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        <name>VENTURE GLOBAL PLAQUEMINES LNG LLC</name>
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        <name>HILTON DOMESTIC OPERATING COMPANY INC</name>
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        <name>SEAGATE DATA STORAGE TECHNOLOGY PTE LTD</name>
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        <name>NOVELIS CORP</name>
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        <name>SIRIUS XM RADIO LLC</name>
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        <name>CONSTELLATION ENERGY GENERATION LLC</name>
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        <name>IQVIA INC</name>
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        <name>MPT OPERATING PARTNERSHIP LP</name>
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        <name>WRANGLER HOLDCO CORP</name>
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          <isin value="US37441QAA94"/>
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        <name>OUTFRONT MEDIA CAPITAL LLC (CBS OUTDOOR AMERICAS CAPITAL LLC)</name>
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        <name>TEREX CORP</name>
        <lei>YAWJZJYEQ7M1SYMOS462</lei>
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        <name>MAUSER PACKAGING SOLUTIONS HOLDING COMPANY</name>
        <lei>549300DNGHXL0OMHW304</lei>
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        <name>QNITY ELECTRONICS INC</name>
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        <name>ATHENAHEALTH GROUP INC</name>
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        <name>MITER BRANDS ACQUISITION HOLDCO INC</name>
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        <name>WEATHERFORD INTERNATIONAL LTD (BM)</name>
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        <name>VIASAT INC</name>
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        <name>IRON MOUNTAIN INC (REIT)</name>
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        <name>CHS/COMMUNITY HEALTH SYSTEMS INC</name>
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        <name>SINCLAIR TELEVISION GROUP INC</name>
        <lei>549300CQGEN0CH65UD62</lei>
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        <name>GRAY MEDIA INC</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>GTN 9.625 07/15/32 144A</title>
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        <name>XHR LP</name>
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        <name>TEREX CORP</name>
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      <invstOrSec>
        <name>SV RNO PROPERTY OWNER 1 LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP</name>
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          <isin value="US1248EPCU56"/>
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        <name>MCGRAW-HILL EDUCATION INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KODIAK GAS SERVICES LLC</name>
        <lei>549300ZQBRWEUOVOM131</lei>
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        <valUSD>16374.99000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-01</maturityDt>
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        <name>TRANSDIGM INC</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TDG 6 01/15/33 144A</title>
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        <balance>36000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-15</maturityDt>
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        <name>CLEAN HARBORS INC</name>
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        <title>CLH 6.375 02/01/31 144A</title>
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        <balance>38000.00000000</balance>
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        <valUSD>38703.11000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-01</maturityDt>
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        <name>CROCS INC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
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        <name>MCAFEE CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US FOODS INC</name>
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        <name>JANE STREET GROUP LLC</name>
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        <name>JONES DESLAURIERS INSURANCE MANAGEMENT INC</name>
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        <name>CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP</name>
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        <name>ASHTON WOODS USA LLC</name>
        <lei>N/A</lei>
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        <name>BAUSCH + LOMB CORP</name>
        <lei>549300NY6OZM39SO6475</lei>
        <title>BLCOCN 8.375 10/01/28 144A</title>
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        <issuerCat>CORP</issuerCat>
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        <name>OSAIC HOLDINGS INC</name>
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        <name>WAYFAIR LLC</name>
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          <maturityDt>2032-11-15</maturityDt>
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        <name>CLEARWAY ENERGY OPERATING LLC</name>
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          <isin value="US18539UAD72"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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        <name>ASURION LLC / ASURION CO-ISSUER INC</name>
        <lei>N/A</lei>
        <title>ASUCOR 8.375 02/01/34 144A</title>
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          <isin value="US045941AB79"/>
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        <fairValLevel>2</fairValLevel>
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        <name>KODIAK GAS SERVICES LLC</name>
        <lei>549300ZQBRWEUOVOM131</lei>
        <title>KGS 6.75 10/01/35 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DAVITA INC</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DVA 4.625 06/01/30 144A</title>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>MCGRAW-HILL EDUCATION INC</name>
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        <title>MHED 7.375 09/01/31 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>LIGHT AND WONDER INTERNATIONAL INC</name>
        <lei>RLTHESQ0RNFQJWPBJN60</lei>
        <title>LNW 7.25 11/15/29 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>VIKING CRUISES LTD</name>
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        <name>WULF COMPUTE LLC</name>
        <lei>N/A</lei>
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        <name>TRANSOCEAN INTERNATIONAL LTD</name>
