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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Central Garden &amp; Pet Co.</name>
        <lei>5493004DVZLD37DJ0H83</lei>
        <title>Central Garden &amp; Pet Co.</title>
        <cusip>153527AL0</cusip>
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          <isin value="US153527AL06"/>
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        <curCd>USD</curCd>
        <valUSD>125083.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Bombardier, Inc.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>Bombardier, Inc.</title>
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          <isin value="US097751BP56"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>195637.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Verscend Escrow Corp.</name>
        <lei>N/A</lei>
        <title>Verscend Escrow Corp.</title>
        <cusip>92535WAA8</cusip>
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          <isin value="US92535WAA80"/>
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        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>127500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Change Healthcare Holdings LLC</name>
        <lei>N/A</lei>
        <title>Change Healthcare Holdings LLC</title>
        <cusip>15911NAA3</cusip>
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          <isin value="US15911NAA37"/>
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        <balance>324000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>331516.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eldorado Resorts, Inc.</name>
        <lei>5299000BKFWWVND5L441</lei>
        <title>Eldorado Resorts, Inc.</title>
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          <isin value="US28470RAG74"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>109625.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Flex Acquisition Co., Inc.</name>
        <lei>549300HHED2KGPBEDW39</lei>
        <title>Flex Acquisition Co., Inc.</title>
        <cusip>33936YAC9</cusip>
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          <isin value="US33936YAC93"/>
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        <balance>197000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>185918.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Jaguar Holding Co. II</name>
        <lei>N/A</lei>
        <title>Jaguar Holding Co. II</title>
        <cusip>47010DAA8</cusip>
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          <isin value="US47010DAA81"/>
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        <balance>296000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>306360.00000000</valUSD>
        <pctVal>0.818181224495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Koppers, Inc.</name>
        <lei>LTO4ZL5EBDR1NE6FGJ36</lei>
        <title>Koppers, Inc.</title>
        <cusip>500605AH3</cusip>
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          <isin value="US500605AH33"/>
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        <balance>78000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>77762.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Refinitiv US Holdings, Inc.</name>
        <lei>549300NF240HXJO7N016</lei>
        <title>Refinitiv US Holdings, Inc.</title>
        <cusip>31740LAA1</cusip>
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          <isin value="US31740LAA17"/>
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        <balance>238000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>258527.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AECOM Global II LLC</name>
        <lei>N/A</lei>
        <title>AECOM Global II LLC</title>
        <cusip>903243AC7</cusip>
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          <isin value="US903243AC73"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97375.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMorgan Prime Money Market Fund, IM Shares</name>
        <lei>N/A</lei>
        <title>JPMorgan Prime Money Market Fund, IM Shares</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CINS" value="741994511"/>
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        <balance>933319.84500000</balance>
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        <curCd>USD</curCd>
        <valUSD>933693.17000000</valUSD>
        <pctVal>2.493570378423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CDK Global, Inc.</name>
        <lei>5493000L10CYRTHIJ385</lei>
        <title>CDK Global, Inc.</title>
        <cusip>12508EAG6</cusip>
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          <isin value="US12508EAG61"/>
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        <balance>66000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70455.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Rackspace Hosting, Inc.</name>
        <lei>549300QTYCKLMFSE8I97</lei>
        <title>Rackspace Hosting, Inc.</title>
        <cusip>45332JAA0</cusip>
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          <isin value="US45332JAA07"/>
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        <balance>231000.00000000</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>2024-11-15</maturityDt>
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      <invstOrSec>
        <name>Antero Resources Corp.</name>
        <lei>APVBKPOULHUX7YZLKU17</lei>
        <title>Antero Resources Corp.</title>
        <cusip>03674PAL7</cusip>
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          <isin value="US03674PAL76"/>
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        <balance>68000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60690.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Calumet Specialty Products Partners LP</name>
        <lei>N/A</lei>
        <title>Calumet Specialty Products Partners LP</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-15</maturityDt>
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          <annualizedRt>11.00000000</annualizedRt>
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      <invstOrSec>
        <name>DAE Funding LLC</name>
        <lei>635400SZTPQL3Y1P2C76</lei>
        <title>DAE Funding LLC</title>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
        <cusip>46284PAQ7</cusip>
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        <balance>106000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108385.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NOVA Chemicals Corp.</name>
        <lei>5493007M1XGU5E55ZJ25</lei>
        <title>NOVA Chemicals Corp.</title>
        <cusip>66977WAQ2</cusip>
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          <isin value="US66977WAQ24"/>
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        <balance>104000.00000000</balance>
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      <invstOrSec>
