# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000869392-23-000700
**Filing Date:** 2023-3
**Character Count:** 171188
**Document Hash:** a2bde6890cc5cfd6156f0a6a79ba1ce2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000700.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0000869392-23-000700

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Putnam ETF Trust
- **CENTRAL INDEX KEY:** 0001845809
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 23774646

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** 6177601060

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

## Series and Classes Contracts Data

### Putnam ESG High Yield ETF (Series ID: S000077298)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237595 | -            |  |

## Nport-Ex

------

---

| |
|:---|
| **Putnam ESG High Yield ETF** |
| **The fund's portfolio** |
| **1/31/23 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (87.1%)***<sup>(a)</sup>*** | **CORPORATE BONDS AND NOTES (87.1%)***<sup>(a)</sup>*** | **CORPORATE BONDS AND NOTES (87.1%)***<sup>(a)</sup>*** |
| | **Principal amount** | **Value** |
| **Advertising and marketing services (0.7%)** | **Advertising and marketing services (0.7%)** | **Advertising and marketing services (0.7%)** |
| Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. notes 5.125%, 8/15/27 | $60000 | $54418 |
| Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. unsec. sub. notes 7.75%, 4/15/28 | 80000 | 68058 |
| Terrier Media Buyer, Inc. 144A company guaranty sr. unsec. notes 8.875%, 12/15/27 | 65000 | 50700 |
|  |  | **173176** |
| **Aerospace and defense (0.6%)** | **Aerospace and defense (0.6%)** | **Aerospace and defense (0.6%)** |
| Howmet Aerospace, Inc. sr. unsec. unsub. notes 3.00%, 1/15/29 | 195000 | 170138 |
|  |  | **170138** |
| **Automotive (0.8%)** | **Automotive (0.8%)** | **Automotive (0.8%)** |
| Ford Motor Credit Co., LLC sr. unsec. unsub. notes 2.90%, 2/16/28 | 250000 | 215024 |
|  |  | **215024** |
| **Broadcasting (4.4%)** | **Broadcasting (4.4%)** | **Broadcasting (4.4%)** |
| Beasley Mezzanine Holdings, LLC 144A company guaranty sr. notes 8.625%, 2/1/26 | 105000 | 67200 |
| Gray Escrow II, Inc. 144A sr. unsec. bonds 5.375%, 11/15/31 | 155000 | 119199 |
| iHeartCommunications, Inc. company guaranty sr. unsec. notes 8.375%, 5/1/27 | 160000 | 143400 |
| Nexstar Escrow, Inc. 144A sr. unsec. notes 5.625%, 7/15/27 | 135000 | 128597 |
| Scripps Escrow II, Inc. 144A sr. notes 3.875%, 1/15/29 | 80000 | 66833 |
| Scripps Escrow II, Inc. 144A sr. unsec. bonds 5.375%, 1/15/31 | 50000 | 40350 |
| Sirius XM Radio, Inc. 144A company guaranty sr. unsec. bonds 3.875%, 9/1/31 | 110000 | 90682 |
| Sirius XM Radio, Inc. 144A company guaranty sr. unsec. notes 4.00%, 7/15/28 | 115000 | 102362 |
| Spanish Broadcasting System, Inc. 144A sr. notes 9.75%, 3/1/26 | 65000 | 37936 |
| Townsquare Media, Inc. 144A sr. notes 6.875%, 2/1/26 | 65000 | 60807 |
| Univision Communications, Inc. 144A company guaranty sr. notes 6.625%, 6/1/27 | 80000 | 78400 |
| Univision Communications, Inc. 144A sr. notes 7.375%, 6/30/30 | 155000 | 152001 |
| Urban One, Inc. 144A company guaranty sr. notes 7.375%, 2/1/28 | 85000 | 77288 |
|  |  | **1165055** |
| **Building materials (0.7%)** | **Building materials (0.7%)** | **Building materials (0.7%)** |
| Camelot Return Merger Sub, Inc. 144A sr. notes 8.75%, 8/1/28 | 55000 | 51714 |
| Masonite International Corp. 144A company guaranty sr. unsec. notes 5.375%, 2/1/28 | 85000 | 79562 |
| Masonite International Corp. 144A company guaranty sr. unsec. notes 3.50%, 2/15/30 | 65000 | 53653 |
|  |  | **184929** |
| **Capital goods (0.5%)** | **Capital goods (0.5%)** | **Capital goods (0.5%)** |
| Great Lakes Dredge & Dock Corp. 144A company guaranty sr. unsec. notes 5.25%, 6/1/29 | 165000 | 139054 |
|  |  | **139054** |
| **Chemicals (5.4%)** | **Chemicals (5.4%)** | **Chemicals (5.4%)** |
| Avient Corp. 144A sr. unsec. unsub. notes 7.125%, 8/1/30 | 70000 | 70521 |
| Axalta Coating Systems, LLC 144A company guaranty sr. unsec. notes 3.375%, 2/15/29 | 205000 | 176300 |
| Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.33%, 7/15/29 (Germany) | 120000 | 121695 |
| Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.165%, 7/15/27 (Germany) | 40000 | 40516 |
| Herens Holdco SARL 144A company guaranty sr. notes 4.75%, 5/15/28 (Luxembourg) | 200000 | 162786 |
| Ingevity Corp. 144A company guaranty sr. unsec. notes 3.875%, 11/1/28 | 90000 | 79200 |
| Olympus Water US Holding Corp. 144A sr. notes 4.25%, 10/1/28 | 220000 | 184539 |
| PMHC II, Inc. 144A sr. unsec. notes 9.00%, 2/15/30 | 70000 | 53946 |
| SCIH Salt Holdings, Inc. 144A sr. notes 4.875%, 5/1/28 | 105000 | 92400 |
| SCIH Salt Holdings, Inc. 144A sr. unsec. notes 6.625%, 5/1/29 | 75000 | 64140 |
| Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 144A company guaranty sr. unsec. notes 5.125%, 4/1/29 (Luxembourg) | 55000 | 39622 |
| Tronox, Inc. 144A company guaranty sr. unsec. notes 4.625%, 3/15/29 | 130000 | 111150 |
| WR Grace Holdings, LLC 144A company guaranty sr. notes 4.875%, 6/15/27 | 155000 | 143809 |
| WR Grace Holdings, LLC 144A sr. unsec. notes 5.625%, 8/15/29 | 80000 | 66680 |
|  |  | **1407304** |
| **Commercial and consumer services (2.3%)** | **Commercial and consumer services (2.3%)** | **Commercial and consumer services (2.3%)** |
| Block, Inc. sr. unsec. notes 3.50%, 6/1/31 | 180000 | 150303 |
| Gartner, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 10/1/30 | 110000 | 97488 |
| Gartner, Inc. 144A company guaranty sr. unsec. notes 3.625%, 6/15/29 | 60000 | 53880 |
| Neptune Bidco US, Inc. 144A sr. notes 9.29%, 4/15/29 | 110000 | 106923 |
| Sabre GLBL, Inc. 144A company guaranty sr. notes 9.25%, 4/15/25 | 105000 | 107725 |
| Shift4 Payments, LLC/Shift4 Payments Finance Sub, Inc. 144A company guaranty sr. unsec. notes 4.625%, 11/1/26 | 100000 | 94704 |
|  |  | **611023** |
| **Communication services (5.1%)** | **Communication services (5.1%)** | **Communication services (5.1%)** |
| Altice Financing SA 144A company guaranty sr. notes 5.00%, 1/15/28 (Luxembourg) | 220000 | 187064 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. sr. unsec. bonds 4.50%, 5/1/32 | 65000 | 53788 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 5.375%, 6/1/29 | 115000 | 106375 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 4.75%, 3/1/30 | 170000 | 148544 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. notes 4.25%, 2/1/31 | 65000 | 54148 |
| DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. 144A sr. notes 5.875%, 8/15/27 | 100000 | 90581 |
| Frontier Communications Corp. 144A company guaranty sr. notes 5.875%, 10/15/27 | 40000 | 38197 |
| Frontier Communications Corp. 144A notes 6.75%, 5/1/29 | 125000 | 107188 |
| Frontier Communications Holdings, LLC 144A company guaranty sr. notes 8.75%, 5/15/30 | 70000 | 72538 |
| SBA Communications Corp. sr. unsec. sub. notes 3.875%, 2/15/27***<sup>(R)</sup>*** | 100000 | 92375 |
| Sprint Capital Corp. company guaranty sr. unsec. unsub. notes 6.875%, 11/15/28 | 170000 | 181872 |
| Sprint Corp. company guaranty sr. unsec. notes 7.625%, 3/1/26 | 75000 | 79325 |
| T-Mobile USA, Inc. company guaranty sr. unsec. bonds 2.875%, 2/15/31 | 140000 | 119688 |
|  |  | **1331683** |
| **Construction (0.5%)** | **Construction (0.5%)** | **Construction (0.5%)** |
| Builders FirstSource, Inc. 144A company guaranty sr. unsec. bonds 6.375%, 6/15/32 | 135000 | 132169 |
|  |  | **132169** |
| **Consumer (1.0%)** | **Consumer (1.0%)** | **Consumer (1.0%)** |
| Scotts Miracle-Gro Co. (The) company guaranty sr. unsec. notes 4.50%, 10/15/29 | 120000 | 103500 |
| Scotts Miracle-Gro Co. (The) company guaranty sr. unsec. unsub. bonds 4.375%, 2/1/32 | 35000 | 28529 |
| Spectrum Brands, Inc. 144A company guaranty sr. unsec. bonds 5.00%, 10/1/29 | 140000 | 123363 |
|  |  | **255392** |
| **Consumer staples (6.7%)** | **Consumer staples (6.7%)** | **Consumer staples (6.7%)** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 4.875%, 2/15/30 | 70000 | 64389 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 4.625%, 1/15/27 | 100000 | 94805 |
| Aramark Services, Inc. 144A company guaranty sr. unsec. notes 5.00%, 2/1/28 | 140000 | 131950 |
| CDW, LLC/CDW Finance Corp. company guaranty sr. unsec. notes 3.25%, 2/15/29 | 85000 | 73627 |
| Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. 144A company guaranty sr. notes 4.625%, 1/15/29 | 55000 | 48541 |
| Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. 144A company guaranty sr. unsec. notes 6.75%, 1/15/30 | 65000 | 53950 |
| Go Daddy Operating Co, LLC/GD Finance Co., Inc. 144A company guaranty sr. unsec. notes 3.50%, 3/1/29 | 110000 | 95128 |
| Herc Holdings, Inc. 144A company guaranty sr. unsec. notes 5.50%, 7/15/27 | 110000 | 105325 |
| IRB Holding Corp. 144A company guaranty sr. notes 7.00%, 6/15/25 | 105000 | 105376 |
| Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. notes 4.875%, 5/15/28 | 85000 | 82209 |
| Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. notes 4.125%, 1/31/30 | 90000 | 81113 |
| Match Group Holdings II, LLC 144A sr. unsec. bonds 5.00%, 12/15/27 | 30000 | 28766 |
| Match Group Holdings II, LLC 144A sr. unsec. bonds 3.625%, 10/1/31 | 50000 | 40125 |
| Match Group Holdings II, LLC 144A sr. unsec. notes 4.125%, 8/1/30 | 65000 | 55900 |
