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        <name>Nexstar Media, Inc.</name>
        <lei>5493006PK6I4I2OOT688</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Baldwin Insurance Group Holdings LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>PRA Group, Inc.</name>
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        <title>PRA Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Community Health Systems, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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          <annualizedRt>10.87500000</annualizedRt>
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      <invstOrSec>
        <name>Genesis Energy LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>PTC, Inc.</name>
        <lei>54930050SSMU8SKDJ030</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Olympus Water US Holding Corp.</name>
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        <name>TD SECURITIES (USA) LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Warnermedia Holdings, Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>Warnermedia Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Sinclair Television Group, Inc.</name>
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        <name>Calumet Specialty Products Partners LP</name>
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        <title>Calumet Specialty Products Partners LP</title>
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        <name>Transocean International Ltd.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
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        <name>Matador Resources Co.</name>
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        <name>Clarios Global LP</name>
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        <name>Carriage Services, Inc.</name>
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        <name>SUMITOMO MITSUI TRUST BANK LTD,NY</name>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC Holdings LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Performance Food Group, Inc.</name>
        <lei>549300OMUOGBYK0FFO76</lei>
        <title>Performance Food Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Frontier Communications Holdings LLC</name>
        <lei>N/A</lei>
        <title>Frontier Communications Holdings 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>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
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      <invstOrSec>
        <name>ION Platform Finance US, Inc.</name>
        <lei>N/A</lei>
        <title>ION Platform Finance US, Inc.</title>
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          <isin value="US46206AAF93"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1296121.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>9.00000000</annualizedRt>
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      <invstOrSec>
        <name>GPD Cos., Inc.</name>
        <lei>N/A</lei>
        <title>GPD Cos., Inc.</title>
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          <isin value="US36260VAB62"/>
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        <balance>363657.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>189938.27000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.50000000</annualizedRt>
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      <invstOrSec>
        <name>Molina Healthcare, Inc.</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>Molina Healthcare, Inc.</title>
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          <isin value="US60855RAK68"/>
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        <balance>1070000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>986938.90000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>APi Group DE, Inc.</name>
        <lei>549300XP4G7B4QYA0G83</lei>
        <title>APi Group DE, Inc.</title>
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          <isin value="US00185PAA93"/>
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        <balance>275000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Kennedy-Wilson, Inc.</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
        <title>Kennedy-Wilson, Inc.</title>
        <cusip>489399AL9</cusip>
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          <isin value="US489399AL90"/>
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        <balance>605000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>592024.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Clean Harbors, Inc.</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>Clean Harbors, Inc.</title>
        <cusip>184496AQ0</cusip>
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          <isin value="US184496AQ03"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5119.69000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dresdner Funding Trust I</name>
        <lei>549300ZEO4BKB37E3J03</lei>
        <title>Dresdner Funding Trust I</title>
        <cusip>26156FAA1</cusip>
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          <isin value="US26156FAA12"/>
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        <balance>925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1016873.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.15100000</annualizedRt>
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      <invstOrSec>
        <name>Hilcorp Energy I LP</name>
        <lei>N/A</lei>
        <title>Hilcorp Energy I LP</title>
        <cusip>431318AZ7</cusip>
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        <balance>365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>350069.05000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <name>K. Hovnanian Enterprises, Inc.</name>
        <lei>549300JJCQ0KAI7CJG32</lei>
        <title>K. Hovnanian Enterprises, Inc.</title>
        <cusip>48251UAP3</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Genesis Energy LP</name>
        <lei>N/A</lei>
        <title>Genesis Energy LP</title>
        <cusip>37185LAP7</cusip>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>416990.40000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>Martin Midstream Partners LP</name>
        <lei>N/A</lei>
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        <cusip>573334AK5</cusip>
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          <isin value="US573334AK58"/>
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        <balance>311000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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          <annualizedRt>11.50000000</annualizedRt>
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        <name>Nassau Cos. of New York (The)</name>
        <lei>N/A</lei>
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        <balance>1065000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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          <annualizedRt>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>Bread Financial Holdings, Inc.</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>Bread Financial Holdings, Inc.</title>
        <cusip>018581AQ1</cusip>
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        <balance>1250000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Insight Enterprises, Inc.</name>
        <lei>529900S8991TYW6YP792</lei>
        <title>Insight Enterprises, Inc.</title>
        <cusip>45765UAC7</cusip>
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        <balance>250000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Park-Ohio Industries, Inc.</name>
        <lei>5493006LQUO5SLMNYM18</lei>
        <title>Park-Ohio Industries, Inc.</title>
        <cusip>700677AS6</cusip>
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        <balance>3004000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
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          <annualizedRt>8.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Trident TPI Holdings, Inc.</name>
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        <name>SeaWorld Parks &amp; Entertainment, Inc.</name>
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        <name>BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc.</name>
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        <name>Star Leasing Co. LLC</name>
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        <name>Ascent Resources Utica Holdings LLC</name>
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        <name>Ziff Davis, Inc.</name>
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        <name>Under Armour, Inc.</name>
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        <name>CQP Holdco LP</name>
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        <name>Ally Financial, Inc.</name>
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        <name>Ingles Markets, Inc.</name>
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        <name>goeasy Ltd.</name>
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        <name>Albertsons Cos., Inc.</name>
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        <name>KB Home</name>
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        <name>Venture Global LNG, Inc.</name>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <name>MUFG Bank Ltd, New York Branch</name>
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        <name>Murphy Oil USA, Inc.</name>
