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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>American Axle and Manufacturing, 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>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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        <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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        <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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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Crown Subsea Communications Holding,Inc.</name>
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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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        <name>Cyberswift US Finco LLC</name>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CYPRIUM CORP/CYPRIUM HOL</name>
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          <isin value="US23292NAA63"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DG Investment Intermediate Holdings 2, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US23344MAM01"/>
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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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          <maturityDt>2032-07-09</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>DT MIDSTREAM INC</name>
        <lei>N/A</lei>
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          <isin value="US23345MAA53"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.13000000</annualizedRt>
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      <invstOrSec>
        <name>DAVITA INC</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
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          <isin value="US23918KAW80"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>128986.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.88000000</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>DAVITA INC</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
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          <isin value="US23918KAY47"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>129055.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DAYFORCE INC</name>
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        <title>Dayforce, Inc.</title>
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          <isin value="US23923YAB74"/>
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        <curCd>USD</curCd>
        <valUSD>480228.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-04</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>DISCOVERY COMMUNICATIONS</name>
        <lei>L2Z2MO2EQURH3BREWI15</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KOHLER ENERGY CO LLC</name>
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        <payoffProfile>Long</payoffProfile>
        <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>DISCOVERY GLOBAL HOLDINGS INC</name>
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        <title>Discovery Global Holdings, Inc.</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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        <name>DISCOVERY HOLDINGS INC</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>Discovery Global Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DISCOVERY HOLDINGS INC</name>
        <lei>549300DXR29GD4N0A520</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>DISCOVERY HOLDINGS INC</name>
        <lei>549300DXR29GD4N0A520</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>DREAM FINDERS HOMES INC</name>
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        <title>Dream Finders Homes, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>EMG Utica LLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>EOC Borrower LLC</name>
        <lei>N/A</lei>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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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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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GAP INC/THE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GENESIS ENERGY LP/FIN</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Global Medical Response Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Barnes Group 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>Green Infrastructure Partners 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>Gryphon Acquire Newco, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Gulfside Supply Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CORE + MAIN LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hanger Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HAWAIIAN ELEC CO</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>2</fairValLevel>
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        <name>HUGHES SATELLITE SYSTEMS</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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        <name>Nielsen Consumer Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Heritage-Crystal Clean Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Jane Street Group 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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        <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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      <invstOrSec>
        <name>LADDER CAP FIN LLLP/CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Darktrace PLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>LEVEL 3 FINANCING INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LIFEPOINT HEALTH INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LIFEPOINT HEALTH INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LITHIA MOTORS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LIVE NATION ENTERTAINMEN</name>
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        <title>Live Nation Entertainment, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>LOCKTON INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LSF12 HELIX PARENT LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AGI-CFI Acquisition Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>M6 ETX Holdings II Midco LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MGM RESORTS INTL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MI Windows and Doors LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MIWD HLDCO II/MIWD FIN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MATADOR RESOURCES CO</name>
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        <title>Matador Resources Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MATADOR RESOURCES CO</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>Mavis Tire Express Services 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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        <name>MIDAS OPCO HOLDINGS LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gainwell Acquisition Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MINERAL RESOURCES 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>Modena Buyer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEP Group 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>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ON SEMICONDUCTOR CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>1011778 BC / NEW RED FIN</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>ONEX TSG INTERMEDIATE CORP</name>
