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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</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>ProAmpac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GRAFTECH GLOBAL ENTERPRI</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Virgin Media</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>Venture Global Calcasieu Pass</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AI Aqua Merger Sub Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TransDigm</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>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>AmSpec</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ascend Learning</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PARK RIVER HOLDINGS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TransDigm</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Orion Advisor Solutions (fka NorthStar Financial Services Group)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BARCLAYS BANK PLC</name>
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        <name>Genesee &amp; Wyoming</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tortuga Resorts (Turquoise)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Anticimex</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KINETIK HOLDINGS LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COGNITA (LERNEN) 1L TLB3 CL USD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cobham Ultra SeniorCo S.a.r.l.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WhiteWater Matterhorn</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hayward Industries</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Quikrete</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Core &amp; Main (fka HD Supply Waterworks)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Madison Safety &amp; Flow</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Iron Mountain</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IVI-RMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lumexa Imaging (fka US Radiology)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Live Nation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BULLDOG PURCHASER INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pelican Products</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CompoSecure/Husky Technologies</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VSE Corporation</name>
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        <title>VSE Corporation Term Loan B 200 2033-03-09</title>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>EUR/USD FORWARD</title>
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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>Creative Planning</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ASSETMARK FIN (GTCR) 1L TLB CL USD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ascensus</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>RECESS HOLDINGS INC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Scientific Games Lottery</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alliance Ground International</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SunSource Holdings</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alterra Mountain Co (Intrawest)</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>GRAFTECH GLOBAL ENTERPRI</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CIRCOR International</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CAPSTONE BORROWER INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BMC Software</name>
        <lei>5493006T045HLTF7YX04</lei>
        <title>BMC Software Term Loan B 300 2031-07-01</title>
        <cusip>05988HAQ0</cusip>
        <identifiers>
          <isin value="US05988HAQ02"/>
          <other otherDesc="INTERNAL" value="BL4985299"/>
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        <balance>479302.76590000</balance>
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        <curCd>USD</curCd>
        <valUSD>430375.54000000</valUSD>
        <pctVal>1.007635869672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.41578000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>QXO</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>QXO Term Loan B 200 2033-05-30</title>
        <cusip>07368RAN1</cusip>
        <identifiers>
          <isin value="US07368RAN17"/>
          <other otherDesc="INTERNAL" value="BL5718327"/>
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        <balance>90000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>89749.80000000</valUSD>
        <pctVal>0.210130709974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MERLIN BUYER INC</name>
        <lei>2549008CJ699WXZAWW31</lei>
        <title>MERLIN BUYER INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BL5608387"/>
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        <balance>190000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>190237.50000000</valUSD>
        <pctVal>0.445402005785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.73222000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OSTTRA</name>
        <lei>984500FF08A0VDFA6976</lei>
        <title>ORION US FINCO</title>
        <cusip>68631KAB5</cusip>
        <identifiers>
          <isin value="US68631KAB52"/>
          <other otherDesc="INTERNAL" value="BL5077443"/>
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        <balance>109725.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>109700.86000000</valUSD>
