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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG into Abbott Laboratories</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>UBS AG into Abbott Laboratories</title>
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        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <putOrCall>Put</putOrCall>
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      <invstOrSec>
        <name>Shell plc</name>
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        <title>Shell plc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Alphabet, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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            <putOrCall>Put</putOrCall>
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                <issuerName>Alphabet, Inc.</issuerName>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
        <cusip>674599EF8</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Five Corners Funding Trust III</name>
        <lei>N/A</lei>
        <title>Five Corners Funding Trust III</title>
        <cusip>33830GAA9</cusip>
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          <isin value="US33830GAA94"/>
          <other otherDesc="Inhouse Asset ID" value="1240172"/>
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        <balance>30000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31161358.50000000</valUSD>
        <pctVal>0.039332665546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.79100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Wells Fargo Bank NA into Schlumberger NV</name>
        <lei>N/A</lei>
        <title>Wells Fargo Bank NA into Schlumberger NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1514663"/>
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        <balance>8600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>356698887.80000000</valUSD>
        <pctVal>0.450234480456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>Talen Energy Supply LLC</title>
        <cusip>87422VAM0</cusip>
        <identifiers>
          <isin value="US87422VAM00"/>
          <other otherDesc="Inhouse Asset ID" value="1532387"/>
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        <balance>75000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74575647.00000000</valUSD>
        <pctVal>0.094131293452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NextEra Energy, Inc.</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NextEra Energy, Inc.</title>
        <cusip>65339F663</cusip>
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          <isin value="US65339F6631"/>
          <other otherDesc="Inhouse Asset ID" value="1367225"/>
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        <balance>3500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>185990000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Broadcom, Inc.</title>
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          <other otherDesc="Inhouse Asset ID" value="1623608"/>
          <other otherDesc="Option Ticker" value="AVGO UC 09/18/26 P320 Equity"/>
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        <balance>-5000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-6045000.00000000</valUSD>
        <pctVal>-0.00763015396</pctVal>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <putOrCall>Put</putOrCall>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>320.00000000</exercisePrice>
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            <unrealizedAppr>-1325962.19000000</unrealizedAppr>
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      <invstOrSec>
        <name>CHS/Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems, Inc.</title>
        <cusip>12543DBN9</cusip>
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          <isin value="US12543DBN93"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.87500000</annualizedRt>
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      <invstOrSec>
        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
        <lei>N/A</lei>
        <title>CCO Holdings LLC / CCO Holdings Capital Corp.</title>
        <cusip>1248EPBX0</cusip>
        <identifiers>
          <isin value="US1248EPBX05"/>
          <other otherDesc="Inhouse Asset ID" value="671572"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BlackRock, Inc.</name>
        <lei>529900VBK42Y5HHRMD23</lei>
        <title>BlackRock, Inc.</title>
        <cusip>09290D101</cusip>
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          <isin value="US09290D1019"/>
          <other otherDesc="Inhouse Asset ID" value="1399046"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>192312000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp.</name>
        <lei>N/A</lei>
        <title>Calumet Specialty Products Partners LP / Calumet Finance Corp.</title>
        <cusip>131477BA8</cusip>
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          <isin value="US131477BA87"/>
          <other otherDesc="Inhouse Asset ID" value="1560829"/>
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        <balance>100000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>105798300.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
        <cusip>30231G102</cusip>
        <identifiers>
          <isin value="US30231G1022"/>
          <other otherDesc="Inhouse Asset ID" value="29743"/>
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        <balance>10000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1367200000.00000000</valUSD>
        <pctVal>1.725714889317</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>Wynn Macau Ltd.</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>Wynn Macau Ltd.</title>
        <cusip>98313RAD8</cusip>
        <identifiers>
          <isin value="US98313RAD89"/>
          <other otherDesc="Inhouse Asset ID" value="674382"/>
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        <balance>51457000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51322078.72000000</valUSD>
        <pctVal>0.064780043444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>Celanese US Holdings LLC</title>
        <cusip>15089QAM6</cusip>
        <identifiers>
          <isin value="US15089QAM69"/>
          <other otherDesc="Inhouse Asset ID" value="1204278"/>
        </identifiers>
        <balance>40000000.00000000</balance>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Bank USA into Delta Air Lines, Inc.</name>
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      <invstOrSec>
        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp.</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <annualizedRt>9.25000000</annualizedRt>
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      <invstOrSec>
        <name>Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Dell International LLC / EMC Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</annualizedRt>
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      <invstOrSec>
        <name>Venture Global LNG, Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>Venture Global LNG, Inc.</title>
        <cusip>92332YAD3</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.87500000</annualizedRt>
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      <invstOrSec>
        <name>Blackstone Private Credit Fund</name>
        <lei>549300ORP3TTCNXSYO43</lei>
        <title>Blackstone Private Credit Fund</title>
        <cusip>09261HBX4</cusip>
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          <isin value="US09261HBX44"/>
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        <balance>65000000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>Citigroup Global Markets Holdings, Inc. into Halliburton Co.</name>
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        <title>Citigroup Global Markets Holdings, Inc. into Halliburton Co.</title>
        <cusip>17333P122</cusip>
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        <invCountry>US</invCountry>
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          <annualizedRt>10.00000000</annualizedRt>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp., Series D</title>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Bond US Bidco 1 Inc/Bidco 2/Bidco 3/German Bidco 1 GmbH/German Bidco 2</name>
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        <cusip>097947AA3</cusip>
