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        <name>Clydesdale Acquisition Holdings, Inc.</name>
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        <name>Ciena Corp.</name>
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        <name>Sensata Technologies BV</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Credit Acceptance Corp.</name>
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        <name>Resorts World Las Vegas LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Standard Industries, Inc.</name>
        <lei>54930064UHXCIUWVI755</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Tidewater, Inc.</name>
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        <name>Williams Scotsman, Inc.</name>
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        <name>Discovery Communications LLC</name>
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        <name>PRA Group, Inc.</name>
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        <name>Sinclair Television Group, Inc.</name>
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        <name>SNF Group SACA</name>
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        <name>United Rentals North America, Inc.</name>
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        <name>Frontier Communications Holdings LLC</name>
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        <name>Molina Healthcare, Inc.</name>
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      <invstOrSec>
        <name>Kioxia Holdings Corp.</name>
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        <name>Talen Energy Supply LLC</name>
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        <name>Nassau Cos. of New York (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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        <name>Park-Ohio Industries, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hudson Pacific Properties LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Star Leasing Co. LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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      <invstOrSec>
        <name>Ziff Davis, Inc.</name>
        <lei>5493008OJYGLHD7MXA18</lei>
        <title>Ziff Davis, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Under Armour, Inc.</name>
        <lei>549300D4549QKWETZ406</lei>
        <title>Under Armour, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Crescent Energy Finance LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Group 1 Automotive, Inc.</name>
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        <name>Builders FirstSource, Inc.</name>
        <lei>549300W0SKP6L3H7DP63</lei>
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        <invCountry>US</invCountry>
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        <name>Arsenal AIC Parent LLC</name>
        <lei>N/A</lei>
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        <name>Central Garden &amp; Pet Co.</name>
        <lei>5493004DVZLD37DJ0H83</lei>
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        <name>RRD Intermediate Holdings, Inc.</name>
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        <name>Match Group Holdings II LLC</name>
        <lei>5493003RFFE030RC9167</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SLM Corp.</name>
        <lei>N/A</lei>
        <title>SLM Corp.</title>
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        <invCountry>US</invCountry>
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        <name>FXI Holdings, Inc.</name>
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        <name>Mobius Merger Sub, Inc.</name>
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        <name>Whirlpool Corp.</name>
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        <name>JW Aluminum Continuous Cast Co.</name>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <name>goeasy Ltd.</name>
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        <name>Ryan Specialty LLC</name>
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        <name>VF Corp.</name>
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        <name>WULF Compute LLC</name>
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        <name>Taylor Morrison Communities, Inc.</name>
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        <name>Perrigo Finance Unlimited Co.</name>
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        <name>CHC Group LLC</name>
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        <name>Greystar Real Estate Partners LLC</name>
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        <name>Newell Brands, Inc.</name>
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        <name>Chord Energy Corp.</name>
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        <name>Service Corp. International</name>
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        <name>Fortescue Treasury Pty. Ltd.</name>
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        <name>Celanese US Holdings LLC</name>
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        <name>Burford Capital Global Finance LLC</name>
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        <name>Sabre GLBL, Inc.</name>
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        <name>BlackRock Funds III</name>
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        <name>Venture Global LNG, Inc.</name>
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        <name>GGAM Finance Ltd.</name>
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        <name>Embecta Corp.</name>
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        <name>Ziggo BV</name>
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        <name>BKV Upstream Midstream LLC</name>
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        <name>PBF Holding Co. LLC</name>
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        <name>Open Text Holdings, Inc.</name>
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        <name>Toucan FinCo. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mattamy Group Corp.</name>
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        <name>Cleveland-Cliffs, Inc.</name>
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        <name>Encompass Health Corp.</name>
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        <name>Bath &amp; Body Works, Inc.</name>
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        <name>Community Health Systems, Inc.</name>
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        <name>BellRing Brands, Inc.</name>
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        <name>Entegris, Inc.</name>
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        <name>Excelerate Energy LP</name>
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        <name>Range Resources Corp.</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>Range Resources Corp.</title>
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      </invstOrSec>
      <invstOrSec>
        <name>DBR Land Holdings LLC</name>
        <lei>N/A</lei>
        <title>DBR Land Holdings LLC</title>
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          <isin value="US24024BAA52"/>
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        <curCd>USD</curCd>
