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        <name>AEGON FUNDING COMPANY LLC</name>
        <lei>KEIOKM01PSK5VZ5CCI74</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PNC FINANCIAL SERVICES GROUP INC (THE)</name>
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          <isin value="US693475CH64"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-26</maturityDt>
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      <invstOrSec>
        <name>METROPOLITAN LIFE GLOBAL FUNDING I</name>
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        <cusip>592179KS3</cusip>
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          <isin value="US592179KS31"/>
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        <balance>156000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>156071.24000000</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>2028-08-25</maturityDt>
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      <invstOrSec>
        <name>ALIMENTATION COUCHE-TARD INC</name>
        <lei>549300OSW32RVX8CCZ87</lei>
        <title>ATDBCN 4.148 09/29/28 144A</title>
        <cusip>01626PAW6</cusip>
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          <isin value="US01626PAW68"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>159026.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-29</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STT F 10/22/27</title>
        <cusip>857477CQ4</cusip>
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          <isin value="US857477CQ47"/>
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        <balance>52000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-22</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>SOUTHERN COMPANY GAS CAPITAL CORP</name>
        <lei>E8CD46SWUD2TSN8PA636</lei>
        <title>SO 4.05 09/15/28 A</title>
        <cusip>8426EPAJ7</cusip>
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          <isin value="US8426EPAJ78"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39668.89000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>RY F 10/18/27 GMTN</title>
        <cusip>78017FZR7</cusip>
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          <isin value="US78017FZR71"/>
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        <balance>182000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>182232.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-18</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>AERCAP IRELAND CAPITAL DAC</name>
        <lei>549300TI38531ODB1G63</lei>
        <title>AER 4.875 04/01/28</title>
        <cusip>00774MBN4</cusip>
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          <isin value="US00774MBN48"/>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>211302.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC F 04/23/29</title>
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          <isin value="US95000U3U55"/>
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        <balance>304000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-23</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>COMMONWEALTH BANK OF AUSTRALIA</name>
        <lei>MSFSBD3QN1GSN7Q6C537</lei>
        <title>CBAAU F 03/14/28 144A</title>
        <cusip>2027A0KW8</cusip>
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        <curCd>USD</curCd>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-14</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>MID-AMERICA APARTMENTS LP</name>
        <lei>549300FXWGE3QSYCUJ38</lei>
        <title>MID-AMERICA APARTMENTS LP 0% CP 05/05/2026</title>
        <cusip>59524PE52</cusip>
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          <isin value="US59524PE520"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>ELI LILLY &amp; COMPANY</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>LLY F 10/15/28</title>
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        <name>ATHENE GLOBAL FUNDING</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>ATH 4.86 08/27/26 144A</title>
        <cusip>04685A4A6</cusip>
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          <couponKind>Fixed</couponKind>
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        <name>UNITEDHEALTH GROUP INC</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNH F 07/15/26</title>
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        <name>BANK OF MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BMO F 01/27/29</title>
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        <balance>237000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-27</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>COREBRIDGE GLOBAL FUNDING</name>
        <lei>54930057MDZ7KOVOTV71</lei>
        <title>CRBG F 09/25/26 144A</title>
        <cusip>00138CAW8</cusip>
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          <isin value="US00138CAW82"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>PACIFIC LIFE GLOBAL FUNDING II</name>
        <lei>6354003EUPCHXTWUU869</lei>
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        <cusip>6944PL2V0</cusip>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK LIFE GLOBAL FUNDING</name>
        <lei>635400DPNHEAUHB7ZI15</lei>
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        <cusip>64953BBV9</cusip>
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          <isin value="US64953BBV99"/>
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        <balance>168000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>169251.10000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-25</maturityDt>
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      <invstOrSec>
        <name>WISCONSIN ELECTRIC POWER COMPANY</name>
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          <isin value="US976656CV82"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74338.27000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
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      <invstOrSec>
        <name>CNO GLOBAL FUNDING</name>
        <lei>6354008GTNR4833ULD48</lei>
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          <isin value="US18977W2G46"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60211.16000000</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>2027-12-10</maturityDt>
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      <invstOrSec>
        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS V5.462 01/05/28</title>
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          <isin value="US53944YAZ60"/>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>211426.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-05</maturityDt>
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      <invstOrSec>
        <name>SOCIETE GENERALE SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCGEN 5.25 02/19/27 144a</title>
        <cusip>83368RBZ4</cusip>
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          <isin value="US83368RBZ47"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>352612.63000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-19</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>CARGILL INC</name>
        <lei>QXZYQNMR4JZ5RIRN4T31</lei>
        <title>CARGIL F 02/11/28 144A</title>
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          <isin value="US141781CC68"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>170365.92000000</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>2028-02-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.24000000</annualizedRt>
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      <invstOrSec>
        <name>BANK OF NEW YORK MELLON CORP (THE)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BK F 07/21/28</title>
        <cusip>06406RBY2</cusip>
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          <isin value="US06406RBY27"/>