        <pctVal>0.256842016323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.16870000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Life Time Fitness</name>
        <lei>549300PALKE96VYH4X17</lei>
        <title>Life Time Fitness Term Loan B 200 2031-11-01</title>
        <cusip>50218KAN8</cusip>
        <identifiers>
          <isin value="US50218KAN81"/>
          <other otherDesc="INTERNAL" value="BL5202587"/>
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        <balance>217431.93500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>217486.29000000</valUSD>
        <pctVal>0.509199446989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.61264000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENTAIN HOLDINGS GIBRALTA</name>
        <lei>213800ATWJIEYQ8NF838</lei>
        <title>ENTAIN HOLDINGS GIBRALTA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BL5176518"/>
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        <balance>296569.47080000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>295994.13000000</valUSD>
        <pctVal>0.693009418240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.98222000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>APi Group</name>
        <lei>549300XP4G7B4QYA0G83</lei>
        <title>APi Group Term Loan B 175 2033-05-02</title>
        <cusip>00186XAQ6</cusip>
        <identifiers>
          <isin value="US00186XAQ60"/>
          <other otherDesc="INTERNAL" value="BL5674058"/>
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        <balance>152529.88960000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>152163.82000000</valUSD>
        <pctVal>0.356260309538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.39392000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gen Digital (fka NortonLifelock)</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>Gen Digital (fka NortonLifelock) Term Loan B 175 2029-09-01</title>
        <cusip>66877AAF5</cusip>
        <identifiers>
          <isin value="US66877AAF57"/>
          <other otherDesc="INTERNAL" value="BL4673457"/>
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        <balance>205615.98120000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202934.75000000</valUSD>
        <pctVal>0.475130006930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.39392000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Arcis Golf</name>
        <lei>254900ZMGXNNIX4SXQ48</lei>
        <title>Arcis Golf Term Loan B 275 2028-11-01</title>
        <cusip>03958MAF4</cusip>
        <identifiers>
          <isin value="US03958MAF41"/>
          <other otherDesc="INTERNAL" value="BL4985372"/>
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        <balance>584.22000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>584.95000000</valUSD>
        <pctVal>0.001369540197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.39392000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United Parks and Resorts (fka SeaWorld)</name>
        <lei>549300UZV72O3371JJ53</lei>
        <title>United Parks and Resorts (fka SeaWorld) Term Loan B-3 200 2031-11-11</title>
        <cusip>78488CAL4</cusip>
        <identifiers>
          <isin value="US78488CAL46"/>
          <other otherDesc="INTERNAL" value="BL4808038"/>
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        <balance>122812.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>121789.47000000</valUSD>
        <pctVal>0.285145012006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.64392000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MAMBA PURCHASER INC</name>
        <lei>549300EAB6F7TKRLOT57</lei>
        <title>MDVIP Term Loan B 275 2031-10-01</title>
        <cusip>56150KAK1</cusip>
        <identifiers>
          <isin value="US56150KAK16"/>
          <other otherDesc="INTERNAL" value="BL5508942"/>
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        <balance>114425.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>114407.84000000</valUSD>
        <pctVal>0.267862442544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.40178000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Asurion</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>Asurion First-lien Term Loan B-12 425 2030-09-01</title>
        <cusip>04649VBD1</cusip>
        <identifiers>
          <isin value="US04649VBD10"/>
          <other otherDesc="INTERNAL" value="BL4756492"/>
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        <balance>237705.12500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>234614.96000000</valUSD>
        <pctVal>0.549302707253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.91339000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ZUORA INC</name>
        <lei>549300ISVGC1YZWQJ420</lei>
        <title>ZODIAC PURCHASER LLC</title>
        <cusip>98980XAC9</cusip>
        <identifiers>
          <isin value="US98980XAC92"/>
          <other otherDesc="INTERNAL" value="BL4859130"/>
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        <balance>201559.05270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>184426.53000000</valUSD>
        <pctVal>0.431796813887</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>Floating</couponKind>
          <annualizedRt>7.14392000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ASPHALT ATD HOLDCO LLC</name>
        <lei>N/A</lei>
        <title>ASPHALT ATD HOLDCO LLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BGH9QHMX5"/>
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        <balance>1071.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.11000000</valUSD>