        <valUSD>245881.65000000</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>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Taseko Mines Ltd.</name>
        <lei>549300XKUO1JSLU7KX54</lei>
        <title>Taseko Mines Ltd.</title>
        <cusip>876511AG1</cusip>
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          <isin value="US876511AG15"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>238990.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Jones Deslauriers Insurance Management, Inc.</name>
        <lei>549300JQIWNFU00E5424</lei>
        <title>Jones Deslauriers Insurance Management, Inc.</title>
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          <isin value="US48020RAB15"/>
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        <balance>333000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>348116.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>US Foods, Inc.</name>
        <lei>5493000JOOFAOUY1JZ87</lei>
        <title>US Foods, Inc.</title>
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          <isin value="US90290MAE12"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>226535.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>Trivium Packaging Finance BV</name>
        <lei>724500GMZWW3PVYET548</lei>
        <title>Trivium Packaging Finance BV</title>
        <cusip>89686QAD8</cusip>
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          <isin value="US89686QAD88"/>
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        <balance>233000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248843.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Viridien</name>
        <lei>969500FCVQ5SLAAUJV59</lei>
        <title>Viridien</title>
        <cusip>12531QAA3</cusip>
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          <isin value="US12531QAA31"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>204399.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Albertsons Cos., Inc.</name>
        <lei>N/A</lei>
        <title>Albertsons Cos., Inc.</title>
        <cusip>013092AE1</cusip>
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          <isin value="US013092AE14"/>
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        <balance>444000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>438346.29000000</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>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brinker International, Inc.</name>
        <lei>52990067JY6PBGJNTG76</lei>
        <title>Brinker International, Inc.</title>
        <cusip>109641AK6</cusip>
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          <isin value="US109641AK67"/>
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        <balance>164000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>173068.36000000</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>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</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>33834YAC2</cusip>
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          <isin value="US33834YAC21"/>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>218319.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>OI European Group BV</name>
        <lei>72450053F5WRDY8CDZ66</lei>
        <title>OI European Group BV</title>
        <cusip>67777LAD5</cusip>
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        <balance>163000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>157561.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Novelis Corp.</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>Novelis Corp.</title>
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        <balance>348000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>360954.19000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
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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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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Scientific Games Holdings LP</name>
        <lei>549300W5GPFXXB6TQ330</lei>
        <title>Scientific Games Holdings LP</title>
        <cusip>80874DAA4</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>Community Health Systems, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Pediatrix Medical Group, Inc.</name>
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        <name>Harrow, Inc.</name>
        <lei>N/A</lei>
        <title>Harrow, Inc.</title>
        <cusip>415858AC3</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NuStar Logistics LP</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NuStar Logistics LP</title>
        <cusip>67059TAH8</cusip>
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        <curCd>USD</curCd>
        <valUSD>289156.99000000</valUSD>
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        <name>PG&amp;E Corp.</name>
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      <invstOrSec>
        <name>Rivers Enterprise Lender LLC</name>
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        <name>Lamb Weston Holdings, Inc.</name>
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        <name>iHeartCommunications, Inc.</name>
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        <name>Bombardier, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Novelis Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Service Properties Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UWM Holdings LLC</name>
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        <name>Ball Corp.</name>
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        <name>Advanced Drainage Systems, Inc.</name>
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        <name>Kennedy-Wilson, Inc.</name>
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        <name>Avis Budget Car Rental LLC</name>
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        <name>United Rentals North America, Inc.</name>
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        <name>Crown Americas LLC</name>
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        <name>Valaris Ltd.</name>
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        <title>Valaris Ltd.</title>
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        <invCountry>BM</invCountry>

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        <name>Phoenix Aviation Capital Ltd.</name>
        <lei>8945008YQAKXZQ3VYJ15</lei>
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        <name>Arbor Realty SR, Inc.</name>
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        <name>Cascades, Inc.</name>
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        <name>Boise Cascade Co.</name>
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        <name>Tenet Healthcare Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EW Scripps Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DirecTV Financing LLC</name>
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        <name>TGS ASA</name>
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        <name>Getty Images, Inc.</name>
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        <name>Synergy Infrastructure Holdings LLC</name>
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        <name>Midcap Financial Issuer Trust</name>