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        <name>ASURION LLC / ASURION CO-ISSUER INC</name>
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        <name>1011778 B.C. ULC / NEW RED FINANCE INC</name>
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        <invCountry>CA</invCountry>
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        <name>CVS HEALTH CORP</name>
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        <name>ARCHROCK SERVICES LP / ARCHROCK PARTNERS FINANCE CORP</name>
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        <name>PHH ESCROW ISSUER LLC</name>
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      <invstOrSec>
        <name>R.R. DONNELLEY &amp; SONS COMPANY</name>
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        <name>ULTIMATE KRONOS GROUP INC</name>
        <lei>529900FKHWSTQ1GXK240</lei>
        <title>ULTI 6.875 02/01/31 144A</title>
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          <maturityDt>2031-02-01</maturityDt>
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        <name>NEWELL BRANDS INC</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>NWL 6.625 05/15/32</title>
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        <name>APLD COMPUTECO LLC</name>
        <lei>N/A</lei>
        <title>APLD 9.25 12/15/30 144A</title>
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        <name>DIRECTV FINANCING LLC / DIRECTV FINANCING CO-OBLIGOR INC</name>
        <lei>N/A</lei>
        <title>DTV 10 02/15/31 144A</title>
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        <name>CARNIVAL CORP</name>
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        <title>CCL 5.75 08/01/32 144A</title>
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        <name>TRANSDIGM INC</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
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        <name>VENTURE GLOBAL LNG INC</name>
        <lei>54930011XLBUWMQUC829</lei>
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        <name>TAYLOR MORRISON COMMUNITIES INC</name>
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        <title>TMHC 5.125 08/01/30 144A</title>
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        <name>ACRISURE LLC / ACRISURE FINANCE INC</name>
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        <name>MILLROSE PROPERTIES INC</name>
        <lei>N/A</lei>
        <title>MRP 6.375 08/01/30 144A</title>
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        <name>TGNR INTERMEDIATE HOLDINGS LLC</name>
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        <name>QUIKRETE HOLDINGS INC</name>
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        <name>STONEX ESCROW ISSUER LLC</name>
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        <name>JEFFERSON CAPITAL HOLDINGS LLC</name>
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        <name>VENTURE GLOBAL LNG INC</name>
        <lei>54930011XLBUWMQUC829</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
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      <invstOrSec>
        <name>CHART INDUSTRIES INC</name>
        <lei>EM7QGKC1GYOF3LSZSL80</lei>
        <title>GTLS 9.5 01/01/31 144A</title>
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          <isin value="US16115QAG55"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-01</maturityDt>
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          <annualizedRt>9.50000000</annualizedRt>
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      <invstOrSec>
        <name>VIKING CRUISES LTD</name>
        <lei>549300IJP90T4MV2GL84</lei>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30095.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>ELEMENT SOLUTIONS INC</name>
        <lei>549300FLGN6P5CU20J91</lei>
        <title>ESI 3.875 09/01/28 144A</title>
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          <isin value="US28618MAA45"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5853.58000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SM ENERGY COMPANY</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM 6.75 09/15/26</title>
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          <isin value="US78454LAN01"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10008.36000000</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>2026-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ATI INC</name>
        <lei>ZW1LRE7C3H17O2ZN9B45</lei>
        <title>ATI 5.125 10/01/31</title>
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          <isin value="US01741RAM43"/>
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        <balance>44000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>43863.30000000</valUSD>
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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>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ONEMAIN FINANCE CORP</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OMF 7.125 11/15/31</title>
        <cusip>682691AG5</cusip>
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          <isin value="US682691AG50"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10146.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRANSOCEAN INTERNATIONAL LTD</name>
        <lei>DOL4HJ22ADYSIWES4H94</lei>
        <title>RIG 7.875 10/15/32 144A</title>
        <cusip>893814AA1</cusip>
        <identifiers>
          <isin value="US893814AA10"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2144.01000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>TREEHOUSE FOODS INC</name>
        <lei>5493007M7EVHE470Q576</lei>
        <title>THS 7.75 02/11/33 144A</title>
        <cusip>456142AA6</cusip>
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          <isin value="US456142AA68"/>
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        <balance>24000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24272.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>QUIKRETE HOLDINGS INC</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>QUIKHO 6.375 03/01/32 144A</title>
        <cusip>74843PAA8</cusip>
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          <isin value="US74843PAA84"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10164.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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        <name>LEVI STRAUSS &amp; COMPANY</name>
        <lei>MB0UERO0RDFKU8258G77</lei>
        <title>LEVI 3.5 03/01/31 144A</title>
        <cusip>52736RBJ0</cusip>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16579.56000000</valUSD>