        <pctVal>0.000000257542</pctVal>
        <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>WW INTERNATIONAL INC</name>
        <lei>SGT8R1MU6ESIC7UJC518</lei>
        <title>WW INTERNATIONAL INC COM NEW</title>
        <cusip>98262P200</cusip>
        <identifiers>
          <isin value="US98262P2002"/>
          <ticker value="WW"/>
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        <balance>531.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8485.38000000</valUSD>
        <pctVal>0.019866773227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEL MONTE FOODS INC</name>
        <lei>549300U9K7TD84Q24R17</lei>
        <title>DELMFD L 08/02/28 2</title>
        <cusip>24521WAB5</cusip>
        <identifiers>
          <isin value="US24521WAB54"/>
          <other otherDesc="INTERNAL" value="BL4742195"/>
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        <balance>100461.96230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47468.28000000</valUSD>
        <pctVal>0.111137221226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.71931000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KNIFE RIVER CORP</name>
        <lei>N/A</lei>
        <title>KNIFE RIVER CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BL5674827"/>
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        <balance>41625.93800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41652.16000000</valUSD>
        <pctVal>0.097519971663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.40107000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spring Education Group</name>
        <lei>N/A</lei>
        <title>Spring Education Group Term Loan B 450 2030-09-12</title>
        <cusip>84840EAC1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Secretariat Advisors</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>Grifols Worldwide</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>World Wide Technology Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Pro Mach</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cengage Learning</name>
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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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        <name>NEWELL BRANDS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Asplundh Tree Expert</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Six Flags</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PGW Auto Glass, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AUTOSCOUT24 USD 1L TLB CL</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>IMAGEFIRST HOLDINGS LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Openlane Inc (fka KAR Auction Services)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Michael Baker International</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Medical Solutions</name>
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        <fairValLevel>3</fairValLevel>
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        <name>INTERNATIONAL ENTERTAINM</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Caesars Entertainment Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hologic, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Warner Bros. Discovery</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WhiteWater Whistler</name>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>OWENS-BROCKWAY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HarbourVest Partners</name>
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          <isin value="US41165QAN79"/>
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        <fairValLevel>3</fairValLevel>
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        <name>TransMontaigne</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Osaic</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GIBRALTAR INDUSTRIES INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BOND US BIDCO 1 INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Guggenheim Funds Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JONES DESLAURIERS INSURA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Belron</name>
        <lei>N/A</lei>
        <title>Belron Term Loan B 200 2031-10-01</title>
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        <fairValLevel>2</fairValLevel>
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        <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>UPBOUND GROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MANNINGTON MILLS 1L TLB CL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MEDICAL SOLUTIONS FLFO CL USD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LITHIA MOTORS INC</name>
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        <title>LAD 5.5 10/01/30 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Gen Digital (fka NortonLifelock)</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>Gen Digital (fka NortonLifelock) Term Loan B (Incremental) 175 2032-02-09</title>
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        <assetCat>LON</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Virtu Financial</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Construction Partners</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Blackhawk Network Holdings</name>
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        <cusip>09238FAN1</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TerraForm Power</name>
        <lei>5493000S2OLR3UT5BE13</lei>