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        <name>FORESEA Holding SA</name>
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        <invCountry>LU</invCountry>
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        <name>Rithm Capital Corp.</name>
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        <title>Rithm Capital Corp.</title>
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        <name>Nissan Motor Co. Ltd.</name>
        <lei>353800DRBDH1LUTNAY26</lei>
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        <invCountry>JP</invCountry>
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        <name>RingCentral, Inc.</name>
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        <name>Univision Communications, Inc.</name>
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        <name>Sirius XM Radio LLC</name>
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      <invstOrSec>
        <name>Avient Corp.</name>
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        <name>Nissan Motor Co. Ltd.</name>
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        <name>CNX Midstream Partners LP</name>
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        <name>Anywhere Real Estate Group LLC</name>
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        <name>Ziggo Bond Co. BV</name>
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        <name>Buckeye Partners LP</name>
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        <name>Bausch Health Cos., Inc.</name>
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        <name>Axon Enterprise, Inc.</name>
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        <name>IHO Verwaltungs GmbH</name>
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        <name>Freedom Mortgage Corp.</name>
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        <name>Tronox, Inc.</name>
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        <name>SESI LLC</name>
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        <name>Albion Financing 1 SARL</name>
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        <title>Albion Financing 1 SARL</title>
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        <invCountry>LU</invCountry>
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      <invstOrSec>
        <name>Xerox Corp.</name>
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      <invstOrSec>
        <name>Olin Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Radiology Partners, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hess Midstream Operations LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wayfair LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PBF Holding Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LifePoint Health, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sensata Technologies, Inc.</name>
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        <title>Sensata Technologies, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Navient Corp.</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MIWD Holdco II LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Darling Ingredients, Inc.</name>
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        <name>SPX FLOW, Inc.</name>
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        <name>Mohegan Tribal Gaming Authority</name>
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        <name>ZF North America Capital, Inc.</name>
        <lei>529900JYGMS9CW9IQX78</lei>
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        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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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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        <name>Carvana Co.</name>
        <lei>5493003WEAK2PJ5WS063</lei>
        <title>Carvana Co.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AmeriGas Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Forvia SE</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Millrose Properties, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Clarios Global LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Directv Financing LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-01</maturityDt>
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        <name>FTAI Aviation Investors LLC</name>
        <lei>529900E7PUVK6BC8PE80</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>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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        <name>Capstone Borrower, Inc.</name>
        <lei>254900YSP2BAI3YKIX08</lei>
        <title>Capstone Borrower, Inc.</title>
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        <balance>380000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>CP Atlas Buyer, Inc.</name>
        <lei>2549006ZZ07G0NDDCR36</lei>
        <title>CP Atlas Buyer, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>XHR LP</name>
        <lei>549300M88BPT83ZL2164</lei>
        <title>XHR LP</title>
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        <balance>174000.00000000</balance>
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        <valUSD>179879.83000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Stonebriar ABF Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vermilion Energy, Inc.</name>
        <lei>8945009D1HGCJC8M8A68</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Star Parent, Inc.</name>
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        <name>Lithia Motors, Inc.</name>
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        <name>Pagaya US Holdings Co. LLC</name>
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        <name>TrueNoord Capital DAC</name>
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        <invCountry>IE</invCountry>
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        <name>Cipher Compute LLC</name>
        <lei>N/A</lei>
        <title>Cipher Compute LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Staples, Inc.</name>
        <lei>XQM2JINI1UL7642TU573</lei>
        <title>Staples, Inc.</title>
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        <balance>380000.00000000</balance>
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      <invstOrSec>
        <name>Starwood Property Trust, Inc.</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>Outfront Media Capital LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Brand Industrial Services, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dream Finders Homes, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Windsor Holdings III LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
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          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Alumina Pty. Ltd.</name>
        <lei>N/A</lei>
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        <balance>225000.00000000</balance>
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        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-15</maturityDt>
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        <name>National Mentor Holdings, Inc.</name>
        <lei>5493004QULJVJP3CNZ62</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-15</maturityDt>