        <lei>N32S6DTR2ZZ5222WHV58</lei>
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        <name>Arsenal AIC Parent LLC</name>
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        <title>Arsenal AIC Parent LLC</title>
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      <invstOrSec>
        <name>Real Hero Merger Sub 2, Inc.</name>
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        <name>XPLR Infrastructure Operating Partners LP</name>
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        <name>CSC Holdings LLC</name>
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      <invstOrSec>
        <name>Wrangler Holdco Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Central Garden &amp; Pet Co.</name>
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        <name>New Gold, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Acceptance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Allison Transmission, Inc.</name>
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        <name>Shea Homes LP</name>
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        <name>GCI LLC</name>
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        <name>Iron Mountain, Inc.</name>
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        <name>Caturus Energy LLC</name>
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        <name>Icahn Enterprises LP</name>
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        <name>Borr IHC Ltd.</name>
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        <name>Warrior Met Coal, Inc.</name>
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        <name>Charles River Laboratories International, Inc.</name>
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        <name>Enova International, Inc.</name>
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        <title>Enova International, Inc.</title>
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        <name>Mobius Merger Sub, Inc.</name>
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        <name>Big River Steel LLC</name>
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        <name>CCO Holdings LLC</name>
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        <name>Post Holdings, Inc.</name>
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        <name>JW Aluminum Continuous Cast Co.</name>
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        <name>M/I Homes, Inc.</name>
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        <name>Williams Scotsman, Inc.</name>
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        <name>BANK OF NOVA SCOTIA HOUSTON</name>
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        <name>Great Lakes Dredge &amp; Dock Corp.</name>
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        <name>Beazer Homes USA, Inc.</name>
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        <name>Crocs, Inc.</name>
        <lei>549300B0J6YCXD63OG72</lei>
        <title>Crocs, Inc.</title>
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        <name>OneMain Finance Corp.</name>
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        <name>FNMA</name>
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        <name>Gen Digital, Inc.</name>
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        <name>Luna 1.5 Sarl</name>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <name>Nufarm Australia Ltd.</name>
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        <name>Maxam Prill Sarl</name>
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        <name>Prime Security Services Borrower LLC</name>
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        <name>Encompass Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Artera Services LLC</name>
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        <invCountry>KY</invCountry>

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        <name>Champions Financing, Inc.</name>
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        <name>Velocity Vehicle Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TK Elevator US Newco, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
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        <name>Edgewell Personal Care Co.</name>
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        <name>FXI Holdings, Inc.</name>
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        <name>Live Nation Entertainment, Inc.</name>
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        <name>Global Partners LP</name>
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        <name>Cinemark USA, Inc.</name>
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        <name>Voyager Parent LLC</name>
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        <name>Alta Equipment Group, Inc.</name>
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        <name>DENTSPLY SIRONA, Inc.</name>
        <lei>9NHEHR1SOZCYXDO8HO28</lei>
        <title>Dentsply Sirona, Inc.</title>
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        <name>Crescent Energy Finance LLC</name>
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        <name>Dornoch Debt Merger Sub, Inc.</name>
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        <name>Lamar Media Corp.</name>
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        <name>Embecta Corp.</name>
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        <name>McAfee Corp.</name>
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        <name>Columbus McKinnon Corp.</name>
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        <name>Ziggo BV</name>
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        <name>Eldorado Gold Corp.</name>
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        <name>Global Auto Holdings Ltd.</name>
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        <name>Methanex Corp.</name>
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        <name>Rockies Express Pipeline LLC</name>
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        <name>Kodiak Gas Services LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nordstrom, Inc.</name>
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        <name>BKV Upstream Midstream LLC</name>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <name>Jefferson Capital Holdings LLC</name>
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        <name>Genesis Energy LP</name>
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        <name>Midcontinent Communications</name>
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        <name>PetSmart LLC</name>
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        <name>NESCO Holdings II, Inc.</name>
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        <name>PBF Holding Co. LLC</name>
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      <invstOrSec>
        <name>Summit Midstream Holdings LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RLJ Lodging Trust LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Open Text Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toucan FinCo. Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mattamy Group Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pitney Bowes, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LABL, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Genting New York LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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        <name>Whirlpool Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-03-30</maturityDt>
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        <name>Buckeye Partners LP</name>
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        <title>Buckeye Partners LP</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
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        <name>Viavi Solutions, Inc.</name>
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        <name>United Wholesale Mortgage LLC</name>
        <lei>549300HW662MN1WU8550</lei>
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        <name>QXO Building Products, Inc.</name>
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        <name>EUSHI Finance, Inc.</name>
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        <name>Arches Buyer, Inc.</name>
        <lei>2549009ADY4208OH2Y47</lei>
        <title>Arches Buyer, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Acushnet Co.</name>
        <lei>549300H805O14KEFES79</lei>
        <title>Acushnet Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
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      <invstOrSec>
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        <name>SUMITOMO MITSUI BANKING CORP NY</name>
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        <name>Howard Midstream Energy Partners LLC</name>
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        <name>Teleflex, Inc.</name>
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        <name>Ardonagh Finco Ltd.</name>
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        <name>Allen Media LLC</name>
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        <name>Reworld Holding Corp.</name>
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        <name>Iliad Holding SAS</name>