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        <title>Onex TSG Intermediate Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ORGANON &amp; CO/ORGANON FOR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PRA GROUP 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>GEN II Fund Services LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Nuvei Corporation</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>Padagis LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PERRIGO FINANCE UNLIMITE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PIMCO PRV SHORT TERM FLT III</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>PRIME HEALTHCARE SERVICE</name>
        <lei>N/A</lei>
        <title>Prime Healthcare Services, Inc.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PRIME SECSRVC BRW/FINANC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PRIMO / TRITON WATER HLD</name>
        <lei>N/A</lei>
        <title>Primo Water Holdings, Inc./Triton Water Holdings, Inc.</title>
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          <isin value="US74168RAB96"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PROAMPAC PG BORROWER LLC</name>
        <lei>549300ZI6LTXYFEY1578</lei>
        <title>Proampac PG Borrower LLC</title>
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          <isin value="US74274NAM56"/>
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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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          <maturityDt>2033-03-07</maturityDt>
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      <invstOrSec>
        <name>PROOFPOINT INC</name>
        <lei>529900C5FODDK0WSR085</lei>
        <title>Proofpoint, Inc.</title>
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          <isin value="US74345HAJ05"/>
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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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          <maturityDt>2028-08-31</maturityDt>
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      <invstOrSec>
        <name>QNITY ELECTRONICS INC</name>
        <lei>254900RSUG4J9TFFZX53</lei>
        <title>Qnity Electronics, Inc.</title>
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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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          <maturityDt>2032-11-01</maturityDt>
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      <invstOrSec>
        <name>QXO BUILDING PRODUCTS</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>QXO Building Products, Inc.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>QuidelOrtho Corp</name>
        <lei>549300YU8CMO9HF53113</lei>
        <title>QuidelOrtho Corp.</title>
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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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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>RD MICHIGAN PROP OWNER I</name>
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        <title>Road Michigan Property Owner I LLC</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <name>Radiate Holdco LLC</name>
        <lei>5493000GQJ5RDX9DNJ71</lei>
        <title>Radiate Holdco LLC</title>
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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>RADIOLOGY PARTNERS INC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Raising Cane's Restaurants, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rand Parent, LLC</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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        <name>Raven Acquisition Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RAVEN ACQUISITION HOLDIN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RealPage Inc</name>
        <lei>5493001RSFZX4122A604</lei>
        <title>RealPage, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ROCKET COS INC</name>
        <lei>N/A</lei>
        <title>Rocket Cos., Inc.</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>SV RNO PROPERTY OWNER 1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SABLE INTL FINANCE LTD</name>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Salas O'Brien Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>EW SCRIPPS CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SEAGATE DATA STOR</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Seagate Data Storage Technology Pte Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>SEAGATE DATA STOR</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sedgwick Claims Management Services Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SELECT MEDICAL CORPORATION</name>
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        <title>Select Medical Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>WP5O65E6BMU84LNO4227</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SIRIUS XM RADIO LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SKYSHIELD US BIDCO LTD</name>
        <lei>N/A</lei>
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          <isin value="US83087DAB91"/>
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        <assetCat>LON</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Smyrna Ready Mix Concrete, LLC</name>
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          <isin value="US83283EAK91"/>
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        <payoffProfile>Long</payoffProfile>
        <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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        <name>SNAP INC</name>
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        <title>Snap, Inc.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Sotera Health Holdings LLC</name>
        <lei>549300OVT7MBXFLOFU20</lei>
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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>
        <debtSec>
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      <invstOrSec>
        <name>SOTERA HEALTH HOLDINGS LLC</name>
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        <title>Sotera Health Holdings LLC</title>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Specialty Building Products Holdings LLC</name>
        <lei>549300ICFD46O3KMJC06</lei>
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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>SPECIALTY BUILDING PRODU</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BLOCK INC</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>Block, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BLOCK INC</name>
        <lei>549300OHIIUWSTIZME52</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>STANDARD INDUSTRI INC/NY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Starwood Property Trust Inc</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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        <fairValLevel>2</fairValLevel>