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          <annualizedRt>10.50000000</annualizedRt>
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      <invstOrSec>
        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Amsted Industries, Inc.</name>
        <lei>N2VLGYMEEBIU3PFSUY86</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>EMRLD Borrower LP</name>
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        <name>IQVIA, Inc.</name>
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        <name>CCO Holdings LLC</name>
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        <name>Yum! Brands, Inc.</name>
        <lei>549300JE8XHZZ7OHN517</lei>
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        <name>Gray Media, Inc.</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>Gray Media, Inc.</title>
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        <name>Herc Holdings, Inc.</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>Herc Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Commercial Metals Co.</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>Commercial Metals Co.</title>
        <cusip>201723AQ6</cusip>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <name>Anywhere Real Estate Group LLC</name>
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        <name>Allied Universal Holdco LLC</name>
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        <name>Azorra Finance Ltd.</name>
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        <name>Constellation Insurance, Inc.</name>
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        <name>New Flyer Holdings, Inc.</name>
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        <name>goeasy Ltd.</name>
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        <name>HUB International Ltd.</name>
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        <name>Noble Finance II LLC</name>
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        <name>Advance Auto Parts, Inc.</name>
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        <name>EF Holdco</name>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <name>Seadrill Finance Ltd.</name>
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        <name>Seagate Data Storage Technology Pte. Ltd.</name>
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        <invCountry>SG</invCountry>

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        <name>Sabre GLBL, Inc.</name>
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      <invstOrSec>
        <name>Sunoco LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ATI, Inc.</name>
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      <invstOrSec>
        <name>Block, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EchoStar Corp.</name>
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        <title>EchoStar Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Clydesdale Acquisition Holdings, Inc.</name>
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        <title>Clydesdale Acquisition Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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        <name>Hilcorp Energy I LP</name>
        <lei>549300ITPIHLG0LHEC09</lei>
        <title>Hilcorp Energy I LP</title>
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          <isin value="US431318AY04"/>
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        <balance>234000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>230580.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-15</maturityDt>
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        <name>TerraForm Power Operating LLC</name>
        <lei>5493000S2OLR3UT5BE13</lei>
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        <balance>325000.00000000</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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        <name>Nissan Motor Acceptance Co. LLC</name>
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        <balance>541000.00000000</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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        <name>NCL Corp. Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL Corp. Ltd.</title>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Altice France SA</name>
        <lei>5493001ZMCICV4N02J21</lei>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
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        <name>Transocean International Ltd.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>Transocean International Ltd.</title>
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        <balance>392250.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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          <annualizedRt>8.75000000</annualizedRt>
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      <invstOrSec>
        <name>Atlanticus Holdings Corp.</name>
        <lei>N/A</lei>
        <title>Atlanticus Holdings Corp.</title>
        <cusip>04914AAA2</cusip>
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        <balance>186000.00000000</balance>
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        <valUSD>177230.16000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-01</maturityDt>
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        <name>Uniti Group LP</name>
        <lei>N/A</lei>
        <title>Uniti Group LP</title>
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        <balance>321000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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        <name>Compass Minerals International, Inc.</name>
        <lei>2549008X9G8XP7YJGC47</lei>
        <title>Compass Minerals International, Inc.</title>
        <cusip>20451NAJ0</cusip>
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        <balance>299000.00000000</balance>
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        <valUSD>317114.48000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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        <name>Lumen Technologies, Inc.</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
        <title>Lumen Technologies, Inc.</title>
        <cusip>550241AC7</cusip>
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        <valUSD>139771.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>ZipRecruiter, Inc.</name>
        <lei>549300HLOVNNFCY2IV80</lei>
        <title>ZipRecruiter, Inc.</title>
        <cusip>98980BAA1</cusip>
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        <balance>255000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>176940.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Avianca Midco 2 plc</name>
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        <name>Graphic Packaging International LLC</name>
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        <name>APLD ComputeCo LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OneMain Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Virgin Media Finance plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Mauser Packaging Solutions Holding Co.</name>
        <lei>549300DNGHXL0OMHW304</lei>
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        <name>CrossCountry Intermediate HoldCo LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VistaJet Malta Finance plc</name>
