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      <invstOrSec>
        <name>ASGN, Inc.</name>
        <lei>LZBNYYCBUKY537072438</lei>
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      <invstOrSec>
        <name>American Airlines, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Acadia Healthcare Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Acushnet Co.</name>
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          <isin value="US005095AB02"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Adient Global Holdings Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Adient Global Holdings Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AECOM</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Advanced Drainage Systems, Inc.</name>
        <lei>6QQTOZ5MF5DHM7K92I60</lei>
        <title>Advanced Drainage Systems, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ahead DB Holdings LLC</name>
        <lei>254900L07WFL833JX193</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Albertsons Cos., Inc.</name>
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        <title>Albertsons Cos., Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Albertsons Cos., Inc.</name>
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          <maturityDt>2031-03-31</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Alcoa Nederland Holding BV</name>
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        <name>ATI, Inc.</name>
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        <name>Allied Universal Holdco LLC</name>
        <lei>98450038B4549046D794</lei>
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        <name>Allied Universal Holdco LLC</name>
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        <name>Allison Transmission, Inc.</name>
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        <name>Allison Transmission, Inc.</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
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      <invstOrSec>
        <name>Allison Transmission, Inc.</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
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      <invstOrSec>
        <name>Altice France SA</name>
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        <name>Alumina Pty. Ltd.</name>
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      <invstOrSec>
        <name>Amer Sports Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-16</maturityDt>
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        <name>American Airlines, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Axle &amp; Manufacturing, Inc.</name>
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      <invstOrSec>
        <name>AmeriGas Partners LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-20</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>AmeriGas Partners LP</name>
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          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>9.50000000</annualizedRt>
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        <name>Amkor Technology, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ams-OSRAM AG</name>
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        <invCountry>AT</invCountry>
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        <name>Antero Resources Corp.</name>
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        <name>Antero Resources Corp.</name>
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        <name>Antero Midstream Partners LP</name>
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        <name>Aramark Services, Inc.</name>
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        <name>Arches Buyer, Inc.</name>
        <lei>2549009ADY4208OH2Y47</lei>
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        <name>Archrock Partners LP</name>
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      <invstOrSec>
        <name>Archrock Partners LP</name>
        <lei>N/A</lei>
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          <isin value="US03959KAD28"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ardagh Group SA</name>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Asbury Automotive Group, Inc.</name>
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          <isin value="US043436AV64"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ascent Resources Utica Holdings LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Avantor Funding, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Avis Budget Car Rental LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Avis Budget Car Rental LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Avis Budget Car Rental LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Avis Budget Car Rental LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Axalta Coating Systems LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Axon Enterprise, Inc.</name>
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        <name>BWX Technologies, Inc.</name>
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        <name>BWX Technologies, Inc.</name>
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        <name>Ball Corp.</name>
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        <name>Ball Corp.</name>
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        <name>Bausch + Lomb Corp.</name>
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        <name>Bausch Health Cos., Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos., Inc.</title>
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        <invCountry>CA</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Bausch Health Cos., Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos., Inc.</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bausch Health Cos., Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bausch Health Cos., Inc.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Baytex Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Baytex Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Big River Steel LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Blue Racer Midstream LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
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      <invstOrSec>
        <name>Boise Cascade Co.</name>
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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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        <name>Bombardier, Inc.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>Bombardier, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-01</maturityDt>
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          <annualizedRt>7.45000000</annualizedRt>
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        <name>Bombardier, Inc.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Boyne USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Brink's Co. (The)</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
        <title>Brink's Co. (The)</title>
