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      <invstOrSec>
        <name>Clydesdale Acquisition Holdings, Inc.</name>
        <lei>254900QKSDYFR3K5YD98</lei>
        <title>Clydesdale Acquisition Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nexstar Media, Inc.</name>
        <lei>5493006PK6I4I2OOT688</lei>
        <title>Nexstar Media, Inc.</title>
        <cusip>65343HAA9</cusip>
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          <isin value="US65343HAA95"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
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          <isin value="US46284VAG68"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Genesis Energy LP</name>
        <lei>N/A</lei>
        <title>Genesis Energy LP</title>
        <cusip>37185LAQ5</cusip>
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          <isin value="US37185LAQ59"/>
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        <balance>426000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>444045.36000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Warnermedia Holdings, Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>Warnermedia Holdings, Inc.</title>
        <cusip>55903VBW2</cusip>
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          <isin value="US55903VBW28"/>
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        <balance>166000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>117237.50000000</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>2042-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sinclair Television Group, Inc.</name>
        <lei>549300CQGEN0CH65UD62</lei>
        <title>Sinclair Television Group, Inc.</title>
        <cusip>829259AY6</cusip>
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          <isin value="US829259AY67"/>
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        <balance>147000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>127890.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Clarios Global LP</name>
        <lei>N/A</lei>
        <title>Clarios Global LP</title>
        <cusip>18060TAC9</cusip>
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          <isin value="US18060TAC99"/>
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        <balance>467000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>478231.35000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC Holdings LLC</title>
        <cusip>126307BN6</cusip>
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          <isin value="US126307BN62"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>292000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-31</maturityDt>
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          <annualizedRt>11.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NCR Voyix Corp.</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR Voyix Corp.</title>
        <cusip>62886EAY4</cusip>
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          <isin value="US62886EAY41"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>222187.50000000</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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Permian Resources Operating LLC</name>
        <lei>5493004CTVUMQLRPOE23</lei>
        <title>Permian Resources Operating LLC</title>
        <cusip>71424VAB6</cusip>
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          <isin value="US71424VAB62"/>
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        <balance>233000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>240097.18000000</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>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Neptune Bidco US, Inc.</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>Neptune Bidco US, Inc.</title>
        <cusip>640695AD4</cusip>
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          <isin value="US640695AD40"/>
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        <balance>104000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>106003.04000000</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>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freedom Mortgage Holdings LLC</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>Freedom Mortgage Holdings LLC</title>
        <cusip>35641AAC2</cusip>
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          <isin value="US35641AAC27"/>
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        <balance>344000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>357760.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
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      <invstOrSec>
        <name>ION Platform Finance US, Inc.</name>
        <lei>N/A</lei>
        <title>ION Platform Finance US, Inc.</title>
        <cusip>46206AAD4</cusip>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>190500.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
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          <annualizedRt>8.75000000</annualizedRt>
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      <invstOrSec>
        <name>Varex Imaging Corp.</name>
        <lei>549300CWYWPVCT8E9W67</lei>
        <title>Varex Imaging Corp.</title>
        <cusip>92214XAC0</cusip>
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          <isin value="US92214XAC02"/>
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        <balance>204000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
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          <annualizedRt>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>Primo Water Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Primo Water Holdings, Inc.</title>
        <cusip>74168RAC7</cusip>
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        <balance>104000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.25000000</annualizedRt>
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        <name>WESCO Distribution, Inc.</name>
        <lei>549300I2CEZJG9N4AH67</lei>
        <title>WESCO Distribution, Inc.</title>
        <cusip>95081QAR5</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>AmeriTex HoldCo Intermediate LLC</name>
        <lei>N/A</lei>
        <title>AmeriTex HoldCo Intermediate LLC</title>
        <cusip>030727AB7</cusip>
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        <balance>323000.00000000</balance>
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        <valUSD>339540.83000000</valUSD>
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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>2033-08-15</maturityDt>
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          <annualizedRt>7.62500000</annualizedRt>
