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        <fairValLevel>2</fairValLevel>
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        <name>DiversiTech</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HighTower</name>
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        <fairValLevel>N/A</fairValLevel>
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        <name>BMC Software</name>
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        <name>Cloud Software Group (Citrix/TIBCO)</name>
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        <name>Travel + Leisure Co (fka Wyndham Destinations)</name>
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        <name>Asurion</name>
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        <name>Ryan LLC</name>
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        <name>CREDIT ACCEPTANCE CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MacLean Power Systems</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Versant Media Group</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CRESCENT ENERGY FINANCE LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SupplyOne</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Berlin Packaging</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Action Nederland B.V.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Endeavor</name>
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        <name>Oryx Southern Delaware Holdings</name>
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        <name>NielsenIQ/Global Connect</name>
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        <name>GFL Environmental Services business</name>
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        <name>Kaman Corporation</name>
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        <name>XPLR INFRASTRUCTURE OPERATING PARTNERS LP</name>
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        <name>Nielsen</name>
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        <name>VFH PARENT LLC</name>
        <lei>549300FRO9M476YHHY64</lei>
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        <curCd>USD</curCd>
        <valUSD>525373.50000000</valUSD>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WestJet Airlines</name>
        <lei>N/A</lei>
        <title>WJACN TL B 1L USD</title>
        <cusip>C9763HAB3</cusip>
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          <isin value="XAC9763HAB33"/>
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        <balance>422500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>413456.39000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sealed Air</name>
        <lei>254900S0VY2QTAITBR94</lei>
        <title>SEE TL B 1L USD</title>
        <cusip>87110SAB8</cusip>
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          <isin value="US87110SAB88"/>
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        <balance>1776284.21000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1727436.39000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-04</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.67499800</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Herschend Family Entertainment</name>
        <lei>54930087KQ7RPDXK0716</lei>
        <title>HERFAM TL 1L USD</title>
        <cusip>42778EAH4</cusip>
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          <isin value="US42778EAH45"/>
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        <balance>606042.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>609402.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.17389900</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mavis Tire Express </name>
        <lei>254900NVDM4GTLBL9E56</lei>
        <title>EOCGRO TL B 1L USD</title>
        <cusip>57777YAG1</cusip>
        <identifiers>
          <isin value="US57777YAG17"/>
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        <balance>1581681.68000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1586102.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-04</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.67300000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Jump Financial </name>
        <lei>N/A</lei>
        <title>JMPFIN TL B 1L USD</title>
        <cusip>48138UAE7</cusip>
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          <isin value="US48138UAE73"/>
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        <balance>559437.84000000</balance>
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        <curCd>USD</curCd>
        <valUSD>562235.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-26</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.81380000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Grifols Worldwide</name>
        <lei>N/A</lei>
        <title>GRFSM TL B 1L USD</title>
        <cusip>G4124RAC0</cusip>
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          <isin value="XAG4124RAC07"/>
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        <balance>330525.98000000</balance>
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        <curCd>USD</curCd>
        <valUSD>331676.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.17860100</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Blue Compass RV (fka RV Retailer)</name>
        <lei>N/A</lei>
        <title>RVRETL TL B 1L USD</title>
        <cusip>75001CAD6</cusip>
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          <isin value="US75001CAD65"/>
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        <balance>1071658.54000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1036165.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.17130200</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>CFC Group</name>
        <lei>N/A</lei>
        <title>CFCGRP TL B 1L USD</title>
        <cusip>12531JAB7</cusip>
        <identifiers>
          <isin value="US12531JAB70"/>