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        <name>STATION CASINOS LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Student Transportation of America Holdings, Inc</name>
        <lei>549300O4G48RRYGSD439</lei>
        <title>Student Transportation of America Holdings, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SUNOCO LP</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>Sunoco LP</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SURGERY CENTER HOLDINGS</name>
        <lei>54930054EVI5HWPPW113</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SWORD PURCHASER LLC</name>
        <lei>254900S0VY2QTAITBR94</lei>
        <title>Sword Purchaser LLC</title>
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        <balance>100000.00000000</balance>
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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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          <maturityDt>2033-04-11</maturityDt>
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      <invstOrSec>
        <name>Syniverse Holdings Inc</name>
        <lei>549300CYZBHMZC8VLL59</lei>
        <title>Syniverse Holdings, Inc.</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-13</maturityDt>
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      <invstOrSec>
        <name>Star Parent Inc</name>
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        <title>Star Parent, Inc.</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-27</maturityDt>
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      <invstOrSec>
        <name>Tacala, LLC</name>
        <lei>549300XTM341KBSTDI88</lei>
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        <balance>515855.13000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.64000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TAYLOR MORRISON COMM</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>Taylor Morrison Communities, Inc.</title>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TENET HEALTHCARE CORP</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp.</title>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.38000000</annualizedRt>
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      <invstOrSec>
        <name>Third Coast Infrastructure LLC</name>
        <lei>5493006R4EN78GPJ4M96</lei>
        <title>Third Coast Infrastructure LLC</title>
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        <curCd>USD</curCd>
        <valUSD>319240.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Cloud Software Group Inc</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>Cloud Software Group, Inc.</title>
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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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          <maturityDt>2031-03-21</maturityDt>
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        <name>Cloud Software Group Inc</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Tidal Waste &amp; Recycling Holdings LLC</name>
        <lei>254900IQT82RE5KFAZ50</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>TIDEWATER INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TransDigm Inc</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>TRANSDIGM INC</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>TRANSOCEAN AQUILA LTD</name>
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        <title>Transocean Aquila Ltd.</title>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TRANSOCEAN INTERNTNL LTD</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>Transocean International Ltd.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRANSOCEAN INTERNTNL LTD</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TREEHOUSE FOODS INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRILON GROUP LLC</name>
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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>2033-06-13</maturityDt>
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      <invstOrSec>
        <name>TRILON GROUP LLC</name>
        <lei>2549002NLQ4H8WBFHA50</lei>
        <title>Trilon Group LLC</title>
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          <isin value="US89620FAZ27"/>
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        <curCd>USD</curCd>
        <valUSD>32693.88000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-13</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>PRIMO BRANDS CORPORATION</name>
        <lei>254900J0WS4AXV2LAX55</lei>
        <title>Primo Brands Corp.</title>
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          <isin value="US89678QAF37"/>
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        <balance>423937.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>426360.30000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-31</maturityDt>
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      <invstOrSec>
        <name>Truist Insurance Holdings LLC</name>
        <lei>N/A</lei>
        <title>Truist Insurance Holdings LLC</title>
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          <isin value="US89788VAG77"/>
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        <balance>459677.42000000</balance>
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        <curCd>USD</curCd>
        <valUSD>449909.27000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.48000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UKG Inc</name>
        <lei>529900FKHWSTQ1GXK240</lei>
        <title>UKG, Inc.</title>
        <cusip>89841EAB1</cusip>
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          <isin value="US89841EAB11"/>
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        <balance>715081.60000000</balance>
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        <curCd>USD</curCd>
        <valUSD>675101.39000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.91000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TWILIO INC</name>
        <lei>5493004W8TRGD63APX93</lei>
        <title>Twilio, Inc.</title>
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          <isin value="US90138FAC68"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96492.44000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.63000000</annualizedRt>
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        <name>US Renal Care Inc</name>
        <lei>54930058SS5MF69JGN89</lei>
        <title>U.S. Renal Care, Inc.</title>
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        <curCd>USD</curCd>
        <valUSD>1216001.89000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.76000000</annualizedRt>
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        <name>USI INC/NY</name>
        <lei>2549006D7UF7072T7I27</lei>
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        <curCd>USD</curCd>