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      <invstOrSec>
        <name>Sunoco LP</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>Sunoco LP</title>
        <cusip>86765KAD1</cusip>
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          <isin value="US86765KAD19"/>
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        <balance>227000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>233437.72000000</valUSD>
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      <invstOrSec>
        <name>Post Holdings, Inc.</name>
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        <name>Cloud Software Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GGAM Finance Ltd.</name>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Aramark Services, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilton Domestic Operating Co., Inc.</name>
        <lei>5493003EG7H0N1E4XV50</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-31</maturityDt>
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        <name>Gen Digital, Inc.</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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        <name>ZF North America Capital, Inc.</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-24</maturityDt>
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        <name>Rocket Software, Inc.</name>
        <lei>549300PVG26ISP5X1556</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Live Nation Entertainment, Inc.</name>
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        <name>Nufarm Australia Ltd.</name>
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        <name>Asurion LLC and Asurion Co-Issuer, Inc.</name>
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        <name>Maxam Prill Sarl</name>
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        <invCountry>LU</invCountry>
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        <name>Dycom Industries, Inc.</name>
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        <name>Velocity Vehicle Group LLC</name>
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        <name>Voyager Parent LLC</name>
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        <name>Asurion LLC and Asurion Co-Issuer, Inc.</name>
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        <name>Greystar Real Estate Partners LLC</name>
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        <name>Minerals Technologies, Inc.</name>
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        <name>Ahead DB Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EG Global Finance plc</name>
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        <name>Kinetik Holdings LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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        <name>BioMarin Pharmaceutical, Inc.</name>
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        <name>CCO Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-01</maturityDt>
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        <name>Sabre GLBL, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WESCO Distribution, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-15</maturityDt>
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        <name>WR Grace Holdings LLC</name>
        <lei>549300WNOVFRGYOAEB12</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
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        <name>Genesee &amp; Wyoming, Inc.</name>
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        <name>NCR Voyix Corp.</name>
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        <name>McAfee Corp.</name>
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        <name>IQVIA, Inc.</name>
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        <name>Columbus McKinnon Corp.</name>
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        <name>Six Flags Entertainment Corp.</name>
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        <name>Global Auto Holdings Ltd.</name>
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        <name>Windstream Services LLC</name>
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        <name>Flutter Treasury DAC</name>
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        <invCountry>IE</invCountry>
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          <maturityDt>2031-06-04</maturityDt>
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      <invstOrSec>
        <name>Surgery Center Holdings, Inc.</name>
        <lei>54930054EVI5HWPPW113</lei>
        <title>Surgery Center Holdings, Inc.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
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          <annualizedRt>7.25000000</annualizedRt>
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      <invstOrSec>
        <name>Genesis Energy LP</name>
        <lei>N/A</lei>
        <title>Genesis Energy LP</title>
        <cusip>37185LAL6</cusip>
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        <balance>332000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>NESCO Holdings II, Inc.</name>
        <lei>254900FAHT0HW9T6L409</lei>
        <title>NESCO Holdings II, Inc.</title>
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          <isin value="US64083YAA91"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Summit Midstream Holdings LLC</name>
        <lei>N/A</lei>
        <title>Summit Midstream Holdings LLC</title>
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          <isin value="US86614JAA34"/>
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        <balance>737000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>769280.60000000</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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          <maturityDt>2029-10-31</maturityDt>
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          <annualizedRt>8.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Toucan FinCo Ltd.</name>
        <lei>N/A</lei>
        <title>Toucan FinCo Ltd.</title>
        <cusip>89157UAA5</cusip>
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          <isin value="US89157UAA51"/>
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        <balance>322000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>310730.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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      <invstOrSec>
        <name>Clarios Global LP</name>
        <lei>N/A</lei>
        <title>Clarios Global LP</title>
        <cusip>18060TAE5</cusip>
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          <isin value="US18060TAE55"/>