| Match Group Holdings II, LLC 144A sr. unsec. unsub. notes 4.625%, 6/1/28 | 65000 | 59785 |
| Netflix, Inc. sr. unsec. notes 4.875%, 4/15/28 | 30000 | 29888 |
| Netflix, Inc. sr. unsec. unsub. notes 5.875%, 11/15/28 | 145000 | 150427 |
| Newell Brands, Inc. sr. unsec. notes 4.875%, 6/1/25 | 40000 | 39110 |
| Newell Brands, Inc. sr. unsec. unsub. notes 4.45%, 4/1/26 | 125000 | 118755 |
| TripAdvisor, Inc. 144A company guaranty sr. unsec. notes 7.00%, 7/15/25 | 130000 | 130520 |
| Yum! Brands, Inc. sr. unsec. sub. bonds 3.625%, 3/15/31 | 110000 | 93767 |
| Yum! Brands, Inc. 144A sr. unsec. bonds 4.75%, 1/15/30 | 70000 | 65468 |
|  |  | **1748924** |
| **Containers (1.6%)** | **Containers (1.6%)** | **Containers (1.6%)** |
| Ardagh Metal Packaging Finance USA, LLC/Ardagh Metal Packaging Finance PLC 144A sr. unsec. notes 4.00%, 9/1/29 | 210000 | 173641 |
| Ball Corp. company guaranty sr. unsec. notes 2.875%, 8/15/30 | 160000 | 131167 |
| Berry Global, Inc. 144A company guaranty notes 5.625%, 7/15/27 | 110000 | 108075 |
|  |  | **412883** |
| **Energy (oil field) (0.8%)** | **Energy (oil field) (0.8%)** | **Energy (oil field) (0.8%)** |
| Nabors Industries, Inc. company guaranty sr. unsec. notes 5.75%, 2/1/25 | 55000 | 53326 |
| Nabors Industries, Inc. 144A company guaranty sr. unsec. notes 7.375%, 5/15/27 | 65000 | 65085 |
| USA Compression Partners LP/USA Compression Finance Corp. company guaranty sr. unsec. notes 6.875%, 4/1/26 | 70000 | 68702 |
| USA Compression Partners LP/USA Compression Finance Corp. company guaranty sr. unsec. unsub. notes 6.875%, 9/1/27 | 35000 | 33950 |
|  |  | **221063** |
| **Entertainment (1.2%)** | **Entertainment (1.2%)** | **Entertainment (1.2%)** |
| CDI Escrow Issuer, Inc. 144A sr. unsec. notes 5.75%, 4/1/30 | 125000 | 118125 |
| Cinemark USA, Inc. 144A company guaranty sr. unsec. notes 5.875%, 3/15/26 | 30000 | 26939 |
| Cinemark USA, Inc. 144A company guaranty sr. unsec. notes 5.25%, 7/15/28 | 75000 | 61476 |
| Royal Caribbean Cruises, Ltd. 144A company guaranty sr. unsec. unsub. notes 9.25%, 1/15/29 | 65000 | 68567 |
| Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 5.50%, 8/31/26 | 45000 | 40273 |
|  |  | **315380** |
| **Financials (4.2%)** | **Financials (4.2%)** | **Financials (4.2%)** |
| Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer 144A sr. unsec. notes 6.75%, 10/15/27 | 140000 | 130946 |
| Ally Financial, Inc. company guaranty sr. unsec. notes 8.00%, 11/1/31 | 185000 | 203749 |
| Freedom Mortgage Corp. 144A sr. unsec. notes 8.125%, 11/15/24 | 40000 | 38701 |
| Freedom Mortgage Corp. 144A sr. unsec. notes 6.625%, 1/15/27 | 45000 | 37445 |
| HUB International, Ltd. 144A sr. unsec. notes 7.00%, 5/1/26 | 105000 | 103953 |
| Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A company guaranty sr. unsec. notes 4.75%, 6/15/29***<sup>(R)</sup>*** | 90000 | 74775 |
| Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A company guaranty sr. unsec. unsub. notes 5.25%, 10/1/25***<sup>(R)</sup>*** | 20000 | 19250 |
| Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A sr. unsec. notes 4.25%, 2/1/27***<sup>(R)</sup>*** | 85000 | 74906 |
| Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.75%, 11/15/31 | 70000 | 56350 |
| Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.50%, 8/15/28 | 55000 | 48054 |
| OneMain Finance Corp. company guaranty sr. unsec. sub. notes 7.125%, 3/15/26 | 40000 | 39738 |
| OneMain Finance Corp. company guaranty sr. unsec. sub. notes 6.625%, 1/15/28 | 65000 | 63328 |
| OneMain Finance Corp. company guaranty sr. unsec. unsub. notes 5.375%, 11/15/29 | 65000 | 56914 |
| PennyMac Financial Services, Inc. 144A company guaranty sr. unsec. notes 5.75%, 9/15/31 | 55000 | 46227 |
| PennyMac Financial Services, Inc. 144A company guaranty sr. unsec. notes 5.375%, 10/15/25 | 65000 | 60450 |
| USI, Inc./NY 144A sr. unsec. notes 6.875%, 5/1/25 | 60000 | 59718 |
|  |  | **1114504** |
| **Forest products and packaging (2.6%)** | **Forest products and packaging (2.6%)** | **Forest products and packaging (2.6%)** |
| Boise Cascade Co. 144A company guaranty sr. unsec. notes 4.875%, 7/1/30 | 180000 | 161874 |
| BWAY Holding Co. 144A sr. unsec. notes 7.25%, 4/15/25 | 55000 | 53694 |
| Graphic Packaging International, LLC 144A company guaranty sr. unsec. notes 3.75%, 2/1/30 | 195000 | 168873 |
| Louisiana-Pacific Corp. 144A sr. unsec. notes 3.625%, 3/15/29 | 90000 | 77911 |
| Mercer International, Inc. sr. unsec. notes 5.125%, 2/1/29 (Canada) | 125000 | 106900 |
| Sylvamo Corp. 144A company guaranty sr. unsec. notes 7.00%, 9/1/29 | 130000 | 123988 |
|  |  | **693240** |
| **Gaming and lottery (4.7%)** | **Gaming and lottery (4.7%)** | **Gaming and lottery (4.7%)** |
| Boyd Gaming Corp. 144A sr. unsec. bonds 4.75%, 6/15/31 | 205000 | 184461 |
| Caesars Entertainment, Inc. 144A sr. notes 7.00%, 2/15/30 | 55000 | 55963 |
| Caesars Entertainment, Inc. 144A sr. unsec. notes 4.625%, 10/15/29 | 190000 | 162450 |
| Caesars Resort Collection, LLC/CRC Finco, Inc. 144A company guaranty sr. notes 5.75%, 7/1/25 | 25000 | 25004 |
| Everi Holdings, Inc. 144A company guaranty sr. unsec. notes 5.00%, 7/15/29 | 135000 | 122155 |
| Penn Entertainment, Inc. 144A sr. unsec. notes 5.625%, 1/15/27 | 155000 | 145700 |
| Scientific Games Holdings LP/Scientific Games US FinCo., Inc. 144A sr. unsec. notes 6.625%, 3/1/30 | 85000 | 75716 |
| Scientific Games International, Inc. 144A company guaranty sr. unsec. notes 7.25%, 11/15/29 | 135000 | 135358 |
| Station Casinos, LLC 144A sr. unsec. notes 4.50%, 2/15/28 | 135000 | 121534 |
| Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp. 144A company guaranty sr. unsec. sub. notes 5.25%, 5/15/27 | 85000 | 80298 |
| Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A sr. unsec. notes 7.75%, 4/15/25 | 130000 | 130536 |
|  |  | **1239175** |
| **Health care (7.6%)** | **Health care (7.6%)** | **Health care (7.6%)** |
| Centene Corp. sr. unsec. bonds 3.00%, 10/15/30 | 45000 | 38475 |
| Centene Corp. sr. unsec. notes 4.625%, 12/15/29 | 90000 | 85505 |
| Charles River Laboratories International, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/15/31 | 80000 | 70500 |
| Charles River Laboratories International, Inc. 144A company guaranty sr. unsec. notes 3.75%, 3/15/29 | 45000 | 39994 |
| CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 8.00%, 3/15/26 | 30000 | 28961 |
| CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 5.625%, 3/15/27 | 45000 | 39834 |
| CHS/Community Health Systems, Inc. 144A jr. notes 6.875%, 4/15/29 | 40000 | 25300 |
| CHS/Community Health Systems, Inc. 144A sr. notes 5.25%, 5/15/30 | 30000 | 24208 |
| Elanco Animal Health, Inc. sr. unsec. notes Ser. WI, 6.40%, 8/28/28 | 110000 | 107382 |
| HCA, Inc. company guaranty sr. unsec. notes 3.50%, 9/1/30 | 70000 | 62743 |
| Jazz Securities DAC 144A company guaranty sr. unsub. notes 4.375%, 1/15/29 (Ireland) | 205000 | 187030 |
| Minerva Merger Sub, Inc. 144A sr. unsec. notes 6.50%, 2/15/30 | 135000 | 111849 |
| Mozart Debt Merger Sub, Inc. 144A sr. notes 3.875%, 4/1/29 | 170000 | 145353 |
| Mozart Debt Merger Sub, Inc. 144A sr. unsec. notes 5.25%, 10/1/29 | 65000 | 54424 |
| Option Care Health, Inc. 144A company guaranty sr. unsec. notes 4.375%, 10/31/29 | 75000 | 64787 |
| Organon Finance 1, LLC 144A sr. unsec. notes 5.125%, 4/30/31 | 205000 | 185072 |
| Owens & Minor, Inc. 144A company guaranty sr. unsec. notes 6.625%, 4/1/30 | 45000 | 39794 |
| Owens & Minor, Inc. 144A sr. unsec. notes 4.50%, 3/31/29 | 135000 | 109970 |
| Service Corp. International sr. unsec. bonds 5.125%, 6/1/29 | 100000 | 95760 |
| Service Corp. International sr. unsec. notes 3.375%, 8/15/30 | 65000 | 54622 |
| Service Corp. International sr. unsec. sub. notes 4.00%, 5/15/31 | 40000 | 34979 |
| Tenet Healthcare Corp. company guaranty sr. notes 5.125%, 11/1/27 | 170000 | 163625 |
| Tenet Healthcare Corp. company guaranty sr. notes 4.875%, 1/1/26 | 85000 | 82787 |
| Tenet Healthcare Corp. company guaranty sr. notes 4.25%, 6/1/29 | 55000 | 48972 |
| Tenet Healthcare Corp. 144A company guaranty sr. unsub. notes 6.125%, 6/15/30 | 90000 | 87364 |
|  |  | **1989290** |
| **Industrial (0.3%)** | **Industrial (0.3%)** | **Industrial (0.3%)** |
| MajorDrive Holdings IV, LLC 144A sr. unsec. notes 6.375%, 6/1/29 | 100000 | 79015 |
|  |  | **79015** |
| **Lodging/Tourism (1.9%)** | **Lodging/Tourism (1.9%)** | **Lodging/Tourism (1.9%)** |
| Carnival Corp. 144A notes 10.50%, 2/1/26 | 75000 | 78443 |
| Carnival Corp. 144A sr. unsec. notes 5.75%, 3/1/27 | 50000 | 41500 |
| Full House Resorts, Inc. 144A company guaranty sr. notes 8.25%, 2/15/28 | 105000 | 97881 |
| Hilton Domestic Operating Co., Inc. company guaranty sr. unsec. bonds 4.875%, 1/15/30 | 115000 | 108413 |
| Hilton Worldwide Finance, LLC/Hilton Worldwide Finance Corp. company guaranty sr. unsec. notes 4.875%, 4/1/27 | 110000 | 106496 |
| SugarHouse HSP Gaming Prop. Mezz LP/SugarHouse HSP Gaming Finance Corp. 144A company guaranty sr. unsub. notes 5.875%, 5/15/25 | 80000 | 75002 |
|  |  | **507735** |
| **Machinery (1.6%)** | **Machinery (1.6%)** | **Machinery (1.6%)** |
| Chart Industries, Inc. 144A company guaranty sr. notes 7.50%, 1/1/30 | 110000 | 112475 |
| Chart Industries, Inc. 144A company guaranty sr. unsec. notes 9.50%, 1/1/31 | 50000 | 52175 |
| Terex Corp. 144A company guaranty sr. unsec. notes 5.00%, 5/15/29 | 125000 | 116719 |
