Energy Partners LP</name>
        <lei>549300IQ3DN0F3VERF65</lei>
        <title>Tallgrass Energy Partners LP</title>
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          <isin value="US87470LAD38"/>
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        <balance>864000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>841719.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Calpine Corp.</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>Calpine Corp.</title>
        <cusip>131347CM6</cusip>
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          <isin value="US131347CM64"/>
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        <balance>1333000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1303493.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>Celanese US Holdings LLC</title>
        <cusip>15089QAW4</cusip>
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          <isin value="US15089QAW42"/>
          <other otherDesc="Inhouse Asset ID" value="15089QAW4"/>
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        <balance>1035000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1045518.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.59999880</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>Sealed Air Corp.</name>
        <lei>Q0M0CZB4YN6JZ65WXI09</lei>
        <title>Sealed Air Corp.</title>
        <cusip>812127AA6</cusip>
        <identifiers>
          <isin value="US812127AA61"/>
          <other otherDesc="Inhouse Asset ID" value="812127AA6"/>
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        <balance>920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>925958.07000000</valUSD>
        <pctVal>0.420275128080</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Jefferies Finance LLC</name>
        <lei>N/A</lei>
        <title>Jefferies Finance LLC</title>
        <cusip>47232MAF9</cusip>
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          <isin value="US47232MAF95"/>
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        <balance>1081000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1005361.46000000</valUSD>
        <pctVal>0.456314848434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
        <cusip>893647BR7</cusip>
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          <isin value="US893647BR70"/>
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        <balance>2259000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2303944.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Avantor Funding, Inc.</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>Avantor Funding, Inc.</title>
        <cusip>05352TAA7</cusip>
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          <isin value="US05352TAA79"/>
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        <balance>1634000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1576009.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>Williams Scotsman, Inc.</name>
        <lei>549300DAKDS8SCO1OT57</lei>
        <title>Williams Scotsman, Inc.</title>
        <cusip>96950GAE2</cusip>
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          <isin value="US96950GAE26"/>
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        <balance>523000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>503284.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>Uniti Group LP</name>
        <lei>N/A</lei>
        <title>Uniti Group LP</title>
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          <isin value="US91327BAB62"/>
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        <balance>575000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>B&amp;G Foods, Inc.</name>
        <lei>549300TRW1LZMDJZAQ78</lei>
        <title>B&amp;G Foods, Inc.</title>
        <cusip>05508WAC9</cusip>
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        <balance>855000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>848013.93000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Werner FinCo. LP</name>
        <lei>N/A</lei>
        <title>Werner FinCo LP</title>
        <cusip>95076PAC7</cusip>
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        <balance>422000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>443098.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.50000000</annualizedRt>
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      <invstOrSec>
        <name>LABL, Inc.</name>
        <lei>5493004FUZN8R6Y3VB98</lei>
        <title>LABL, Inc.</title>
        <cusip>50168QAE5</cusip>
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        <balance>322000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>280777.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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      <invstOrSec>
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      <invstOrSec>
        <name>Station Casinos LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dana, Inc.</name>
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        <name>Intelligent Packaging Ltd. Finco, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Albertsons Cos., Inc.</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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      <invstOrSec>
        <name>Allied Universal Holdco LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Grifols SA</name>
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        <balance>760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>707574.03000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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      <invstOrSec>
        <name>Interface, Inc.</name>
        <lei>549300VXZWQOIDFPU355</lei>
        <title>Interface, Inc.</title>
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        <curCd>USD</curCd>
        <valUSD>312568.84000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>White Cap Buyer LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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        <name>Trinity Industries, Inc.</name>
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        <title>Trinity Industries, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Calderys Financing LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Grand Canyon University</name>
        <lei>N/A</lei>
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        <name>AdaptHealth LLC</name>
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        <name>Midcap Financial Issuer Trust</name>
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        <invCountry>US</invCountry>
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        <name>Delek Logistics Partners LP</name>