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        <balance>394000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Blue Racer Midstream LLC</name>
        <lei>N/A</lei>
        <title>Blue Racer Midstream LLC</title>
        <cusip>095796AK4</cusip>
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          <isin value="US095796AK46"/>
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        <balance>193000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>204358.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NGL Energy Operating LLC</name>
        <lei>N/A</lei>
        <title>NGL Energy Operating LLC</title>
        <cusip>62922LAD0</cusip>
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          <isin value="US62922LAD01"/>
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        <balance>667000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>697215.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
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          <annualizedRt>8.37500000</annualizedRt>
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      <invstOrSec>
        <name>Service Corp. International</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>Service Corp. International</title>
        <cusip>817565CH5</cusip>
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          <isin value="US817565CH52"/>
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        <balance>182000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184844.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Level 3 Financing, Inc.</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>Level 3 Financing, Inc.</title>
        <cusip>527298CM3</cusip>
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          <isin value="US527298CM39"/>
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        <balance>416500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>428995.00000000</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>2033-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Ardonagh Finco Ltd.</name>
        <lei>254900D2T84O1K03BA28</lei>
        <title>Ardonagh Finco Ltd.</title>
        <cusip>039853AA4</cusip>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>206958.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Trivium Packaging Finance BV</name>
        <lei>724500GMZWW3PVYET548</lei>
        <title>Trivium Packaging Finance BV</title>
        <cusip>89686QAD8</cusip>
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          <isin value="US89686QAD88"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>213538.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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          <annualizedRt>8.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SBA Communications Corp.</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA Communications Corp.</title>
        <cusip>78410GAD6</cusip>
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          <isin value="US78410GAD60"/>
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        <balance>76000.00000000</balance>
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        <curCd>USD</curCd>
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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>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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        <name>Viking Baked Goods Acquisition Corp.</name>
        <lei>254900DBFD2H1FJK0893</lei>
        <title>Viking Baked Goods Acquisition Corp.</title>
        <cusip>92676AAA5</cusip>
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          <isin value="US92676AAA51"/>
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        <balance>633000.00000000</balance>
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        <valUSD>627809.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
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          <annualizedRt>8.62500000</annualizedRt>
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      <invstOrSec>
        <name>Delek Logistics Partners LP</name>
        <lei>N/A</lei>
        <title>Delek Logistics Partners LP</title>
        <cusip>24665FAD4</cusip>
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          <isin value="US24665FAD42"/>
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        <balance>412000.00000000</balance>
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        <valUSD>430001.93000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
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          <annualizedRt>8.62500000</annualizedRt>
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      <invstOrSec>
        <name>Cloud Software Group, Inc.</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>Cloud Software Group, Inc.</title>
        <cusip>18912UAC6</cusip>
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        <balance>298000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-30</maturityDt>
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          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>ZoomInfo Technologies LLC</name>
        <lei>N/A</lei>
        <title>ZoomInfo Technologies LLC</title>
        <cusip>98981BAA0</cusip>
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          <isin value="US98981BAA08"/>
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        <balance>824000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>751900.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Univision Communications, Inc.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>Univision Communications, Inc.</title>
        <cusip>914906AZ5</cusip>
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          <isin value="US914906AZ55"/>
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      <invstOrSec>
        <name>Novelis Corp.</name>
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      <invstOrSec>
        <name>Scientific Games Holdings LP</name>
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        <name>GFL Environmental Holdings US, Inc.</name>
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        <name>Antero Midstream Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kinetik Holdings LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Armor Holdco, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NCL Corp. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NOVA Chemicals Corp.</name>
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        <name>Allied Universal Holdco LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WBI Operating LLC</name>
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        <name>Advanced Drainage Systems, Inc.</name>