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        <name>SBA Communications Corp.</name>
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        <name>Phinia, Inc.</name>
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        <name>Viking Baked Goods Acquisition Corp.</name>
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        <name>Central Garden &amp; Pet Co.</name>
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        <name>Toledo Hospital (The)</name>
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        <name>B&amp;G Foods, Inc.</name>
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        <name>Vmed O2 UK Financing I plc</name>
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        <name>AltaGas Ltd.</name>
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        <name>Scientific Games Holdings LP</name>
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        <name>MPT Operating Partnership LP</name>
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        <name>Century Communities, Inc.</name>
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        <name>Liberty Mutual Group, Inc.</name>
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        <name>CSC Holdings LLC</name>
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        <name>Resorts World Las Vegas LLC</name>
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        <name>Herens Holdco Sarl</name>
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        <name>Community Health Systems, Inc.</name>
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        <name>Element Solutions, Inc.</name>
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        <name>Patrick Industries, Inc.</name>
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        <name>Liberty Mutual Group, Inc.</name>
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        <name>Commercial Metals Co.</name>
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        <name>SK Invictus Intermediate II Sarl</name>
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        <name>Crowdstrike Holdings, Inc.</name>
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        <name>Acadia Healthcare Co., Inc.</name>
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        <name>PacifiCorp</name>
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        <name>Seagate Data Storage Technology Pte. Ltd.</name>
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        <name>Cerdia Finanz GmbH</name>
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        <name>Telecom Italia Capital SA</name>
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        <name>Novelis Corp.</name>
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        <name>Affinity Interactive</name>
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        <name>Bath &amp; Body Works, Inc.</name>
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        <name>USA Compression Partners LP</name>
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        <name>Gap, Inc. (The)</name>
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        <name>FirstCash, Inc.</name>
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        <name>Transocean International Ltd.</name>
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        <name>Methanex Corp.</name>
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        <name>Fertitta Entertainment LLC</name>
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        <name>Ball Corp.</name>
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        <name>Allied Universal Holdco LLC</name>
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        <name>VZ Secured Financing BV</name>
        <lei>549300MG611MYCOWY949</lei>
        <title>VZ Secured Financing BV</title>
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        <name>Enpro, Inc.</name>
        <lei>549300Y5CFT2LKCFDN54</lei>
        <title>Enpro, Inc.</title>
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      <invstOrSec>
        <name>CSC Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BARCLAYS NEW YORK</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cobra AcquisitionCo LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Terex Corp.</name>
        <lei>YAWJZJYEQ7M1SYMOS462</lei>
        <title>Terex Corp.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tri Pointe Homes, Inc.</name>
        <lei>N/A</lei>
        <title>Tri Pointe Homes, Inc.</title>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Kennedy-Wilson, Inc.</name>
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        <title>Kennedy-Wilson, Inc.</title>
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        <balance>500000.00000000</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>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Radiate Holdco LLC</name>
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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>
        <debtSec>
          <maturityDt>2029-09-25</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>GoTo Group, Inc.</name>
        <lei>549300D12V5KRBV00592</lei>
        <title>GoTo Group, Inc.</title>
        <cusip>38349YAB1</cusip>
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        <balance>340780.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115865.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Newfold Digital Holdings Group, Inc.</name>
        <lei>549300UTQC2651SB0W88</lei>
        <title>Newfold Digital Holdings Group, Inc.</title>
        <cusip>650929AC6</cusip>
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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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          <annualizedRt>11.75000000</annualizedRt>
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        <name>Avis Budget Car Rental LLC</name>
        <lei>N/A</lei>
        <title>Avis Budget Car Rental LLC</title>
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        <balance>50000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
        <cusip>36485MAM1</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Encompass Health Corp.</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>Encompass Health Corp.</title>
        <cusip>29261AAE0</cusip>
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          <isin value="US29261AAE01"/>
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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>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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        <name>XPLR Infrastructure Operating Partners LP</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>XPLR Infrastructure Operating Partners LP</title>
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        <name>Bell Telephone Co. of Canada or Bell Canada</name>
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        <title>Bell Canada</title>
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        <balance>100000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial</title>
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        <name>Alliance Resource Operating Partners LP</name>
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        <title>Alliance Resource Operating Partners LP</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kedrion SpA</name>
        <lei>81560047FA58E1BEDF67</lei>
        <title>Kedrion SpA</title>
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        <balance>1369000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
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        <name>Valaris Ltd.</name>
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        <name>Phoenix Aviation Capital Ltd.</name>
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        <name>Wilsonart LLC</name>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <name>Sirius XM Radio LLC</name>
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        <name>Genesis Energy LP</name>
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        <name>Post Holdings, Inc.</name>
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        <name>Arbor Realty SR, Inc.</name>
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        <name>WR Grace Holdings LLC</name>
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        <name>Boise Cascade Co.</name>
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        <name>EW Scripps Co. (The)</name>
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        <name>CCO Holdings LLC</name>
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        <name>TGS ASA</name>
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        <name>Scotts Miracle-Gro Co. (The)</name>
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        <name>Calderys Financing II LLC</name>
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        <name>Iron Mountain Information Management Services, Inc.</name>
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        <name>Zebra Technologies Corp.</name>
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        <name>Coinbase Global, Inc.</name>
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        <name>Tallgrass Energy Partners LP</name>
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        <name>HB Fuller Co.</name>
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        <name>Midcap Financial Issuer Trust</name>