        <name>SBA Communications Corp.</name>
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      <invstOrSec>
        <name>SS&amp;C Technologies, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Berry Petroleum Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Standard Industries, Inc.</name>
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        <title>Standard Industries, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pilgrim's Pride Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-30</maturityDt>
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      <invstOrSec>
        <name>Camelot Finance SA</name>
        <lei>N/A</lei>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
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      <invstOrSec>
        <name>Performance Food Group, Inc.</name>
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        <title>Performance Food Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Hilcorp Energy I LP</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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        <name>Refinitiv US Holdings, Inc.</name>
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        <title>Refinitiv US Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-15</maturityDt>
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        <name>T-Mobile USA, Inc.</name>
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        <title>T-Mobile USA, Inc.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2023-03-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>DAE Funding LLC</name>
        <lei>635400SZTPQL3Y1P2C76</lei>
        <title>DAE Funding LLC</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Welbilt, Inc.</name>
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        <title>Welbilt, Inc.</title>
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          <maturityDt>2024-02-15</maturityDt>
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        <name>Energizer Holdings, Inc.</name>
        <lei>5493000D6NN0V57UME20</lei>
        <title>Energizer Holdings, Inc.</title>
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        <name>Triumph Group, Inc.</name>
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        <name>CenturyLink, Inc.</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
        <title>CenturyLink, Inc., Series W</title>
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        <name>AES Corp.</name>
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        <title>AES Corp.</title>
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        <name>GEMS MENASA Cayman Ltd.</name>
        <lei>N/A</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>Diamond Sports Group LLC</name>
        <lei>N/A</lei>
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        <cusip>25277LAC0</cusip>
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          <isin value="US25277LAC00"/>
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        <balance>198000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>203445.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Novelis Corp.</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>Novelis Corp.</title>
        <cusip>670001AA4</cusip>
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          <isin value="US670001AA49"/>
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        <balance>29000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30341.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-15</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ADT Security Corp. (The)</name>
        <lei>5493009JEEDYLVRA0J13</lei>
        <title>ADT Security Corp. (The)</title>
        <cusip>00101JAH9</cusip>
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          <isin value="US00101JAH95"/>
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        <balance>74000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75202.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-06-15</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Mueller Water Products, Inc.</name>
        <lei>549300F7ZU4P1F8V8L60</lei>
        <title>Mueller Water Products, Inc.</title>
        <cusip>624758AE8</cusip>
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          <isin value="US624758AE88"/>
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        <balance>52000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Live Nation Entertainment, Inc.</name>
        <lei>5493007B9BM9ZXJINO78</lei>
        <title>Live Nation Entertainment, Inc.</title>
        <cusip>538034AK5</cusip>
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          <isin value="US538034AK54"/>
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        <balance>306000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>316710.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-01</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Spectrum Brands, Inc.</name>
        <lei>549300VU3EH2E73C1Q04</lei>
        <title>Spectrum Brands, Inc.</title>
        <cusip>84762LAQ8</cusip>
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          <isin value="US84762LAQ86"/>
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        <balance>68000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68750.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co.</title>
        <cusip>78454LAN0</cusip>
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          <isin value="US78454LAN01"/>
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        <balance>98000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>84035.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>Southwestern Energy Co.</name>
        <lei>EFWMP121W54QV9MGOP87</lei>
        <title>Southwestern Energy Co.</title>
        <cusip>845467AN9</cusip>
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          <isin value="US845467AN98"/>
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        <balance>97000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>83420.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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        <name>Stars Group Holdings BV</name>
        <lei>N/A</lei>
        <title>Stars Group Holdings BV</title>
        <cusip>85572NAA6</cusip>
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        <balance>102000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>109553.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ascend Learning LLC</name>
        <lei>549300T466HKRLVCD610</lei>
        <title>Ascend Learning LLC</title>
        <cusip>043502AA1</cusip>
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          <isin value="US043502AA19"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>177650.00000000</valUSD>
        <pctVal>0.474441488874</pctVal>