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        <invCountry>US</invCountry>
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        <name>Hess Midstream Operations LP</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>GFL Environmental, Inc.</name>
        <lei>549300FYK4MBXWIVZU26</lei>
        <title>GFL Environmental, Inc.</title>
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        <valUSD>791049.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CVR Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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      <invstOrSec>
        <name>Nissan Motor Acceptance Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>Nationstar Mortgage Holdings, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>ViaSat, Inc.</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
        <title>Viasat, Inc.</title>
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          <isin value="US92552VAN01"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-15</maturityDt>
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      <invstOrSec>
        <name>Churchill Downs, Inc.</name>
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          <isin value="US171484AE81"/>
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        <valUSD>714232.05000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co.</title>
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          <isin value="US78454LAW00"/>
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        <balance>434000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>415951.69000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shea Homes LP</name>
        <lei>N/A</lei>
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          <isin value="US82088KAK43"/>
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        <balance>471000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>456671.72000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CoreLogic, Inc.</name>
        <lei>54930086CD8K2UIL0516</lei>
        <title>CoreLogic, Inc.</title>
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          <isin value="US21871DAD57"/>
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        <balance>794000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>750780.69000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Atlantica Sustainable Infrastructure plc</name>
        <lei>549300ITBBGKJ651R879</lei>
        <title>Atlantica Sustainable Infrastructure plc</title>
        <cusip>04916WAA2</cusip>
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          <isin value="US04916WAA27"/>
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        <balance>427000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>406400.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>GFL Environmental, Inc.</name>
        <lei>549300FYK4MBXWIVZU26</lei>
        <title>GFL Environmental, Inc.</title>
        <cusip>36168QAM6</cusip>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>710984.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Energizer Holdings, Inc.</name>
        <lei>5493000D6NN0V57UME20</lei>
        <title>Energizer Holdings, Inc.</title>
        <cusip>29272WAC3</cusip>
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        <balance>624000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Bath &amp; Body Works, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Park Intermediate Holdings LLC</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-10-01</maturityDt>
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        <name>Wabash National Corp.</name>
        <lei>5299004ZAWHQZI5XO485</lei>
        <title>Wabash National Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Kaiser Aluminum Corp.</name>
        <lei>N/A</lei>
        <title>Kaiser Aluminum Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>H&amp;E Equipment Services, Inc.</name>
        <lei>254900KVLRCDMQRYY541</lei>
        <title>H&amp;E Equipment Services, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Altice Financing SA</name>
        <lei>549300DIYGW8HVDF7Q17</lei>
        <title>Altice Financing SA</title>
        <cusip>02154CAF0</cusip>
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          <isin value="US02154CAF05"/>
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        <balance>1313000.00000000</balance>
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        <name>HB Fuller Co.</name>
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        <name>goeasy Ltd.</name>
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        <name>Dealer Tire LLC</name>
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        <name>Global Marine, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Axle &amp; Manufacturing, Inc.</name>
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        <name>CSC Holdings LLC</name>
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        <name>Marriott Ownership Resorts, Inc.</name>
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        <name>Ball Corp.</name>
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        <name>Wynn Macau Ltd.</name>
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        <name>Bausch Health Cos., Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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        <name>Nissan Motor Acceptance Co. LLC</name>
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        <name>Weekley Homes LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ION Trading Technologies SARL</name>
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        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2028-05-15</maturityDt>
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      <invstOrSec>
        <name>Organon &amp; Co.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-30</maturityDt>
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        <name>Titan International, Inc.</name>
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        <title>Titan International, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-30</maturityDt>
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      <invstOrSec>
        <name>Maxim Crane Works Holdings Capital LLC</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
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        <name>Michaels Cos., Inc. (The)</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PG&amp;E Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Cinemark USA, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Live Nation Entertainment, Inc.</name>