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        <invCountry>US</invCountry>
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          <annualizedRt>7.12500000</annualizedRt>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
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      <invstOrSec>
        <name>Shea Homes LP / Shea Homes Funding Corp.</name>
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        <invCountry>US</invCountry>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Ardagh Group SA</name>
        <lei>6354006L1NWUUOPYX274</lei>
        <title>Ardagh Group SA</title>
        <cusip>039959AA9</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Toronto-Dominion Bank (The) into United Parcel Service, Inc.</name>
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        <name>Toronto-Dominion Bank (The) into Albemarle Corp.</name>
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        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <name>Huntsman International LLC</name>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>General Motors Co.</name>
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        <title>General Motors Co.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Merrill Lynch BV into UnitedHealth Group, Inc.</name>
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        <title>Merrill Lynch BV into UnitedHealth Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas SA into Texas Instruments, Inc.</name>
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        <invCountry>FR</invCountry>
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        <name>Royal Bank of Canada into Analog Devices, Inc.</name>
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        <invCountry>CA</invCountry>
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        <name>Post Holdings, Inc.</name>
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        <name>Cloud Software Group, Inc.</name>
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        <name>Blackstone Private Credit Fund</name>
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      <invstOrSec>
        <name>International Business Machines Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bausch Health Cos., Inc.</name>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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        <title>CVS Health Corp.</title>
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        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <title>Venture Global Plaquemines LNG LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-15</maturityDt>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc., Series Y</title>
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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>2026-11-15</maturityDt>
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          <annualizedRt>4.15000000</annualizedRt>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3132DWHT3</cusip>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA into Schlumberger NV</name>
        <lei>N/A</lei>
        <title>JPMorgan Chase Bank NA into Schlumberger NV</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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        <name>Asurion LLC/ Asurion Co-Issuer, Inc.</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>Asurion LLC and Asurion Co-Issuer, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>U.S. Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-07-14</maturityDt>
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        <name>Netflix, Inc.</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>Netflix, Inc.</title>
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          <maturityDt>2026-11-15</maturityDt>
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        <name>Cleveland-Cliffs, Inc.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>Cleveland-Cliffs, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Asurion LLC/ Asurion Co-Issuer, Inc.</name>
        <lei>549300KNQVXGIOXWK278</lei>
        <title>Asurion LLC and Asurion Co-Issuer, Inc.</title>
        <cusip>045941AA9</cusip>
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          <isin value="US045941AA96"/>
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        <invCountry>US</invCountry>
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        <name>Quikrete Holdings, Inc.</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>Quikrete Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series U</title>
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        <valUSD>20043930.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Global Markets Holdings, Inc. into Bank of America Corp.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings, Inc. into Bank of America Corp.</title>
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          <other otherDesc="Inhouse Asset ID" value="1585313"/>
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        <balance>5390000.00000000</balance>
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        <name>Barclays Bank plc into Merck &amp; Co., Inc.</name>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Morgan Stanley</name>
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        <name>Royal Bank of Canada into Texas Instruments, Inc.</name>
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        <name>JBS NV / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. Holdings</name>
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        <name>United States of America</name>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <name>Pfizer, Inc.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>UBS AG into Oracle Corp.</name>
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        <name>Tenet Healthcare Corp.</name>
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        <name>United Airlines Pass-Through Trust</name>
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        <name>United States of America</name>
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          <isin value="US912810EY02"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-15</maturityDt>
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        <name>CHS/Community Health Systems, Inc.</name>
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          <isin value="US12543DBM11"/>
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        <name>BellRing Brands, Inc.</name>
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        <name>N/A</name>
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        <name>Ford Motor Co.</name>
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        <title>Ford Motor Co.</title>
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        <name>Ford Motor Co.</name>
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        <title>Ford Motor Co.</title>
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        <name>Rain Carbon, Inc.</name>
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        <title>Rain Carbon, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas Issuance BV into Freeport-McMoRan, Inc.</name>
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        <title>BNP Paribas Issuance BV into Freeport-McMoRan, Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Citigroup, Inc.</name>
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        <title>Citigroup, Inc.</title>
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        <name>Medline Borrower LP</name>
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        <title>Medline Borrower LP</title>
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        <name>EquipmentShare.com, Inc.</name>
        <lei>254900PWJK48CGPKPI80</lei>
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        <name>United Parcel Service, Inc.</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
        <title>United Parcel Service, Inc., Class B</title>
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        <name>Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.</name>
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        <name>Regal Rexnord Corp.</name>
        <lei>QH78R09VCJGQKPBPYU33</lei>