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        <cusip>88103NAL4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>International-Matex Tank Terminals</name>
        <lei>549300TH2PHOLK31LB42</lei>
        <title>International-Matex Tank Terminals Term Loan B 200 2030-10-01</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United Pacific (Apro)</name>
        <lei>549300HALLMPVGYAKP14</lei>
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        <cusip>03834XAP8</cusip>
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          <isin value="US03834XAP87"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pregis</name>
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        <title>Pregis Term Loan B 400 2029-02-01</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>White Cap</name>
        <lei>254900L2N0T6GULCL366</lei>
        <title>White Cap Term Loan B 325 2029-10-01</title>
        <cusip>96350TAH3</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Skechers</name>
        <lei>254900F2FNX3GBTB6202</lei>
        <title>Skechers Term Loan B 275 2032-09-01</title>
        <cusip>07337FAB1</cusip>
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          <isin value="US07337FAB13"/>
          <other otherDesc="INTERNAL" value="BL5674504"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCC Information Services</name>
        <lei>5493006JEEL9RIWY5T17</lei>
        <title>CCC Information Services Term Loan B 200 2032-01-12</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Copeland (Emerson Electrics climate control business)</name>
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        <title>EMRLD BORROWER LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Dynasty Acquisition Co Inc</name>
        <lei>549300L1RCRPOAUCB870</lei>
        <title>DAEAVI L 10/31/31 19</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ACUREN DELAWARE HOLDCO INC</name>
        <lei>984500AF5AADE92B5332</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SNACKING INVESTMENTS US</name>
        <lei>549300W8K88D3SM86Y18</lei>
        <title>SNACKING INVESTMENTS US</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Miter Brands (MI Windows and Doors)</name>
        <lei>2549001JQBGDT0WEQ156</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SCIL IV LLC</name>
        <lei>N/A</lei>
        <title>Polynt-Reichhold Group Term Loan B 400 2032-09-27</title>
        <cusip>80881LAC3</cusip>
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          <other otherDesc="INTERNAL" value="BL5252624"/>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WOLVERINE WORLD WIDE INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arcosa</name>
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          <isin value="US03965EAH99"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Golden Nugget</name>
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          <isin value="US31556PAB31"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FG PARENT LLC</name>
        <lei>N/A</lei>
        <title>FG PARENT LLC</title>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Salas OBrien, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US79400JAL26"/>
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        <fairValLevel>3</fairValLevel>
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        <name>TEGRA118 WEALTH SOLUTION</name>
        <lei>254900HOKMJFKIA9FR12</lei>
        <title>TEGRA118 WEALTH SOLUTIONS INC</title>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Ardonagh Group (previously KIRS Group, Towergate Partnership)</name>
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          <isin value="XAQ0500HAB59"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Froneri</name>
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        <title>Froneri Term Loan B 200 2031-09-02</title>
        <cusip>000000000</cusip>
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          <isin value="XAG3679YAK82"/>
          <other otherDesc="INTERNAL" value="BL4752848"/>
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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>2</fairValLevel>
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        <name>API HEAT 2ND OUT 1L TL</name>
        <lei>N/A</lei>
        <title>API HEAT 2ND OUT 1L TL</title>
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          <other otherDesc="LoanX ID" value="LX279778"/>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Element Solutions (fka Platform Specialty Products)</name>
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          <other otherDesc="INTERNAL" value="BL4764116"/>
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        <fairValLevel>2</fairValLevel>
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        <name>frontdoor</name>
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          <other otherDesc="INTERNAL" value="BL4861516"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ASPHALT ATD HOLDCO LLC</name>
        <lei>N/A</lei>
        <title>ASPHALT ATD HOLDCO LLC</title>
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        <fairValLevel>3</fairValLevel>
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        <name>BIP PIPECO HOLDINGS LLC</name>
        <lei>254900VCXW4EPI0VC343</lei>
        <title>AL NGPL FUND VIII FUNDIN</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TIGER ACQUISITION LLC</name>
        <lei>25490011XE2GWJKY5N51</lei>
        <title>TIGER ACQUISITION LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Indicor (Roper Industrial)</name>
        <lei>254900RXO1EICEHOLG29</lei>