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        <name>Service Properties Trust</name>
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        <name>Prime Security Services Borrower LLC</name>
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        <title>Prime Security Services Borrower LLC</title>
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        <invCountry>US</invCountry>
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        <name>Antero Midstream Partners LP</name>
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        <name>Adams Homes, Inc.</name>
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        <name>VistaJet Malta Finance plc</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Carvana Co.</name>
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      <invstOrSec>
        <name>Wyndham Hotels &amp; Resorts, Inc.</name>
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        <name>SCIH Salt Holdings, Inc.</name>
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        <name>Danaos Corp.</name>
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        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Toledo Hospital (The)</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Iris Holding, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Burford Capital Global Finance LLC</name>
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        <name>Installed Building Products, Inc.</name>
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        <name>Sunoco LP</name>
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        <name>Hologic, Inc.</name>
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        <name>Chemours Co. (The)</name>
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        <name>Allied Universal Holdco LLC</name>
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        <name>Melco Resorts Finance Ltd.</name>
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        <invCountry>KY</invCountry>

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        <name>Domtar Corp.</name>
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        <name>Univision Communications, Inc.</name>
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        <name>James Hardie International Finance DAC</name>
        <lei>635400G32A4Q1LVQ8M88</lei>
        <title>James Hardie International Finance DAC</title>
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        <invCountry>IE</invCountry>

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      </invstOrSec>
      <invstOrSec>
        <name>Lamb Weston Holdings, Inc.</name>
        <lei>5493005SMYID1D2OY946</lei>
        <title>Lamb Weston Holdings, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Tenneco, Inc.</name>
        <lei>549300U0EXXFAQFAD785</lei>
        <title>Tenneco, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pattern Energy Operations LP</name>
        <lei>254900P898KPCM50SP51</lei>
        <title>Pattern Energy Operations LP</title>
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          <isin value="US70339PAA75"/>
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        <balance>726000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>689735.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Mercer International, Inc.</name>
        <lei>549300Z5IAG39VRTY874</lei>
        <title>Mercer International, Inc.</title>
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          <isin value="US588056BC44"/>
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        <curCd>USD</curCd>
        <valUSD>428298.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brandywine Operating Partnership LP</name>
        <lei>IXBXSCONLDQ1ZI73YU71</lei>
        <title>Brandywine Operating Partnership LP</title>
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          <isin value="US105340AR47"/>
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        <balance>381000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>393745.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.30000000</annualizedRt>
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      <invstOrSec>
        <name>Emergent BioSolutions, Inc.</name>
        <lei>549300YW6TUOX8BE5103</lei>
        <title>Emergent BioSolutions, Inc.</title>
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          <isin value="US29089QAC96"/>
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        <balance>478000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>307802.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Arches Buyer, Inc.</name>
        <lei>2549009ADY4208OH2Y47</lei>
        <title>Arches Buyer, Inc.</title>
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          <isin value="US039524AA11"/>
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        <balance>992000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>933668.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Illuminate Buyer LLC</name>
        <lei>N/A</lei>
        <title>Illuminate Buyer LLC</title>
        <cusip>45232TAA9</cusip>
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          <isin value="US45232TAA97"/>
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        <balance>490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>490127.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
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      <invstOrSec>
        <name>Five Point Operating Co. LP</name>
        <lei>N/A</lei>
        <title>Five Point Operating Co. LP</title>
        <cusip>33834YAB4</cusip>
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          <isin value="US33834YAB48"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>580143.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>10.50000120</annualizedRt>
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      <invstOrSec>
        <name>Ken Garff Automotive LLC</name>
        <lei>N/A</lei>
        <title>Ken Garff Automotive LLC</title>
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        <balance>426000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>411150.32000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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        <name>Nissan Motor Acceptance Co. LLC</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
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        <balance>835000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Crescent Energy Finance LLC</name>
        <lei>54930061FUL6DBLFUW14</lei>
        <title>Crescent Energy Finance LLC</title>
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        <balance>1081000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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          <annualizedRt>9.25000000</annualizedRt>