        <title>Regal Rexnord Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Bank USA into Amazon.com, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cleveland-Cliffs, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS AG into Texas Instruments, Inc.</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
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        <title>Citigroup, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>UBS AG into Schlumberger NV</name>
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          <annualizedRt>10.00000000</annualizedRt>
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      <invstOrSec>
        <name>Merrill Lynch BV into UnitedHealth Group, Inc.</name>
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        <title>Merrill Lynch BV into UnitedHealth Group, Inc.</title>
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        <invCountry>NL</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>10.00000000</annualizedRt>
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      <invstOrSec>
        <name>Univision Communications, Inc.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>Univision Communications, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-31</maturityDt>
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        <name>J.P. Morgan Structured Products BV into Blackrock, Inc.</name>
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        <name>RR Donnelley &amp; Sons Co.</name>
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        <name>Viatris, Inc.</name>
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        <name>American Tower Corp.</name>
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        <title>American Tower Corp.</title>
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        <name>Barclays plc</name>
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        <name>GNMA</name>
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        <name>CHS/Community Health Systems, Inc.</name>
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        <name>US Bancorp</name>
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        <name>Philip Morris International, Inc.</name>
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      </invstOrSec>
      <invstOrSec>
        <name>PNC Financial Services Group, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>USA Compression Partners LP / USA Compression Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Option Ticker" value="QCOM UX 07/17/26 P155 Equity"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <putOrCall>Put</putOrCall>
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      <invstOrSec>
        <name>Expedia Group, Inc.</name>
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        <title>Expedia Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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          <annualizedRt>3.80000000</annualizedRt>
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      <invstOrSec>
        <name>Merrill Lynch BV into Procter &amp; Gamble Co. (The)</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.</name>
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        <valUSD>97289040.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Vistra Operations Co. LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>Vistra Operations Co. LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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          <other otherDesc="Inhouse Asset ID" value="1506634"/>
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      <invstOrSec>
        <name>Barclays Bank plc into Micron Technology, Inc.</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>Barclays Bank plc into Micron Technology, Inc.</title>
        <cusip>N/A</cusip>
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        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Bank of America Corp.</title>
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        <name>VZ Secured Financing BV</name>
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          <isin value="US91845AAB17"/>
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        <name>EMRLD Borrower LP</name>
        <lei>5493000GJYE7GAQCUC61</lei>
        <title>EMRLD Borrower LP, First Lien, Second Amendment Incremental CME Term Loan</title>
        <cusip>26872NAD1</cusip>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc., First Lien, CME Term Loan, J</title>
        <cusip>89364MCA0</cusip>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
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        <name>Cleveland-Cliffs, Inc.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>Cleveland-Cliffs, Inc.</title>
        <cusip>185899AR2</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1403400"/>
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        <balance>71000000.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Ashtead Capital, Inc.</name>
        <lei>213800J1134IW58IC398</lei>
        <title>Ashtead Capital, Inc.</title>
        <cusip>045054AR4</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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      <invstOrSec>
        <name>Barclays plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>General Motors Co.</name>
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        <title>General Motors Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-23</maturityDt>
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      <invstOrSec>
        <name>Kedrion SpA</name>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-25</maturityDt>
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      <invstOrSec>
        <name>Venture Global LNG, Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>Venture Global LNG, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-30</maturityDt>
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      <invstOrSec>
        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>KeyBank NA</name>
        <lei>HUX2X73FUCYHUVH1BK78</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Talen Energy Supply LLC</name>
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        <name>American Airlines, Inc.</name>
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        <name>CVS Health Corp.</name>
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        <name>Albemarle Corp.</name>
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        <name>FNMA</name>
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        <name>Fortescue Treasury Pty. Ltd.</name>
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        <title>Fortescue Treasury Pty. Ltd.</title>
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        <name>Honeywell International, Inc.</name>
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        <name>Vistra Corp.</name>
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        <name>Ares Capital Corp.</name>
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        <name>Bank of America NA into Microchip Technology, Inc.</name>
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        <name>TotalEnergies SE</name>
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        <name>GNMA</name>
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        <name>Opal Bidco SAS</name>
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        <name>International Flavors &amp; Fragrances, Inc.</name>
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        <name>Caesars Entertainment, Inc.</name>
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        <name>SCIH Salt Holdings, Inc.</name>
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        <name>Barclays plc</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.</name>
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        <name>Univision Communications, Inc.</name>
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        <name>Qnity Electronics, Inc.</name>
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        <name>CHS/Community Health Systems, Inc.</name>
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        <name>Truist Financial Corp.</name>
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        <name>Clydesdale Acquisition Holdings, Inc.</name>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>U.S. Treasury Bills</name>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>Tronox Finance LLC</name>