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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>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>NCL CORP LTD</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCLH 7.75 02/15/29 144A</title>
        <cusip>62886HBG5</cusip>
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          <isin value="US62886HBG56"/>
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        <balance>4000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4177.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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        <name>TAYLOR MORRISON COMMUNITIES INC</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TMHC 5.75 11/15/32 144A</title>
        <cusip>87724RAK8</cusip>
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          <isin value="US87724RAK86"/>
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        <balance>4000.00000000</balance>
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        <valUSD>4046.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>CROSSCOUNTRY INTERMEDIATE HOLDCO LLC</name>
        <lei>N/A</lei>
        <title>CROSIN 6.5 10/01/30 144A</title>
        <cusip>22757VAA8</cusip>
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          <isin value="US22757VAA89"/>
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        <balance>22000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21641.52000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>CAESARS ENTERTAINMENT INC</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CZR 6 10/15/32 144A</title>
        <cusip>12769GAD2</cusip>
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          <isin value="US12769GAD25"/>
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        <balance>16000.00000000</balance>
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        <valUSD>14356.04000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>MEDLINE BORROWER LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDIND 5.25 10/01/29 144A</title>
        <cusip>62482BAB8</cusip>
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          <isin value="US62482BAB80"/>
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        <balance>14000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13940.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>KINETIK HOLDINGS LP</name>
        <lei>549300RD6AJIMYC0HY12</lei>
        <title>KNTK 5.875 06/15/30 144A</title>
        <cusip>49461MAA8</cusip>
        <identifiers>
          <isin value="US49461MAA80"/>
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        <balance>66000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>66259.58000000</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>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <name>TALEN ENERGY SUPPLY LLC</name>
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        <name>WASTE PRO USA INC</name>
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        <name>RHP HOTEL PROPERTIES LP</name>
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        <name>INGRAM MICRO INC</name>
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        <name>ROYAL CARIBBEAN CRUISES LTD</name>
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        <name>TTM TECHNOLOGIES INC</name>
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        <name>VENTURE GLOBAL PLAQUEMINES LNG LLC</name>
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        <name>CDI ESCROW ISSUER INC</name>
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        <name>PENN ENTERTAINMENT INC</name>
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        <name>PRA GROUP INC</name>
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        <title>PRAA 8.875 01/31/30 144A</title>
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        <name>ANYWHERE REAL ESTATE GROUP LLC / ANYWHERE CO-ISSUER CORP</name>
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        <name>ROYAL CARIBBEAN CRUISES LTD</name>
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        <name>GRAY MEDIA INC</name>
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        <name>CLOUD SOFTWARE GROUP HOLDINGS INC</name>
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        <name>TENET HEALTHCARE CORP</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>THC 6 11/15/33 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>COMMUNITY HEALTH SYSTEMS INC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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      <invstOrSec>
        <name>WYNN RESORTS FINANCE LLC</name>
        <lei>N/A</lei>
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          <isin value="US983133AC37"/>
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        <curCd>USD</curCd>
        <valUSD>61416.90000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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        <name>CALUMET SPECIALTY PRODUCTS PARTNERS LP/CALUMET FINANCE CORP</name>
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        <title>CLMT 9.75 02/15/31 144A</title>
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        <curCd>USD</curCd>
        <valUSD>10603.87000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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        <name>MEDLINE BORROWER LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDIND 3.875 04/01/29 144A</title>
        <cusip>62482BAA0</cusip>
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          <isin value="US62482BAA08"/>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15553.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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        <name>ALLIANT HOLDINGS INTERMEDIATE LLC</name>
        <lei>5493006Q26653NF8SI73</lei>
        <title>ALIANT 7 01/15/31 144A</title>
        <cusip>01883LAF0</cusip>
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          <isin value="US01883LAF04"/>
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        <balance>26000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26553.49000000</valUSD>
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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>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <name>FORTRESS INTERMEDIATE 3 INC</name>
        <lei>254900NLAZ3JQJW5JP75</lei>
        <title>PSDO 7.5 06/01/31 144A</title>
        <cusip>34966MAA0</cusip>
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          <isin value="US34966MAA09"/>
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        <balance>13000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13146.03000000</valUSD>