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          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>Brink's Co. (The)</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
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        <name>Buckeye Partners LP</name>
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        <name>Buckeye Partners LP</name>
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        <name>Builders FirstSource, Inc.</name>
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        <name>CCO Holdings LLC</name>
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        <name>CCO Holdings LLC</name>
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        <name>CSC Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CoreWeave, Inc.</name>
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        <name>CoreWeave, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DT Midstream, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Dana, Inc.</name>
        <lei>KVWHW7YLZPFJM8QYNJ51</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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      <invstOrSec>
        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
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        <balance>4270000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-01</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Diamond Foreign Asset Co.</name>
        <lei>N/A</lei>
        <title>Diamond Foreign Asset Co.</title>
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          <isin value="US25260WAD39"/>
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        <balance>7570000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Diebold Nixdorf, Inc.</name>
        <lei>549300XZK6EWDBAZSY16</lei>
        <title>Diebold Nixdorf, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-31</maturityDt>
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          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>Directv Financing LLC</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-15</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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        <name>Discovery Communications LLC</name>
        <lei>L2Z2MO2EQURH3BREWI15</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>2037-09-20</maturityDt>
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      <invstOrSec>
        <name>DISH Network Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DISH DBS Corp.</name>
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          <maturityDt>2026-07-01</maturityDt>
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        <name>DISH DBS Corp.</name>
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        <name>DISH DBS Corp.</name>
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        <name>DISH DBS Corp.</name>
        <lei>N/A</lei>
        <title>DISH DBS Corp.</title>
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      <invstOrSec>
        <name>Dornoch Debt Merger Sub, Inc.</name>
        <lei>N/A</lei>
        <title>Dornoch Debt Merger Sub, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
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          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>EQT Corp.</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp.</title>
        <cusip>26884LBH1</cusip>
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        <balance>970000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>985278.10000000</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>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>EchoStar Corp.</name>
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        <name>Encompass Health Corp.</name>
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        <name>Fair Isaac Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Frontier Communications Holdings LLC</name>
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        <name>Frontier Communications Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GEO Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GEO Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
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        <name>GCI LLC</name>
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        <curCd>USD</curCd>
        <valUSD>4796755.92000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>GFL Environmental, Inc.</name>
        <lei>894500E7NLBY9VZRT696</lei>
        <title>GFL Environmental, Inc.</title>
        <cusip>36168QAM6</cusip>
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        <balance>14070000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13805047.83000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>Boost Newco Borrower LLC</name>
        <lei>254900S8RE1OL7TTCU64</lei>
        <title>Boost Newco Borrower LLC</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>Gap, Inc. (The)</name>
        <lei>T2ZG1WRWZ4BUCMQL9224</lei>
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        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
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        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
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        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
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        <name>Genesee &amp; Wyoming, Inc.</name>
        <lei>G617XSG94Z7G0RMW3L02</lei>
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        <name>Genesis Energy LP</name>
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        <name>Genesis Energy LP</name>
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        <name>Global Medical Response, Inc.</name>
        <lei>549300ZFWD4ZFCEJCQ87</lei>
        <title>Global Medical Response, Inc.</title>
        <cusip>37960BAD7</cusip>
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        <invCountry>US</invCountry>
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        <name>Global Infrastructure Solutions, Inc.</name>
        <lei>2549003BGLQITAJ6ZT28</lei>
        <title>Global Infrastructure Solutions, Inc.</title>
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        <name>Global Infrastructure Solutions, Inc.</name>
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        <name>Graham Packaging Co., Inc.</name>
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        <name>Gray Media, Inc.</name>
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        <name>Hertz Corp. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hillenbrand, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilton Grand Vacations Borrower LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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        <name>Hilton Worldwide Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hologic, Inc.</name>
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        <name>Howard Midstream Energy Partners LLC</name>
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        <name>IHO Verwaltungs GmbH</name>
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        <name>IHO Verwaltungs GmbH</name>