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        <name>TransDigm, Inc.</name>
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        <name>FNMA</name>
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        <title>FNMA</title>
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        <name>Fortescue Treasury Pty. Ltd.</name>
        <lei>549300EFD6S2NFE9D745</lei>
        <title>Fortescue Treasury Pty. Ltd.</title>
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        <invCountry>AU</invCountry>
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        <name>Charles Schwab Corp. (The)</name>
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        <title>Charles Schwab Corp. (The)</title>
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        <invCountry>US</invCountry>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>BofA Finance LLC into Albemarle Corp.</name>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
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      <invstOrSec>
        <name>Morgan Stanley Finance LLC into International Business Machines Corp.</name>
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        <name>Univision Communications, Inc.</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>OPAL US LLC</name>
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        <name>VICI Properties LP / VICI Note Co., Inc.</name>
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        <name>Capital One Financial Corp.</name>
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        <title>Capital One Financial Corp.</title>
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        <name>US Bancorp</name>
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        <name>FHLMC Pool</name>
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        <name>United States of America</name>
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        <name>Tenet Healthcare Corp.</name>
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        <name>Tronox, Inc.</name>
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        <name>Abbott Laboratories</name>
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        <title>Abbott Laboratories</title>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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      <invstOrSec>
        <name>Barclays Bank plc into Capital One Financial Corp.</name>
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        <title>Barclays Bank plc into Capital One Financial Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Medtronic plc</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic plc</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Beach Acquisition Bidco LLC</name>
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        <name>BX Frontier Member I LLC</name>
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        <name>RD Michigan Property Owner I LLC</name>
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        <name>Philip Morris International, Inc.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Morgan Stanley Finance LLC into Synopsys, Inc.</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>Morgan Stanley</name>
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        <name>United States of America</name>
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        <name>United Rentals North America, Inc.</name>
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        <title>United Rentals North America, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US3618N56K02"/>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
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          <isin value="US912810UE63"/>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cloud Software Group, Inc.</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>Cloud Software Group, Inc.</title>
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          <isin value="US18912UAA07"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-30</maturityDt>
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      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-27</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Millrose Properties, Inc.</name>
        <lei>N/A</lei>
        <title>Millrose Properties, Inc.</title>
        <cusip>601137AA0</cusip>
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          <isin value="US601137AA09"/>
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        <balance>50000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50710000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3132DWNK5</cusip>
        <identifiers>
          <isin value="US3132DWNK52"/>
          <other otherDesc="Inhouse Asset ID" value="1427582"/>
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        <balance>157046216.05000000</balance>
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        <curCd>USD</curCd>
        <valUSD>157853838.78000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Qnity Electronics, Inc.</name>
        <lei>254900RSUG4J9TFFZX53</lei>
        <title>Qnity Electronics, Inc.</title>
        <cusip>74743LAA8</cusip>
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          <isin value="US74743LAA89"/>
          <other otherDesc="Inhouse Asset ID" value="1506287"/>
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        <balance>35000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35230161.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Shea Homes LP / Shea Homes Funding Corp.</name>
        <lei>N/A</lei>
        <title>Shea Homes LP / Shea Homes Funding Corp.</title>
        <cusip>82088KAK4</cusip>
        <identifiers>
          <isin value="US82088KAK43"/>
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        <balance>25000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24774340.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Teva Pharmaceutical Finance Netherlands III BV</name>
        <lei>5493004T21MOAFINJP35</lei>
        <title>Teva Pharmaceutical Finance Netherlands III BV</title>
        <cusip>88167AAR2</cusip>
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          <isin value="US88167AAR23"/>
          <other otherDesc="Inhouse Asset ID" value="1240180"/>
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        <balance>30000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33841740.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
        <cusip>054989AB4</cusip>
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          <isin value="US054989AB41"/>
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        <balance>53500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57854715.96000000</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>2033-08-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.42100000</annualizedRt>
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      <invstOrSec>
        <name>US Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp</title>
        <cusip>902973304</cusip>
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        <balance>6500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>392600000.00000000</valUSD>
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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>Salesforce, Inc.</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>Salesforce, Inc.</title>
        <cusip>79466LAU8</cusip>
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          <isin value="US79466LAU89"/>
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        <balance>190000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>189934233.40000000</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>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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      <invstOrSec>
        <name>Newell Brands, Inc.</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
        <title>Newell Brands, Inc.</title>
        <cusip>651229BG0</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1471312"/>
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        <valUSD>67944370.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>949746101</cusip>
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          <other otherDesc="Inhouse Asset ID" value="20314"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>206600000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CHT1</cusip>