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        <balance>128000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>128190.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-21</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GEORGIA-PACIFIC LLC</name>
        <lei>L2EVHWFHVAQK72TMH265</lei>
        <title>GP 0.95 05/15/26 144A</title>
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          <isin value="US37331NAN12"/>
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        <balance>54000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53933.29000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.95000000</annualizedRt>
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        <name>CVS HEALTH CORP</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS 3 08/15/26</title>
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        <name>Alimentation Couche-Tard Inc.</name>
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        <cusip>01626VEM1</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-21</maturityDt>
          <couponKind>None</couponKind>
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        <name>Alexandria Real Estate Equities, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INTERCONTINENTAL EXCHANGE INC</name>
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        <title>ICE 3.95 12/01/28</title>
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        <name>HOME DEPOT INC (THE)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP 3.5 11/16/27 144A</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ENTERPRISE PRODUCTS OPERATING LLC</name>
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        <title>EPD 4.3 06/20/28</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>GOLDMAN SACHS GROUP INC (THE)</name>
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        <title>GS F 04/23/28</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-23</maturityDt>
          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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        <name>PHILLIPS 66 COMPANY</name>
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        <name>Agree LP</name>
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        <name>VERALTO CORP</name>
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        <name>CAMDEN PROPERTY TRUST</name>
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        <name>LENNAR CORP</name>
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        <name>AERCAP IRELAND CAPITAL DAC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ING GROEP NV</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>O'Reilly Automotive Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS BANK USA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JOHN DEERE CAPITAL CORP</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>DE F 06/11/27 mtN</title>
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        <name>MIZUHO MARKETS CAYMAN LP</name>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>GEORGIA-PACIFIC LLC</name>
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        <name>TARGET CORP</name>
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        <name>HYUNDAI CAPITAL AMERICA</name>
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        <name>STATE STREET CORP</name>
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        <name>JP MORGAN CHASE &amp; COMPANY</name>
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        <name>NISOURCE INC</name>
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        <name>CONSTELLATION ENERGY GENERATION LLC</name>
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        <name>GENERAL MOTORS FINANCIAL COMPANY INC</name>
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        <name>Vulcan Materials Company</name>
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        <name>ONEOK INC</name>
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        <name>COMMONWEALTH BANK OF AUSTRALIA</name>
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        <name>SYNOPSYS INC</name>
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        <name>NATIONWIDE BUILDING SOCIETY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STATE STREET CORP</name>
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        <name>CANADIAN IMPERIAL BANK OF COMMERCE</name>
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        <name>CONSTELLATION ENERGY GENERATION LLC</name>
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        <title>FITB V6.361 10/27/28</title>
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        <name>BROADCOM INC</name>
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          <annualizedRt>4.80000000</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>PRINCIPAL LIFE GLOBAL FUNDING II</name>
        <lei>635400WSLKBQWSOIIT41</lei>
        <title>PFG 4.6 08/19/27 144A</title>
        <cusip>74256LFA2</cusip>
        <identifiers>
          <isin value="US74256LFA26"/>
        </identifiers>
        <balance>42000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42119.36000000</valUSD>
        <pctVal>0.098098862917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</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>VOLKSWAGEN GROUP OF AMERICA FINANCE LLC</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>VW 4.9 08/14/26 144A</title>
        <cusip>928668CK6</cusip>
        <identifiers>
          <isin value="US928668CK66"/>
        </identifiers>
        <balance>246000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>246347.36000000</valUSD>
        <pctVal>0.573759807813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</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>MACQUARIE GROUP LTD</name>
        <lei>ACMHD8HWFMFUIQQ8Y590</lei>
        <title>MACQUARIE GROUP LTD FRN CP 14/05/2026 USD (144A)</title>
        <cusip>55607NB58</cusip>
        <identifiers>
          <isin value="US55607NB585"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250028.75000000</valUSD>
        <pctVal>0.582334016276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.01000000</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>ATHENE GLOBAL FUNDING</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>ATH 5.349 07/09/27 144A</title>
        <cusip>04685A3X7</cusip>
        <identifiers>
          <isin value="US04685A3X78"/>
        </identifiers>
        <balance>132000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>132737.69000000</valUSD>
        <pctVal>0.309155135675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.34900000</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>MUTUAL OF OMAHA COMPANIES GLOBAL FUNDING</name>
        <lei>635400AL5J3F1ZPTAN95</lei>
        <title>MUTOMA 5.8 07/27/26 144A</title>
        <cusip>62829D2A7</cusip>
        <identifiers>
          <isin value="US62829D2A73"/>
        </identifiers>
        <balance>115000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>115442.71000000</valUSD>
        <pctVal>0.268873947352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</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>BOSTON PROPERTIES LP</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
        <title>BXP 2.75 10/01/26</title>
        <cusip>10112RAY0</cusip>
        <identifiers>
          <isin value="US10112RAY09"/>
        </identifiers>
        <balance>168000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>166918.66000000</valUSD>
        <pctVal>0.388764946708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</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>META PLATFORMS INC</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 3.5 08/15/27</title>
        <cusip>30303M8G0</cusip>
        <identifiers>
          <isin value="US30303M8G02"/>
        </identifiers>
        <balance>33000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32782.50000000</valUSD>
        <pctVal>0.076352678996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>