| Vertiv Group Corp. 144A company guaranty sr. notes 4.125%, 11/15/28 | 150000 | 130071 |
|  |  | **411440** |
| **Manufacturing (3.1%)** | **Manufacturing (3.1%)** | **Manufacturing (3.1%)** |
| Allison Transmission, Inc. 144A company guaranty sr. unsec. notes 4.75%, 10/1/27 | 155000 | 146974 |
| Madison IAQ, LLC 144A sr. notes 4.125%, 6/30/28 | 75000 | 66016 |
| Madison IAQ, LLC 144A sr. unsec. notes 5.875%, 6/30/29 | 85000 | 67425 |
| Roller Bearing Co. of America, Inc. 144A sr. notes 4.375%, 10/15/29 | 175000 | 157687 |
| Sensata Technologies BV 144A company guaranty sr. unsec. notes 4.00%, 4/15/29 | 250000 | 224375 |
| WESCO Distribution, Inc. 144A company guaranty sr. unsec. unsub. notes 7.25%, 6/15/28 | 155000 | 158825 |
|  |  | **821302** |
| **Metals (2.2%)** | **Metals (2.2%)** | **Metals (2.2%)** |
| Commercial Metals Co. sr. unsec. notes 4.375%, 3/15/32 | 60000 | 52634 |
| Commercial Metals Co. sr. unsec. notes 4.125%, 1/15/30 | 75000 | 67125 |
| Constellium SE 144A sr. unsec. notes 5.625%, 6/15/28 (France) | 250000 | 237000 |
| Novelis Corp. 144A company guaranty sr. unsec. notes 4.75%, 1/30/30 | 130000 | 117650 |
| Novelis Corp. 144A company guaranty sr. unsec. notes 3.25%, 11/15/26 | 105000 | 95059 |
|  |  | **569468** |
| **Office equipment and supplies (0.7%)** | **Office equipment and supplies (0.7%)** | **Office equipment and supplies (0.7%)** |
| Staples, Inc. 144A sr. notes 7.50%, 4/15/26 | 215000 | 191038 |
|  |  | **191038** |
| **Oil and gas (10.6%)** | **Oil and gas (10.6%)** | **Oil and gas (10.6%)** |
| Antero Resources Corp. 144A company guaranty sr. unsec. notes 7.625%, 2/1/29 | 80000 | 81808 |
| Apache Corp. sr. unsec. unsub. notes 5.10%, 9/1/40 | 125000 | 109156 |
| Apache Corp. sr. unsec. unsub. notes 4.375%, 10/15/28 | 70000 | 64729 |
| Callon Petroleum Co. 144A company guaranty sr. unsec. notes 8.00%, 8/1/28 | 55000 | 54970 |
| Callon Petroleum Co. 144A company guaranty sr. unsec. notes 7.50%, 6/15/30 | 55000 | 53213 |
| Centennial Resource Production, LLC 144A company guaranty sr. unsec. notes 6.875%, 4/1/27 | 80000 | 78391 |
| Chord Energy Corp. 144A company guaranty sr. unsec. notes 6.375%, 6/1/26 | 70000 | 68950 |
| Comstock Resources, Inc. 144A company guaranty sr. unsec. notes 5.875%, 1/15/30 | 60000 | 51450 |
| Comstock Resources, Inc. 144A sr. unsec. notes 6.75%, 3/1/29 | 85000 | 78413 |
| Encino Acquisition Partners Holdings, LLC 144A company guaranty sr. unsec. notes 8.50%, 5/1/28 | 90000 | 83908 |
| EnLink Midstream, LLC 144A company guaranty sr. unsec. notes 5.625%, 1/15/28 | 105000 | 102638 |
| Holly Energy Partners LP/Holly Energy Finance Corp. 144A company guaranty sr. unsec. notes 5.00%, 2/1/28 | 70000 | 65188 |
| Kinetik Holdings LP 144A company guaranty sr. unsec. notes 5.875%, 6/15/30 | 110000 | 104500 |
| Nabors Industries, Ltd. 144A company guaranty sr. unsec. notes 7.50%, 1/15/28 | 70000 | 66725 |
| Occidental Petroleum Corp. sr. unsec. bonds 6.625%, 9/1/30 | 125000 | 132706 |
| Occidental Petroleum Corp. sr. unsec. sub. notes 6.45%, 9/15/36 | 255000 | 268152 |
| Patterson-UTI Energy, Inc. sr. unsec. sub. notes 5.15%, 11/15/29 | 115000 | 107438 |
| Permian Resources Operating LLC 144A company guaranty sr. unsec. notes 5.375%, 1/15/26 | 60000 | 56709 |
| Precision Drilling Corp. 144A company guaranty sr. unsec. notes 7.125%, 1/15/26 (Canada) | 95000 | 94020 |
| Precision Drilling Corp. 144A company guaranty sr. unsec. notes 6.875%, 1/15/29 (Canada) | 40000 | 38530 |
| Rockcliff Energy II, LLC 144A sr. unsec. notes 5.50%, 10/15/29 | 165000 | 156955 |
| SM Energy Co. sr. unsec. unsub. notes 6.75%, 9/15/26 | 135000 | 132888 |
| SM Energy Co. sr. unsec. unsub. notes 6.50%, 7/15/28 | 15000 | 14268 |
| Southwestern Energy Co. company guaranty sr. unsec. notes 5.375%, 3/15/30 | 70000 | 65188 |
| Southwestern Energy Co. company guaranty sr. unsec. notes 5.375%, 2/1/29 | 125000 | 117456 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 144A company guaranty sr. unsec. notes 6.00%, 12/31/30 | 50000 | 45250 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 144A company guaranty sr. unsec. notes 5.50%, 1/15/28 | 80000 | 73300 |
| Transocean Poseidon, Ltd. 144A company guaranty sr. notes 6.875%, 2/1/27 | 35000 | 34918 |
| Transocean Titan Financing, Ltd. 144A company guaranty sr. notes 8.375%, 2/1/28 (Cayman Islands) | 50000 | 51886 |
| Transocean, Inc. 144A company guaranty sr. notes 8.75%, 2/15/30 | 40000 | 41240 |
| Transocean, Inc. 144A company guaranty sr. unsec. notes 11.50%, 1/30/27 | 40000 | 41738 |
| Venture Global Calcasieu Pass, LLC 144A company guaranty sr. notes 6.25%, 1/15/30 | 150000 | 152817 |
| Viper Energy Partners LP 144A company guaranty sr. unsec. notes 5.375%, 11/1/27 | 85000 | 82275 |
|  |  | **2771773** |
| **Publishing (1.8%)** | **Publishing (1.8%)** | **Publishing (1.8%)** |
| Cengage Learning, Inc. 144A sr. unsec. unsub. notes 9.50%, 6/15/24 | 125000 | 121591 |
| McGraw-Hill Education, Inc. 144A sr. notes 5.75%, 8/1/28 | 125000 | 109829 |
| McGraw-Hill Education, Inc. 144A sr. unsec. notes 8.00%, 8/1/29 | 90000 | 77175 |
| News Corp. 144A sr. unsec. notes 3.875%, 5/15/29 | 175000 | 156587 |
|  |  | **465182** |
| **Retail (2.6%)** | **Retail (2.6%)** | **Retail (2.6%)** |
| Asbury Automotive Group, Inc. 144A company guaranty sr. unsec. bonds 5.00%, 2/15/32 | 30000 | 25874 |
| Asbury Automotive Group, Inc. 144A company guaranty sr. unsec. notes 4.625%, 11/15/29 | 30000 | 26473 |
| Bath & Body Works, Inc. company guaranty sr. unsec. bonds 6.75%, perpetual maturity | 45000 | 40699 |
| Bath & Body Works, Inc. company guaranty sr. unsec. notes 7.50%, perpetual maturity | 80000 | 81159 |
| Bath & Body Works, Inc. 144A company guaranty sr. unsec. unsub. bonds 6.625%, 10/1/30 | 60000 | 58631 |
| Macy's Retail Holdings, LLC 144A company guaranty sr. unsec. unsub. bonds 6.125%, 3/15/32 | 35000 | 31325 |
| Macy's Retail Holdings, LLC 144A company guaranty sr. unsec. unsub. notes 5.875%, 3/15/30 | 35000 | 31947 |
| PetSmart, Inc./PetSmart Finance Corp. 144A company guaranty sr. notes 4.75%, 2/15/28 | 255000 | 235871 |
| Victoria's Secret & Co. 144A sr. unsec. notes 4.625%, 7/15/29 | 175000 | 144813 |
|  |  | **676792** |
| **Technology (6.0%)** | **Technology (6.0%)** | **Technology (6.0%)** |
| Arches Buyer, Inc. 144A sr. notes 4.25%, 6/1/28 | 165000 | 138600 |
| Arches Buyer, Inc. 144A sr. unsec. notes 6.125%, 12/1/28 | 65000 | 54747 |
| Boxer Parent Co., Inc. 144A company guaranty sr. notes 7.125%, 10/2/25 | 95000 | 94052 |
| Central Parent, Inc./CDK Global, Inc. 144A company guaranty sr. notes 7.25%, 6/15/29 | 90000 | 89765 |
| Clarivate Science Holdings Corp. 144A sr. unsec. notes 4.875%, 7/1/29 | 100000 | 87993 |
| CommScope Finance, LLC 144A sr. notes 6.00%, 3/1/26 | 55000 | 52654 |
| CommScope Technologies, LLC 144A company guaranty sr. unsec. notes 6.00%, 6/15/25 | 30000 | 28411 |
| CommScope, Inc. 144A company guaranty sr. unsec. notes 8.25%, 3/1/27 | 45000 | 38275 |
| Crowdstrike Holdings, Inc. company guaranty sr. unsec. notes 3.00%, 2/15/29 | 125000 | 107260 |
| Imola Merger Corp. 144A sr. notes 4.75%, 5/15/29 | 215000 | 187050 |
| NortonLifeLock, Inc. 144A company guaranty sr. unsec. unsub. notes 6.75%, 9/30/27 | 75000 | 75750 |
| Picard Midco, Inc. 144A sr. notes. 6.50%, 3/31/29 | 95000 | 83371 |
| Rocket Software, Inc. 144A sr. unsec. notes 6.50%, 2/15/29 | 125000 | 103594 |
| TTM Technologies, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/1/29 | 120000 | 105000 |
| Twilio, Inc. company guaranty sr. unsec. notes 3.875%, 3/15/31 | 55000 | 45402 |
| Twilio, Inc. company guaranty sr. unsec. notes 3.625%, 3/15/29 | 100000 | 84906 |
| ZoomInfo Technologies, LLC/ZoomInfo Finance Corp. 144A company guaranty sr. unsec. notes 3.875%, 2/1/29 | 230000 | 198375 |
|  |  | **1575205** |
| **Textiles (1.3%)** | **Textiles (1.3%)** | **Textiles (1.3%)** |
| Hanesbrands, Inc. 144A company guaranty sr. unsec. unsub. notes 4.625%, 5/15/24 | 100000 | 98257 |
| Kontoor Brands, Inc. 144A company guaranty sr. unsec. notes 4.125%, 11/15/29 | 115000 | 99188 |
| Levi Strauss & Co. 144A sr. unsec. sub. bonds 3.50%, 3/1/31 | 165000 | 137775 |
|  |  | **335220** |
| **Transportation (1.0%)** | **Transportation (1.0%)** | **Transportation (1.0%)** |
| Delta Air Lines, Inc./SkyMiles IP, Ltd. 144A company guaranty sr. notes 4.75%, 10/20/28 | 105000 | 102303 |
| Watco Cos., LLC/Watco Finance Corp. 144A sr. unsec. notes 6.50%, 6/15/27 | 170000 | 160500 |
|  |  | **262803** |
| **Trucks and parts (1.5%)** | **Trucks and parts (1.5%)** | **Trucks and parts (1.5%)** |
| Adient Global Holdings, Ltd. 144A company guaranty sr. unsec. notes 4.875%, 8/15/26 | 200000 | 189882 |
| Clarios Global LP 144A company guaranty sr. notes 6.75%, 5/15/25 | 75000 | 75455 |
| Panther BF Aggregator 2 LP/Panther Finance Co., Inc. 144A company guaranty sr. unsec. notes 8.50%, 5/15/27 | 135000 | 134462 |
|  |  | **399799** |
| **Waste Management (1.1%)** | **Waste Management (1.1%)** | **Waste Management (1.1%)** |
| Clean Harbors, Inc. 144A company guaranty sr. unsec. unsub. notes 6.375%, 2/1/31 | 180000 | 183366 |
| Covanta Holding Corp. 144A company guaranty sr. unsec. notes 4.875%, 12/1/29 | 110000 | 96113 |
|  |  | **279479** |
| **Total corporate bonds and notes (cost $22,930,430)** |  | **$22865657** |