        <valUSD>202134.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>UWM HOLDINGS LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <name>UNITED RENTALS NORTH AM</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</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>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</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>JUPITER BORROWER INC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Rockpoint Gas Storage Partners LP</name>
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        <assetCat>LON</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BASF COATINGS</name>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <invCountry>JE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>PIONEER OPCO LLC</name>
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        <assetCat>LON</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>JUPITER BORROWER INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>WORTHINGTON STEEL INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mckesson Medical-Surgical Top Holdings Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ESCO TECHNOLOGIES INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BELDEN INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ADI GLOBAL DISTRIB FNDNG LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STONEPEAK MOTION FINCO LLC</name>
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        <title>Stonepeak Motion Finco LLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GAIA PURCHASER INC</name>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-25</maturityDt>
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        <name>AI AQUA MERGER SUB INC</name>
        <lei>5493005QMH1D47U26R45</lei>
        <title>AI Aqua Merger Sub, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bausch &amp; Lomb Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Ontario Gaming GTA LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TK Elevator Midco GmbH</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GVC Holdings (Gibraltar) Limited</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Grifols Worldwide Operations USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ineos US Finance LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Virgin Media Bristol LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Speed Midco 3 Sa rl</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Peer Holding III BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pegasus BidCo BV</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Hunter Douglas Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Intercontinental Exchange, Inc.</name>
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            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="6523.14000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">sell protection</otherPmntDesc>
            <terminationDt>2030-12-20</terminationDt>
            <upfrontPmnt>313195.54000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>5218500.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>111600.40000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intercontinental Exchange, Inc.</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>CDX HY46 5Y ICE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWPC0ODZ4"/>
        </identifiers>
        <balance>11409750.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>921291.90000000</valUSD>
        <pctVal>0.694984364588</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Intercontinental Exchange, Inc.</counterpartyName>
              <counterpartyLei>5493000F4ZO33MV32P92</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CDX.NA.HY.S46</indexName>
                <indexIdentifier>2I65BRAE1</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="14262.19000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">sell protection</otherPmntDesc>
            <terminationDt>2031-06-20</terminationDt>
            <upfrontPmnt>659644.96000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>11409750.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>261646.94000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>RFR USD SOFR/3.25000 06/18/25-7Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02G0L4"/>
        </identifiers>
        <balance>2775000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>98378.47000000</valUSD>
        <pctVal>0.074212633870</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.00000000" pmntAmt="3630.25000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-3256.77000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.25000000"/>
            <terminationDt>2032-06-18</terminationDt>
            <upfrontPmnt>56680.70000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>2775000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>41697.77000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>RFR USD SOFR/3.75000 12/17/25-5Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02L1O6"/>
        </identifiers>
        <balance>2275000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>15212.01000000</valUSD>
        <pctVal>0.011475308861</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.00000000" pmntAmt="45585.26000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-46447.92000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.75000000"/>
            <terminationDt>2030-12-17</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-29810.76000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>2275000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>45022.77000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>RFR USD SOFR/3.75000 12/17/25-10Y LCH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="SWU02L1T5"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>25171.37000000</valUSD>
        <pctVal>0.018988236611</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 day USD SOFR" floatingRtSpread="0.00000000" pmntAmt="25046.84000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-25520.83000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.75000000"/>
            <terminationDt>2035-12-17</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-3537.08000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1250000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>28708.45000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="A negative balance, which may be due to such circumstances as a net overdraft as of the reporting period-end, is reported as $0 in Item B.2.f - Cash and cash equivalents not reported in Parts C and D. This is done in order to conform to the technical constraints of the XML type, which do not allow negative values in B.2.f." noteItem="B.2.f"/>
      <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"/>
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
      <explntrNote note="The form requires the filer to report ISO country codes and certain supranational entities are not on the ISO country code list. Instruments issued by or economic exposure to a supranational entity may be disclosed as N/A." noteItem="C.5.a"/>
      
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-03</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Bijal Parikh</ncom:signature>
      <ncom:signerName>Bijal Parikh</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