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        <curCd>USD</curCd>
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        <name>ContourGlobal Power Holdings SA</name>
        <lei>549300O5AGIFK0PQ1516</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BlackRock Funds III</name>
        <lei>5493005PQV5UQG4OSI49</lei>
        <title>BlackRock Cash Funds: Treasury, SL Agency Shares</title>
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        <name>Travel + Leisure Co.</name>
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        <title>Travel + Leisure Co.</title>
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        <name>Rfna LP</name>
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        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
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        <name>Ontario Gaming GTA LP</name>
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        <name>iHeartCommunications, Inc.</name>
        <lei>54930076J6KDZL504O62</lei>
        <title>iHeartCommunications, Inc.</title>
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        <name>Cable One, Inc.</name>
        <lei>549300648QS85T0XSH18</lei>
        <title>Cable One, Inc.</title>
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        <name>Iron Mountain, Inc.</name>
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        <name>WBI Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Comstock Resources, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CoreWeave, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Goodyear Tire &amp; Rubber Co. (The)</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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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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          <maturityDt>2030-10-15</maturityDt>
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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>Fortrea Holdings, Inc.</name>
        <lei>5493000FIVFABOVCDU97</lei>
        <title>Fortrea Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Carnival Corp.</name>
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        <title>Carnival Corp.</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>AdaptHealth LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ardagh Group SA</name>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Beacon Mobility Corp.</name>
        <lei>254900EBTYFG24UQEM31</lei>
        <title>Beacon Mobility Corp.</title>
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        <name>Rocket Cos., Inc.</name>
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        <name>FirstCash, Inc.</name>
        <lei>549300V2X3UU7K0DG350</lei>
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        <name>White Cap Supply Holdings LLC</name>
        <lei>254900L2N0T6GULCL366</lei>
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      <invstOrSec>
        <name>Rand Parent LLC</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>KB Home</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aretec Group, Inc.</name>
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        <name>Encore Capital Group, Inc.</name>
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        <name>ZF North America Capital, Inc.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Hightower Holding LLC</name>
        <lei>254900MKOSB7RTMA9K12</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>2030-01-31</maturityDt>
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        <name>Acrisure LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Anywhere Real Estate Group LLC</name>
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        <curCd>USD</curCd>
        <valUSD>227995.47000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>AthenaHealth Group, Inc.</name>
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        <name>Lamar Media Corp.</name>
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        <name>OneMain Finance Corp.</name>
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        <invCountry>US</invCountry>
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        <name>Lindblad Expeditions LLC</name>
        <lei>549300MPUWOG67Y2R254</lei>
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        <name>Dana, Inc.</name>
        <lei>KVWHW7YLZPFJM8QYNJ51</lei>
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        <name>TransDigm, Inc.</name>
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        <invCountry>US</invCountry>
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        <name>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>Celanese US Holdings LLC</title>
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        <name>Chart Industries, Inc.</name>
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      <invstOrSec>
        <name>Kohl's Corp.</name>
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        <name>Brookfield Residential Properties, Inc.</name>
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        <name>Veritiv Operating Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Starwood Property Trust, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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        <name>Getty Images, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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        <name>Frontier Communications Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROBLOX Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Churchill Downs, Inc.</name>
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        <name>Diamond Foreign Asset Co.</name>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Neogen Food Safety Corp.</name>
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        <name>Gen Digital, Inc.</name>
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        <name>Caesars Entertainment, Inc.</name>
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        <name>Park Intermediate Holdings LLC</name>
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        <name>VoltaGrid LLC</name>
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        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co.</title>
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        <identifiers>
          <isin value="US17888HAC79"/>
          <other otherDesc="Inhouse Asset ID" value="17888HAC7"/>
        </identifiers>
        <balance>460000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>486777.52000000</valUSD>
        <pctVal>0.429998281013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hess Midstream Operations LP</name>
        <lei>N/A</lei>
        <title>Hess Midstream Operations LP</title>
        <cusip>428102AE7</cusip>
        <identifiers>
          <isin value="US428102AE79"/>
          <other otherDesc="Inhouse Asset ID" value="428102AE7"/>
        </identifiers>
        <balance>338000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>330130.20000000</valUSD>
        <pctVal>0.291622790038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</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>2026-01-31</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>
  <documents>XXXX</documents>
</edgarSubmission>