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        <name>Enpro, Inc.</name>
        <lei>549300Y5CFT2LKCFDN54</lei>
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        <name>Garda World Security Corp.</name>
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        <name>Amkor Technology, Inc.</name>
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        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
        <cusip>36485MAQ2</cusip>
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        <name>Owens-Brockway Glass Container, Inc.</name>
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        <name>WR Grace Holdings LLC</name>
        <lei>549300WNOVFRGYOAEB12</lei>
        <title>WR Grace Holdings LLC</title>
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        <invCountry>US</invCountry>
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        <name>CCO Holdings LLC</name>
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      <invstOrSec>
        <name>Synergy Infrastructure Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RXO, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Zebra Technologies Corp.</name>
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        <name>Terex Corp.</name>
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        <name>Opal Bidco SAS</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Rolls-Royce plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>IQVIA, Inc.</name>
        <lei>549300PLWY28YB00C717</lei>
        <title>IQVIA, Inc.</title>
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          <isin value="US46266TAA60"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Qnity Electronics, Inc.</name>
        <lei>254900RSUG4J9TFFZX53</lei>
        <title>Qnity Electronics, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-15</maturityDt>
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      <invstOrSec>
        <name>Sealed Air Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IQVIA, Inc.</name>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <name>Avient Corp.</name>
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        <title>Avient Corp.</title>
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        <name>Broadstreet Partners Group LLC</name>
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        <name>VICI Properties LP</name>
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        <name>Station Casinos LLC</name>
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        <name>Wand NewCo 3, Inc.</name>
        <lei>549300Y3VZEWMSQW8494</lei>
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        <name>Froneri Lux FinCo. Sarl</name>
        <lei>9845005YBZ75E5AA3B94</lei>
        <title>Froneri Lux FinCo. Sarl</title>
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        <name>S&amp;S Holdings LLC</name>
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      <invstOrSec>
        <name>Darling Ingredients, Inc.</name>
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        <name>RB Global Holdings, Inc.</name>
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      <invstOrSec>
        <name>US Foods, Inc.</name>
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        <name>Whirlpool Corp.</name>
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        <name>Clarivate Science Holdings Corp.</name>
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        <name>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>United Rentals North America, Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>US Acute Care Solutions LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
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        <name>Cloud Software Group, Inc.</name>
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        <name>Forvia SE</name>
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        <name>SS&amp;C Technologies, Inc.</name>
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        <name>Clarios Global LP</name>
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        <name>Delek Logistics Partners LP</name>
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        <name>Sirius XM Radio LLC</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
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        <name>Resideo Funding, Inc.</name>
        <lei>5493000IFJ6XJKH66598</lei>
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        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>Post Holdings, Inc.</title>
        <cusip>737446AY0</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Axalta Coating Systems LLC</name>
        <lei>N/A</lei>
        <title>Axalta Coating Systems LLC</title>
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      <invstOrSec>
        <name>Newell Brands, Inc.</name>
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      <invstOrSec>
        <name>Williams Scotsman, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Prime Money Market Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Energizer Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ardonagh Group Finance Ltd.</name>
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        <name>Park Intermediate Holdings LLC</name>
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        <name>Fiesta Purchaser, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
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        <name>Ardagh Metal Packaging Finance USA LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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        <name>Kingpin Intermediate Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Capstone Borrower, Inc.</name>
        <lei>254900YSP2BAI3YKIX08</lei>
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        <name>Zayo Group Holdings, Inc.</name>
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        <name>AECOM</name>
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        <name>Arcosa, Inc.</name>
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        <name>Commercial Metals Co.</name>
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        <name>Primo Water Holdings, Inc.</name>
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        <name>HB Fuller Co.</name>
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        <name>Star Parent, Inc.</name>
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        <name>Block, Inc.</name>
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        <name>Ellucian Holdings, Inc.</name>
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        <name>Antero Resources Corp.</name>
