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        <name>ATS Corp.</name>
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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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        <fairValLevel>2</fairValLevel>
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        <name>Alcoa Nederland Holding BV</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ATI, Inc.</name>
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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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        <fairValLevel>2</fairValLevel>
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        <name>Allied Universal Holdco LLC</name>
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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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        <fairValLevel>2</fairValLevel>
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        <name>Cooper-Standard Automotive, Inc.</name>
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        <name>Energy Transfer LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cyprium Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DT Midstream, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DaVita, Inc.</name>
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        <name>Diamond Foreign Asset Co.</name>
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        <name>Directv Financing LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Element Solutions, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Emergent BioSolutions, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Encompass Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Encompass Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Energizer Holdings, Inc.</name>
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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>Entegris, Inc.</name>
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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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Ingram Micro, Inc.</name>
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        <name>Kioxia Holdings Corp.</name>
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        <name>Knife River Corp.</name>
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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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Madison IAQ LLC</name>
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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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>National CineMedia, Inc.</name>
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        <name>NESCO Holdings II, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Serta Simmons Bedding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US Renal Care, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SBA Communications Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SM Energy Co.</name>
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        <title>SM Energy Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SM Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SM Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SM Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SM Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SS&amp;C Technologies, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>SV RNO Property Owner 1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Star Parent, Inc.</name>
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        <name>Rocket Software, Inc.</name>
        <lei>549300PVG26ISP5X1556</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Xerox Corp.</name>
        <lei>N/A</lei>
        <title>Xerox Corp., 1st Lien Term Loan</title>
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        <balance>3310000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>7.64119084</annualizedRt>
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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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        <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>Expand Energy Corp.</name>
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        <name>Block, Inc.</name>
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        <name>Block, Inc.</name>
        <lei>549300OHIIUWSTIZME52</lei>
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      <invstOrSec>
        <name>Sunoco LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Sunoco LP</name>
        <lei>N/A</lei>
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        <balance>1934000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Sunoco LP</name>
        <lei>N/A</lei>
        <title>Sunoco LP</title>
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          <isin value="US86765LAZ04"/>
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        <balance>11152000.00000000</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>2030-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Superior Plus LP</name>
        <lei>N/A</lei>
        <title>Superior Plus LP</title>
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          <isin value="US86828LAC63"/>
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        <balance>4568000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4425439.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Surgery Center Holdings, Inc.</name>
        <lei>54930054EVI5HWPPW113</lei>
        <title>Surgery Center Holdings, Inc.</title>
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          <isin value="US86881WAF95"/>
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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>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Synaptics, Inc.</name>
        <lei>549300AJ3LI4FWNRQX29</lei>
        <title>Synaptics, Inc.</title>
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          <isin value="US87157DAG43"/>
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        <balance>4754000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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          <isin value="US87264ADV44"/>
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        <balance>4403000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>Talen Energy Supply LLC</title>