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        <balance>1380928.94000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1337774.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.16078200</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Qlik Technologies</name>
        <lei>N/A</lei>
        <title>QLIK TL 2L USD</title>
        <cusip>74339DAM0</cusip>
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          <ticker value="QLIK"/>
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        <curCd>USD</curCd>
        <valUSD>121202.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>9.30728900</annualizedRt>
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      <invstOrSec>
        <name>Les Schwab Tire Centers</name>
        <lei>549300GJM1TKHPYFPF83</lei>
        <title>LESSCH TL B1 1L USD</title>
        <cusip>50220KAD6</cusip>
        <identifiers>
          <isin value="US50220KAD63"/>
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        <balance>837905.90000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CRESCENT ENERGY FINANCE LLC</name>
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        <title>CRGYFN 8 3/8 01/15/34</title>
        <cusip>45344LAG8</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Garda World Security</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>GWCN TL B 1L USD</title>
        <cusip>C4000KAH7</cusip>
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          <isin value="XAC4000KAH77"/>
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        <balance>1904116.18000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>ViaSat</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
        <title>VSAT TL B 1L USD</title>
        <cusip>92555WAD7</cusip>
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          <isin value="US92555WAD74"/>
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        <balance>1174310.58000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-24</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>RelaDyne</name>
        <lei>5493000EBDLH9PYWBS30</lei>
        <title>RELDYN TL B1 1L USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US00149HAC88"/>
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        <balance>1550825.72000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.65680000</annualizedRt>
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      <invstOrSec>
        <name>Froneri</name>
        <lei>N/A</lei>
        <title>ICECR TL B6 1L USD</title>
        <cusip>G3679YAM4</cusip>
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          <isin value="XAG3679YAM49"/>
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        <balance>703578.22000000</balance>
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        <curCd>USD</curCd>
        <valUSD>699803.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.82470000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HLF FINANCING SARL LLC / HERBALIFE INTERNATIONAL INC</name>
        <lei>N/A</lei>
        <title>HLF 7 3/4 05/01/33</title>
        <cusip>40390DAE5</cusip>
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        <balance>403000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>411399.01000000</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>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SABLE INTERNATIONAL FINANCE LTD</name>
        <lei>2138009IE9A35LO5JS73</lei>
        <title>CWCLN 7 1/8 10/15/32</title>
        <cusip>785712AK6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>EG Group</name>
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        <name>Kidde Global Services</name>
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        <name>PetSmart</name>
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        <name>Starfruit Finco B V / Starfruit Us Holdco Llc</name>
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        <name>Light &amp; Wonder (Scientific Games)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hertz Corp.</name>
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        <title>HTZ TL C-EXIT 1L USD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Azuria Water Solutions (fka Aegion Corporation)</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Zayo Group Holdings Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ineos Group</name>
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        <title>INEGRP TL B 1L USD</title>
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          <isin value="XAG4768PAS02"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Clarios (Power Solutions)</name>
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        <title>POWSOL TL B 1L USD</title>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Primo Brands (BlueTriton Brands/Nestle Waters NA)</name>
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        <title>PRMB TL B 1L USD</title>
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          <isin value="US89678QAF37"/>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>IntraFi Network (fka Promontory Interfinancial Network)</name>
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        <title>NEXBUY TL B 1L USD</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Green Infrastructure Partners</name>
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        <title>GEISTP TL B 1L USD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SUNOCO LP</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BroadStreet Partners</name>
        <lei>549300BS9N54G8DD0R75</lei>
        <title>BROPAR TL B4 1L USD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BLACK PEARL COMPUTE LLC</name>
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        <title>BLKPRL 6 1/8 02/15/31</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Third Coast Midstream</name>
        <lei>N/A</lei>
        <title>LIGHTH TL B 1L USD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>World Choice Investments</name>
        <lei>N/A</lei>
        <title>SHOACQ TL B 1L USD</title>
        <cusip>N/A</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PODS</name>
