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        <name>POSTEN BRING AS</name>
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        <name>ELKEM ASA</name>
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      <invstOrSec>
        <name>AZERION GROUP NV</name>
        <lei>7245007RB3M5PMWY6N86</lei>
        <title>Azerion Group N.V.</title>
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          <isin value="NO0013017657"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SLR GROUP GMBH</name>
        <lei>529900WJI20NRSA96C93</lei>
        <title>SLR Group GmbH</title>
        <cusip>ZD9638846</cusip>
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          <isin value="NO0013177949"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-09</maturityDt>
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      <invstOrSec>
        <name>NEPTUNE BIDCO AS</name>
        <lei>894500UKQX0AV0XVNV14</lei>
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        <cusip>YX5577250</cusip>
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          <isin value="NO0013264564"/>
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        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-28</maturityDt>
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          <annualizedRt>10.890000000000</annualizedRt>
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        <name>MAGELLAN BIDCO SARL</name>
        <lei>254900X8W30B0V8UBS97</lei>
        <title>Magellan Bidco Sarl</title>
        <cusip>YT6817647</cusip>
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          <isin value="NO0013418806"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-19</maturityDt>
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        <name>NORWEGIAN GOVERNMENT</name>
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          <isin value="NO0013475558"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>JDC GROUP AG</name>
        <lei>391200HVYXFJ2R1BIN92</lei>
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          <isin value="NO0013618587"/>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>KEYTO GROUP AB</name>
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        <name>B3 CONSULTING GROUP</name>
        <lei>549300DY2G2PN6NAI688</lei>
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        <name>NEO BIDCO AB</name>
        <lei>6367006K4VQQGJD8Q028</lei>
        <title>Goldcup 100865 AB</title>
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        <name>STOCKWIK FORVALTNING</name>
        <lei>213800X1259MBEKD5H24</lei>
        <title>Stockwik Forvaltning AB</title>
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        <name>FORUM ENERGY TECHNOLOGIE</name>
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        <name>First American Government Obli</name>
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        <name>GOLAR LNG LTD</name>
        <lei>213800C2VSFZG3EZLO34</lei>
        <title>Golar LNG Ltd</title>
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        <invCountry>BM</invCountry>

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              <title>Golar LNG Ltd</title>
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            <currencyInfo convRatio="17.383400000000" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOS GMBH &amp; CO KG</name>
        <lei>529900XO8NUCKQJFB816</lei>
        <title>BOS GmbH &amp; Co KG</title>
        <cusip>YQ6749796</cusip>
        <identifiers>
          <isin value="NO0013515759"/>
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        <balance>800000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".851750000000"/>
        <valUSD>938115.640000000000</valUSD>
        <pctVal>1.4426935089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.996000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLAR LNG LTD</name>
        <lei>213800C2VSFZG3EZLO34</lei>
        <title>Golar LNG Ltd</title>
        <cusip>38046YAE1</cusip>
        <identifiers>
          <isin value="US38046YAE14"/>
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        <balance>637000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>629814.770000000000</valUSD>
        <pctVal>0.9685689501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOVEDO HOLDINGS AB</name>
        <lei>984500F0A56FIF3C6091</lei>
        <title>Novedo Holding AB</title>
        <cusip>YV5581777</cusip>
        <identifiers>
          <isin value="SE0022240529"/>
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        <balance>5000000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.414400000000"/>
        <valUSD>519151.500000000000</valUSD>
        <pctVal>0.7983839809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.144000000000</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>
      <invstOrSec>
        <name>SCHIBSTED ASA</name>
        <lei>5967007LIEEXZXHT0O36</lei>
        <title>Vend Marketplaces ASA</title>
        <cusip>BS5525412</cusip>
        <identifiers>
          <isin value="NO0011157323"/>
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        <balance>10000000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="9.979550000000"/>
        <valUSD>1007012.140000000000</valUSD>
        <pctVal>1.5486469000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.080000000000</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>
      <invstOrSec>
        <name>VEGFINANS VIKEN AS</name>
        <lei>549300UQGSK2XYS6Q406</lei>
        <title>Vegfinans Viken AS</title>
        <cusip>BV7906662</cusip>
        <identifiers>
          <isin value="NO0012496720"/>