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        <name>Rithm Capital Corp.</name>
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        <name>ASP Unifrax Holdings, Inc.</name>
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        <name>MPT Operating Partnership LP</name>
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        <name>CCO Holdings LLC</name>
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        <name>Aptiv Swiss Holdings Ltd.</name>
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        <name>AmWINS Group, Inc.</name>
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        <name>Marriott Ownership Resorts, Inc.</name>
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        <name>Univision Communications, Inc.</name>
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        <name>BARCLAYS NEW YORK</name>
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        <name>Energy Transfer LP</name>
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        <name>BANK OF NOVA SCOTIA HOUSTON</name>
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        <name>Masterbrand, Inc.</name>
        <lei>549300E0Y4BR5Z9RDZ64</lei>
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        <name>Tri Pointe Homes, Inc.</name>
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        <name>Genesis Energy LP</name>
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      <invstOrSec>
        <name>CD&amp;R Smokey Buyer, Inc.</name>
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        <name>Axon Enterprise, Inc.</name>
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        <title>Axon Enterprise, Inc.</title>
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        <name>IHO Verwaltungs GmbH</name>
        <lei>529900JL0HDVGZMUJF32</lei>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Altice France SA</name>
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        <name>Long Ridge Energy LLC</name>
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        <name>Freedom Mortgage Corp.</name>
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        <name>Blue Racer Midstream LLC</name>
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        <name>Scripps Escrow II, Inc.</name>
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        <name>Coronado Finance Pty. Ltd.</name>
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        <name>Open Text Holdings, Inc.</name>
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        <name>SESI LLC</name>
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        <name>Rogers Communications, Inc.</name>
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        <name>Albertsons Cos., Inc.</name>
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        <name>Albion Financing 1 SARL</name>
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        <name>Xerox Corp.</name>
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        <name>Go Daddy Operating Co. LLC</name>
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        <name>Altice Financing SA</name>
        <lei>549300DIYGW8HVDF7Q17</lei>
        <title>Altice Financing SA</title>
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        <name>Grand Canyon University</name>
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        <name>FMC Corp.</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Brightline East LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kontoor Brands, Inc.</name>
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        <name>Banijay Entertainment SAS</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>VFH Parent LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nordstrom, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kronos Acquisition Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RB Global Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gray Media, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Boyd Gaming Corp.</name>
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        <name>Whirlpool Corp.</name>
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        <name>OneMain Finance Corp.</name>
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        <name>Macy's Retail Holdings LLC</name>
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        <name>Post Holdings, Inc.</name>
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        <name>Clarivate Science Holdings Corp.</name>
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        <name>GrubHub Holdings, Inc.</name>
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        <name>CVR Energy, Inc.</name>
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      <invstOrSec>
        <name>Embecta Corp.</name>
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        <name>Carvana Co.</name>
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        <name>US Acute Care Solutions LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
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      <invstOrSec>
        <name>AmeriGas Partners LP</name>
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          <isin value="US030981AP92"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>9.50000000</annualizedRt>
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      <invstOrSec>
        <name>Gen Digital, Inc.</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Cloud Software Group, Inc.</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Smyrna Ready Mix Concrete LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SS&amp;C Technologies, Inc.</name>
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        <name>Millrose Properties, Inc.</name>
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        <name>Delek Logistics Partners LP</name>
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        <name>Directv Financing LLC</name>
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        <name>Sinclair Television Group, Inc.</name>
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        <name>Churchill Downs, Inc.</name>
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        <name>SM Energy Co.</name>
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        <name>CoreLogic, Inc.</name>
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        <name>Gap, Inc. (The)</name>
        <lei>T2ZG1WRWZ4BUCMQL9224</lei>
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        <invCountry>US</invCountry>
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        <name>APi Group DE, Inc.</name>
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        <name>Post Holdings, Inc.</name>
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        <name>Belo Corp.</name>
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        <name>Viking Cruises Ltd.</name>
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        <name>Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc</name>
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        <name>ADT Security Corp. (The)</name>
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        <name>TEGNA, Inc.</name>
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        <name>TransDigm, Inc.</name>
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        <name>Energizer Holdings, Inc.</name>
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        <name>Ardonagh Group Finance Ltd.</name>
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        <name>FTAI Aviation Investors LLC</name>
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        <name>Altice France SA</name>
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        <name>Owens-Brockway Glass Container, Inc.</name>
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        <name>ADT Security Corp. (The)</name>
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        <name>SunCoke Energy, Inc.</name>
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        <name>Olin Corp.</name>
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        <name>Wabash National Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Transocean International Ltd.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
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      <invstOrSec>
        <name>Capstone Borrower, Inc.</name>
        <lei>254900YSP2BAI3YKIX08</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Adient Global Holdings Ltd.</name>
        <lei>213800VA38VCKE6M8790</lei>
        <title>Adient Global Holdings Ltd.</title>
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        <curCd>USD</curCd>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-15</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>Zayo Group Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-09</maturityDt>
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      <invstOrSec>
        <name>Seagate Data Storage Technology Pte. Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AECOM</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Stonex Escrow Issuer LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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        <name>RHP Hotel Properties LP</name>
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        <balance>390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>384354.09000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>LABL, Inc.</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