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          <isin value="US91282CHT18"/>
          <other otherDesc="Inhouse Asset ID" value="1286806"/>
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        <balance>1500000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1458837885.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Medline Borrower LP / Medline Co-Issuer, Inc.</name>
        <lei>N/A</lei>
        <title>Medline Borrower LP / Medline Co-Issuer, Inc.</title>
        <cusip>58506DAA6</cusip>
        <identifiers>
          <isin value="US58506DAA63"/>
          <other otherDesc="Inhouse Asset ID" value="1340729"/>
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        <balance>49996000.00000000</balance>
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        <name>Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc</name>
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        <name>Cisco Systems, Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>HCA, Inc.</name>
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        <name>QXO, Inc.</name>
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        <name>Dow Chemical Co. (The)</name>
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        <name>United Rentals North America, Inc.</name>
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        <title>United Rentals North America, Inc.</title>
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        <name>Bank of America Corp.</name>
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        <name>Celanese US Holdings LLC</name>
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        <name>Freeport-McMoRan, Inc.</name>
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        <name>Tenet Healthcare Corp.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Private Credit Corp.</name>
        <lei>549300TD27G6372IYJ65</lei>
        <title>Goldman Sachs Private Credit Corp.</title>
        <cusip>38152BAP6</cusip>
        <identifiers>
          <isin value="US38152BAP67"/>
          <other otherDesc="Inhouse Asset ID" value="1619338"/>
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        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49593678.50000000</valUSD>
        <pctVal>0.062598412378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Bank NA into NextEra Energy, Inc.</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
        <title>Wells Fargo Bank NA into NextEra Energy, Inc.</title>
        <cusip>95004P449</cusip>
        <identifiers>
          <isin value="US95004P4494"/>
          <other otherDesc="Inhouse Asset ID" value="1531192"/>
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        <balance>2500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>217049697.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31418ER77</cusip>
        <identifiers>
          <isin value="US31418ER771"/>
          <other otherDesc="Inhouse Asset ID" value="1320983"/>
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        <balance>139256184.12200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>137701785.71000000</valUSD>
        <pctVal>0.173810724023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>QTS Fayetteville I Dc1-2 LLC / QTS TRS Fayetteville I DC1-2 LLC</name>
        <lei>N/A</lei>
        <title>QTS Fayetteville I DC1-2 LLC / QTS TRS Fayetteville I DC1-2 LLC</title>
        <cusip>74751AAA1</cusip>
        <identifiers>
          <isin value="US74751AAA16"/>
          <other otherDesc="Inhouse Asset ID" value="1603208"/>
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        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47557830.00000000</valUSD>
        <pctVal>0.060028712210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</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>Barclays Bank plc into Snowflake, Inc.</name>
        <lei>N/A</lei>
        <title>Barclays Bank plc into Snowflake, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1607751"/>
        </identifiers>
        <balance>1025000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>175218656.47000000</valUSD>
        <pctVal>0.221165480073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.50000000</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>Pilgrim's Pride Corp.</name>
        <lei>549300ZSLGV64ZL3HD75</lei>
        <title>Pilgrim's Pride Corp.</title>
        <cusip>72147KAL2</cusip>
        <identifiers>
          <isin value="US72147KAL26"/>
          <other otherDesc="Inhouse Asset ID" value="1300008"/>
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        <balance>40000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43269345.60000000</valUSD>
        <pctVal>0.054615677262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Finance LLC into Cisco Systems, Inc.</name>
        <lei>5493003FCPSE9RKT4B56</lei>
        <title>Morgan Stanley Finance LLC into Cisco Systems, Inc.</title>
        <cusip>61772E230</cusip>
        <identifiers>
          <isin value="US61772E2303"/>
          <other otherDesc="Inhouse Asset ID" value="1618558"/>
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        <balance>2700000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>313143122.07000000</valUSD>
        <pctVal>0.395257276363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Matador Resources Co.</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>Matador Resources Co.</title>
        <cusip>576485AG1</cusip>
        <identifiers>
          <isin value="US576485AG13"/>
          <other otherDesc="Inhouse Asset ID" value="1342921"/>
        </identifiers>
        <balance>35000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35209650.00000000</valUSD>
        <pctVal>0.044442522858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>Wells Fargo Bank NA into Amazon.com, Inc.</name>
        <lei>N/A</lei>
        <title>Wells Fargo Bank NA into Amazon.com, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1579107"/>
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        <balance>1700000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>368216213.76000000</valUSD>
        <pctVal>0.464771944539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Airlines Holdings, Inc.</name>
        <lei>98450079DA0B78DD6764</lei>
        <title>United Airlines Holdings, Inc.</title>
        <cusip>910047AL3</cusip>
        <identifiers>
          <isin value="US910047AL34"/>
          <other otherDesc="Inhouse Asset ID" value="1567746"/>
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        <balance>65000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>64614407.00000000</valUSD>
        <pctVal>0.081557960959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3132DWNX7</cusip>
        <identifiers>
          <isin value="US3132DWNX73"/>
          <other otherDesc="Inhouse Asset ID" value="1434555"/>
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        <balance>154730485.64000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>155521011.43000000</valUSD>
        <pctVal>0.196302607538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single-family, 30 Year</title>
        <cusip>3618N5TP4</cusip>
        <identifiers>
          <isin value="US3618N5TP41"/>
          <other otherDesc="Inhouse Asset ID" value="1504313"/>
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        <balance>257983788.49600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>263696707.92000000</valUSD>
        <pctVal>0.332844744822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Global Markets Holdings, Inc. into International Business Machines Corp.</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings, Inc. into International Business Machines Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2930002717"/>
          <other otherDesc="Inhouse Asset ID" value="1504148"/>
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        <balance>975000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>257162134.81000000</valUSD>
        <pctVal>0.324596639123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</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>Genmab A/S / Genmab Finance LLC</name>
        <lei>N/A</lei>
        <title>Genmab A/S / Genmab Finance LLC</title>