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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>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP</name>
        <lei>N/A</lei>
        <title>CHTR 4.25 01/15/34 144A</title>
        <cusip>1248EPCP6</cusip>
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          <isin value="US1248EPCP61"/>
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        <balance>22000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18476.27000000</valUSD>
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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>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>DAVITA INC</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DVA 6.75 07/15/33 144A</title>
        <cusip>23918KAY4</cusip>
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        <balance>2000.00000000</balance>
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        <valUSD>2063.35000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-15</maturityDt>
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        <name>AXON ENTERPRISE INC</name>
        <lei>549300QP2IEEGFE16681</lei>
        <title>AXON 6.25 03/15/33 144A</title>
        <cusip>05464CAD3</cusip>
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        <balance>20000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>PG&amp;E CORP</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PCG V7.375 03/15/55</title>
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        <name>CRESCENT ENERGY FINANCE LLC</name>
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        <title>CRGYFN 7.875 04/15/32 144A</title>
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        <name>NEWS CORP</name>
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        <name>HILTON DOMESTIC OPERATING COMPANY INC</name>
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        <title>HLT 5.75 09/15/33 144A</title>
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        <name>FIRSTCASH INC</name>
        <lei>549300V2X3UU7K0DG350</lei>
        <title>FCFS 6.875 03/01/32 144A</title>
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        <name>GGAM FINANCE LTD</name>
        <lei>254900X2QXEN0FVXRF65</lei>
        <title>GGAMFI 8 02/15/27 144A</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-15</maturityDt>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COTY INC</name>
        <lei>549300BO9IWPF3S48F93</lei>
        <title>COTY 4.75 01/15/29 144A</title>
        <cusip>222070AG9</cusip>
        <identifiers>
          <isin value="US222070AG98"/>
        </identifiers>
        <balance>32000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31015.84000000</valUSD>
        <pctVal>0.404420101898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILTON WORLDWIDE FINANCE LLC</name>
        <lei>549300406TN7EY0NPH20</lei>
        <title>HLT 4.875 04/01/27</title>
        <cusip>432891AK5</cusip>
        <identifiers>
          <isin value="US432891AK52"/>
        </identifiers>
        <balance>12000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11976.74000000</valUSD>
        <pctVal>0.156166475298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</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>ADIENT GLOBAL HOLDINGS LTD</name>
        <lei>213800VA38VCKE6M8790</lei>
        <title>ADNT 8.25 04/15/31 144A</title>
        <cusip>00687YAC9</cusip>
        <identifiers>
          <isin value="US00687YAC93"/>
        </identifiers>
        <balance>24000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25119.98000000</valUSD>
        <pctVal>0.327543115752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</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>VENTURE GLOBAL PLAQUEMINES LNG LLC</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VEGLPL 7.75 05/01/35 144A</title>
        <cusip>922966AB2</cusip>
        <identifiers>
          <isin value="US922966AB20"/>
        </identifiers>
        <balance>4000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4500.68000000</valUSD>
        <pctVal>0.058685028817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NABORS INDUSTRIES INC</name>
        <lei>549300VFQWRKICUFNU92</lei>
        <title>NBR 8.875 08/15/31 144A</title>
        <cusip>62957HAQ8</cusip>
        <identifiers>
          <isin value="US62957HAQ83"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10563.92000000</valUSD>
        <pctVal>0.137744507414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</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>TAYLOR MORRISON COMMUNITIES INC</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TMHC 5.75 01/15/28 144A</title>
        <cusip>87724RAB8</cusip>
        <identifiers>
          <isin value="US87724RAB87"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6058.98000000</valUSD>
        <pctVal>0.079003931829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREEDOM MORTGAGE HOLDINGS LLC</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>FREMOR 8.375 04/01/32 144A</title>
        <cusip>35641AAC2</cusip>
        <identifiers>
          <isin value="US35641AAC27"/>
        </identifiers>
        <balance>42000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42607.11000000</valUSD>
        <pctVal>0.555560377142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</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>CHS/COMMUNITY HEALTH SYSTEMS INC</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CYH 5.25 05/15/30 144A</title>
        <cusip>12543DBM1</cusip>
        <identifiers>
          <isin value="US12543DBM11"/>
        </identifiers>
        <balance>42000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39679.75000000</valUSD>
        <pctVal>0.517390099326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>INSULET CORP</name>
        <lei>549300TZTYD2PYN92D43</lei>
        <title>PODD 6.5 04/01/33 144A</title>
        <cusip>45784PAL5</cusip>
        <identifiers>
          <isin value="US45784PAL58"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20428.96000000</valUSD>
        <pctVal>0.266376215665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>DISCOVERY COMMUNICATIONS LLC</name>
        <lei>L2Z2MO2EQURH3BREWI15</lei>
        <title>WBD 4.125 05/15/29 *</title>
        <cusip>25470DCA5</cusip>
        <identifiers>
          <isin value="US25470DCA54"/>
        </identifiers>
        <balance>28000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27319.04000000</valUSD>
        <pctVal>0.356216982695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>



    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-24</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer Controller, US Fund Administration and Oversight</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