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        <name>Hilcorp Energy I LP</name>
        <lei>549300ITPIHLG0LHEC09</lei>
        <title>Hilcorp Energy I LP</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
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        <name>Nexstar Media, Inc.</name>
        <lei>5493006PK6I4I2OOT688</lei>
        <title>Nexstar Media, Inc.</title>
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        <balance>1055000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
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        <name>Ardagh Metal Packaging Finance USA LLC</name>
        <lei>635400YUJMWFYRBL5293</lei>
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        <balance>619000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
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      <invstOrSec>
        <name>Transocean Aquila Ltd.</name>
        <lei>N/A</lei>
        <title>Transocean Aquila Ltd.</title>
        <cusip>893790AA3</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-30</maturityDt>
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      <invstOrSec>
        <name>TreeHouse Foods, Inc.</name>
        <lei>5493007M7EVHE470Q576</lei>
        <title>TreeHouse Foods, Inc.</title>
        <cusip>89469AAD6</cusip>
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        <balance>523000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MGM Resorts International</name>
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          <isin value="US552953CH22"/>
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        <curCd>USD</curCd>
        <valUSD>746825.08000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Studio City Finance Ltd.</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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      <invstOrSec>
        <name>Madison IAQ LLC</name>
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        <balance>727000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-30</maturityDt>
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      <invstOrSec>
        <name>GoTo Group, Inc.</name>
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        <balance>380000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Adtalem Global Education, Inc.</name>
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        <title>Adtalem Global Education, Inc.</title>
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          <isin value="US00737WAA71"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Virgin Media Vendor Financing Notes IV DAC</name>
        <lei>635400ZZNJSEA4CAJR23</lei>
        <title>Virgin Media Vendor Financing Notes IV DAC</title>
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          <isin value="US92770QAA58"/>
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        <balance>565000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>546371.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Telenet Finance Luxembourg Notes SARL</name>
        <lei>2138007RI9GLJPCC3E25</lei>
        <title>Telenet Finance Luxembourg Notes SARL</title>
        <cusip>N/A</cusip>
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          <isin value="BE6300372289"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>974668.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASGN, Inc.</name>
        <lei>LZBNYYCBUKY537072438</lei>
        <title>ASGN, Inc.</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>American Builders &amp; Contractors Supply Co., Inc.</name>
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        <title>American Builders &amp; Contractors Supply Co., Inc.</title>
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        <balance>739000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>TerraForm Power Operating LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Bristow Group, Inc.</name>
        <lei>5493005Q24EN3UC1PV68</lei>
        <title>Bristow Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
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        <name>Sunoco LP</name>
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        <title>Sunoco LP</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
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        <name>RHP Hotel Properties LP</name>
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        <title>RHP Hotel Properties LP</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pike Corp.</name>
        <lei>549300P4EKEP6HK0NC58</lei>
        <title>Pike Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Xerox Holdings Corp.</name>
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        <title>Xerox Holdings Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Alliant Holdings Intermediate LLC</name>
        <lei>5493006Q26653NF8SI73</lei>
        <title>Alliant Holdings Intermediate LLC</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>Olympus Water US Holding Corp.</name>
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        <name>Fortress Transportation &amp; Infrastructure Investors LLC</name>
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        <name>Prospect Capital Corp.</name>
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        <name>Cushman &amp; Wakefield US Borrower LLC</name>
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        <name>PBF Holding Co. LLC</name>
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        <name>CP Atlas Buyer, Inc.</name>
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        <name>Group 1 Automotive, Inc.</name>
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        <name>GGAM Finance Ltd.</name>
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        <name>Venture Global LNG, Inc.</name>
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        <name>Taylor Morrison Communities, Inc.</name>
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        <name>BlackRock Funds III</name>
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        <name>US Foods, Inc.</name>
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        <name>TEGNA, Inc.</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>Edgewell Personal Care Co.</name>
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      <invstOrSec>
        <name>Camelot Return Merger Sub, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Consolidated Energy Finance SA</name>
        <lei>549300PUNIS0USNSL750</lei>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Altice France SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CommScope LLC</name>