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          <isin value="US87422VAM00"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-01</maturityDt>
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        <name>Tallgrass Energy Partners LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tallgrass Energy Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tallgrass Energy Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tallgrass Energy Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tallgrass Energy Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Raven Acquisition Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Moran Foods LLC</name>
        <lei>N/A</lei>
        <title>Moran Foods LLC, 1st Lien Term Loan A</title>
        <cusip>61647DAX0</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Moran Foods LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Genesys Cloud Services, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Transocean International Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Transocean International Ltd.</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>HUB International Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Quikrete Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Quikrete Holdings, Inc., 1st Lien Term Loan B-3</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TriMas Corp.</name>
        <lei>75G1WUQ8QK4P5MZOYD78</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>TriNet Group, Inc.</name>
        <lei>5299003FJVBETSFKE990</lei>
        <title>TriNet Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Trinity Industries, Inc.</name>
        <lei>R1JB4KXN77XFCXOQKV49</lei>
        <title>Trinity Industries, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Trinseo Luxco Finance SPV SARL</name>
        <lei>N/A</lei>
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        <invCountry>LU</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Coherent Corp.</name>
        <lei>549300O5C25A0MMHHU33</lei>
        <title>Coherent Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>US Foods, Inc.</name>
        <lei>5493000JOOFAOUY1JZ87</lei>
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        <fairValLevel>2</fairValLevel>
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        <lei>5493000JOOFAOUY1JZ87</lei>
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        <fairValLevel>2</fairValLevel>
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        <lei>5493000JOOFAOUY1JZ87</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>AAdvantage Loyalty IP Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Clydesdale Acquisition Holdings, Inc.</name>
        <lei>254900QKSDYFR3K5YD98</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Vista Management Holding, Inc.</name>
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          <isin value="US92842EAB48"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>1261229 BC Ltd.</name>
        <lei>N/A</lei>
        <title>1261229 BC Ltd., 1st Lien Term Loan</title>
        <cusip>C6903HAB0</cusip>
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          <isin value="XAC6903HAB06"/>
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        <valUSD>16891928.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>9.87031000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>Viking Cruises Ltd.</name>
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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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        <fairValLevel>2</fairValLevel>
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        <name>Vistra Operations Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VistaJet Malta Finance plc</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Crown Finance US, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VoltaGrid LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WR Grace Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Wabash National Corp.</name>
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        <name>Chariot Buyer LLC</name>
        <lei>25490092IFNOZBRVE539</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Wand NewCo 3, Inc.</name>
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        <title>Wand NewCo 3, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Advantage Holdings LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Neon Maple US Debt Mergersub, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US69425BAD91"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sanmina Corp.</name>
        <lei>X5K24XLM8QYRXF00EB42</lei>
        <title>Sanmina Corp., 1st Lien Term Loan B-1</title>
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          <isin value="US80105GAP54"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Allied Universal Holdco LLC</name>
        <lei>98450038B4549046D794</lei>
        <title>Allied Universal Holdco LLC, 1st Lien Term Loan</title>
        <cusip>01957TAX5</cusip>
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          <isin value="US01957TAX54"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PetSmart LLC</name>
        <lei>894500NGJMHSFNESGA67</lei>
        <title>PetSmart LLC, 1st Lien Term Loan</title>
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          <isin value="US71677HAN52"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc., 1st Lien Term Loan M</title>
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          <isin value="US89364MCE21"/>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Icon Parent I, Inc.</name>
        <lei>N/A</lei>
        <title>Icon Parent I, Inc., 1st Lien Term Loan</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Wayfair LLC</name>
        <lei>549300CTUWTZGOXMYI40</lei>
        <title>Wayfair LLC</title>
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          <isin value="US94419NAA54"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wayfair LLC</name>
        <lei>549300CTUWTZGOXMYI40</lei>
        <title>Wayfair LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Wayfair LLC</name>
        <lei>549300CTUWTZGOXMYI40</lei>
        <title>Wayfair LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Wayfair LLC</name>
        <lei>549300CTUWTZGOXMYI40</lei>
        <title>Wayfair LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NCR Atleos LLC</name>
        <lei>N/A</lei>
        <title>NCR Atleos LLC, 1st Lien Term Loan B</title>