        <lei>984500EC4ZCD5U1SDF04</lei>
        <title>PODLLC TL B 1L USD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Blackstone Mortgage Trust</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>BXMT TL B 1L USD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LifePoint Health</name>
        <lei>N/A</lei>
        <title>RGCARE TL B 1L USD</title>
        <cusip>75915TAK8</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>VIASAT INC</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
        <title>VSAT 7 1/2 05/30/31</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Inmarsat</name>
        <lei>9845009357089S8JD619</lei>
        <title>IMASF TL B 1L USD</title>
        <cusip>L2000DAH7</cusip>
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          <isin value="XAL2000DAH79"/>
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        <balance>818734.17000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.82680000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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        <name>First Brands Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ascensus</name>
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        <name>GOEASY LTD</name>
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        <name>Veritiv Corp</name>
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        <name>Pelican Pipeline</name>
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        <name>Goodnight Midstream</name>
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        <name>Azuria Water Solutions Inc.</name>
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        <name>Fogo de Chao</name>
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        <name>Tortuga Resorts (Turquoise)</name>
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        <title>ASUCOR TL B13 1L USD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Parexel</name>
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        <title>PRXL TL B 1L USD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Ryan LLC</name>
        <lei>549300TG86D8HZC6TE67</lei>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Opella (Sanofi consumer healthcare)</name>
        <lei>N/A</lei>
        <title>OPALBD TL B 1L USD</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BLUEMOUNTAIN CLO 2014-4 LTD</name>
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        <title>BLUEM 2021-32A ER</title>
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          <isin value="US09631FAE43"/>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Argus Media </name>
        <lei>N/A</lei>
        <title>ARGMED TL B 1L USD</title>
        <cusip>33902UAD5</cusip>
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          <isin value="US33902UAD54"/>
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        <balance>439384.35000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Rackspace Technology Global Incorporated</name>
        <lei>549300QTYCKLMFSE8I97</lei>
        <title>RAX TL B 1L USD</title>
        <cusip>75008UAC1</cusip>
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          <isin value="US75008UAC18"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Gentiva (KAH Hospice)</name>
        <lei>N/A</lei>
        <title>KND TL B 1L USD</title>
        <cusip>12568YAH7</cusip>
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          <isin value="US12568YAH71"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Novolex</name>
        <lei>N/A</lei>
        <title>NOVHOL TL B 1L USD</title>
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          <isin value="US18972FAE25"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Altice International</name>
        <lei>549300DIYGW8HVDF7Q17</lei>
        <title>ALTICE TL B 1L USD</title>
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          <isin value="XAL0178UAM89"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Phoenix Aviation Capital</name>
        <lei>N/A</lei>
        <title>PACDAC TL B 1L USD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Playcore</name>
        <lei>N/A</lei>
        <title>RECESS TL B 1L USD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Univision Communications/Televisa</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MedRisk</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Specialty Building Products</name>
        <lei>549300ICFD46O3KMJC06</lei>
        <title>SBPLLC TL B 1L USD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Weber Blackstone</name>
        <lei>549300XU8TJBBGLK8V26</lei>
        <title>WEBSTP TL B 1L USD</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PrimeSource</name>
        <lei>254900PGY077KWCROT75</lei>
        <title>PRIMBP TL B 1L USD</title>
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        <name>Presidio </name>
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        <name>1-800 Contacts</name>
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        <name>Altium Packaging (fka Consolidated Container Company)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Qlik Technologies</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WestJet Airlines</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Intertape Polymer</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Petco Animal Supplies</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dave &amp; Buster's Entertainment </name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Consolidated Energy</name>
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        <name>RealPage</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Osmose Utilities Services</name>
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        <name>BAIN CAPITAL CREDIT CLO 2021-1 LTD</name>
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        <name>Hertz</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Airlines</name>