        <cusip>37230JAA0</cusip>
        <identifiers>
          <isin value="US37230JAA07"/>
          <other otherDesc="Inhouse Asset ID" value="1546235"/>
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        <balance>80000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>81573040.00000000</valUSD>
        <pctVal>0.102963582281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Weatherford International Ltd.</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>Weatherford International Ltd.</title>
        <cusip>947075AU1</cusip>
        <identifiers>
          <isin value="US947075AU14"/>
          <other otherDesc="Inhouse Asset ID" value="1170727"/>
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        <balance>89812000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>91290844.39000000</valUSD>
        <pctVal>0.115229644106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</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>SCIH Salt Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>SCIH Salt Holdings, Inc., First Lien, CME Term Loan, B1</title>
        <cusip>78397GAM3</cusip>
        <identifiers>
          <isin value="US78397GAM33"/>
          <other otherDesc="Inhouse Asset ID" value="1545987"/>
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        <balance>19800375.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19847202.89000000</valUSD>
        <pctVal>0.025051648287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.35044000</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>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series II</title>
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        <name>Lowe's Cos., Inc.</name>
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        <name>American Electric Power Co., Inc.</name>
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        <name>SV RNO Property Owner 1 LLC</name>
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        <lei>54930011XLBUWMQUC829</lei>
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        <name>PG&amp;E Corp.</name>
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        <name>Target Corp.</name>
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        <name>FHLMC Pool</name>
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        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <name>ConocoPhillips</name>
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        <name>Ally Financial, Inc.</name>
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        <name>Verizon Communications, Inc.</name>
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        <name>Southern Co. (The)</name>
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        <name>BNP Paribas Issuance BV into Target Corp.</name>
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        <title>BNP Paribas Issuance BV into Target Corp.</title>
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        <name>Herc Holdings, Inc.</name>
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        <name>SCIH Salt Holdings, Inc.</name>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <name>Toronto-Dominion Bank (The) into Intel Corp.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Boeing Co. (The)</name>
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        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <name>United Airlines Pass-Through Trust</name>
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        <name>Quikrete Holdings, Inc.</name>
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        <name>Royal Bank of Canada into NIKE, Inc.</name>
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        <name>Dell International LLC / EMC Corp.</name>
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        <name>Centene Corp.</name>
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        <name>Procter &amp; Gamble Co. (The)</name>
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        <name>Toronto-Dominion Bank (The) into Starbucks Corp.</name>
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        <name>Merrill Lynch BV into Charles Schwab Corp. (The)</name>
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        <name>Ford Motor Co.</name>
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        <name>Mizuho Markets Cayman LP into Dell Technologies, Inc.</name>
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        <name>NIKE, Inc.</name>
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        <name>Ares Capital Corp.</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>Connect Holding II LLC</name>
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        <name>Bank of America Corp.</name>
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        <name>Matador Resources Co.</name>
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        <name>Morgan Stanley Finance LLC into JPMorgan Chase &amp; Co.</name>
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        <name>GNMA</name>
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        <name>American Express Co.</name>
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      <invstOrSec>
        <name>Netflix, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Medline Borrower LP</name>
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      <invstOrSec>
        <name>Textron, Inc.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global LNG, Inc.</name>
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        <name>Stagwell Global LLC</name>
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        <name>FHLMC Pool</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mizuho Markets Cayman LP into Palo Alto Networks, Inc.</name>
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        <name>NRG Energy, Inc.</name>
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        <name>Boeing Co. (The)</name>
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        <name>Capital One Financial Corp.</name>
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        <title>Capital One Financial Corp.</title>
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        <name>Teva Pharmaceutical Finance Netherlands III BV</name>
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        <name>Beignet Investor LLC</name>
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        <title>Beignet Investor LLC</title>
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        <name>QXO Building Products, Inc.</name>
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        <name>US Bancorp</name>
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        <name>Southern Co. (The)</name>
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        <name>UBS AG into Marvell Technology, Inc.</name>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Broadcom, Inc.</name>
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        <name>AbbVie, Inc.</name>
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        <name>NRG Energy, Inc.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Teva Pharmaceutical Finance Netherlands III BV</name>
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        <name>NCL Corp. Ltd.</name>
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        <name>Union Pacific Corp.</name>
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        <title>Union Pacific Corp.</title>
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        <name>Cleveland-Cliffs, Inc.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>Cleveland-Cliffs, Inc.</title>
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        <name>Ashtead Capital, Inc.</name>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cleveland-Cliffs, Inc.</name>
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        <name>DaVita, Inc.</name>
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        <name>Caesars Entertainment, Inc.</name>
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        <name>Sempra, Inc.</name>
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        <name>Regal Rexnord Corp.</name>
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        <name>Ardagh Holdings SA</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>CoreWeave, Inc.</name>
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        <name>FNMA</name>