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        <title>CommScope LLC</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
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      <invstOrSec>
        <name>ATS Corp.</name>
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        <title>ATS Corp.</title>
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          <isin value="US001940AC98"/>
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        <balance>375000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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      <invstOrSec>
        <name>iHeartCommunications, Inc.</name>
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        <title>iHeartCommunications, Inc.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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      <invstOrSec>
        <name>Chobani LLC</name>
        <lei>549300ISVDMZ91KNTR38</lei>
        <title>Chobani LLC</title>
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        <balance>424000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>416624.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
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      <invstOrSec>
        <name>Clear Channel Outdoor Holdings, Inc.</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>Clear Channel Outdoor Holdings, Inc.</title>
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          <isin value="US18453HAC07"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
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          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>PM General Purchaser LLC</name>
        <lei>N/A</lei>
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        <balance>634000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>611710.53000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freedom Mortgage Corp.</name>
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        <title>Freedom Mortgage Corp.</title>
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        <balance>853000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AmeriTex HoldCo Intermediate LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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        <name>Cascades, Inc.</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United Rentals North America, Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America, Inc.</title>
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      <invstOrSec>
        <name>Six Flags Entertainment Corp.</name>
        <lei>N/A</lei>
        <title>Six Flags Entertainment Corp.</title>
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        <name>PRA Group, Inc.</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRA Group, Inc.</title>
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        <name>Cars.com, Inc.</name>
        <lei>5493002G6J07LNGX4M98</lei>
        <title>Cars.com, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Ingevity Corp.</name>
        <lei>5493009UTFC4B5IMGF87</lei>
        <title>Ingevity Corp.</title>
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        <balance>567000.00000000</balance>
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        <valUSD>524794.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
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      <invstOrSec>
        <name>WESCO Distribution, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nine Energy Service, Inc.</name>
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      <invstOrSec>
        <name>Helios Software Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AmeriGas Partners LP</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
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        <name>Jaguar Land Rover Automotive plc</name>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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        <name>ZF North America Capital, Inc.</name>
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        <title>ZF North America Capital, Inc.</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-14</maturityDt>
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      <invstOrSec>
        <name>Transocean Titan Financing Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US89386MAA62"/>
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        <valUSD>492911.79000000</valUSD>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
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      <invstOrSec>
        <name>TKC Holdings, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US87256YAC75"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
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      <invstOrSec>
        <name>Century Aluminum Co.</name>
        <lei>549300U5ODNGEYWKSW73</lei>
        <title>Century Aluminum Co.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-01</maturityDt>
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        <name>Standard Industries, Inc.</name>
        <lei>54930064UHXCIUWVI755</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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        <name>Fair Isaac Corp.</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>New Enterprise Stone &amp; Lime Co., Inc.</name>
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        <invCountry>US</invCountry>
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        <name>Consolidated Communications, Inc.</name>
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        <name>Infrabuild Australia Pty. Ltd.</name>
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        <invCountry>AU</invCountry>
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        <name>Heartland Dental LLC</name>
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        <invCountry>US</invCountry>
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        <name>Ashton Woods USA LLC</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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        <name>Railworks Holdings LP</name>
        <lei>N/A</lei>
        <title>Railworks Holdings LP</title>
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        <balance>409000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dream Finders Homes, Inc.</name>
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        <name>RB Global Holdings, Inc.</name>
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      <invstOrSec>
        <name>VOC Escrow Ltd.</name>
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        <name>Virtusa Corp.</name>