        <title>Indicor (Roper Industrial) Term Loan B 250 2029-11-01</title>
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          <other otherDesc="INTERNAL" value="BL5508652"/>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>MIDWEST PHYSICIAN ADMINISTRATIVE SERVICES LLC</name>
        <lei>5493001F7B0DCPKBGK48</lei>
        <title>MIDWEST PHYSICIAN ADMINS</title>
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          <other otherDesc="INTERNAL" value="BL3563329"/>
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        <balance>131264.31590000</balance>
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        <curCd>USD</curCd>
        <valUSD>130181.39000000</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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        <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>LINDBLAD EXPEDITIONS LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WhiteWater DBR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Jane Street Group</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEXUS BUYER LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CNT HOLDINGS I CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Congruex Group LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alterra Mountain Co (Intrawest)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tripadvisor Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EVERGREEN ACQCO 1 LP</name>
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        <title>EVERGREEN ACQCO 1 LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Caesars Entertainment Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Grant Thornton</name>
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        <fairValLevel>2</fairValLevel>
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        <name>McGraw-Hill Global Education Holdings</name>
        <lei>254900U6YJ9QZ4IQOR26</lei>
        <title>McGraw-Hill Global Education Holdings Term Loan B 275 2031-08-01</title>
        <cusip>58063DAG8</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Core &amp; Main (fka HD Supply Waterworks)</name>
        <lei>N/A</lei>
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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>Ecovyst (fka PQ Corp)</name>
        <lei>254900NH3N3I82Z6Q744</lei>
        <title>Ecovyst (fka PQ Corp) Term Loan B 225 2031-06-01</title>
        <cusip>27922JAC0</cusip>
        <identifiers>
          <isin value="US27922JAC09"/>
          <other otherDesc="INTERNAL" value="BL4985901"/>
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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>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Keenova</name>
        <lei>N/A</lei>
        <title>Keenova</title>
        <cusip>000000000</cusip>
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        <balance>269.00000000</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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      <invstOrSec>
        <name>US LBM</name>
        <lei>549300FAEB3VWZL4NI86</lei>
        <title>US LBM Term Loan B (Incremental) 375 2031-05-16</title>
        <cusip>50179JAH1</cusip>
        <identifiers>
          <isin value="US50179JAH14"/>
          <other otherDesc="INTERNAL" value="BL4671105"/>
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        <curCd>USD</curCd>
        <valUSD>869.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-06</maturityDt>
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          <annualizedRt>7.50178000</annualizedRt>
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      <invstOrSec>
        <name>TEGA MC AUSTRALIA HOLDIN</name>
        <lei>N/A</lei>
        <title>TEGA MC AUSTRALIA HOLDIN</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="BL5601739"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-25</maturityDt>
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      <invstOrSec>
        <name>Sunrise UPC</name>
        <lei>213800DXWIS9KORQ3X94</lei>
        <title>Sunrise UPC Term Loan B - (AAA) 250 2032-02-01</title>
        <cusip>000000000</cusip>
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          <isin value="XAN9000DAK36"/>
          <other otherDesc="INTERNAL" value="BL4990554"/>
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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>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>DYNASTY ACQUISITION CO. INC</name>
        <lei>549300L1RCRPOAUCB870</lei>
        <title>DYNASTY ACQUISITION CO INC</title>
        <cusip>26812CAN6</cusip>
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          <isin value="US26812CAN65"/>
          <other otherDesc="INTERNAL" value="BL4793859"/>
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        <curCd>USD</curCd>
        <valUSD>126443.26000000</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>2031-10-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.64392000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Amentum (AECOM management business)</name>
        <lei>2549009FJIBLW40CU216</lei>
        <title>Amentum (AECOM management business) Term Loan B 175 2031-07-01</title>
        <cusip>02351XAD0</cusip>
        <identifiers>
          <isin value="US02351XAD03"/>
          <other otherDesc="INTERNAL" value="BL5663424"/>
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        <curCd>USD</curCd>
        <valUSD>245360.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Traverse Midstream</name>
        <lei>549300DHTM8B2X5QMJ22</lei>