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          <isin value="US63001PAG63"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Varsity Brands, Inc.</name>
        <lei>N/A</lei>
        <title>Varsity Brands, Inc., 1st Lien Term Loan</title>
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          <isin value="US92227QAG10"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Weekley Homes LLC</name>
        <lei>N/A</lei>
        <title>Weekley Homes LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dayforce Bidco LLC</name>
        <lei>N/A</lei>
        <title>Dayforce Bidco LLC, 1st Lien Term Loan</title>
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          <isin value="US23923YAB74"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>WESCO Distribution, Inc.</name>
        <lei>549300I2CEZJG9N4AH67</lei>
        <title>WESCO Distribution, Inc.</title>
        <cusip>95081QAP9</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>WESCO Distribution, Inc.</name>
        <lei>549300I2CEZJG9N4AH67</lei>
        <title>WESCO Distribution, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Altice France SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>QXO Building Products, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Shift4 Payments LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PAREXEL International Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bausch + Lomb Corp.</name>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Williams Scotsman, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>LSF12 Crown US Commercial Bidco LLC</name>
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        <name>Graham Packaging Co., Inc.</name>
        <lei>N/A</lei>
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        <name>LSF12 Helix Parent LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Belron Finance 2019 LLC</name>
        <lei>N/A</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Petco Health &amp; Wellness Co., Inc.</name>
        <lei>N/A</lei>
        <title>Petco Health &amp; Wellness Co., Inc., 1st Lien Term Loan</title>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Garda World Security Corp.</name>
        <lei>N/A</lei>
        <title>Garda World Security Corp., 1st Lien Term Loan</title>
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          <isin value="XAC4000KAH77"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>First Student Bidco, Inc.</name>
        <lei>N/A</lei>
        <title>First Student Bidco, Inc., 1st Lien Term Loan B</title>
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          <isin value="US33718FAQ37"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Student Bidco, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US33718FAR10"/>
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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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          <couponKind>Variable</couponKind>
          <annualizedRt>5.94961000</annualizedRt>
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      <invstOrSec>
        <name>WULF Compute LLC</name>
        <lei>N/A</lei>
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          <isin value="US982911AA70"/>
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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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      <invstOrSec>
        <name>Wynn Las Vegas LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wynn Resorts Finance LLC</name>
        <lei>N/A</lei>
        <title>Wynn Resorts Finance LLC</title>
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          <isin value="US983133AA70"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wynn Resorts Finance LLC</name>
        <lei>N/A</lei>
        <title>Wynn Resorts Finance LLC</title>
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          <isin value="US983133AC37"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>Wynn Resorts Finance LLC</name>
        <lei>N/A</lei>
        <title>Wynn Resorts Finance LLC</title>
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          <isin value="US983133AD10"/>
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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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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>DexKo Global, Inc.</name>
        <lei>N/A</lei>
        <title>DexKo Global, Inc., 1st Lien Term Loan</title>
        <cusip>25213YBF1</cusip>
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          <isin value="US25213YBF16"/>
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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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          <annualizedRt>8.16339000</annualizedRt>
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      <invstOrSec>
        <name>XPO, Inc.</name>
        <lei>54930096DB9LCLPN7H13</lei>
        <title>XPO, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>XPO, Inc.</name>
        <lei>54930096DB9LCLPN7H13</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Xerox Corp.</name>
        <lei>4KF48RN45X1OO8UBLY20</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Xerox Holdings Corp.</name>
        <lei>5493000Y33XDVO2CXC18</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Xerox Holdings Corp.</name>
        <lei>5493000Y33XDVO2CXC18</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VSE Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FGI Operating Co. LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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        <name>Moran Foods LLC</name>
        <lei>N/A</lei>
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          <isin value="US61647DAL64"/>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <annualizedRt>15.23308000</annualizedRt>
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        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="9903391"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AWS Claire's LLC</name>
        <lei>N/A</lei>
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          <isin value="US05455VAB62"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>GB AIT Buyer, Inc.</name>
        <lei>N/A</lei>
        <title>GB AIT Buyer, Inc., 1st Lien Term Loan</title>
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          <other otherDesc="Inhouse Asset ID" value="993374"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Moran Foods LLC</name>