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| | | |
|:---|:---|:---|
| **SENIOR LOANS (5.2%)***<sup>(a)(c)</sup>*** | **SENIOR LOANS (5.2%)***<sup>(a)(c)</sup>*** | **SENIOR LOANS (5.2%)***<sup>(a)(c)</sup>*** |
| | **Principal amount** | **Value** |
| **Basic materials (0.6%)** | **Basic materials (0.6%)** | **Basic materials (0.6%)** |
| BWAY Holding Co. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.00%), 8.568%, 8/15/26 | $5000 | $4950 |
| Klockner-Pentaplast of America, Inc. bank term loan FRN (ICE LIBOR USD 3 Month + 4.75%), 8.259%, 2/4/26 | 55000 | 48675 |
| Starfruit US Holdco, LLC bank term loan FRN Ser. B, (CME TERM SOFR 3 Month + 3.00%), 7.526%, 10/1/25 | 100000 | 98875 |
|  |  | **152500** |
| **Capital goods (0.5%)** | **Capital goods (0.5%)** | **Capital goods (0.5%)** |
| BWAY Corp. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.25%), 7.816%, 4/3/24 | 60000 | 59400 |
| MajorDrive Holdings IV, LLC bank term loan FRN (ICE LIBOR USD 3 Month + 4.00%), 8.813%, 6/1/28 | 85000 | 82056 |
|  |  | **141456** |
| **Communication services (0.7%)** | **Communication services (0.7%)** | **Communication services (0.7%)** |
| Asurion, LLC bank term loan FRN (ICE LIBOR USD 3 Month + 5.25%), 9.82%, 1/30/29 | 55000 | 45891 |
| Asurion, LLC bank term loan FRN Ser. B9, (ICE LIBOR USD 1 Month + 3.25%), 7.82%, 7/31/27 | 25000 | 23576 |
| DIRECTV Financing, LLC bank term loan FRN (ICE LIBOR USD 3 Month + 5.00%), 9.57%, 7/22/27 | 105000 | 103108 |
|  |  | **172575** |
| **Consumer cyclicals (1.0%)** | **Consumer cyclicals (1.0%)** | **Consumer cyclicals (1.0%)** |
| Clear Channel Outdoor Holdings, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.50%), 8.325%, 8/21/26 | 60000 | 56972 |
| Neptune Bidco US, Inc. bank term loan FRN Class C, (CME Term SOFR 1 Month + 5.00%), 9.735%, 4/11/29 | 75000 | 68625 |
| PetSmart, LLC bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.75%), 8.411%, 1/29/28 | 80000 | 79350 |
| Terrier Media Buyer, Inc. bank term loan FRN (ICE LIBOR USD 3 Month + 3.50%), 8.23%, 12/17/26 | 55000 | 52067 |
|  |  | **257014** |
| **Consumer staples (0.2%)** | **Consumer staples (0.2%)** | **Consumer staples (0.2%)** |
| Ascend Learning, LLC bank term loan FRN (ICE LIBOR USD 1 Month + 5.75%), 10.32%, 11/18/29 | 55000 | 47555 |
|  |  | **47555** |
| **Financials (0.2%)** | **Financials (0.2%)** | **Financials (0.2%)** |
| BCPE Rover Merger Sub, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 4.25%), 8.82%, 11/28/25 | 60000 | 59160 |
|  |  | **59160** |
| **Technology (2.0%)** | **Technology (2.0%)** | **Technology (2.0%)** |
| Epicor Software Corp. bank term loan FRN (ICE LIBOR USD 3 Month + 7.75%), 12.32%, 7/30/28 | 55000 | 54782 |
| Greeneden US Holdings II, LLC bank term loan FRN (ICE LIBOR USD 3 Month + 4.00%), 8.57%, 12/1/27 | 50000 | 49032 |
| Polaris Newco, LLC bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 4.00%), 8.73%, 6/3/28 | 70000 | 66434 |
| Proofpoint, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 6.25%), 10.985%, 8/31/29 | 85000 | 81600 |
| TIBCO Software, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.50%), 9.18%, 3/30/29 | 105000 | 96731 |
| UKG, Inc. bank term loan FRN (ICE LIBOR USD 1 Month + 5.25%), 10.032%, 5/3/27 | 60000 | 57203 |
| UKG, Inc. bank term loan FRN (ICE LIBOR USD 1 Month + 3.25%), 8.032%, 5/3/26 | 60000 | 58958 |
| Vision Solutions, Inc. bank term loan FRN (US SOFR + 4.00%), 8.818%, 4/24/28 | 70000 | 61355 |
|  |  | **526095** |
| **Total senior loans (cost $1,358,313)** |  | **$1356355** |