        <title>Traverse Midstream Term Loan B 225 2033-04-11</title>
        <cusip>89435TAH7</cusip>
        <identifiers>
          <isin value="US89435TAH77"/>
          <other otherDesc="INTERNAL" value="BL5661204"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94881.25000000</valUSD>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Concentra</name>
        <lei>984500GB84105F75DE32</lei>
        <title>Concentra Term Loan B 200 2031-07-01</title>
        <cusip>20602RAD2</cusip>
        <identifiers>
          <isin value="US20602RAD26"/>
          <other otherDesc="INTERNAL" value="BL4990299"/>
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        <curCd>USD</curCd>
        <valUSD>83797.15000000</valUSD>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Level 3</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>Level 3 Term Loan B-5 275 2032-03-01</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="BL5676251"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Austin Powder Holdings Company</name>
        <lei>254900BOO8W9IR1VYO11</lei>
        <title>Austin Powder Holdings Company Term Loan B 275 2031-09-01</title>
        <cusip>00036FAB0</cusip>
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          <isin value="US00036FAB04"/>
          <other otherDesc="INTERNAL" value="BL5004397"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>HOBBS &amp; ASSOCIATES LLC</name>
        <lei>254900FAZYX24PP1RY58</lei>
        <title>HOBBS &amp; ASSOCIATES LLC</title>
        <cusip>43385CAB4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Azuria Water Solutions (fka Aegion Corporation)</name>
        <lei>549300AG3DVJURRIT691</lei>
        <title>Azuria Water Solutions (fka Aegion Corporation) Term Loan B 275 2033-01-18</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GIP Pilot Acquisition Partners</name>
        <lei>254900NQOAOPPA12X060</lei>
        <title>GIP Pilot Acquisition Partners Term Loan B 200 2033-05-10</title>
        <cusip>31773HAF9</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Blackstone Mortgage Trust</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>Blackstone Mortgage Trust Term Loan B 250 2030-12-01</title>
        <cusip>09259GAL7</cusip>
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          <other otherDesc="INTERNAL" value="BL5427341"/>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-10</maturityDt>
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      <invstOrSec>
        <name>STATION CASINOS INC</name>
        <lei>5493004E7Q60TX54WL62</lei>
        <title>Red Rock Resorts (Station Casinos) Term Loan B 225 2031-03-03</title>
        <cusip>85769EBB6</cusip>
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          <isin value="US85769EBB65"/>
          <other otherDesc="INTERNAL" value="BL4872869"/>
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        <balance>128358.58160000</balance>
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        <curCd>USD</curCd>
        <valUSD>128264.88000000</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>2031-03-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.64392000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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        <name>PointClickCare</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>CULLIGAN (AQUA) TLB 1L CL USD REFI</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Astrion (Engineering Research and Consulting)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sabre Inc.</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>Buckeye Partners</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INGENOVIS HEALTH INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AS MILEAGE PLAN IP LTD</name>
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        <name>GFL Environmental Services business</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Flutter Entertainment</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Blackstone Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Starwood Property Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sweetwater Sound</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>7.64392000</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>Hunter Douglas</name>
        <lei>529900811T142NS3H544</lei>
        <title>Hunter Douglas Term Loan B 325 2032-01-05</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAN8137FAE06"/>
          <other otherDesc="INTERNAL" value="BL4938900"/>
        </identifiers>
        <balance>182565.15010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>182185.41000000</valUSD>
        <pctVal>0.426549692036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.73222000</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>Minerals Technologies</name>
        <lei>549300D3I1QU67GP6403</lei>
        <title>Minerals Technologies Term Loan B 200 2031-11-12</title>
        <cusip>60315GAH1</cusip>
        <identifiers>
          <isin value="US60315GAH11"/>
          <other otherDesc="INTERNAL" value="BL4808673"/>
        </identifiers>
        <balance>147750.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>147750.00000000</valUSD>
        <pctVal>0.345926257203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.64392000</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>Epicor</name>
        <lei>JGNXVGGGXR4O1L5I7S73</lei>
        <title>Epicor Term Loan B 325 2031-05-14</title>
        <cusip>29426NAZ7</cusip>
        <identifiers>
          <isin value="US29426NAZ78"/>
          <other otherDesc="INTERNAL" value="BL4853604"/>