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        <name>Stubhub (Viagogo)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cloud Software Group (Citrix/TIBCO)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CORE SCIENTIFIC FINANCE I LLC</name>
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        <name>M6 Midstream </name>
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        <fairValLevel>2</fairValLevel>
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        <name>Madison Air</name>
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        <name>Tory Burch</name>
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        <name>Amneal Pharmaceuticals</name>
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        <name>ION Platform</name>
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        <name>Deep Blue Operating</name>
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        <name>Corel Corp</name>
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        <name>American Express Global Business Travel</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ALBERTSONS COMPANIES INC</name>
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        <name>American Axle</name>
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        <name>ROSEN Group</name>
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        <name>Dave &amp; Buster's Entertainment </name>
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        <name>Coastal Waste &amp; Recycling</name>
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        <name>Forward Air</name>
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        <name>SupplyOne</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.53180100</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>NGL Energy Operating</name>
        <lei>5493008CQD36WWZJ3O79</lei>
        <title>NGL TL B 1L USD</title>
        <cusip>62922KAH3</cusip>
        <identifiers>
          <isin value="US62922KAH32"/>
        </identifiers>
        <balance>1744811.49000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1751223.67000000</valUSD>
        <pctVal>0.785049564671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.17639800</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>Candescent (NCR Voyix Digital Banking)</name>
        <lei>2549006V6EIUFGF2Y127</lei>
        <title>DRABUY TL 1L USD</title>
        <cusip>26143FAD1</cusip>
        <identifiers>
          <isin value="US26143FAD15"/>
        </identifiers>
        <balance>779439.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>747482.49000000</valUSD>
        <pctVal>0.335086153429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.29916900</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>Sunrise UPC</name>
        <lei>213800DXWIS9KORQ3X94</lei>
        <title>SUNN TL AAA 1L USD</title>
        <cusip>N9000DAK3</cusip>
        <identifiers>
          <isin value="XAN9000DAK36"/>
        </identifiers>
        <balance>870458.43000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>872177.59000000</valUSD>
        <pctVal>0.390985257380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.79313200</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>Tekni-Plex</name>
        <lei>549300TPLK304J3RNC85</lei>
        <title>TEKNI TL B7 1L USD</title>
        <cusip>00216EAL3</cusip>
        <identifiers>
          <isin value="US00216EAL39"/>
        </identifiers>
        <balance>1588931.56000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1501723.05000000</valUSD>
        <pctVal>0.673201856996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.04917200</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>ROGERS COMMUNICATIONS INC</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>RCICN 7 1/8 04/15/55</title>
        <cusip>775109DH1</cusip>
        <identifiers>
          <isin value="US775109DH13"/>
        </identifiers>
        <balance>353000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>364784.60000000</valUSD>
        <pctVal>0.163527935542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="365276.16000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARNIVAL CORP</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CCL 5 3/4 08/01/32</title>
        <cusip>143658CA8</cusip>
        <identifiers>
          <isin value="US143658CA82"/>
        </identifiers>
        <balance>490000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>493011.54000000</valUSD>
        <pctVal>0.221010314950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cotiviti Inc</name>
        <lei>254900YAQHVRTG4IFI64</lei>
        <title>VCVHHO TL B 1L USD</title>
        <cusip>22164MAE7</cusip>
        <identifiers>
          <isin value="US22164MAE75"/>
        </identifiers>
        <balance>578500.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>532943.82000000</valUSD>
        <pctVal>0.238911408664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.44951200</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>KENNEDY-WILSON INC</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
        <title>KW 4 3/4 03/01/29</title>
        <cusip>489399AL9</cusip>
        <identifiers>
          <isin value="US489399AL90"/>
        </identifiers>
        <balance>558000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>554691.45000000</valUSD>
        <pctVal>0.248660573066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International-Matex Tank Terminals</name>
        <lei>549300TH2PHOLK31LB42</lei>
        <title>INTMAT TL B 1L USD</title>
        <cusip>45070BAL9</cusip>
        <identifiers>
          <isin value="US45070BAL99"/>
        </identifiers>
        <balance>591011.31000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>592636.59000000</valUSD>
        <pctVal>0.265670859158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.67389900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Dunham Funds</ncom:nameOfApplicant>
      <ncom:signature>James Colantino</ncom:signature>
      <ncom:signerName>James Colantino</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