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        <name>Murphy Oil USA, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BlackRock TCP Capital Corp.</name>
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        <title>BlackRock TCP Capital Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Edison International</name>
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        <title>Edison International</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>XHR LP</name>
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        <name>CP Atlas Buyer, Inc.</name>
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        <name>RLJ Lodging Trust LP</name>
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        <name>CNX Resources Corp.</name>
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        <title>CNX Resources Corp.</title>
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        <name>Altice France SA</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>Altice France SA</title>
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        <name>Iron Mountain, Inc.</name>
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        <name>Kronos Acquisition Holdings, Inc.</name>
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        <name>Global Auto Holdings Ltd.</name>
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        <name>Harvest Midstream I LP</name>
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        <name>Vermilion Energy, Inc.</name>
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        <name>goeasy Ltd.</name>
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        <name>Hilcorp Energy I LP</name>
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        <name>Bath &amp; Body Works, Inc.</name>
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        <name>RHP Hotel Properties LP</name>
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        <name>Ashton Woods USA LLC</name>
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        <name>FMC Corp.</name>
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        <name>AMC Networks, Inc.</name>
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        <name>Builders FirstSource, Inc.</name>
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        <name>Tallgrass Energy Partners LP</name>
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        <name>Millicom International Cellular SA</name>
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        <name>American Axle &amp; Manufacturing, Inc.</name>
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        <name>Somnigroup International, Inc.</name>
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        <name>Kraken Oil &amp; Gas Partners LLC</name>
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        <name>Millicom International Cellular SA</name>
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        <name>United Airlines Holdings, Inc.</name>
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        <name>ANGI Group LLC</name>
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        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
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        <name>Griffon Corp.</name>
        <lei>5493000C2SGNC7ZN3242</lei>
        <title>Griffon Corp.</title>
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      <invstOrSec>
        <name>Jacobs Entertainment, Inc.</name>
        <lei>5493004U9JIWY3HSUO63</lei>
        <title>Jacobs Entertainment, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TrueNoord Capital DAC</name>
        <lei>N/A</lei>
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          <isin value="US89785GAA67"/>
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        <balance>200000.00000000</balance>
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        <valUSD>210947.00000000</valUSD>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Archrock Partners LP</name>
        <lei>N/A</lei>
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          <isin value="US03959KAC45"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-01</maturityDt>
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      <invstOrSec>
        <name>SBA Communications Corp.</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA Communications Corp.</title>
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          <isin value="US78410GAG91"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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      <invstOrSec>
        <name>KeHE Distributors LLC</name>
        <lei>N/A</lei>
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          <isin value="US487526AC91"/>
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        <balance>1630000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1707856.95000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
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          <annualizedRt>9.00000000</annualizedRt>
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      <invstOrSec>
        <name>Genmab A/S</name>
        <lei>N/A</lei>
        <title>Genmab A/S</title>
        <cusip>37230JAA0</cusip>
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          <isin value="US37230JAA07"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>563770.84000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-15</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>LCM Investments Holdings II LLC</name>
        <lei>549300P5V78NNQTG4428</lei>
        <title>LCM Investments Holdings II LLC</title>
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          <isin value="US50190EAA29"/>
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        <balance>523000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>515356.15000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Staples, Inc.</name>
        <lei>XQM2JINI1UL7642TU573</lei>
        <title>Staples, Inc.</title>
        <cusip>855030AS1</cusip>
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          <isin value="US855030AS17"/>
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        <balance>610000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>499475.56000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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          <annualizedRt>12.75000000</annualizedRt>
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      <invstOrSec>
        <name>CCO Holdings LLC</name>
        <lei>N/A</lei>
        <title>CCO Holdings LLC</title>
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          <isin value="US1248EPCN14"/>
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        <balance>2617000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2348462.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Marriott Ownership Resorts, Inc.</name>
        <lei>BW4532OH033VURR0IT68</lei>
        <title>Marriott Ownership Resorts, Inc.</title>
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          <isin value="US57164PAF36"/>
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        <balance>626000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>Starwood Property Trust, Inc.</title>
        <cusip>85571BBE4</cusip>
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          <isin value="US85571BBE48"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>Nabors Industries, Inc.</name>
        <lei>549300VFQWRKICUFNU92</lei>
        <title>Nabors Industries, Inc.</title>
        <cusip>62957HAR6</cusip>
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          <isin value="US62957HAR66"/>
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        <balance>550000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
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          <annualizedRt>7.62500000</annualizedRt>
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        <name>Rakuten Group, Inc.</name>
        <lei>529900IMXUCQKUL1H943</lei>
        <title>Rakuten Group, Inc.</title>
        <cusip>75102WAK4</cusip>
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        <balance>750000.00000000</balance>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>9.75000000</annualizedRt>
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        <name>Arcosa, Inc.</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>Arcosa, Inc.</title>
        <cusip>039653AA8</cusip>
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          <isin value="US039653AA89"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Brand Industrial Services, Inc.</name>
        <lei>549300B658W2BPDQMW42</lei>
        <title>Brand Industrial Services, Inc.</title>
        <cusip>104931AA8</cusip>
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      <invstOrSec>
        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
        <cusip>36485MAN9</cusip>
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          <isin value="US36485MAN92"/>
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        <balance>395000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
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          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>Tallgrass Energy Partners LP</name>
        <lei>N/A</lei>
        <title>Tallgrass Energy Partners LP</title>
        <cusip>87470LAL5</cusip>