        </identifiers>
        <balance>104948.92320000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100095.04000000</valUSD>
        <pctVal>0.234351963125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.39392000</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>Energizer Holdings</name>
        <lei>5493000D6NN0V57UME20</lei>
        <title>Energizer Holdings Term Loan B 200 2032-02-01</title>
        <cusip>29267YAW2</cusip>
        <identifiers>
          <isin value="US29267YAW21"/>
          <other otherDesc="INTERNAL" value="BL5024080"/>
        </identifiers>
        <balance>139493.92270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>138927.58000000</valUSD>
        <pctVal>0.325270374089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.63903000</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>Harsco</name>
        <lei>529900MZ4Y5ZEP5SXR17</lei>
        <title>ENVIRI CORP</title>
        <cusip>41587CAR9</cusip>
        <identifiers>
          <isin value="US41587CAR97"/>
          <other otherDesc="INTERNAL" value="BL3563485"/>
        </identifiers>
        <balance>188169.79380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>187385.13000000</valUSD>
        <pctVal>0.438723767691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.00840000</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>SGH2 LLC</name>
        <lei>N/A</lei>
        <title>Scenic Term Loan B 450 2032-07-06</title>
        <cusip>78424SAB8</cusip>
        <identifiers>
          <isin value="US78424SAB88"/>
          <other otherDesc="INTERNAL" value="BL5164258"/>
        </identifiers>
        <balance>107957.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>107687.61000000</valUSD>
        <pctVal>0.252128405241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.23222000</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>PAINT INTERMEDIATE III LLC</name>
        <lei>549300C2JJM7BNZTR054</lei>
        <title>Wesco Group Term Loan B 300 2031-09-02</title>
        <cusip>69575EAL3</cusip>
        <identifiers>
          <isin value="US69575EAL39"/>
          <other otherDesc="INTERNAL" value="BL4752996"/>
        </identifiers>
        <balance>229420.65490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>229851.97000000</valUSD>
        <pctVal>0.538151145129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.65328000</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>Arcwood Environmental, Inc.</name>
        <lei>549300E3IIHNPMXFHC03</lei>
        <title>Arcwood Environmental, Inc. Term Loan B 300 2033-03-14</title>
        <cusip>03970GAC8</cusip>
        <identifiers>
          <isin value="US03970GAC87"/>
          <other otherDesc="INTERNAL" value="BL5601523"/>
        </identifiers>
        <balance>43000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43161.25000000</valUSD>
        <pctVal>0.101053195727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.64392000</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>HERC HOLDINGS INC</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HRI 7 06/15/30 144A</title>
        <cusip>42704LAF1</cusip>
        <identifiers>
          <isin value="US42704LAF13"/>
        </identifiers>
        <balance>125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>129445.95000000</valUSD>
        <pctVal>0.303071086251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACI ROVER PARENT LLC</name>
        <lei>549300GVXMQFQZDSJR97</lei>
        <title>ACI ROVER PARENT LLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BL5727799"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49862.50000000</valUSD>
        <pctVal>0.116742795260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.98222000</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>athenahealth</name>
        <lei>254900AA3KZN4Q7A5Z33</lei>
        <title>athenahealth Term Loan B 325 2032-02-01</title>
        <cusip>04686RAF0</cusip>
        <identifiers>
          <isin value="US04686RAF01"/>
          <other otherDesc="INTERNAL" value="BL5680642"/>
        </identifiers>
        <balance>247500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>244653.75000000</valUSD>
        <pctVal>0.572806470716</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.89392000</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>TPG RE FINANCE TRUST INC</name>
        <lei>N/A</lei>
        <title>TPG RE FINANCE TRUST INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BL5672888"/>
        </identifiers>
        <balance>65000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>64918.75000000</valUSD>
        <pctVal>0.151993910049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.39392000</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>USI Inc</name>
        <lei>2549006D7UF7072T7I27</lei>
        <title>USI Inc Term Loan B 225 2029-11-01</title>
        <cusip>90351NAR6</cusip>
        <identifiers>
          <isin value="US90351NAR61"/>
          <other otherDesc="INTERNAL" value="BL4881753"/>
        </identifiers>
        <balance>202686.81870000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>201876.07000000</valUSD>
        <pctVal>0.472651325306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.98222000</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="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-17</ncom:dateSigned>
      <ncom:nameOfApplicant>Guggenheim Variable Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>James Howley</ncom:signature>
      <ncom:signerName>James Howley</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