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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>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <name>Silversea Cruise Finance Ltd.</name>
        <lei>N/A</lei>
        <title>Silversea Cruise Finance Ltd.</title>
        <cusip>82845LAA8</cusip>
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        <balance>247000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>261820.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BS</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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        <name>Holly Energy Partners LP</name>
        <lei>N/A</lei>
        <title>Holly Energy Partners LP</title>
        <cusip>435765AG7</cusip>
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          <isin value="US435765AG70"/>
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        <balance>74000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>77145.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>DISH DBS Corp.</name>
        <lei>N/A</lei>
        <title>DISH DBS Corp.</title>
        <cusip>25470XAJ4</cusip>
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        <balance>112000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-15</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Blue Racer Midstream LLC</name>
        <lei>N/A</lei>
        <title>Blue Racer Midstream LLC</title>
        <cusip>095796AE8</cusip>
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        <balance>150000.00000000</balance>
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        <valUSD>140737.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
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          <annualizedRt>6.62500000</annualizedRt>
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        <name>LABL Escrow Issuer LLC</name>
        <lei>N/A</lei>
        <title>LABL Escrow Issuer LLC</title>
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        <balance>225000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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        <name>Sophia LP</name>
        <lei>N/A</lei>
        <title>Sophia LP</title>
        <cusip>29359FAA0</cusip>
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        <balance>373000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>383257.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-09-30</maturityDt>
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          <annualizedRt>9.00000000</annualizedRt>
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      <invstOrSec>
        <name>Whiting Petroleum Corp.</name>
        <lei>52990028CHK9KUB1B293</lei>
        <title>Whiting Petroleum Corp.</title>
        <cusip>966387BG6</cusip>
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        <balance>64000.00000000</balance>
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        <valUSD>39680.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>Sotera Health Topco, Inc.</name>
        <lei>N/A</lei>
        <title>Sotera Health Topco, Inc.</title>
        <cusip>85917NAA0</cusip>
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        <balance>327000.00000000</balance>
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        <valUSD>324547.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Meredith Corp.</name>
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        <name>Eldorado Resorts, Inc.</name>
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        <name>Realogy Group LLC</name>
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        <name>Targa Resources Partners LP</name>
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        <name>1011778 BC ULC</name>
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        <name>Gartner, Inc.</name>
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        <name>Matthews International Corp.</name>
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        <name>Golden Entertainment, Inc.</name>
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        <name>Sirius XM Radio, Inc.</name>
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        <name>Summit Materials LLC</name>
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        <name>New Enterprise Stone &amp; Lime Co., Inc.</name>
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        <name>Blue Racer Midstream LLC</name>
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        <name>Catalent Pharma Solutions, Inc.</name>
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        <name>Cincinnati Bell, Inc.</name>
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        <name>CCO Holdings LLC</name>
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        <name>Quebecor Media, Inc.</name>
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        <name>Ziggo BV</name>
        <lei>213800TQASLF9JXH5J59</lei>
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        <name>Eagle Holding Co. II LLC</name>
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        <name>Service Corp. International</name>
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      <invstOrSec>
        <name>Precision Drilling Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Capitol Investment Merger Sub 2 LLC</name>
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      <invstOrSec>
        <name>Reynolds Group Issuer, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>LTF Merger Sub, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Surgery Center Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
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      <invstOrSec>
        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Diamond Sports Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sirius XM Radio, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sotera Health Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bausch Health Americas, Inc.</name>
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        <name>Parsley Energy LLC</name>
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        <name>PQ Corp.</name>
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        <name>Cumberland Farms, Inc.</name>
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        <name>CCO Holdings LLC</name>
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        <name>Ascent Resources Utica Holdings LLC</name>
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        <name>Starfruit Finco BV</name>
        <lei>549300K7VB5G6LULFT41</lei>
        <title>Starfruit Finco BV</title>
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      <invstOrSec>
        <name>Berry Global, Inc.</name>
        <lei>549300AP2Q7ERHX6RI89</lei>
        <title>Berry Global, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bausch Health Cos., Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos., Inc.</title>