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        <name>Morgan Stanley</name>
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        <name>GNMA</name>
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        <name>PPL Corp.</name>
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        <name>Duke Energy Corp.</name>
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        <name>United States of America</name>
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        <name>BNP Paribas Issuance BV into Medtronic plc</name>
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        <title>BNP Paribas Issuance BV into Medtronic plc</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>PR RNO Property Owner 1 LLC</name>
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        <name>J.P. Morgan Structured Products BV into Amazon.com, Inc.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Alcoa Nederland Holding BV</name>
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        <name>United Rentals North America, Inc.</name>
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        <name>Mizuho Markets Cayman LP into Microsoft Corp.</name>
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        <name>BofA Finance LLC into Comcast Corp.</name>
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        <name>Ares Capital Corp.</name>
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        <name>Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.</name>
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        <name>1261229 BC Ltd.</name>
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        <name>Goldman Sachs Private Credit Corp.</name>
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        <name>Ashtead Capital, Inc.</name>
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        <name>McDonald's Corp.</name>
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        <name>Royal Bank of Canada into Oracle Corp.</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada into Oracle Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>Tronox, Inc.</name>
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        <name>Ares Strategic Income Fund</name>
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        <name>KB Home</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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        <name>Tenet Healthcare Corp.</name>
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        <title>Tenet Healthcare Corp.</title>
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        <name>United States of America</name>
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        <name>Accenture plc</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Rockies Express Pipeline LLC</name>
        <lei>W2ZGZGZKY5GGNY6F3V51</lei>
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        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
        <cusip>05526DBS3</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Oracle Corp.</name>
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        <name>Cogent Communications Group LLC / Cogent Finance, Inc.</name>
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        <name>Citigroup, Inc.</name>
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        <name>Toronto-Dominion Bank (The) into QUALCOMM, Inc.</name>
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        <name>Ally Financial, Inc.</name>
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        <name>TransDigm, Inc.</name>
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        <name>Celanese US Holdings LLC</name>
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        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
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        <name>United Rentals North America, Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
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        <name>Williams Cos., Inc. (The)</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
        <lei>549300DNGHXL0OMHW304</lei>
        <title>Mauser Packaging Solutions Holding Co., First Lien, 2025 CME Term Loan</title>
        <cusip>57763TAF0</cusip>
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          <isin value="US57763TAF03"/>
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        <balance>19847328.25480000</balance>
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        <curCd>USD</curCd>
        <valUSD>19596160.31000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.12045000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Royal Bank of Canada into Microsoft Corp.</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada into Microsoft Corp.</title>
        <cusip>78017W320</cusip>
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          <isin value="US78017W3209"/>
          <other otherDesc="Inhouse Asset ID" value="1591144"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250533596.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</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>Hologic, Inc.</name>
        <lei>N/A</lei>
        <title>Hologic, Inc., First Lien, CME Term Loan, B</title>
        <cusip>43644ABL2</cusip>
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          <isin value="US43644ABL26"/>
          <other otherDesc="Inhouse Asset ID" value="1561904"/>
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        <balance>115000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>112676425.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.99451000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
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          <isin value="US06738ECA10"/>
          <other otherDesc="Inhouse Asset ID" value="1216742"/>
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        <balance>100000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102839833.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.74600000</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>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912803HF3</cusip>
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          <isin value="US912803HF35"/>
          <other otherDesc="Inhouse Asset ID" value="1435216"/>
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        <balance>1000000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>245696550.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967PU9</cusip>
        <identifiers>
          <isin value="US172967PU96"/>
          <other otherDesc="Inhouse Asset ID" value="1436676"/>
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        <balance>85000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>87582805.75000000</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>2036-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.02000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Merrill Lynch BV into Halliburton Co.</name>
        <lei>549300RQ1D1WIE085245</lei>
        <title>Merrill Lynch BV into Halliburton Co.</title>
        <cusip>59028A127</cusip>
        <identifiers>
          <isin value="US59028A1271"/>
          <other otherDesc="Inhouse Asset ID" value="1514264"/>
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        <balance>7650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>211792961.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</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>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
        <cusip>893647BW6</cusip>
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          <isin value="US893647BW65"/>
          <other otherDesc="Inhouse Asset ID" value="1391319"/>
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        <balance>135000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>136407240.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>
        <name>United Rentals North America, Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America, Inc.</title>
        <cusip>911365BS2</cusip>
        <identifiers>
          <isin value="US911365BS20"/>
          <other otherDesc="Inhouse Asset ID" value="1548556"/>
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        <balance>27475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27082036.07000000</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>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