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        <name>INEOS Finance plc</name>
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        <name>INEOS Finance plc</name>
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        <name>IQVIA, Inc.</name>
        <lei>549300PLWY28YB00C717</lei>
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        <name>Icahn Enterprises LP</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>iHeartCommunications, Inc.</name>
        <lei>54930076J6KDZL504O62</lei>
        <title>iHeartCommunications, Inc.</title>
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        <name>Imola Merger Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-15</maturityDt>
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        <name>INEOS Quattro Finance 2 plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
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        <name>Interface, Inc.</name>
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        <name>ION Platform Finance US, Inc.</name>
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        <name>IQVIA, Inc.</name>
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        <name>Iron Mountain, Inc.</name>
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        <name>Iron Mountain Information Management Services, Inc.</name>
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        <name>JELD-WEN, Inc.</name>
        <lei>549300XWE6NM0N1HFW16</lei>
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        <name>JELD-WEN, Inc.</name>
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        <name>JetBlue Airways Corp.</name>
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        <name>LABL, Inc.</name>
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        <name>Bath &amp; Body Works, Inc.</name>
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        <name>Lamb Weston Holdings, Inc.</name>
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        <name>Level 3 Financing, Inc.</name>
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        <name>Lithia Motors, Inc.</name>
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        <name>Live Nation Entertainment, Inc.</name>
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        <name>MGM Resorts International</name>
        <lei>54930066VBP7DZEGGJ87</lei>
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      <invstOrSec>
        <name>MGM Resorts International</name>
        <lei>54930066VBP7DZEGGJ87</lei>
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        <balance>5870000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>MGM Resorts International</name>
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        <title>MGM Resorts International</title>
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        <balance>1370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1406204.99000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>M/I Homes, Inc.</name>
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        <title>M/I Homes, Inc.</title>
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          <isin value="US55305BAS07"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MPT Operating Partnership LP</name>
        <lei>N/A</lei>
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        <cusip>55342UAQ7</cusip>
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          <isin value="US55342UAQ76"/>
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        <balance>3270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3455683.68000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Madison IAQ LLC</name>
        <lei>549300IXDNBXNHUPBU73</lei>
        <title>Madison IAQ LLC</title>
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          <isin value="US55760LAA52"/>
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        <balance>8170000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-30</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Madison IAQ LLC</name>
        <lei>549300IXDNBXNHUPBU73</lei>
        <title>Madison IAQ LLC</title>
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          <isin value="US55760LAB36"/>
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        <balance>2270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2244946.69000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Warnermedia Holdings, Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>Warnermedia Holdings, Inc.</title>
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          <isin value="US55903VBQ59"/>
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        <balance>3205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2928568.75000000</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>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.27900000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Masterbrand, Inc.</name>
        <lei>549300E0Y4BR5Z9RDZ64</lei>
        <title>Masterbrand, Inc.</title>
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          <isin value="US57638PAA21"/>
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        <balance>6170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6365311.35000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Matador Resources Co.</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Co.</title>
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          <isin value="US576485AF30"/>
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        <balance>4470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4578522.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Matador Resources Co.</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Co.</title>
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        <balance>670000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Matador Resources Co.</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Co.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-15</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
        <lei>549300DNGHXL0OMHW304</lei>
        <title>Mauser Packaging Solutions Holding Co.</title>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
        <lei>549300DNGHXL0OMHW304</lei>
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        <name>Medline Borrower LP</name>
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      <invstOrSec>
        <name>Stagwell Global LLC</name>
        <lei>984500904E015Z0C1F82</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Midcontinent Communications</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Millrose Properties, Inc.</name>
        <lei>N/A</lei>
        <title>Millrose Properties, Inc.</title>
        <cusip>601137AA0</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Millrose Properties, Inc.</name>
        <lei>N/A</lei>
        <title>Millrose Properties, Inc.</title>
        <cusip>601137AB8</cusip>
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        <name>Miter Brands Acquisition Holdco, Inc.</name>
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        <name>Medline Borrower LP</name>