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        <balance>235000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brookfield Residential Properties, Inc.</name>
        <lei>N/A</lei>
        <title>Brookfield Residential Properties, Inc.</title>
        <cusip>11283YAG5</cusip>
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        <name>Crane NXT Co.</name>
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        <name>Forestar Group, Inc.</name>
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        <name>Champion Iron Canada, Inc.</name>
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        <name>Michaels Cos., Inc. (The)</name>
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        <name>Suburban Propane Partners LP</name>
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        <name>SUMITOMO MITSUI TRUST BANK LTD, LDN</name>
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        <name>Shift4 Payments LLC</name>
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        <name>PG&amp;E Corp.</name>
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        <name>Cinemark USA, Inc.</name>
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        <name>Adient Global Holdings Ltd.</name>
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        <name>Live Nation Entertainment, Inc.</name>
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        <name>1011778 BC ULC</name>
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        <name>CCO Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilcorp Energy I LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oceaneering International, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>Starwood Property Trust, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Urban One, Inc.</name>
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        <title>Urban One, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>StoneMor, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Uniti Group LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-15</maturityDt>
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      <invstOrSec>
        <name>CNX Resources Corp.</name>
        <lei>549300JK3KH8PWM3B226</lei>
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        <name>Antero Midstream Partners LP</name>
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        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
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        <name>Adams Homes, Inc.</name>
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        <name>Gray Media, Inc.</name>
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        <name>IHO Verwaltungs GmbH</name>
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        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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      <invstOrSec>
        <name>CMG Media Corp.</name>
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        <name>FTAI Aviation Investors LLC</name>
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        <title>FTAI Aviation Investors LLC</title>
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        <name>Ashton Woods USA LLC</name>
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        <name>Owens-Brockway Glass Container, Inc.</name>
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        <name>SCIH Salt Holdings, Inc.</name>
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        <name>Northern Oil &amp; Gas, Inc.</name>
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        <name>Blackstone Mortgage Trust, Inc.</name>
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        <name>Deluxe Corp.</name>
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        <name>Burford Capital Global Finance LLC</name>
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        <name>SM Energy Co.</name>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <name>Sabre Financial Borrower LLC</name>
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        <name>Anywhere Real Estate Group LLC</name>
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        <name>William Carter Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Genmab A/S</name>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WR Grace Holdings LLC</name>
        <lei>549300WNOVFRGYOAEB12</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sunoco LP</name>
        <lei>N/A</lei>
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          <isin value="US86765KAA79"/>
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        <balance>230000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Buyer Ltd.</name>
        <lei>N/A</lei>
        <title>California Buyer Ltd.</title>
        <cusip>13005HAA8</cusip>
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          <isin value="US13005HAA86"/>
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        <balance>580000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Student Bidco, Inc.</name>
        <lei>N/A</lei>
        <title>First Student Bidco, Inc.</title>
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          <isin value="US337120AA74"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-31</maturityDt>
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      <invstOrSec>
        <name>Hilcorp Energy I LP</name>
        <lei>N/A</lei>
        <title>Hilcorp Energy I LP</title>
        <cusip>431318AV6</cusip>
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          <isin value="US431318AV64"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Atkore, Inc.</name>
        <lei>52990002TI38AM4RPV48</lei>
        <title>Atkore, Inc.</title>
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          <isin value="US047649AA63"/>
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        <balance>100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>CVR Energy, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
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          <annualizedRt>8.50000000</annualizedRt>
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        <name>XPLR Infrastructure Operating Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Allied Universal Holdco LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Azorra Finance Ltd.</name>
        <lei>254900MC1HXDAVUUP395</lei>
        <title>Azorra Finance Ltd.</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Domtar Corp.</name>
        <lei>XYSIJOU3HNVROZWNA008</lei>
        <title>Domtar Corp.</title>
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        <name>New Flyer Holdings, Inc.</name>
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      <invstOrSec>
        <name>Teine Energy Ltd.</name>
        <lei>894500JBC83AX7PYEU16</lei>
        <title>Teine Energy Ltd.</title>
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        <balance>375000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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        <name>Dotdash Meredith, Inc.</name>
        <lei>549300R2AA7U9CJUQO13</lei>
        <title>Dotdash Meredith, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Encore Capital Group, Inc.</name>
        <lei>5493000UVC6H49CIH830</lei>
        <title>Encore Capital Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>9.25000000</annualizedRt>
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      <invstOrSec>
        <name>Neptune Bidco US, Inc.</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>Neptune Bidco US, Inc.</title>
        <cusip>640695AA0</cusip>
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        <balance>1590000.00000000</balance>
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        <name>Innophos Holdings, Inc.</name>
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        <name>goeasy Ltd.</name>
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        <name>Millicom International Cellular SA</name>
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        <name>Univision Communications, Inc.</name>
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        <name>CSC Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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        <name>NRG Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ashland, Inc.</name>
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        <name>Lamb Weston Holdings, Inc.</name>
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        <name>TELUS Corp.</name>
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        <name>Hertz Corp. (The)</name>
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        <name>Murphy Oil Corp.</name>
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        <name>Noble Finance II LLC</name>
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        <name>HealthEquity, Inc.</name>
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        <name>Advance Auto Parts, Inc.</name>
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        <name>Sirius XM Radio LLC</name>
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        <name>PROG Holdings, Inc.</name>
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        <name>Hightower Holding LLC</name>
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        <name>CoreCivic, Inc.</name>
        <lei>529900JFA3K6PTLT8B15</lei>
        <title>CoreCivic, Inc.</title>
