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                <name>APPLE INC</name>
                <lei>HWUPKR0MPOU8FGXBT394</lei>
                <title>COMMON STOCK</title>
                <cusip>037833100</cusip>
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                    <isin value="US0378331005"/>
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                <curCd>USD</curCd>
                <valUSD>5288400</valUSD>
                <pctVal>1.352693241342</pctVal>
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                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            </invstOrSec>
            <invstOrSec>
                <name>ROPER TECHNOLOGIES INC</name>
                <lei>54930003T4SXCIWVXY35</lei>
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                <cusip>776696106</cusip>
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                    <isin value="US7766961061"/>
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                <balance>11800</balance>
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                <curCd>USD</curCd>
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                <pctVal>1.029318114726</pctVal>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>NORTHROP GRUMMAN CORP</name>
                <lei>RIMU48P07456QXSO0R61</lei>
                <title>COMMON STOCK</title>
                <cusip>666807102</cusip>
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                    <isin value="US6668071029"/>
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                <balance>44900</balance>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>WALMART INC</name>
                <lei>Y87794H0US1R65VBXU25</lei>
                <title>COMMON STOCK</title>
                <cusip>931142103</cusip>
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                    <isin value="US9311421039"/>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>DOW INC</name>
                <lei>5493003S21INSLK2IP73</lei>
                <title>COMMON STOCK</title>
                <cusip>260557103</cusip>
                <identifiers>
                    <isin value="US2605571031"/>
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                <units>NS</units>
                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>MYLAN NV</name>
                <lei>549300A0CD4KNFGIIS89</lei>
                <title>COMMON STOCK</title>
                <cusip>N59465109</cusip>
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                    <isin value="NL0011031208"/>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>GENERAL DYNAMICS CORP</name>
                <lei>9C1X8XOOTYY2FNYTVH06</lei>
                <title>COMMON STOCK</title>
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                    <isin value="US3695501086"/>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>ECHOSTAR CORP</name>
                <lei>549300EE20907QZ9GT38</lei>
                <title>COMMON STOCK</title>
                <cusip>278768106</cusip>
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                    <isin value="US2787681061"/>
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                <balance>308263</balance>
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                <curCd>USD</curCd>
                <valUSD>9725697.65</valUSD>
                <pctVal>2.487687292657</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>DISH NETWORK CORP</name>
                <lei>529900U350CWHH15G169</lei>
                <title>COMMON STOCK</title>
                <cusip>25470M109</cusip>
                <identifiers>
                    <isin value="US25470M1099"/>
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                <balance>1627388</balance>
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                <curCd>USD</curCd>
                <valUSD>40709110.82</valUSD>
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                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>HOME DEPOT INC/THE</name>
                <lei>QEKMOTMBBKA8I816DO57</lei>
                <title>COMMON STOCK</title>
                <cusip>437076102</cusip>
                <identifiers>
                    <isin value="US4370761029"/>
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                <balance>14200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>3121586</valUSD>
                <pctVal>0.7984547849</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>BOOKING HOLDINGS INC</name>
                <lei>FXM8FAOHMYDIPD38UZ17</lei>
                <title>COMMON STOCK</title>
                <cusip>09857L108</cusip>
                <identifiers>
                    <isin value="US09857L1089"/>
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                <balance>1700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>2516969</valUSD>
                <pctVal>0.643802843009</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>APOLLO GLOBAL MANAGEMENT INC</name>
                <lei>54930054P2G7ZJB0KM79</lei>
                <title>COMMON STOCK</title>
                <cusip>03768E105</cusip>
                <identifiers>
                    <isin value="US03768E1055"/>
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                <balance>100700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>4077343</valUSD>
                <pctVal>1.042923061556</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>ABBVIE INC</name>
                <lei>FR5LCKFTG8054YNNRU85</lei>
                <title>COMMON STOCK</title>
                <cusip>00287Y109</cusip>
                <identifiers>
                    <isin value="US00287Y1091"/>
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                <balance>128800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>10587360</valUSD>
                <pctVal>2.708087571978</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>AMAZON.COM INC</name>
                <lei>ZXTILKJKG63JELOEG630</lei>
                <title>COMMON STOCK</title>
                <cusip>023135106</cusip>
                <identifiers>
                    <isin value="US0231351067"/>
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                <balance>5779</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>14297246</valUSD>
                <pctVal>3.657020655396</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>GAMING AND LEISURE PROPERTIES INC</name>
                <lei>5493006GWRDBCZYWTM57</lei>
                <title>COMMON STOCK</title>
                <cusip>36467J108</cusip>
                <identifiers>
                    <isin value="US36467J1088"/>
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                <balance>58400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1649216</valUSD>
                <pctVal>0.421844666953</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>ALPHABET INC</name>
                <lei>5493006MHB84DD0ZWV18</lei>
                <title>COMMON STOCK</title>
                <cusip>02079K107</cusip>
                <identifiers>
                    <isin value="US02079K1079"/>
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                <balance>17800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>24006148</valUSD>
                <pctVal>6.140411873203</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>
                <name>MICROSOFT CORP</name>
                <lei>INR2EJN1ERAN0W5ZP974</lei>
                <title>COMMON STOCK</title>
                <cusip>594918104</cusip>
                <identifiers>
                    <isin value="US5949181045"/>