        <lei>N/A</lei>
        <title>Moran Foods LLC, 1st Lien Term Loan</title>
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          <isin value="US61647DAZ50"/>
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        <curCd>USD</curCd>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Moran Foods LLC</name>
        <lei>N/A</lei>
        <title>Moran Foods LLC, 1st Lien Term Loan</title>
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          <isin value="US61647DBA90"/>
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        <balance>26509921.97000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ICITII</name>
        <lei>N/A</lei>
        <title>ICITII</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="O1DA644"/>
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        <balance>5665379.05100000</balance>
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        <curCd>USD</curCd>
        <valUSD>2778471.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>Labl  dec33</name>
        <lei>N/A</lei>
        <title>Labl  dec33</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CINS" value="504917121"/>
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        <curCd>USD</curCd>
        <valUSD>2023420.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New Evhc Physical Equity</name>
        <lei>N/A</lei>
        <title>New Evhc Physical Equity</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="99TBZZ9H7"/>
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        <balance>106975.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Serta Simmons Bedding LLC</name>
        <lei>N/A</lei>
        <title>Serta Simmons Bedding LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="99TETA9Q3"/>
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        <balance>394567.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SSB Equipment Co., Inc.</name>
        <lei>N/A</lei>
        <title>SSB Equipment Co., Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="99TETA9R4"/>
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        <balance>394567.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nmg Escrow</name>
        <lei>N/A</lei>
        <title>Neiman Marcus Group, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CINS" value="629ESC039"/>
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        <balance>5635.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New Par Health</name>
        <lei>N/A</lei>
        <title>Par Health</title>
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          <other otherDesc="Inhouse Asset ID" value="99TEZGHH5"/>
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        <balance>138232.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>New Par Health</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="99TEZGHJ6"/>
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        <balance>80182.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Keenova</name>
        <lei>N/A</lei>
        <title>Keenova</title>
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          <other otherDesc="Inhouse Asset ID" value="99TEZGHK7"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Keenova</name>
        <lei>N/A</lei>
        <title>Keenova Therapeutics plc</title>
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          <other otherDesc="Inhouse Asset ID" value="99TEZGHL8"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Escrow Rite Aid</name>
        <lei>N/A</lei>
        <title>Escrow Rite Aid</title>
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          <other otherDesc="Inhouse Asset ID" value="99TFZZ9W5"/>
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        <balance>2523888.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2049-12-31</maturityDt>
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      <invstOrSec>
        <name>Incora Intermediate LLC</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Sedol" value="O1D4956"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Labl  apr33 144a</name>
        <lei>N/A</lei>
        <title>Labl  apr33 144a</title>
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          <other otherDesc="Inhouse Asset ID" value="99TMD6XUR"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Multi-Color Corp.</name>
        <lei>N/A</lei>
        <title>Multi-Color Corp.</title>
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          <other otherDesc="Inhouse Sedol" value="PCED0C1"/>
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        <balance>1259614.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Altice France SA</name>
        <lei>N/A</lei>
        <title>Altice France SA</title>
        <cusip>N/A</cusip>
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          <isin value="XS3154194339"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
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        <balance>598014.31000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Venator Materials plc</name>
        <lei>549300WFXC4YL5IHX316</lei>
        <title>Venator Materials plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BLFHRK18"/>
        </identifiers>
        <balance>11378.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85335.00000000</valUSD>
        <pctVal>0.001304318282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SES SA</name>
        <lei>5493008JPA4HYMH1HX51</lei>
        <title>SES SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USL8176HAF75"/>
        </identifiers>
        <balance>749408.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11334796.00000000</valUSD>
        <pctVal>0.173248744955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ardagh Holdings SA</name>
        <lei>6354006L1NWUUOPYX274</lei>
        <title>Ardagh Holdings SA</title>
        <cusip>985923101</cusip>
        <identifiers>
          <isin value="US9859231014"/>
        </identifiers>
        <balance>1234117.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85733882"/>
        <valUSD>8276975.90000000</valUSD>
        <pctVal>0.126510939120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      
      
      
      
      
      
      
      
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>JPMorgan Trust II</ncom:nameOfApplicant>
      <ncom:signature>Timothy J. Clemens</ncom:signature>
      <ncom:signerName>Timothy J. Clemens</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