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        <name>EquipmentShare.com, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Frontier Communications Holdings LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
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        <name>Acuris Finance US, Inc.</name>
        <lei>213800PHEXJH1L7ZN896</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Prestige Brands, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Constellium SE</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>ON Semiconductor Corp.</name>
        <lei>ZV20P4CNJVT8V1ZGJ064</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>1011778 BC ULC</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Open Text Corp.</name>
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        <invCountry>CA</invCountry>
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        <name>Molina Healthcare, Inc.</name>
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        <name>United Natural Foods, Inc.</name>
        <lei>549300GKGW6WPZ282D40</lei>
        <title>United Natural Foods, Inc.</title>
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        <name>Spirit AeroSystems, Inc.</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Tenet Healthcare Corp.</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Nordstrom, Inc.</name>
        <lei>549300S3IZB5P35KNV16</lei>
        <title>Nordstrom, Inc.</title>
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        <curCd>USD</curCd>
        <valUSD>308244.93000000</valUSD>
        <pctVal>0.139906634688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5036.68000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Airlines, Inc.</name>
        <lei>IWUQB36BXD6OWD6X4T14</lei>
        <title>American Airlines, Inc.</title>
        <cusip>023771T32</cusip>
        <identifiers>
          <isin value="US023771T329"/>
          <other otherDesc="Inhouse Asset ID" value="023771T32"/>
        </identifiers>
        <balance>791000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>781045.10000000</valUSD>
        <pctVal>0.354501829050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="773145.16200000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Navient Corp.</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp.</title>
        <cusip>63938CAL2</cusip>
        <identifiers>
          <isin value="US63938CAL28"/>
          <other otherDesc="Inhouse Asset ID" value="63938CAL2"/>
        </identifiers>
        <balance>531000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>510183.81000000</valUSD>
        <pctVal>0.231562932533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</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>New Enterprise Stone &amp; Lime Co., Inc.</name>
        <lei>549300O5DQ5Y61B8VF38</lei>
        <title>New Enterprise Stone &amp; Lime Co., Inc.</title>
        <cusip>644274AG7</cusip>
        <identifiers>
          <isin value="US644274AG71"/>
          <other otherDesc="Inhouse Asset ID" value="644274AG7"/>
        </identifiers>
        <balance>270000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>270033.03000000</valUSD>
        <pctVal>0.122562964723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="55006.71000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Civitas Resources, Inc.</name>
        <lei>IIVIHPH28S64K95M2381</lei>
        <title>Civitas Resources, Inc.</title>
        <cusip>17888HAA1</cusip>
        <identifiers>
          <isin value="US17888HAA14"/>
          <other otherDesc="Inhouse Asset ID" value="17888HAA1"/>
        </identifiers>
        <balance>1499000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1472674.73000000</valUSD>
        <pctVal>0.668419641044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</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>GPS Hospitality Holding Co. LLC</name>
        <lei>N/A</lei>
        <title>GPS Hospitality Holding Co. LLC</title>
        <cusip>36262BAA0</cusip>
        <identifiers>
          <isin value="US36262BAA08"/>
          <other otherDesc="Inhouse Asset ID" value="36262BAA0"/>
        </identifiers>
        <balance>347000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202481.14000000</valUSD>
        <pctVal>0.091902419563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</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>Albertsons Cos., Inc.</name>
        <lei>N/A</lei>
        <title>Albertsons Cos., Inc.</title>
        <cusip>013092AB7</cusip>
        <identifiers>
          <isin value="US013092AB74"/>
          <other otherDesc="Inhouse Asset ID" value="013092AB7"/>
        </identifiers>
        <balance>820000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>819926.06000000</valUSD>
        <pctVal>0.372149172891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</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>Harvest Midstream I LP</name>
        <lei>549300DW5M17KJOXCY66</lei>
        <title>Harvest Midstream I LP</title>
        <cusip>417558AA1</cusip>
        <identifiers>
          <isin value="US417558AA18"/>
          <other otherDesc="Inhouse Asset ID" value="417558AA1"/>
        </identifiers>
        <balance>857000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>869001.39000000</valUSD>
        <pctVal>0.394423551473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</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>Bombardier, Inc.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>Bombardier, Inc.</title>
        <cusip>097751BX8</cusip>
        <identifiers>
          <isin value="US097751BX80"/>
          <other otherDesc="Inhouse Asset ID" value="097751BX8"/>
        </identifiers>
        <balance>801000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>791451.51000000</valUSD>
        <pctVal>0.359225104798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Match Group Holdings II LLC</name>
        <lei>5493003RFFE030RC9167</lei>
        <title>Match Group Holdings II LLC</title>
        <cusip>57665RAN6</cusip>
        <identifiers>
          <isin value="US57665RAN61"/>
          <other otherDesc="Inhouse Asset ID" value="57665RAN6"/>
        </identifiers>
        <balance>593000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>570649.69000000</valUSD>
        <pctVal>0.259007269685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</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>
    </invstOrSecs>
    <explntrNotes>


      <explntrNote note="Monthly returns presented in B.5.a have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>



    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>iShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