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        <balance>5000000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="9.979550000000"/>
        <valUSD>502217.940000000000</valUSD>
        <pctVal>0.7723424823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.570000000000</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>
      <invstOrSec>
        <name>NOA BIDCO AS</name>
        <lei>549300HM6DQNPIW8LK34</lei>
        <title>NoA BidCo AS</title>
        <cusip>ZD9637517</cusip>
        <identifiers>
          <isin value="NO0013190967"/>
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        <balance>1250000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="9.979550000000"/>
        <valUSD>129232.920000000000</valUSD>
        <pctVal>0.1987425504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.840000000000</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>
      <invstOrSec>
        <name>REMAGRUPPEN BIDCO 2 AB</name>
        <lei>636700KVMXQZXPYB8T79</lei>
        <title>Remagruppen BidCo 2 AB</title>
        <cusip>YT9280249</cusip>
        <identifiers>
          <isin value="NO0013262378"/>
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        <balance>5000000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.414400000000"/>
        <valUSD>516496.010000000000</valUSD>
        <pctVal>0.7943002006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.524000000000</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>
      <invstOrSec>
        <name>NORSKE SKOG AS</name>
        <lei>529900MYY60WXHHY3039</lei>
        <title>Norske Skog ASA</title>
        <cusip>YX6998836</cusip>
        <identifiers>
          <isin value="NO0013262451"/>
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        <balance>2300000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="9.979550000000"/>
        <valUSD>227014.240000000000</valUSD>
        <pctVal>0.3491168429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.630000000000</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>
      <invstOrSec>
        <name>HAWK INFINITY SOFTWARE</name>
        <lei>549300B1TJBVGILMBQ39</lei>
        <title>Hawk Infinity Software AS</title>
        <cusip>YU0717220</cusip>
        <identifiers>
          <isin value="NO0013358069"/>
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        <balance>8300000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="9.979550000000"/>
        <valUSD>855256.180000000000</valUSD>
        <pctVal>1.3152669956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.840000000000</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>KOLIBRI BGMBH &amp; CO KGAA</name>
        <lei>N/A</lei>
        <title>Kolibri Beteiligungsgesellschaft mbH &amp; Co KGaA</title>
        <cusip>YS7553219</cusip>
        <identifiers>
          <isin value="NO0013461384"/>
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        <balance>750000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".851750000000"/>
        <valUSD>905121.840000000000</valUSD>
        <pctVal>1.3919535585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.029000000000</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>BEELUX SARL</name>
        <lei>9845009685FD2FCBD712</lei>
        <title>Beelux Sarl</title>
        <cusip>YR1980121</cusip>
        <identifiers>
          <isin value="NO0013471243"/>
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        <balance>912083.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".851750000000"/>
        <valUSD>1036192.790000000000</valUSD>
        <pctVal>1.5935227475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.764000000000</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>HOMNN HOLZWRK GMBH</name>
        <lei>391200PQLFN1BBF0FI07</lei>
        <title>Homann Holzwerkstoffe GmbH</title>
        <cusip>YO1641639</cusip>
        <identifiers>
          <isin value="NO0013536169"/>
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        <balance>600000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".851750000000"/>
        <valUSD>714998.530000000000</valUSD>
        <pctVal>1.0995699188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</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>NORD-TRONDELAG HOLDING</name>
        <lei>5967007LIEEXZXFXW007</lei>
        <title>Nord-troendelag Elektrisitetsverk AS</title>
        <cusip>YL8630268</cusip>
        <identifiers>
          <isin value="NO0013648436"/>
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        <balance>14000000.000000000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="9.979550000000"/>
        <valUSD>1394230.840000000000</valUSD>
        <pctVal>2.1441362845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.858000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>QFLOW GROUP AB</name>
        <lei>6367009B048PH0858627</lei>
        <title>Qflow Group AB</title>
        <cusip>YV5350181</cusip>
        <identifiers>
          <isin value="SE0022759825"/>
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        <balance>11250000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.414400000000"/>
        <valUSD>1210936.840000000000</valUSD>
        <pctVal>1.8622551893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.646000000000</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>GREENFOOD AB</name>
        <lei>54930026GZN5E1NE1E62</lei>
        <title>Greenfood AB</title>
        <cusip>YU4668742</cusip>
        <identifiers>
          <isin value="SE0023112222"/>
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        <balance>5000000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.414400000000"/>