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        <name>Ascent Resources Utica Holdings LLC</name>
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        <name>Brand Industrial Services, Inc.</name>
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        <name>Garda World Security Corp.</name>
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        <name>Windsor Holdings III LLC</name>
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        <name>Great Canadian Gaming Corp.</name>
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        <name>ION Platform Finance US, Inc.</name>
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      <invstOrSec>
        <name>VT Topco, Inc.</name>
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        <name>Wyndham Hotels &amp; Resorts, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Owens-Brockway Glass Container, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NOVA Chemicals Corp.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Goat Holdco LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-01</maturityDt>
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        <name>William Carter Co. (The)</name>
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        <valUSD>287382.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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          <annualizedRt>7.37500000</annualizedRt>
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        <name>Allied Universal Holdco 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>2030-06-15</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Carnival Corp.</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp.</title>
        <cusip>143658CA8</cusip>
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          <isin value="US143658CA82"/>
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        <valUSD>333234.00000000</valUSD>
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        <invCountry>PA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Neptune Bidco US, Inc.</name>
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      <invstOrSec>
        <name>HUB International Ltd.</name>
        <lei>549300JQT6ATTUNS5E06</lei>
        <title>HUB International Ltd.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DREYFUS TREASURY &amp; AGENCY LEX</name>
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        <title>DREYFUS TREASURY OBLIGATIONS CASH MANAGEMENT FUND OPEN-END FUND USD</title>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Blue Racer Midstream LLC</name>
        <lei>N/A</lei>
        <title>Blue Racer Midstream LLC</title>
        <cusip>095796AE8</cusip>
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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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      <invstOrSec>
        <name>HealthEquity, Inc.</name>
        <lei>529900LRJU1RAFQHM467</lei>
        <title>HealthEquity, Inc.</title>
        <cusip>42226AAA5</cusip>
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        <balance>448000.00000000</balance>
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        <invCountry>US</invCountry>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>UKG, Inc.</name>
        <lei>529900FKHWSTQ1GXK240</lei>
        <title>UKG, Inc.</title>
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        <name>IQVIA, Inc.</name>
        <lei>549300PLWY28YB00C717</lei>
        <title>IQVIA, Inc.</title>
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        <name>Carnival Corp.</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp.</title>
        <cusip>143658BW1</cusip>
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          <maturityDt>2029-08-15</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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        <name>CCO Holdings LLC</name>
        <lei>N/A</lei>
        <title>CCO Holdings LLC</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.37500000</annualizedRt>
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        <name>ION Platform Finance US, Inc.</name>
        <lei>213800FKHT3BRRKMCC89</lei>
        <title>ION Platform Finance US, Inc.</title>
        <cusip>46205QAB4</cusip>
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        <balance>250000.00000000</balance>
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        <name>Kaiser Aluminum Corp.</name>
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        <name>Gray Media, Inc.</name>
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        <name>Clydesdale Acquisition Holdings, Inc.</name>
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        <name>Sirius XM Radio LLC</name>
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        <name>Raven Acquisition Holdings LLC</name>
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        <name>Olympus Water US Holding Corp.</name>
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        <name>Rocket Software, Inc.</name>
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        <name>Transocean International Ltd.</name>
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        <name>INEOS Quattro Finance 2 plc</name>
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        <name>TFDXX LEX BLACKROCK FED FUND</name>
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        <name>Gray Media, Inc.</name>
        <lei>529900TM5726KDN7UU35</lei>
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        <name>Central Parent, Inc.</name>
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        <name>Garda World Security Corp.</name>
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        <name>Simmons Foods, Inc.</name>
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        <name>Herc Holdings, Inc.</name>
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        <name>Starwood Property Trust, Inc.</name>
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        <name>Outfront Media Capital LLC</name>
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        <name>Stagwell Global LLC</name>
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        <name>Novelis Corp.</name>
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        <name>Pebblebrook Hotel LP</name>
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        <name>Station Casinos LLC</name>
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        <name>Cushman &amp; Wakefield US Borrower LLC</name>
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        <name>Flutter Treasury DAC</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>GGAM Finance Ltd.</name>
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        <name>SS&amp;C Technologies, Inc.</name>