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          <isin value="US071734AC18"/>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CommScope, Inc.</name>
        <lei>549300Z6K4JXMFE8QY54</lei>
        <title>CommScope, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-03-01</maturityDt>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
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          <isin value="US05401AAD37"/>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-15</maturityDt>
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      <invstOrSec>
        <name>Precision Drilling Corp.</name>
        <lei>549300WF2OE8T5BP4B84</lei>
        <title>Precision Drilling Corp.</title>
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          <isin value="US740212AL91"/>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-15</maturityDt>
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      <invstOrSec>
        <name>Ascent Resources Utica Holdings LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>1011778 BC ULC</name>
        <lei>N/A</lei>
        <title>1011778 BC ULC</title>
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          <isin value="US68245XAC39"/>
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        <balance>36000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36945.00000000</valUSD>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Netflix, Inc.</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>Netflix, Inc.</title>
        <cusip>64110LAV8</cusip>
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          <isin value="US64110LAV80"/>
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        <balance>83000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>83913.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Dell International LLC</name>
        <lei>N/A</lei>
        <title>Dell International LLC</title>
        <cusip>25272KAU7</cusip>
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          <isin value="US25272KAU79"/>
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        <balance>211000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>214428.75000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sinclair Television Group, Inc.</name>
        <lei>549300CQGEN0CH65UD62</lei>
        <title>Sinclair Television Group, Inc.</title>
        <cusip>829259AN0</cusip>
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          <isin value="US829259AN03"/>
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        <balance>70000.00000000</balance>
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        <valUSD>70875.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>Energizer Holdings, Inc.</name>
        <lei>5493000D6NN0V57UME20</lei>
        <title>Energizer Holdings, Inc.</title>
        <cusip>29273AAA4</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Kronos Acquisition Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Kronos Acquisition Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-08-15</maturityDt>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
        <lei>549300DNGHXL0OMHW304</lei>
        <title>Mauser Packaging Solutions Holding Co.</title>
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        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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        <name>Churchill Downs, Inc.</name>
        <lei>529900FODTBQC8MIS994</lei>
        <title>Churchill Downs, Inc.</title>
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        <name>CommScope, Inc.</name>
        <lei>549300Z6K4JXMFE8QY54</lei>
        <title>CommScope, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCO Holdings LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MGM Resorts International</name>
        <lei>54930066VBP7DZEGGJ87</lei>
        <title>MGM Resorts International</title>
        <cusip>552953CA7</cusip>
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        <balance>25000.00000000</balance>
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        <valUSD>27031.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Itron, Inc.</name>
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        <name>Bausch Health Cos., Inc.</name>
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        <name>Photo Holdings Merger Sub, Inc.</name>
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        <name>Hadrian Merger Sub, Inc.</name>
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        <name>Southern Star Central Corp.</name>
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        <name>Sprint Corp.</name>
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        <name>McGraw-Hill Global Education Holdings LLC</name>
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        <name>Rayonier AM Products, Inc.</name>
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        <name>Eagle Holding Co. II LLC</name>
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        <name>Bombardier, Inc.</name>
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        <name>Informatica LLC</name>
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        <name>PQ Corp.</name>
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        <name>B&amp;G Foods, Inc.</name>
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        <name>Dun &amp; Bradstreet Corp. (The)</name>
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        <name>Bausch Health Cos., Inc.</name>
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        <name>Freedom Mortgage Corp.</name>
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        <name>GFL Environmental, Inc.</name>
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        <name>LABL Escrow Issuer LLC</name>
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        <name>JBS USA LUX SA</name>
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        <name>Antero Resources Corp.</name>
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        <name>NCR Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-12-15</maturityDt>
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        <name>eG Global Finance plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Genesis Energy LP</name>
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        <name>Sprint Capital Corp.</name>
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        <name>Nielsen Finance LLC</name>
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        <name>Staples, Inc.</name>
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        <name>Sigma Holdco BV</name>
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        <name>Enova International, Inc.</name>
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        <name>Prestige Brands, Inc.</name>
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        <name>INEOS Group Holdings SA</name>