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                <balance>50100</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>8978421</valUSD>
                <pctVal>2.296545156308</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>CITIGROUP INC</name>
                <lei>6SHGI4ZSSLCXXQSBB395</lei>
                <title>COMMON STOCK</title>
                <cusip>172967424</cusip>
                <identifiers>
                    <isin value="US1729674242"/>
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                <balance>95300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>4627768</valUSD>
                <pctVal>1.183713504292</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>
                <name>CIGNA CORP</name>
                <lei>549300VIWYMSIGT1U456</lei>
                <title>COMMON STOCK</title>
                <cusip>125523100</cusip>
                <identifiers>
                    <isin value="US1255231003"/>
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                <balance>50600</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>9906468</valUSD>
                <pctVal>2.533925631413</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>PIONEER NATURAL RESOURCES CO</name>
                <lei>FY8JBF7CCL2VE4F1B628</lei>
                <title>COMMON STOCK</title>
                <cusip>723787107</cusip>
                <identifiers>
                    <isin value="US7237871071"/>
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                <balance>182300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>16281213</valUSD>
                <pctVal>4.164489597221</pctVal>
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                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
                <securityLending>
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            <invstOrSec>
                <name>BP PLC</name>
                <lei>213800LH1BZH3DI6G760</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>055622104</cusip>
                <identifiers>
                    <isin value="US0556221044"/>
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                <balance>145000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>3451000</valUSD>
                <pctVal>0.882713935381</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
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            <invstOrSec>
                <name>ASCENDIS PHARMA A/S</name>
                <lei>549300B66JN3W3J8GH73</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>04351P101</cusip>
                <identifiers>
                    <isin value="US04351P1012"/>
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                <balance>85800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>11645634</valUSD>
                <pctVal>2.97877815652</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>ALTISOURCE ASSET MANAGEMENT CORP</name>
                <lei>N/A</lei>
                <title>CONVERTIBLE PREF</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="AAMC0CVPFD"/>
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                <balance>31800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>5724000</valUSD>
                <pctVal>1.464113174767</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EP</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>VI</invCountry>
                <isRestrictedSec>Y</isRestrictedSec>

                <fairValLevel>3</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>GOLDEN NUGGET INC</name>
                <lei>91D14OD6M4H1RVBN7R43</lei>
                <title>CORP. NOTE</title>
                <cusip>38113YAE9</cusip>
                <identifiers>
                    <isin value="US38113YAE95"/>
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                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1560000</valUSD>
                <pctVal>0.399024554968</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2024-10-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>6.75</annualizedRt>
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                    <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>LAMB WESTON HOLDINGS INC</name>
                <lei>5493005SMYID1D2OY946</lei>
                <title>CORP. NOTE</title>
                <cusip>513272AB0</cusip>
                <identifiers>
                    <isin value="US513272AB00"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2010000</valUSD>
                <pctVal>0.514127791978</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2026-11-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.875</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>LEVEL 3 FINANCING INC</name>
                <lei>OKXQCBALRQBU7RU5WQ22</lei>
                <title>CORP. NOTE</title>
                <cusip>527298BC6</cusip>
                <identifiers>
                    <isin value="US527298BC65"/>
                </identifiers>
                <balance>1348000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1350048.96</valUSD>
                <pctVal>0.345322234262</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2023-02-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.625</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>BAUSCH HEALTH COS INC</name>
                <lei>B3BS7ACMDUWISF18KY76</lei>
                <title>CORP. NOTE</title>
                <cusip>91911KAK8</cusip>
                <identifiers>
                    <isin value="US91911KAK88"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2056700</valUSD>
                <pctVal>0.52607295013</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2024-03-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>7</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>CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP</name>
                <lei>N/A</lei>
                <title>CORP. NOTE</title>
                <cusip>1248EPBF9</cusip>
                <identifiers>
                    <isin value="US1248EPBF98"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2025620</valUSD>
                <pctVal>0.518123153227</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2023-05-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>5.125</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>SYNGENTA FINANCE NV</name>
                <lei>54930042S3BYCEGOCN86</lei>
                <title>CORP. NOTE</title>
                <cusip>87164KAG9</cusip>
                <identifiers>
                    <isin value="US87164KAG94"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>2017936.2</valUSD>
                <pctVal>0.516157752666</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2025-04-24</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.892</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>CINEMARK USA INC</name>
                <lei>54930008H2137JSCPQ09</lei>
                <title>CORPORATE BONDS</title>
                <cusip>172441AZ0</cusip>
                <identifiers>
                    <isin value="US172441AZ03"/>
                </identifiers>
                <balance>2000000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1680000</valUSD>
                <pctVal>0.429718751504</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2023-06-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.875</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>BofA Securities, Inc.</name>
                <lei>549300HN4UKV1E2R3U73</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="ESM0INDEX"/>
                </identifiers>