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        <name>NCL Corp. Ltd.</name>
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        <name>Madison IAQ LLC</name>
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        <name>Hillenbrand, Inc.</name>
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        <name>Ontario Gaming GTA LP</name>
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        <name>ACCO Brands Corp.</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>Camelot Return Merger Sub, Inc.</name>
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        <name>ATS Corp.</name>
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        <name>McGraw-Hill Education, Inc.</name>
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        <name>Beacon Mobility Corp.</name>
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        <name>Champ Acquisition Corp.</name>
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        <name>1261229 BC Ltd.</name>
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        <name>Olympus Water US Holding Corp.</name>
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        <name>WESCO Distribution, Inc.</name>
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        <name>Rocket Cos., Inc.</name>
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        <name>Aretec Group, Inc.</name>
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        <name>Graphic Packaging International LLC</name>
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        <name>Newell Brands, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
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        <name>XPO, Inc.</name>
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        <name>AthenaHealth Group, Inc.</name>
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        <name>VZ Secured Financing BV</name>
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        <name>New Enterprise Stone &amp; Lime Co., Inc.</name>
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        <name>Lindblad Expeditions LLC</name>
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        <name>Alliant Holdings Intermediate LLC</name>
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        <name>Heartland Dental LLC</name>
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        <name>Solstice Advanced Materials, Inc.</name>
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        <name>CACI International, Inc.</name>
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        <name>Watco Cos. LLC</name>
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        <name>CCO Holdings LLC</name>
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        <name>Chart Industries, Inc.</name>
        <lei>EM7QGKC1GYOF3LSZSL80</lei>
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      <invstOrSec>
        <name>Standard Building Solutions, Inc.</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>Standard Building Solutions, Inc.</title>
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      <invstOrSec>
        <name>RB Global Holdings, Inc.</name>
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      <invstOrSec>
        <name>Medline Borrower LP</name>
        <lei>254900QT3R363TVK6F09</lei>
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          <isin value="US62482BAB80"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Trivium Packaging Finance BV</name>
        <lei>724500GMZWW3PVYET548</lei>
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          <isin value="US89686QAC06"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Veritiv Operating Co.</name>
        <lei>5493004G8OK5L1UTIY12</lei>
        <title>Veritiv Operating Co.</title>
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          <isin value="US92339LAA08"/>
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      <invstOrSec>
        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>Starwood Property Trust, Inc.</title>
        <cusip>85571BBD6</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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      <invstOrSec>
        <name>1011778 BC ULC</name>
        <lei>N/A</lei>
        <title>1011778 BC ULC</title>
        <cusip>68245XAH2</cusip>
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          <isin value="US68245XAH26"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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      <invstOrSec>
        <name>Churchill Downs, Inc.</name>
        <lei>529900FODTBQC8MIS994</lei>
        <title>Churchill Downs, Inc.</title>
        <cusip>12511VAA6</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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      <invstOrSec>
        <name>Neogen Food Safety Corp.</name>
        <lei>N/A</lei>
        <title>Neogen Food Safety Corp.</title>
        <cusip>365417AA2</cusip>
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        <name>Gen Digital, Inc.</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>Gen Digital, Inc.</title>
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        <name>Caesars Entertainment, Inc.</name>
        <lei>549300FA4CTCW903Y781</lei>
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        <name>Allied Universal Holdco LLC</name>
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        <name>Unisys Corp.</name>
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        <name>Waste Pro USA, Inc.</name>
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        <name>Sunoco LP</name>
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        <title>Sunoco LP</title>
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        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
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        <name>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd.</title>
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        <invCountry>LR</invCountry>

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          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>Hillenbrand, Inc.</name>
        <lei>U246OE781574J2BUD366</lei>
        <title>Hillenbrand, Inc.</title>
        <cusip>431571AF5</cusip>
        <identifiers>
          <isin value="US431571AF58"/>
        </identifiers>
        <balance>241000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>243371.44000000</valUSD>
        <pctVal>0.280464942948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>1290 Funds</ncom:nameOfApplicant>
      <ncom:signature>James Kelly</ncom:signature>
      <ncom:signerName>James Kelly</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