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| | | |
|:---|:---|:---|
| **CONVERTIBLE BONDS AND NOTES (2.0%)***<sup>(a)</sup>*** | **CONVERTIBLE BONDS AND NOTES (2.0%)***<sup>(a)</sup>*** | **CONVERTIBLE BONDS AND NOTES (2.0%)***<sup>(a)</sup>*** |
| | **Principal amount** | **Value** |
| Exact Sciences Corp. cv. sr. unsec. sub. notes 0.375%, 3/1/28 | $56000 | $49980 |
| Fiverr International, Ltd. cv. sr. unsec. notes zero %, 11/1/25, (Israel) | 64000 | 53843 |
| Liberty TripAdvisor Holdings, Inc. 144A cv. sr. unsec. bonds 0.50%, 6/30/51 | 59000 | 47023 |
| Middleby Corp. (The) cv. sr. unsec. notes 1.00%, 9/1/25 | 42000 | 54789 |
| ON Semiconductor Corp. cv. sr. unsec. notes zero %, 5/1/27 | 38000 | 56981 |
| Shake Shack, Inc. cv. sr. unsec. notes zero %, 3/1/28 | 73000 | 54280 |
| Splunk, Inc. cv. sr. unsec. notes 1.125%, 6/15/27 | 63000 | 54218 |
| Spotify USA, Inc. company guaranty cv. sr. unsec. notes zero %, 3/15/26 | 65000 | 54210 |
| Teladoc Health, Inc. cv. sr. unsec. sub. notes 1.25%, 6/1/27 | 67000 | 53727 |
| Upwork, Inc. cv. sr. unsec. notes 0.25%, 8/15/26 | 68000 | 53468 |
| **Total convertible bonds and notes (cost $526,501)** |  | **$532519** |