        <cusip>539830109</cusip>
        <identifiers>
          <isin value="US5398301094"/>
          <other otherDesc="Inhouse Asset ID" value="31735"/>
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        <balance>600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>305676000.00000000</valUSD>
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        <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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        <name>Vistra Operations Co. LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>Vistra Operations Co. LLC</title>
        <cusip>92840VAR3</cusip>
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          <isin value="US92840VAR33"/>
          <other otherDesc="Inhouse Asset ID" value="1346216"/>
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        <balance>120000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>124336080.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
        <cusip>744320BF8</cusip>
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          <isin value="US744320BF81"/>
          <other otherDesc="Inhouse Asset ID" value="931147"/>
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        <balance>65000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>65152360.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Medline Borrower LP</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>Medline Borrower LP</title>
        <cusip>62482BAB8</cusip>
        <identifiers>
          <isin value="US62482BAB80"/>
          <other otherDesc="Inhouse Asset ID" value="1168379"/>
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        <balance>90000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>89495478.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Goldman Sachs Bank USA into Dell Technologies, Inc.</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>Goldman Sachs Bank USA into Dell Technologies, Inc.</title>
        <cusip>38152A285</cusip>
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          <isin value="US38152A2859"/>
          <other otherDesc="Inhouse Asset ID" value="1599001"/>
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        <curCd>USD</curCd>
        <valUSD>205333289.00000000</valUSD>
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        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.50000000</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>
        <name>Whirlpool Corp.</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>Whirlpool Corp.</title>
        <cusip>963320BF2</cusip>
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          <isin value="US963320BF20"/>
          <other otherDesc="Inhouse Asset ID" value="1622848"/>
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        <balance>20000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20288960.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VAQ3</cusip>
        <identifiers>
          <isin value="US29273VAQ32"/>
          <other otherDesc="Inhouse Asset ID" value="1227251"/>
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        <balance>30000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31073712.60000000</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>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>
        <name>Nestle SA</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>Nestle SA</title>
        <cusip>641069406</cusip>
        <identifiers>
          <isin value="US6410694060"/>
          <other otherDesc="Inhouse Asset ID" value="9905"/>
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        <balance>4000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>410760000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Lowe's Cos., Inc.</name>
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        <name>Wells Fargo Bank NA into Starbucks Corp.</name>
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        <name>Ares Management Corp.</name>
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        <name>Organon &amp; Co. / Organon Foreign Debt Co-Issuer BV</name>
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        <name>TransDigm, Inc.</name>
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        <name>Centene Corp.</name>
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        <title>Centene Corp.</title>
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        <name>Humana, Inc.</name>
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        <name>Beach Acquisition Bidco LLC</name>
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        <name>CHS/Community Health Systems, Inc.</name>
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        <name>HCA, Inc.</name>
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        <name>Caesars Entertainment, Inc.</name>
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        <name>Citigroup Global Markets Holdings, Inc. into Microsoft Corp.</name>
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        <name>MPH Acquisition Holdings LLC</name>
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        <name>Whirlpool Corp.</name>
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        <name>Ares Strategic Income Fund</name>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
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        <invCountry>US</invCountry>
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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>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
        <cusip>893647BY2</cusip>
        <identifiers>
          <isin value="US893647BY22"/>
          <other otherDesc="Inhouse Asset ID" value="1473027"/>
        </identifiers>
        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30305490.00000000</valUSD>
        <pctVal>0.038252366384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</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>Charter Communications Operating LLC</name>
        <lei>549300TPZNMN50BJ3745</lei>
        <title>Charter Communications Operating LLC, First Lien, CME Term Loan B5</title>
        <cusip>16117LCE7</cusip>
        <identifiers>
          <isin value="US16117LCE74"/>
          <other otherDesc="Inhouse Asset ID" value="1421096"/>
        </identifiers>
        <balance>19700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19452568.00000000</valUSD>
        <pctVal>0.024553530012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.94175000</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>Toronto-Dominion Bank (The) into Lowe's Cos., Inc.</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The) into Lowe's Cos., Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2990363751"/>
          <other otherDesc="Inhouse Asset ID" value="1503289"/>
        </identifiers>
        <balance>1255000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>277270250.48000000</valUSD>
        <pctVal>0.349977618211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</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>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
        <cusip>06738ECE3</cusip>
        <identifiers>
          <isin value="US06738ECE32"/>
          <other otherDesc="Inhouse Asset ID" value="1221362"/>
        </identifiers>
        <balance>65000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72471539.40000000</valUSD>
        <pctVal>0.091475434899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.43700000</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>Goldman Sachs Bank USA into Home Depot, Inc. (The)</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>Goldman Sachs Bank USA into Home Depot, Inc. (The)</title>
        <cusip>38152A343</cusip>
        <identifiers>
          <isin value="US38152A3436"/>
          <other otherDesc="Inhouse Asset ID" value="1608945"/>
        </identifiers>
        <balance>1050000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>361661878.31000000</valUSD>
        <pctVal>0.456498894308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-19</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>
    </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>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Custodian Funds</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