                <balance>7</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>1015840</valUSD>
                <pctVal>0.259836605076</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>BofA Securities, Inc.</counterpartyName>
                            <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>S&amp;P 500 INDEX</indexName>
<indexIdentifier>SPX</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2020-01-19</expDate>
                        <notionalAmt>1005214.49</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>10625.51</unrealizedAppr>
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                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MARKET VECTORS GOLD MINERS ETF</name>
                <lei>54930031TORTKAM9TJ98</lei>
                <title>EXCHANGE TRADED FUND</title>
                <cusip>92189F106</cusip>
                <identifiers>
                    <isin value="US92189F1066"/>
                </identifiers>
                <balance>673400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>21723884</valUSD>
                <pctVal>5.556643041844</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>RF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="6335864"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FANNIE MAE POOL</name>
                <lei>B1V7KEBTPIMZEU4LTD58</lei>
                <title>FN30        </title>
                <cusip>3140JACP1</cusip>
                <identifiers>
                    <isin value="US3140JACP19"/>
                </identifiers>
                <balance>4160726.1</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4627882.86</valUSD>
                <pctVal>1.183742883754</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>ABS-MBS</assetCat>
                <issuerCat>USGSE</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2049-02-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4.5</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>FANNIE MAE POOL</name>
                <lei>B1V7KEBTPIMZEU4LTD58</lei>
                <title>FN30        </title>
                <cusip>3140J9WS6</cusip>
                <identifiers>
                    <isin value="US3140J9WS67"/>
                </identifiers>
                <balance>7818937.95</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>8471434.58</valUSD>
                <pctVal>2.166865649503</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>ABS-MBS</assetCat>
                <issuerCat>USGSE</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2047-03-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>3</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>FANNIE MAE POOL</name>
                <lei>B1V7KEBTPIMZEU4LTD58</lei>
                <title>FN30        </title>
                <cusip>3140Q9HH9</cusip>
                <identifiers>
                    <isin value="US3140Q9HH98"/>
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                <balance>4248333.44</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>4681043.19</valUSD>
                <pctVal>1.197340497228</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>ABS-MBS</assetCat>
                <issuerCat>USGSE</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2048-07-01</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>4</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>ALTISOURCE PORTFOLIO SOLUTIONS SA</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>L0175J104</cusip>
                <identifiers>
                    <isin value="LU0445408270"/>
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                <balance>50329</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>420247.15</valUSD>
                <pctVal>0.107492905132</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>LU</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HC BRILLANT SERVICES GMBH</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="PVT99BQ58928"/>
                </identifiers>
                <balance>528</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.095849579"/>
                <valUSD>433.96</valUSD>
                <pctVal>0.000111000446</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>Y</isRestrictedSec>

                <fairValLevel>3</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>JAZZ PHARMACEUTICALS PLC</name>
                <lei>635400GAUMJCLEZRRV50</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G50871105</cusip>
                <identifiers>
                    <isin value="IE00B4Q5ZN47"/>
                </identifiers>
                <balance>346473</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>38198648.25</valUSD>
                <pctVal>9.770640139959</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>IE</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>CENOVUS ENERGY INC</name>
                <lei>549300EIRQ0Z2B9C1W06</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA15135U1093"/>
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                <balance>552600</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".71841661"/>
                <valUSD>2004834.94</valUSD>
                <pctVal>0.512806647255</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>LIGADO NETWORKS LLC</name>
                <lei>N/A</lei>
                <title>PREFERRED</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="PVT60741G912"/>
                </identifiers>
                <balance>2840908.46</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>8000001.06</valUSD>
                <pctVal>2.046280040199</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EP</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>Y</isRestrictedSec>

                <fairValLevel>3</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUTNAM CASH COLLATERAL POOL LLC</name>
                <lei>N/A</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="1181681"/>
                </identifiers>
                <balance>13100725</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>13100725</valUSD>
                <pctVal>3.350968565951</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <cashCollateralCondition cashCollateralVal="13100725" isCashCollateral="Y"/>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUTNAM SHORT TERM INVESTMENT FUND</name>
                <lei>5493003MK0Q7JP8CPP42</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>74676P664</cusip>
                <identifiers>
                    <isin value="US74676P6640"/>
                </identifiers>
                <balance>12610485</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>12610485</valUSD>
                <pctVal>3.225572541703</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNITED STATES OF AMERICA</name>
                <lei>254900HROIFWPRGM1V77</lei>
                <title>U.S. T BILLS</title>
                <cusip>912796SR1</cusip>
                <identifiers>
                    <isin value="US912796SR11"/>
                </identifiers>
                <balance>26500000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>26498748.67</valUSD>
                <pctVal>6.777981663626</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>UST</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2020-05-21</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <signature>
            <ncom:dateSigned>2020-06-25</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam Investments Inc</ncom:nameOfApplicant>
            <ncom:signature>Janet C. Smith</ncom:signature>
            <ncom:signerName>NPORT</ncom:signerName>
            <ncom:title>Principal Financial Officer</ncom:title>
        </signature>
    </formData>
    <documents>XXXX</documents>
</edgarSubmission>