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| | | |
|:---|:---|:---|
| **CONVERTIBLE PREFERRED STOCKS (0.7%)***<sup>(a)</sup>*** | **CONVERTIBLE PREFERRED STOCKS (0.7%)***<sup>(a)</sup>*** | **CONVERTIBLE PREFERRED STOCKS (0.7%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| Aptiv PLC $5.50 cv. pfd. | 460 | $57817 |
| Chart Industries, Inc. $3.38***<sup>(NON)</sup>*** | 1003 | 56960 |
| KKR & Co., Inc. $3.00 cv. pfd. | 756 | 50917 |
| T-Mobile US, Inc. 144A 5.25% cv. pfd.***<sup>(NON)</sup>*** | 21 | 25329 |
| **Total convertible preferred stocks (cost $177,670)** |  | **$191023** |

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| | | |
|:---|:---|:---|
| **COMMON STOCKS (0.4%)***<sup>(a)</sup>*** | **COMMON STOCKS (0.4%)***<sup>(a)</sup>*** | **COMMON STOCKS (0.4%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| Antero Resources Corp.***<sup>(NON)</sup>*** | 1775 | $51191 |
| Frontier Communications Parent, Inc.***<sup>(NON)</sup>*** | 798 | 23629 |
| OneMain Holdings, Inc. | 677 | 29206 |
| **Total common stocks (cost $98,696)** |  | **$104026** |

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| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (6.8%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (6.8%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (6.8%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| Putnam Government Money Market Fund Class P 3.93%***<sup>(AFF)</sup>*** | 1790828 | $1790828 |
| **Total short-term investments (cost $1,790,828)** |  | **$1790828** |
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $26,882,438)** |  | **$26840408** |

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| | | |
|:---|:---|:---|
|  | ***Key to holding's abbreviations*** | ***Key to holding's abbreviations*** |
| CME | Chicago Mercantile Exchange | Chicago Mercantile Exchange |
| DAC | Designated Activity Company | Designated Activity Company |
| FRN | Floating Rate Notes: The rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. | Floating Rate Notes: The rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| ICE | Intercontinental Exchange | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate | London Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate | Secured Overnight Financing Rate |
|  | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from January 19, 2023 (commencement of operations) through January 31, 2023 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from January 19, 2023 (commencement of operations) through January 31, 2023 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. |
| ***<sup>(a)</sup>*** | Percentages indicated are based on net assets of $26,242,910. | Percentages indicated are based on net assets of $26,242,910. |
| ***<sup>(NON)</sup>*** | This security is non-income-producing. | This security is non-income-producing. |
| ***<sup>(AFF)</sup>*** | Affiliated company. For investments in Putnam Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Name of affiliate** | **Shares outstanding<br>and fair<br>value as of<br>1/31/23** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-term investments** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Putnam Government Money Market Fund\* | $1790828 |
|  | **Total Short-term investments** | **$1790828** |
|  | \* Management fees incurred through investment in Putnam Government Money Market Fund have been waived by the fund. There were no realized or unrealized gains or losses during the period. | \* Management fees incurred through investment in Putnam Government Money Market Fund have been waived by the fund. There were no realized or unrealized gains or losses during the period. |
| ***<sup>(c)</sup>*** | Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown. Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities. | Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown. Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities. |
|  | Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder's portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations. | Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder's portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations. |
| ***<sup>(R)</sup>*** | Real Estate Investment Trust. | Real Estate Investment Trust. |
|  | Debt obligations are considered secured unless otherwise indicated. | Debt obligations are considered secured unless otherwise indicated. |
|  | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
|  | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. |
|  | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. |
|  | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities. | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities. |
|  | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. |
|  | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. |
|  | To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. |
|  | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. |
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| **Common stocks\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication services | &nbsp;&nbsp;&nbsp;&nbsp;$23629 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;51191 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;29206 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total common stocks** | **104026** | **—** | **—** |
| Convertible bonds and notes |  | 532519 |  |
| Convertible preferred stocks |  | 191023 |  |
| Corporate bonds and notes |  | 22865657 |  |
| Senior loans |  | 1356355 |  |
| Short-term investments | 1790828 |  |  |
| **Totals by level** | **$1894854** | **$24945554** | **$—** |
| \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. |
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam ETF Trust

- **b. Investment Company Act file number:** 811-23643

- **c. CIK number of Registrant:** 0001845809

- **d. LEI of Registrant:** 549300EMFKH8ETCKNO35

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 FEDERAL STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 1-800-225-1581

**Item A.2. Information about the Series.**

- **a. Name of Series:** Putnam ESG High Yield ETF

- **b. EDGAR series identifier (if any):** S000077298

- **c. LEI of Series:** 549300AFYICW7OFX8A68

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $29871919.42

**Total Liabilities:** $3628999.43

**Net Assets:** $26242919.99

**Cash Not Reported:** $1352982.70

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 4.34 | **1-Year:** 107.62 | **5-Year:** 843.83 | **10-Year:** 391.02 | **30-Year:** 31.19

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 45.46 | **1-Year:** 1047.83 | **5-Year:** 6013.88 | **10-Year:** 2118.87 | **30-Year:** 33.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237595 |  |  |  |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $172.78                  | $-42030.92                                 |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $0.00                                      |