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        <invCountry>LU</invCountry>
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        <name>Genesis Energy LP</name>
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        <name>Watco Cos. LLC</name>
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      <invstOrSec>
        <name>National CineMedia LLC</name>
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        <name>Zayo Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-15</maturityDt>
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      <invstOrSec>
        <name>SemGroup Corp.</name>
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        <title>SemGroup Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-15</maturityDt>
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        <name>T-Mobile USA, Inc.</name>
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        <title>T-Mobile USA, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-04-15</maturityDt>
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        <name>PBF Logistics LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-05-15</maturityDt>
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      <invstOrSec>
        <name>SemGroup Corp.</name>
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        <title>SemGroup Corp.</title>
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          <isin value="US77714TAB70"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Envision Healthcare Corp.</name>
        <lei>549300OL60X0LPKY8N60</lei>
        <title>Envision Healthcare Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
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        <title>T-Mobile USA, Inc., CVR</title>
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        <name>Getty Images, Inc.</name>
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        <title>Getty Images, Inc.</title>
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        <name>Indigo Natural Resources LLC</name>
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        <name>Equinix, Inc.</name>
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        <name>Kenan Advantage Group, Inc. (The)</name>
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        <name>Everi Payments, Inc.</name>
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        <name>Univar USA, Inc.</name>
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        <name>HNA Ecotech Panorama Cayman Co. Ltd.</name>
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        <name>Prime Security Services Borrower LLC</name>
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      <invstOrSec>
        <name>Polaris Intermediate Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-01</maturityDt>
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          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Aramark Services, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Scientific Games International, Inc.</name>
        <lei>RLTHESQ0RNFQJWPBJN60</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-01</maturityDt>
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          <annualizedRt>10.00000000</annualizedRt>
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      <invstOrSec>
        <name>MSCI, Inc.</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Gulfport Energy Corp.</name>
        <lei>549300FJX18IDUFPHD40</lei>
        <title>Gulfport Energy Corp.</title>
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          <isin value="US402635AP10"/>
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        <valUSD>87600.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>Trivium Packaging Finance BV</name>
        <lei>724500GMZWW3PVYET548</lei>
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          <isin value="US89686QAA40"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lamb Weston Holdings, Inc.</name>
        <lei>5493005SMYID1D2OY946</lei>
        <title>Lamb Weston Holdings, Inc.</title>
        <cusip>513272AB0</cusip>
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          <isin value="US513272AB00"/>
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        <balance>137000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>144192.50000000</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>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Penske Automotive Group, Inc.</name>
        <lei>549300W7UTQ0M4C7LB15</lei>
        <title>Penske Automotive Group, Inc.</title>
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        <balance>78000.00000000</balance>
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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>2022-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Unisys Corp.</name>
        <lei>549300T21W22FIJJOW08</lei>
        <title>Unisys Corp.</title>
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        <balance>83000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>89640.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.75000000</annualizedRt>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2025-03-01</maturityDt>
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        <name>Sprint Communications, Inc.</name>
        <lei>549300JKU50UT08ZWD77</lei>
        <title>Sprint Communications, Inc.</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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          <maturityDt>2020-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Summit Midstream Holdings LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Clearwater Seafoods, Inc.</name>
        <lei>52990069Z4ZCF39TYW74</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PBF Holding Co. LLC</name>
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        <name>B&amp;G Foods, Inc.</name>
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        <name>Solera LLC</name>
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          <annualizedRt>10.50000000</annualizedRt>
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        <name>Reynolds Group Issuer, Inc.</name>
        <lei>N/A</lei>
        <title>Reynolds Group Issuer, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-10-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
        <cusip>87264AAM7</cusip>
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          <isin value="US87264AAM71"/>
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      <invstOrSec>
        <name>Sprint Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NVA Holdings, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-01</maturityDt>
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      <invstOrSec>
        <name>West Street Merger Sub, Inc.</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-01</maturityDt>