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        <name>Novelis Corp.</name>
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        <name>Univision Communications, Inc.</name>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <name>Assurant, Inc.</name>
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        <name>PennyMac Financial Services, Inc.</name>
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        <name>Chord Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CoreCivic, Inc.</name>
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        <name>Crescent Energy Finance LLC</name>
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        <name>EnQuest plc</name>
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        <name>Seadrill Finance Ltd.</name>
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        <name>Liberty Mutual Group, Inc.</name>
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        <name>Alliant Holdings Intermediate LLC</name>
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        <name>EnerSys</name>
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        <name>Victra Holdings LLC</name>
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        <name>Murphy Oil USA, Inc.</name>
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        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <name>Anywhere Real Estate Group LLC</name>
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        <name>California Resources Corp.</name>
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        <name>Hilcorp Energy I LP</name>
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        <name>Hilcorp Energy I LP</name>
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        <name>Nexstar Media, Inc.</name>
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        <name>Lamar Media Corp.</name>
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        <name>American Axle &amp; Manufacturing, Inc.</name>
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        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
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        <name>BlueLinx Holdings, Inc.</name>
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        <name>Olympus Water US Holding Corp.</name>
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        <name>Esab Corp.</name>
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        <name>OT Merger Corp.</name>
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        <name>TopBuild Corp.</name>
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        <name>Ferrellgas LP</name>
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        <name>Energy Transfer LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Organon &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arko Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Clear Channel Outdoor Holdings, Inc.</name>
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        <name>FirstCash, Inc.</name>
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        <name>LifePoint Health, Inc.</name>
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        <name>Rocket Software, Inc.</name>
        <lei>549300PVG26ISP5X1556</lei>
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        <name>Icahn Enterprises LP</name>
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        <name>GoTo Group, Inc.</name>
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        <name>Vodafone Group plc</name>
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        <name>Vmed O2 UK Financing I plc</name>
        <lei>213800MRR46ECNGZ7L69</lei>
        <title>Vmed O2 UK Financing I plc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Adtalem Global Education, Inc.</name>
        <lei>549300Z467EZLMODV621</lei>
        <title>Adtalem Global Education, Inc.</title>
        <cusip>00737WAA7</cusip>
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        <name>Global Auto Holdings Ltd.</name>
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        <name>Ithaca Energy North Sea plc</name>
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        <name>Matador Resources Co.</name>
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        <name>Brandywine Operating Partnership LP</name>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DISH DBS Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US Foods, Inc.</name>
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        <title>US Foods, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Bristow Group, Inc.</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>RHP Hotel Properties LP</name>
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          <isin value="US749571AJ42"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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      <invstOrSec>
        <name>American Axle &amp; Manufacturing, Inc.</name>
        <lei>RY5TAKFOBLDUGX31MS24</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PG&amp;E Corp.</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PG&amp;E Corp.</title>
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          <isin value="US69331CAM01"/>
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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>2055-03-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Kennedy-Wilson, Inc.</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
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          <isin value="US489399AM73"/>
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        <balance>440000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>LBM Acquisition LLC</name>
        <lei>549300FAEB3VWZL4NI86</lei>
        <title>LBM Acquisition LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-15</maturityDt>
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          <annualizedRt>9.50000000</annualizedRt>
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        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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        <name>Alteryx, Inc.</name>
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        <title>Alteryx, Inc.</title>
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        <name>Global Partners LP</name>
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        <name>Empire Communities Corp.</name>
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        <title>Empire Communities Corp.</title>
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        <name>Graphic Packaging International LLC</name>
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        <name>Simmons Foods, Inc.</name>
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        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <name>TGNR Intermediate Holdings LLC</name>
        <lei>5493007AZNVKZ5HEMT23</lei>
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      <invstOrSec>
        <name>Prairie Acquiror LP</name>
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        <name>Miter Brands Acquisition Holdco, Inc.</name>
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        <name>Venture Global LNG, Inc.</name>
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        <name>Sealed Air Corp.</name>
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        <name>Energy Transfer LP</name>
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        <name>Mohegan Tribal Gaming Authority</name>
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        <name>Travel + Leisure Co.</name>
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        <name>FTAI Aviation Investors LLC</name>
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        <name>Stena International SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Planet Financial Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EquipmentShare.com, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Specialty Building Products Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Roller Bearing Co. of America, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Group 1 Automotive, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>GGAM Finance Ltd.</name>
        <lei>254900X2QXEN0FVXRF65</lei>
        <title>GGAM Finance Ltd.</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Burford Capital Global Finance LLC</name>
        <lei>549300JVAOO67CSCH406</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>Turning Point Brands, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global LNG, Inc.</name>
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        <name>StoneX Group, Inc.</name>
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        <name>CPI CG, Inc.</name>
        <lei>254900H3R50WH1B1LB48</lei>
        <title>CPI CG, Inc.</title>
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        <name>Provident Funding Associates LP</name>
        <lei>N/A</lei>
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        <name>Taylor Morrison Communities, Inc.</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>Taylor Morrison Communities, Inc.</title>
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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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        <name>NCL Corp. Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL Corp. Ltd.</title>