**Designated Index Information**

- **Index Name:** JPMorgan Developed High Yield Index

- **Index Identifier:** IDX01861

### Schedule of Portfolio Investments

| Name                                                                        | Title               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MAJORDRIVE HOLDINGS IV LLC                                                  | BANK LOAN NOTE      | CUSIP: 56085UAB9<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82055.60     | 0.31%             | 2028-06-01      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| POLARIS NEWCO LLC                                                           | BANK LOAN NOTE      | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | DBT              | CORP              | US        |     70000 | PA      | $66434.20     | 0.25%             | 2028-06-03      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| BWAY CORP                                                                   | BANK LOAN NOTE      | CUSIP: 05604XAP1<br>LEI: 549300RY13CUZRBP7216 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59400.00     | 0.23%             | 2024-04-03      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| NOURYON USA LLC                                                             | BANK LOAN NOTE      | CUSIP: N8232NAB3<br>LEI: 549300K7VB5G6LULFT41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98875.00     | 0.38%             | 2025-10-01      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| BCPE ROVER MERGER SUB INC                                                   | BANK LOAN NOTE      | CUSIP: 77313DAN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $59160.00     | 0.23%             | 2025-11-28      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC                                          | BANK LOAN NOTE      | CUSIP: 18452RAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $56971.80     | 0.22%             | 2026-08-21      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                                        | BANK LOAN NOTE      | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68625.00     | 0.26%             | 2029-04-11      | Floating      | 9.73%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP INC                                                    | BANK LOAN NOTE      | CUSIP: N/A<br>LEI: 04EEB871XLHVNY4RZJ65       | Long             | DBT              | CORP              | US        |    105000 | PA      | $96731.25     | 0.37%             | 2029-03-30      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT INC                                                              | BANK LOAN NOTE      | CUSIP: 74345HAD3<br>LEI: 529900C5FODDK0WSR085 | Long             | DBT              | CORP              | US        |     85000 | PA      | $81600.00     | 0.31%             | 2029-08-31      | Floating      | 10.98%                | No            |                  2 | On Loan: No      |
| ASCEND LEARNING LLC                                                         | BANK LOAN NOTE      | CUSIP: N/A<br>LEI: 549300T466HKRLVCD610       | Long             | DBT              | CORP              | US        |     55000 | PA      | $47555.20     | 0.18%             | 2029-11-18      | Floating      | 10.32%                | No            |                  2 | On Loan: No      |
| EPICOR SOFTWARE CORP                                                        | BANK LOAN NOTE      | CUSIP: 29426NAQ7<br>LEI: JGNXVGGGXR4O1L5I7S73 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54782.20     | 0.21%             | 2028-07-31      | Floating      | 12.32%                | No            |                  2 | On Loan: No      |
| UKG INC                                                                     | BANK LOAN NOTE      | CUSIP: 90385KAJ0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57203.40     | 0.22%             | 2027-05-03      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |
| UKG INC                                                                     | BANK LOAN NOTE      | CUSIP: N/A<br>LEI: 529900FKHWSTQ1GXK240       | Long             | DBT              | CORP              | US        |     60000 | PA      | $58957.80     | 0.22%             | 2026-05-03      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| VISION SOLUTIONS INC                                                        | BANK LOAN NOTE      | CUSIP: 70477BAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $61355.00     | 0.23%             | 2028-04-24      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| GENESYS CLOUD SERVICES HOLDINGS II LLC                                      | BANK LOAN NOTE      | CUSIP: 39479UAQ6<br>LEI: 549300CVRD4OUCPHWQ42 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49031.50     | 0.19%             | 2027-12-01      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                                       | BANK LOAN NOTE      | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $103107.90    | 0.39%             | 2027-07-22      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORP                                                              | BANK LOAN NOTE      | CUSIP: 88145LAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $52066.85     | 0.20%             | 2026-12-17      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC                                                                | BANK LOAN NOTE      | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $79350.40     | 0.30%             | 2028-01-29      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| KLOCKNER-PENTAPLAST OF AMERICA INC                                          | BANK LOAN NOTE      | CUSIP: 49865NAT7<br>LEI: 5299004QDA11QZOG5N31 | Long             | DBT              | CORP              | US        |     55000 | PA      | $48675.00     | 0.19%             | 2026-02-04      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                                                 | BANK LOAN NOTE      | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23575.50     | 0.09%             | 2027-07-31      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                                                 | BANK LOAN NOTE      | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |     55000 | PA      | $45890.90     | 0.17%             | 2029-01-30      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| BWAY HOLDING CO                                                             | BANK LOAN NOTE      | CUSIP: N/A<br>LEI: 549300DNGHXL0OMHW304       | Long             | DBT              | CORP              | US        |      5000 | PA      | $4950.00      | 0.02%             | 2026-08-15      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                                       | COMMON STOCK        | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |      1775 | NS      | $51191.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN HOLDINGS INC                                                        | COMMON STOCK        | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |       677 | NS      | $29205.78     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER COMMUNICATIONS PARENT INC                                          | COMMON STOCK        | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       798 | NS      | $23628.78     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SPLUNK INC                                                                  | CONV. NOTE          | CUSIP: 848637AF1<br>LEI: 549300XGDSGBP6UEI867 | Long             | DBT              | CORP              | US        |     63000 | PA      | $54217.80     | 0.21%             | 2027-06-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| UPWORK INC                                                                  | CONV. NOTE          | CUSIP: 91688FAB0<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | DBT              | CORP              | US        |     68000 | PA      | $53468.40     | 0.20%             | 2026-08-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| TELADOC HEALTH INC                                                          | CONV. NOTE          | CUSIP: 87918AAF2<br>LEI: 549300I2PVFBC9MFAC61 | Long             | DBT              | CORP              | US        |     67000 | PA      | $53727.30     | 0.20%             | 2027-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| EXACT SCIENCES CORP                                                         | CONV. NOTE          | CUSIP: 30063PAC9<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |     56000 | PA      | $49980.00     | 0.19%             | 2028-03-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| MIDDLEBY CORP/THE                                                           | CONV. NOTE          | CUSIP: 596278AB7<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | DBT              | CORP              | US        |     42000 | PA      | $54789.00     | 0.21%             | 2025-09-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY TRIPADVISOR HOLDINGS INC                                            | CONVERTIBLE BONDS   | CUSIP: 531465AA0<br>LEI: 5299006PCRAU736ZJ155 | Long             | DBT              | CORP              | US        |     59000 | PA      | $47023.00     | 0.18%             | 2051-06-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE US INC                                                             | CONVERTIBLE PREF    | CUSIP: 901375105<br>LEI: 549300QHIJYOHPACPG31 | Long             | EP               | CORP              | US        |        21 | NS      | $25328.94     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                                        | CONVERTIBLE PREF    | CUSIP: 16115Q407<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EP               | CORP              | US        |      1003 | NS      | $56960.37     | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| APTIV PLC                                                                   | CONVERTIBLE PREF    | CUSIP: G6095L117<br>LEI: N/A                  | Long             | EP               | CORP              | IE        |       460 | NS      | $57817.40     | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| KKR  AND  CO INC                                                            | CONVERTIBLE PREF    | CUSIP: 48251W401<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |       756 | NS      | $50916.60     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| ON SEMICONDUCTOR CORP                                                       | CONVERTIBLE ZERO    | CUSIP: 682189AS4<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |     38000 | PA      | $56981.00     | 0.22%             | 2027-05-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FIVERR INTERNATIONAL LTD                                                    | CONVERTIBLE ZERO    | CUSIP: 33835LAA3<br>LEI: 549300Z8OREY6THCPF67 | Long             | DBT              | CORP              | IL        |     64000 | PA      | $53843.20     | 0.21%             | 2025-11-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SHAKE SHACK INC                                                             | CONVERTIBLE ZERO    | CUSIP: 819047AB7<br>LEI: 529900J74GJAHYP80N79 | Long             | DBT              | CORP              | US        |     73000 | PA      | $54279.93     | 0.21%             | 2028-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SPOTIFY USA INC                                                             | CONVERTIBLE ZERO    | CUSIP: 84921RAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $54210.00     | 0.21%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                                                             | CORP. NOTE          | CUSIP: 410345AJ1<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98257.00     | 0.37%             | 2024-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CENGAGE LEARNING INC                                                        | CORP. NOTE          | CUSIP: 15137NAA1<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121591.25    | 0.46%             | 2024-06-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS LTD                                                  | CORP. NOTE          | CUSIP: 00687YAA3<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189882.00    | 0.72%             | 2026-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                                                      | CORP. NOTE          | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $145700.00    | 0.56%             | 2027-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BWAY HOLDING CO                                                             | CORP. NOTE          | CUSIP: 12429TAE4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53693.75     | 0.20%             | 2025-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| USI INC/NY                                                                  | CORP. NOTE          | CUSIP: 91739VAA6<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59718.00     | 0.23%             | 2025-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SUGARHOUSE HSP GAMING PROP MEZZ LP / SUGARHOUSE HSP GAMING FINANCE CORP     | CORP. NOTE          | CUSIP: 865033AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $75001.87     | 0.29%             | 2025-05-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LADDER CAPITAL FINANCE HOLDINGS LLLP / LADDER CAPITAL FINANCE CORP          | CORP. NOTE          | CUSIP: 505742AG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19250.00     | 0.07%             | 2025-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                                                       | CORP. NOTE          | CUSIP: 35640YAA5<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38701.20     | 0.15%             | 2024-11-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PRECISION DRILLING CORP                                                     | CORP. NOTE          | CUSIP: 740212AL9<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |     95000 | PA      | $94019.67     | 0.36%             | 2026-01-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURCES OPERATING LLC                                             | CORP. NOTE          | CUSIP: 15138AAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56709.00     | 0.22%             | 2026-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                                       | CORP. NOTE          | CUSIP: 62957HAF2<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53325.53     | 0.20%             | 2025-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                                                                  | CORP. NOTE          | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79324.99     | 0.30%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| USA COMPRESSION PARTNERS LP / USA COMPRESSION FINANCE CORP                  | CORP. NOTE          | CUSIP: 91740PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $68701.50     | 0.26%             | 2026-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                                       | CORP. NOTE          | CUSIP: 44332PAD3<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103953.15    | 0.40%             | 2026-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | CORP. NOTE          | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39738.20     | 0.15%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC                                                    | CORP. NOTE          | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |    110000 | PA      | $107382.00    | 0.41%             | 2028-08-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN POSEIDON LTD                                                     | CORP. NOTE          | CUSIP: 89383JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     35000 | PA      | $34917.75     | 0.13%             | 