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        <name>NCR Voyix Corp.</name>
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        <name>NCL Corp. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>NRG Energy, Inc.</name>
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        <name>NRG Energy, Inc.</name>
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        <name>NCR Atleos Corp.</name>
        <lei>9845005FC3S0VA714741</lei>
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        <name>Noble Finance II LLC</name>
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        <name>Gen Digital, Inc.</name>
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        <name>NOVA Chemicals Corp.</name>
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        <name>NOVA Chemicals Corp.</name>
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        <name>Novelis Corp.</name>
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        <name>NuStar Logistics LP</name>
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        <name>Chord Energy Corp.</name>
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        <name>Olin Corp.</name>
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        <name>ON Semiconductor Corp.</name>
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        <name>OneMain Finance Corp.</name>
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        <name>Pike Corp.</name>
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        <name>Pike Corp.</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>Post Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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          <isin value="US737446AU86"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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          <isin value="US737446AX26"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Prairie Acquiror LP</name>
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          <isin value="US73943NAA46"/>
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        <balance>5270000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
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      <invstOrSec>
        <name>Prime Security Services Borrower LLC</name>
        <lei>N/A</lei>
        <title>Prime Security Services Borrower LLC</title>
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          <isin value="US74166MAC01"/>
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        <balance>4458000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>ADT Security Corp. (The)</name>
        <lei>5493009JEEDYLVRA0J13</lei>
        <title>ADT Security Corp. (The)</title>
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          <isin value="US74166NAA28"/>
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        <balance>470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>455584.58000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Primo Water Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Primo Water Holdings, Inc.</title>
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          <isin value="US74168RAC79"/>
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        <balance>6270000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Qnity Electronics, Inc.</name>
        <lei>254900RSUG4J9TFFZX53</lei>
        <title>Qnity Electronics, Inc.</title>
        <cusip>74743LAA8</cusip>
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          <isin value="US74743LAA89"/>
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        <balance>715000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>Qnity Electronics, Inc.</name>
        <lei>254900RSUG4J9TFFZX53</lei>
        <title>Qnity Electronics, Inc.</title>
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        <balance>2318000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-15</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>QXO Building Products, Inc.</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>QXO Building Products, Inc.</title>
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        <balance>770000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rocket Mortgage LLC</name>
        <lei>N/A</lei>
        <title>Rocket Mortgage LLC</title>
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        <balance>2270000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <name>Rocket Mortgage LLC</name>
        <lei>N/A</lei>
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        <name>Quikrete Holdings, Inc.</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>Quikrete Holdings, Inc.</title>
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        <name>RHP Hotel Properties LP</name>
        <lei>N/A</lei>
        <title>RHP Hotel Properties LP</title>
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        <name>RHP Hotel Properties LP</name>
        <lei>N/A</lei>
        <title>RHP Hotel Properties LP</title>
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        <name>RHP Hotel Properties LP</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Radiology Partners, Inc.</name>
        <lei>549300SFTAG2177WUZ08</lei>
        <title>Radiology Partners, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Range Resources Corp.</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>Range Resources Corp.</title>
        <cusip>75281ABK4</cusip>
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          <isin value="US75281ABK43"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2466692.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Raven Acquisition Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Anywhere Real Estate Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Anywhere Real Estate Group LLC</name>
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      <invstOrSec>
        <name>Anywhere Real Estate Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SPX FLOW, Inc.</name>
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        <name>RingCentral, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.50000000</annualizedRt>
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        <name>Rivers Enterprise Lender LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.25000000</annualizedRt>
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        <name>Rocket Cos., Inc.</name>
        <lei>N/A</lei>
        <title>Rocket Cos., Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Rocket Cos., Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
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        <name>Rocket Cos., Inc.</name>
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        <name>Rocket Cos., Inc.</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>SM Energy Co.</name>
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        <name>SM Energy Co.</name>
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        <name>SS&amp;C Technologies, Inc.</name>
        <lei>549300KY09TR3J12JU49</lei>
        <title>SS&amp;C Technologies, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SS&amp;C Technologies, Inc.</name>