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        <invCountry>BM</invCountry>

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      <invstOrSec>
        <name>US Foods, Inc.</name>
        <lei>5493000JOOFAOUY1JZ87</lei>
        <title>US Foods, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>RR Donnelley &amp; Sons Co.</name>
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        <name>Open Text Corp.</name>
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        <name>TORONTO DOMINION NY</name>
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        <name>Community Health Systems, Inc.</name>
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        <name>PM General Purchaser LLC</name>
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        <name>Neptune Bidco US, Inc.</name>
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        <name>Sonic Automotive, Inc.</name>
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        <name>Oscar AcquisitionCo LLC</name>
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        <name>Cascades, Inc.</name>
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        <name>FirstCash, Inc.</name>
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        <name>HAH Group Holding Co. LLC</name>
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        <name>Penske Automotive Group, Inc.</name>
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        <name>Moog, Inc.</name>
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        <name>Odeon Finco plc</name>
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        <name>Wynn Resorts Finance LLC</name>
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        <name>Six Flags Entertainment Corp.</name>
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        <name>GFL Environmental, Inc.</name>
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        <name>PRA Group, Inc.</name>
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        <name>Cars.com, Inc.</name>
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        <name>Northern Oil &amp; Gas, Inc.</name>
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        <name>Ingevity Corp.</name>
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        <name>Churchill Downs, Inc.</name>
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        <name>Rand Parent LLC</name>
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        <name>Millicom International Cellular SA</name>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <name>Jaguar Land Rover Automotive plc</name>
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        <name>Sirius XM Radio LLC</name>
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        <name>Ashland, Inc.</name>
        <lei>529900E4L9R04SB8HB11</lei>
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        <name>Rockies Express Pipeline LLC</name>
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        <name>Fair Isaac Corp.</name>
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        <name>SM Energy Co.</name>
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        <name>Goodyear Tire &amp; Rubber Co. (The)</name>
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        <name>Rocket Mortgage LLC</name>
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        <name>CSC Holdings LLC</name>
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        <name>VZ Secured Financing BV</name>
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        <name>TriNet Group, Inc.</name>
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        <name>OneMain Finance Corp.</name>
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        <name>Crane NXT Co.</name>
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        <name>TransDigm, Inc.</name>
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        <name>CP Atlas Buyer, Inc.</name>
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        <name>Infrabuild Australia Pty. Ltd.</name>
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        <name>HTA Group Ltd.</name>
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        <name>Murphy Oil Corp.</name>
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      <invstOrSec>
        <name>Hilton Grand Vacations Borrower LLC</name>
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        <name>MIZUHO BANK LIMITED NEW YORK</name>
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        <name>FMC Corp.</name>
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      <invstOrSec>
        <name>Railworks Holdings LP</name>
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        <name>TransDigm, Inc.</name>
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        <title>TransDigm, Inc.</title>
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      <invstOrSec>
        <name>Burford Capital Global Finance LLC</name>
        <lei>549300JVAOO67CSCH406</lei>
        <title>Burford Capital Global Finance LLC</title>
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      <invstOrSec>
        <name>Global Atlantic Fin Co.</name>
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        <name>RB Global Holdings, Inc.</name>
        <lei>254900LH3N0EGB1LQ203</lei>
        <title>RB Global Holdings, Inc.</title>
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        <name>Trivium Packaging Finance BV</name>
        <lei>724500GMZWW3PVYET548</lei>
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        <name>Marriott Ownership Resorts, Inc.</name>
        <lei>BW4532OH033VURR0IT68</lei>
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        <name>Six Flags Entertainment Corp.</name>
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        <name>Kohl's Corp.</name>
        <lei>549300JF6LPRTRJ0FH50</lei>
        <title>Kohl's Corp.</title>
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        <name>Howard Hughes Corp. (The)</name>
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        <name>Brookfield Residential Properties, Inc.</name>
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        <name>Millrose Properties, Inc.</name>
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        <name>Veritiv Operating Co.</name>
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        <name>VOC Escrow Ltd.</name>
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        <name>Kioxia Holdings Corp.</name>
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        <name>Diamond Foreign Asset Co.</name>
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        <name>United Natural Foods, Inc.</name>
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        <name>Twilio, Inc.</name>
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        <name>TransDigm, Inc.</name>
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        <name>Hilcorp Energy I LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Brink's Co. (The)</name>
        <lei>XFP140TFNOQMIVFTVQ13</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
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        <name>Phinia, Inc.</name>
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        <name>Community Health Systems, Inc.</name>
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        <name>Premier Entertainment Sub LLC</name>
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        <name>Caesars Entertainment, Inc.</name>
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        <name>LCM Investments Holdings II LLC</name>
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        <name>Blackstone Mortgage Trust, Inc.</name>
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        <name>Allied Universal Holdco LLC</name>
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        <name>Olympus Water US Holding Corp.</name>
        <lei>549300YU2GGVCBN3MY89</lei>
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        <name>TransDigm, Inc.</name>
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        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
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        <name>Jane Street Group</name>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saturn Oil &amp; Gas, Inc.</name>
        <lei>549300G6BWJ7K6PIIY73</lei>
        <title>Saturn Oil &amp; Gas, Inc.</title>
        <cusip>80412LAA5</cusip>
        <identifiers>
          <isin value="US80412LAA52"/>
        </identifiers>
        <balance>1488000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1522302.86000000</valUSD>
        <pctVal>0.128891701768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1017733.22000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gates Corp.</name>
        <lei>984500F43C791F4C7894</lei>
        <title>Gates Corp.</title>
        <cusip>367398AA2</cusip>
        <identifiers>
          <isin value="US367398AA27"/>
        </identifiers>
        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1455346.20000000</valUSD>
        <pctVal>0.123222555320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</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>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>FlexShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Randal Rein</ncom:signature>
      <ncom:signerName>Randal Rein</ncom:signerName>
      <ncom:title>Treasurer and PFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