        <valUSD>543051.070000000000</valUSD>
        <pctVal>0.8351382498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.101000000000</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>
      <invstOrSec>
        <name>PAMICA GROUP AB</name>
        <lei>89450074TVKCROVJWT52</lei>
        <title>Pamica Group AB</title>
        <cusip>YT4467601</cusip>
        <identifiers>
          <isin value="SE0023440961"/>
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        <balance>5000000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.414400000000"/>
        <valUSD>530245.260000000000</valUSD>
        <pctVal>0.8154446660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.604000000000</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>
      <invstOrSec>
        <name>NEPTUNIA INVEST AB</name>
        <lei>5493005V7BFLKCSNCQ81</lei>
        <title>Neptunia Invest AB</title>
        <cusip>YR0762397</cusip>
        <identifiers>
          <isin value="SE0023836952"/>
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        <balance>3750000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.414400000000"/>
        <valUSD>400317.600000000000</valUSD>
        <pctVal>0.6156337006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.836000000000</annualizedRt>
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      </invstOrSec>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>U.S. BANCORP INVESTMENTS INC.</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="USER DEFINED" value="SEKUSD111425"/>
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        <balance>1.000000000000</balance>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797RH2</cusip>
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          <isin value="US912797RH21"/>
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        <balance>2000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1979254.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>EIDSIVA ENERGI AS</name>
        <lei>5967007LIEEXZXJJIO72</lei>
        <title>Eidsiva Energi AS</title>
        <cusip>BT4946120</cusip>
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          <isin value="NO0011204273"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>STOLT-NIELSEN LTD</name>
        <lei>213800VZX4LWJSGRLR94</lei>
        <title>Stolt-Nielsen Ltd</title>
        <cusip>ZI7987343</cusip>
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          <isin value="NO0013019026"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-26</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>HMH HOLDING BV</name>
        <lei>8945008FRZIYPW0VW366</lei>
        <title>HMH Holding BV/Amsterdam</title>
        <cusip>ZH9043394</cusip>
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          <isin value="NO0013063495"/>
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        <balance>755000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>777650.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-16</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GENTOO MEDIA PLC</name>
        <lei>213800UCC6GA967UCS06</lei>
        <title>Gentoo Media PLC</title>
        <cusip>ZG5462731</cusip>
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          <isin value="NO0013095687"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>TWMA FINANCE AS</name>
        <lei>894500BICEAQTNG2A469</lei>
        <title>Twma Finance AS</title>
        <cusip>ZF3988861</cusip>
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          <isin value="NO0013140038"/>
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        <balance>550000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.000000000000</annualizedRt>
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      <invstOrSec>
        <name>3T GLOBAL BIDCO PLC</name>
        <lei>984500A9A01BC5EF1N17</lei>
        <title>3t Global Bidco PLC</title>
        <cusip>ZB6868366</cusip>
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          <isin value="NO0013211136"/>
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        <balance>500000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>508750.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>11.250000000000</annualizedRt>
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      <invstOrSec>
        <name>LOCH DUART LTD</name>
        <lei>213800BL2DIU7YNBQB83</lei>
        <title>Loch Duart PLC</title>
        <cusip>YV9886925</cusip>
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          <isin value="NO0013383984"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-06</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>AGILYX AS</name>
        <lei>5493000E25PBC2PXV881</lei>
        <title>Agilyx ASA</title>
        <cusip>YT1479427</cusip>
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          <isin value="NO0013388413"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-29</maturityDt>
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          <annualizedRt>13.500000000000</annualizedRt>
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        <name>VIEW LEDGER AS</name>
        <lei>9845001DABA64B69D332</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-31</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>FELLESKJOPET AGRI SA</name>
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        <title>Felleskjopet Agri SA</title>
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        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FORMYCON AG</name>
        <lei>39120005TZ76GQOY8Z19</lei>