        <lei>549300KY09TR3J12JU49</lei>
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      <invstOrSec>
        <name>Six Flags Entertainment Corp.</name>
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        <name>Smyrna Ready Mix Concrete LLC</name>
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        <name>Snap, Inc.</name>
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        <name>Solstice Advanced Materials, Inc.</name>
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        <name>Sonic Automotive, Inc.</name>
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        <name>Sotera Health Holdings LLC</name>
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        <name>Expand Energy Corp.</name>
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        <name>OneMain Finance Corp.</name>
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        <name>Spirit AeroSystems, Inc.</name>
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        <name>Block, Inc.</name>
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        <name>Staples, Inc.</name>
        <lei>XQM2JINI1UL7642TU573</lei>
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        <name>Staples, Inc.</name>
        <lei>XQM2JINI1UL7642TU573</lei>
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        <name>Suburban Propane Partners LP</name>
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        <name>Sunoco LP</name>
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        <name>Sunoco LP</name>
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        <name>Talen Energy Supply LLC</name>
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        <name>TEGNA, Inc.</name>
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        <name>Teleflex, Inc.</name>
        <lei>UUL85LWXB4NGSWWXIQ25</lei>
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        <name>Somnigroup International, Inc.</name>
        <lei>549300HFEKVR3US71V91</lei>
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        <name>Somnigroup International, Inc.</name>
        <lei>549300HFEKVR3US71V91</lei>
        <title>Somnigroup International, Inc.</title>
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        <name>Terex Corp.</name>
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        <name>TopBuild Corp.</name>
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        <name>TopBuild Corp.</name>
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        <name>TransDigm, Inc.</name>
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        <name>TransDigm, Inc.</name>
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        <name>Transocean International Ltd.</name>
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        <name>United Airlines, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vail Resorts, Inc.</name>
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        <name>Valaris Ltd.</name>
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        <name>Venture Global LNG, Inc.</name>
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        <name>Viking Cruises Ltd.</name>
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        <name>VistaJet Malta Finance plc</name>
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        <name>VoltaGrid LLC</name>
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        <name>WMG Acquisition Corp.</name>
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        <name>WR Grace Holdings LLC</name>
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        <name>WBI Operating LLC</name>
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        <name>Wabash National Corp.</name>
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        <name>WESCO Distribution, Inc.</name>
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        <name>Williams Scotsman, Inc.</name>
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        <name>WULF Compute LLC</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>Wynn Resorts Finance LLC</name>
        <lei>N/A</lei>
        <title>Wynn Resorts Finance LLC</title>
        <cusip>983133AA7</cusip>
        <identifiers>
          <isin value="US983133AA70"/>
        </identifiers>
        <balance>4870000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4894437.66000000</valUSD>
        <pctVal>0.230933273219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>Wynn Resorts Finance LLC</name>
        <lei>N/A</lei>
        <title>Wynn Resorts Finance LLC</title>
        <cusip>983133AC3</cusip>
        <identifiers>
          <isin value="US983133AC37"/>
        </identifiers>
        <balance>2200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2376748.00000000</valUSD>
        <pctVal>0.112141625532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</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>RXO, Inc.</name>
        <lei>549300KL8CA6GP8XPM30</lei>
        <title>RXO, Inc.</title>
        <cusip>98379JAA3</cusip>
        <identifiers>
          <isin value="US98379JAA34"/>
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        <balance>2170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2210687.50000000</valUSD>
        <pctVal>0.104306426173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XPO, Inc.</name>
        <lei>54930096DB9LCLPN7H13</lei>
        <title>XPO, Inc.</title>
        <cusip>98379KAA0</cusip>
        <identifiers>
          <isin value="US98379KAA07"/>
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        <balance>3670000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3745029.48000000</valUSD>
        <pctVal>0.176700976945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XPO, Inc.</name>
        <lei>54930096DB9LCLPN7H13</lei>
        <title>XPO, Inc.</title>
        <cusip>98379KAB8</cusip>
        <identifiers>
          <isin value="US98379KAB89"/>
        </identifiers>
        <balance>4870000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5094541.09000000</valUSD>
        <pctVal>0.240374713336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</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>Xerox Corp.</name>
        <lei>4KF48RN45X1OO8UBLY20</lei>
        <title>Xerox Corp.</title>
        <cusip>984121CS0</cusip>
        <identifiers>
          <isin value="US984121CS05"/>
        </identifiers>
        <balance>3270000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3352721.19000000</valUSD>
        <pctVal>0.158190773360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xerox Holdings Corp.</name>
        <lei>5493000Y33XDVO2CXC18</lei>
        <title>Xerox Holdings Corp.</title>
        <cusip>98421MAC0</cusip>
        <identifiers>
          <isin value="US98421MAC01"/>
        </identifiers>
        <balance>2270000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>833060.26000000</valUSD>
        <pctVal>0.039306115634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>J.P. Morgan Exchange-Traded Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>Timothy J. Clemens</ncom:signature>
      <ncom:signerName>Timothy J. Clemens</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