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        <name>ACI Worldwide, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-15</maturityDt>
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      <invstOrSec>
        <name>Dell International LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-15</maturityDt>
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        <name>National CineMedia LLC</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-04-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>IHS Markit Ltd.</name>
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        <title>IHS Markit Ltd.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Curo Group Holdings Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-01</maturityDt>
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        <name>Zayo Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>CCO Holdings LLC</name>
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        <name>Lamb Weston Holdings, Inc.</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
        <lei>549300DNGHXL0OMHW304</lei>
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        <name>Nexstar Broadcasting, Inc.</name>
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        <name>Prestige Brands, Inc.</name>
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        <name>Equinix, Inc.</name>
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        <name>Exela Intermediate LLC</name>
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          <maturityDt>2023-07-15</maturityDt>
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        <name>Level 3 Financing, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-08-15</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>CrownRock LP</name>
        <lei>N/A</lei>
        <title>CrownRock LP</title>
        <cusip>228701AF5</cusip>
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          <isin value="US228701AF51"/>
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        <balance>228000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>222589.56000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-15</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GTT Communications, Inc.</name>
        <lei>549300ETSL7K1ZX05H30</lei>
        <title>GTT Communications, Inc.</title>
        <cusip>362393AA8</cusip>
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          <isin value="US362393AA80"/>
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        <balance>176000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102960.00000000</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>2024-12-31</maturityDt>
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      <invstOrSec>
        <name>Allied Universal Holdco LLC</name>
        <lei>N/A</lei>
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          <isin value="US019576AB35"/>
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        <balance>74000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>77686.68000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
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          <annualizedRt>9.75000000</annualizedRt>
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      <invstOrSec>
        <name>KGA Escrow LLC</name>
        <lei>N/A</lei>
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          <isin value="US49377PAA49"/>
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        <balance>144000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>153000.00000000</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>2023-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp.</title>
        <cusip>15135BAH4</cusip>
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          <isin value="US15135BAH42"/>
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        <balance>258000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>267754.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sealed Air Corp.</name>
        <lei>Q0M0CZB4YN6JZ65WXI09</lei>
        <title>Sealed Air Corp.</title>
        <cusip>81211KAV2</cusip>
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          <isin value="US81211KAV26"/>
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        <balance>102000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>107482.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GW B-CR Security Corp.</name>
        <lei>N/A</lei>
        <title>GW B-CR Security Corp.</title>
        <cusip>36257BAA7</cusip>
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          <isin value="US36257BAA70"/>
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        <balance>52000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53430.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Match Group, Inc.</name>
        <lei>549300BIJKT86CPCKK96</lei>
        <title>Match Group, Inc.</title>
        <cusip>57665RAF3</cusip>
        <identifiers>
          <isin value="US57665RAF38"/>
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        <balance>149000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>156822.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CommScope, Inc.</name>
        <lei>549300Z6K4JXMFE8QY54</lei>
        <title>CommScope, Inc.</title>
        <cusip>203372AL1</cusip>
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          <isin value="US203372AL13"/>
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        <balance>13000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Panther BF Aggregator 2 LP</name>
        <lei>N/A</lei>
        <title>Panther BF Aggregator 2 LP</title>
        <cusip>69867DAC2</cusip>
        <identifiers>
          <isin value="US69867DAC20"/>
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        <balance>134000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>134670.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Charles River Laboratories International, Inc.</name>
        <lei>549300BSQ0R4UZ5KX287</lei>
        <title>Charles River Laboratories International, Inc.</title>
        <cusip>159864AC1</cusip>
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          <isin value="US159864AC13"/>
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        <balance>76000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>81320.00000000</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>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Granite Merger Sub 2, Inc.</name>
        <lei>N/A</lei>
        <title>Granite Merger Sub 2, Inc.</title>
        <cusip>81112FAA9</cusip>
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          <isin value="US81112FAA93"/>
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        <balance>149000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>146765.00000000</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>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.00000000</annualizedRt>