        <title>Formycon AG</title>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PERFORMANCE SHIPPNG INC</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ARVA AS</name>
        <lei>636700HN9ONK8S91P145</lei>
        <title>Arva AS</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>EURO ENTMT INTRESSENTER</name>
        <lei>549300A3OF2TBEL6BF72</lei>
        <title>European Entertainment Intressenter BidCo AB/Sweden</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.230000000000</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>AMWOOD AB</name>
        <lei>549300JU4SJKJZUOUH03</lei>
        <title>Amwood AB</title>
        <cusip>YU5039166</cusip>
        <identifiers>
          <isin value="SE0023113998"/>
        </identifiers>
        <balance>7500000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.414400000000"/>
        <valUSD>629355.030000000000</valUSD>
        <pctVal>0.9678619329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.386000000000</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>VERVE GROUP SE</name>
        <lei>391200UIIWMXRLGARB95</lei>
        <title>Verve Group SE</title>
        <cusip>YR9250543</cusip>
        <identifiers>
          <isin value="SE0023848429"/>
        </identifiers>
        <balance>1000000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".851750000000"/>
        <valUSD>1168303.380000000000</valUSD>
        <pctVal>1.7966907606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.939000000000</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>GOLAR LNG LTD</name>
        <lei>213800C2VSFZG3EZLO34</lei>
        <title>Golar LNG Ltd</title>
        <cusip>BR7245524</cusip>
        <identifiers>
          <isin value="NO0011123432"/>
        </identifiers>
        <balance>1260000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1261260.000000000000</valUSD>
        <pctVal>1.9396453246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</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>OKECHAMP GLOBAL BV</name>
        <lei>72450068U3Z1C2APNF90</lei>
        <title>Okechamp Global B.V.</title>
        <cusip>YU2441332</cusip>
        <identifiers>
          <isin value="NO0013364380"/>
        </identifiers>
        <balance>500000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".851750000000"/>
        <valUSD>531872.620000000000</valUSD>
        <pctVal>0.8179473230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.529000000000</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>BORAS V-TYGET 1 AB</name>
        <lei>549300JFRI5IT5B0OX52</lei>
        <title>Boras V-tyget 1 AB</title>
        <cusip>YU6065111</cusip>
        <identifiers>
          <isin value="NO0013380105"/>
        </identifiers>
        <balance>6300000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.414400000000"/>
        <valUSD>682571.380000000000</valUSD>
        <pctVal>1.0497013985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.869000000000</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>SFL CORP LTD</name>
        <lei>549300RLYYPSB0C7RH77</lei>
        <title>SFL Corp Ltd</title>
        <cusip>YS5254596</cusip>
        <identifiers>
          <isin value="NO0013461988"/>
        </identifiers>
        <balance>400000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>409500.000000000000</valUSD>
        <pctVal>0.6297549755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.750000000000</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>SALMAR ASA</name>
        <lei>5967007LIEEXZXGDBK67</lei>
        <title>Salmar ASA</title>
        <cusip>YS8270128</cusip>
        <identifiers>
          <isin value="NO0013467316"/>
        </identifiers>
        <balance>7000000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="9.979550000000"/>
        <valUSD>705851.020000000000</valUSD>
        <pctVal>1.0855022999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.480000000000</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>NEXUS NEWCO BV</name>
        <lei>724500HA69XH0YFJPF52</lei>
        <title>Nexus Newco BV</title>
        <cusip>YO4254034</cusip>
        <identifiers>
          <isin value="NO0013511766"/>
        </identifiers>
        <balance>1200000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".851750000000"/>
        <valUSD>1415908.420000000000</valUSD>
        <pctVal>2.1774734368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.448000000000</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>FIRST CAMP GROUP AB</name>
        <lei>213800G35HMXQGMWPA18</lei>
        <title>First Camp Group AB</title>
        <cusip>YU3391668</cusip>
        <identifiers>
          <isin value="SE0023114327"/>
        </identifiers>
        <balance>1250000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.414400000000"/>
        <valUSD>136866.460000000000</valUSD>
        <pctVal>0.2104818905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.874000000000</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>GEVEKO AB</name>
        <lei>549300WW9VVGNZ1G9A05</lei>
        <title>Geveko AB</title>
        <cusip>YQ0111779</cusip>
        <identifiers>
          <isin value="SE0024172993"/>
        </identifiers>
        <balance>1000000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".851750000000"/>
        <valUSD>1197534.490000000000</valUSD>
        <pctVal>1.8416442086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.493000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-10-20</ncom:dateSigned>
      <ncom:nameOfApplicant>Trust for Professional Managers</ncom:nameOfApplicant>
      <ncom:signature>/s/ Kelly Strauss</ncom:signature>
      <ncom:signerName>Kelly Strauss</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