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      <invstOrSec>
        <name>Chesapeake Energy Corp.</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp.</title>
        <cusip>165167DA2</cusip>
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        <balance>114000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>77520.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Blue Cube Spinco LLC</name>
        <lei>N/A</lei>
        <title>Blue Cube Spinco LLC</title>
        <cusip>095370AD4</cusip>
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          <isin value="US095370AD49"/>
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        <balance>226000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>252837.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sprint Corp.</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>Sprint Corp.</title>
        <cusip>85207UAH8</cusip>
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          <isin value="US85207UAH86"/>
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        <balance>66000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71445.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>Berry Global, Inc.</name>
        <lei>549300AP2Q7ERHX6RI89</lei>
        <title>Berry Global, Inc.</title>
        <cusip>085790AY9</cusip>
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          <isin value="US085790AY96"/>
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        <balance>174000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>178350.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>Level 3 Parent LLC</name>
        <lei>N/A</lei>
        <title>Level 3 Parent LLC</title>
        <cusip>52729NBX7</cusip>
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          <isin value="US52729NBX75"/>
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        <balance>68000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68085.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Axalta Coating Systems LLC</name>
        <lei>549300G80QONCHILSF69</lei>
        <title>Axalta Coating Systems LLC</title>
        <cusip>05453GAA3</cusip>
        <identifiers>
          <isin value="US05453GAA31"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>155250.00000000</valUSD>
        <pctVal>0.414618863764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Nielsen Co. Luxembourg SARL (The)</name>
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        <name>Park Aerospace Holdings Ltd.</name>
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        <name>American Midstream Partners LP</name>
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        <name>Univision Communications, Inc.</name>
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        <name>OI European Group BV</name>
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          <maturityDt>2023-03-15</maturityDt>
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        <name>CenturyLink, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Crestwood Midstream Partners LP</name>
        <lei>N/A</lei>
        <title>Crestwood Midstream Partners LP</title>
        <cusip>226373AL2</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-04-01</maturityDt>
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        <name>CCO Holdings LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-09-30</maturityDt>
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        <name>CommScope, Inc.</name>
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        <title>CommScope, Inc.</title>
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          <maturityDt>2026-03-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>CCO Holdings LLC</name>
        <lei>N/A</lei>
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        <name>Catalent Pharma Solutions, Inc.</name>
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        <name>ACCO Brands Corp.</name>
        <lei>JCT8P4Y190IH4I1NX328</lei>
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        <name>Vizient, Inc.</name>
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        <name>Owens-Brockway Glass Container, Inc.</name>
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        <name>WellCare Health Plans, Inc.</name>
        <lei>529900JCT1MMTWHZ5P23</lei>
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        <name>Standard Industries, Inc.</name>
        <lei>54930064UHXCIUWVI755</lei>
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        <name>Delek Logistics Partners LP</name>
        <lei>N/A</lei>
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        <name>Surgery Center Holdings, Inc.</name>
        <lei>54930054EVI5HWPPW113</lei>
        <title>Surgery Center Holdings, Inc.</title>
        <cusip>86881WAD4</cusip>
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        <curCd>USD</curCd>
        <valUSD>178770.00000000</valUSD>
        <pctVal>0.477432620130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Howard Hughes Corp. (The)</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>Howard Hughes Corp. (The)</title>
        <cusip>44267DAB3</cusip>
        <identifiers>
          <isin value="US44267DAB38"/>
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        <balance>166000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>171395.00000000</valUSD>
        <pctVal>0.457736554943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
        <cusip>404121AD7</cusip>
        <identifiers>
          <isin value="US404121AD78"/>
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        <balance>247000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>274046.50000000</valUSD>
        <pctVal>0.731883081795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tenet Healthcare Corp.</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp.</title>
        <cusip>88033GCU2</cusip>
        <identifiers>
          <isin value="US88033GCU22"/>
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        <balance>97000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99061.25000000</valUSD>
        <pctVal>0.264558215253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ascend Learning LLC</name>
        <lei>549300T466HKRLVCD610</lei>
        <title>Ascend Learning LLC</title>
        <cusip>043502AB9</cusip>
        <identifiers>
          <isin value="US043502AB91"/>
        </identifiers>
        <balance>114000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>118987.50000000</valUSD>
        <pctVal>0.317774312735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</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>2019-12-02</ncom:dateSigned>
      <ncom:nameOfApplicant>1290 Funds</ncom:nameOfApplicant>
      <ncom:signature>Brian Walsh</ncom:signature>
      <ncom:signerName>Brian Walsh</ncom:signerName>
      <ncom:title>Chief Financial Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