2027-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE INC                                                               | CORP. NOTE          | CUSIP: 20338QAD5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     55000 | PA      | $52654.25     | 0.20%             | 2026-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE INC                                                               | CORP. NOTE          | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     45000 | PA      | $38274.75     | 0.15%             | 2027-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| USA COMPRESSION PARTNERS LP / USA COMPRESSION FINANCE CORP                  | CORP. NOTE          | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $33950.00     | 0.13%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYSTEMS INC                                            | CORP. NOTE          | CUSIP: 12543DBC3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28960.60     | 0.11%             | 2026-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURCES OPERATING LLC                                             | CORP. NOTE          | CUSIP: 15138AAC4<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78391.20     | 0.30%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP / CLARIOS US FINANCE CO                                   | CORP. NOTE          | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $134461.61    | 0.51%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                                                 | CORP. NOTE          | CUSIP: 855030AN2<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    215000 | PA      | $191038.25    | 0.73%             | 2026-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | CORP. NOTE          | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63327.55     | 0.24%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                                    | CORP. NOTE          | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    160000 | PA      | $143400.00    | 0.55%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                                            | CORP. NOTE          | CUSIP: 085770AB1<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108075.00    | 0.41%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BATH  AND  BODY WORKS INC                                                   | CORP. NOTE          | CUSIP: 501797AR5<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81159.20     | 0.31%             | 2029-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                                           | CORP. NOTE          | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    135000 | PA      | $128596.95    | 0.49%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                           | CORP. NOTE          | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105325.00    | 0.40%             | 2027-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASONITE INTERNATIONAL CORP                                                 | CORP. NOTE          | CUSIP: 575385AD1<br>LEI: 549300H0H07ZFT4JYM32 | Long             | DBT              | CORP              | CA        |     85000 | PA      | $79561.70     | 0.30%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC                                          | CORP. NOTE          | CUSIP: 18453HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $54417.90     | 0.21%             | 2027-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                       | CORP. NOTE          | CUSIP: 88033GCZ1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82787.45     | 0.32%             | 2026-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                       | CORP. NOTE          | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    170000 | PA      | $163625.00    | 0.62%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLDINGS INTERMEDIATE LLC / ALLIANT HOLDINGS CO-ISSUER              | CORP. NOTE          | CUSIP: 01883LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $130946.20    | 0.50%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO/THE                                                   | CORP. NOTE          | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    120000 | PA      | $103500.00    | 0.39%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LP                                                    | CORP. NOTE          | CUSIP: 92763MAA3<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82274.90     | 0.31%             | 2027-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS INC / SAFEWAY INC / NEW ALBERTSONS LP / ALBERTSONS LLC       | CORP. NOTE          | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $94805.00     | 0.36%             | 2027-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES INTERNATIONAL INC                                          | CORP. NOTE          | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    135000 | PA      | $135357.75    | 0.52%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PATTERSON-UTI ENERGY INC                                                    | CORP. NOTE          | CUSIP: 703481AC5<br>LEI: 254900XGFBKIXD6G0697 | Long             | DBT              | CORP              | US        |    115000 | PA      | $107438.32    | 0.41%             | 2029-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORP                                                              | CORP. NOTE          | CUSIP: 88146LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $50700.00     | 0.19%             | 2027-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES LTD                                                       | CORP. NOTE          | CUSIP: 629571AB6<br>LEI: 5493008TXYN3II3PU369 | Long             | DBT              | CORP              | US        |     70000 | PA      | $66724.70     | 0.25%             | 2028-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                                         | CORP. NOTE          | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    220000 | PA      | $187063.80    | 0.71%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LADDER CAPITAL FINANCE HOLDINGS LLLP / LADDER CAPITAL FINANCE CORP          | CORP. NOTE          | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $74906.25     | 0.29%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HOLLY ENERGY PARTNERS LP / HOLLY ENERGY FINANCE CORP                        | CORP. NOTE          | CUSIP: 435765AH5<br>LEI: 549300HLPTRASHS0E726 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65187.50     | 0.25%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                                     | CORP. NOTE          | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92375.00     | 0.35%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                                                         | CORP. NOTE          | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    135000 | PA      | $121533.75    | 0.46%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC / WYNN RESORTS CAPITAL CORP                        | CORP. NOTE          | CUSIP: 983133AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $130535.60    | 0.50%             | 2025-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                                              | CORP. NOTE          | CUSIP: 78573NAC6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107725.28    | 0.41%             | 2025-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HOLDINGS INC                                                    | CORP. NOTE          | CUSIP: 513272AC8<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82209.24     | 0.31%             | 2028-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HOLDINGS II LLC                                                 | CORP. NOTE          | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     65000 | PA      | $59785.05     | 0.23%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                                           | CORP. NOTE          | CUSIP: 18060TAA3<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75455.25     | 0.29%             | 2025-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BOXER PARENT CO INC                                                         | CORP. NOTE          | CUSIP: 103186AB8<br>LEI: 5493006T045HLTF7YX04 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94052.49     | 0.36%             | 2025-10-02      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| IRB HOLDING CORP                                                            | CORP. NOTE          | CUSIP: 44988MAC9<br>LEI: 549300HVW4WNWYBXN830 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105375.90    | 0.40%             | 2025-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                           | CORP. NOTE          | CUSIP: 651229BB1<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39110.00     | 0.15%             | 2025-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                                      | CORP. NOTE          | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    155000 | PA      | $158824.83    | 0.61%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS INC                                                | CORP. NOTE          | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78400.00     | 0.30%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WATCO COS LLC / WATCO FINANCE CORP                                          | CORP. NOTE          | CUSIP: 941130AB2<br>LEI: 549300UK74AMHGBXZG45 | Long             | DBT              | CORP              | US        |    170000 | PA      | $160500.40    | 0.61%             | 2027-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                                                              | CORP. NOTE          | CUSIP: 21039CAA2<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $237000.00    | 0.90%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CAESARS RESORT COLLECTION LLC / CRC FINCO INC                               | CORP. NOTE          | CUSIP: 12770RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25004.25     | 0.10%             | 2025-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TRIPADVISOR INC                                                             | CORP. NOTE          | CUSIP: 896945AA0<br>LEI: 549300XVG45PT5BART17 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130520.00    | 0.50%             | 2025-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BOISE CASCADE CO                                                            | CORP. NOTE          | CUSIP: 09739DAD2<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | DBT              | CORP              | US        |    180000 | PA      | $161874.34    | 0.62%             | 2030-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                                               | CORP. NOTE          | CUSIP: 143658BG6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78443.25     | 0.30%             | 2026-02-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| NATIONSTAR MORTGAGE HOLDINGS INC                                            | CORP. NOTE          | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $48054.05     | 0.18%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CDW LLC / CDW FINANCE CORP                                                  | CORP. NOTE          | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $73627.32     | 0.28%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                                              | CORP. NOTE          | CUSIP: 893830BQ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41738.00     | 0.16%             | 2027-01-30      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC / SKYMILES IP LTD                                       | CORP. NOTE          | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $102302.67    | 0.39%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FINANCIAL SERVICES INC                                             | CORP. NOTE          | CUSIP: 70932MAA5<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     65000 | PA      | $60450.00     | 0.23%             | 2025-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS LLC                                        | CORP. NOTE          | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $38196.80     | 0.15%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC / SHIFT4 PAYMENTS FINANCE SUB INC                       | CORP. NOTE          | CUSIP: 82453AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $94704.00     | 0.36%             | 2026-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| INGEVITY CORP                                                               | CORP. NOTE          | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |     90000 | PA      | $79200.00     | 0.30%             | 2028-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS LLC                                                  | CORP. NOTE          | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |    205000 | PA      | $176300.00    | 0.67%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS LLC                                        | CORP. NOTE          | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $107187.50    | 0.41%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                                            | CORP. NOTE          | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |    165000 | PA      | $138600.00    | 0.53%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                                            | CORP. NOTE          | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     65000 | PA      | $54746.90     | 0.21%             | 2028-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYSTEMS INC                                            | CORP. NOTE          | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39834.00     | 0.15%             | 2027-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ENLINK MIDSTREAM LLC                                                        | CORP. NOTE          | CUSIP: 29336TAC4<br>LEI: 54930000GY1H533OBE23 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102637.50    | 0.39%             | 2028-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW II INC                                                       | CORP. NOTE          | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $66832.96     | 0.25%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TOWNSQUARE MEDIA INC                                                        | CORP. NOTE          | CUSIP: 892231AB7<br>LEI: 549300XBA8C68H0DR538 | Long             | DBT              | CORP              | US        |     65000 | PA      | $60806.82     | 0.23%             | 2026-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| URBAN ONE INC                                                               | CORP. NOTE          | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |     85000 | PA      | $77287.95     | 0.29%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                                       | CORP. NOTE          | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81808.02     | 0.31%             | 2029-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CROWDSTRIKE HOLDINGS INC                                                    | CORP. NOTE          | CUSIP: 22788CAA3<br>LEI: 549300YBY08K9KM4HX32 | Long             | DBT              | CORP              | US        |    125000 | PA      | $107259.93    | 0.41%             | 2029-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MERCER INTERNATIONAL INC                                                    | CORP. NOTE          | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $106900.00    | 0.41%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYSTEMS INC                                            | CORP. NOTE          | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     40000 | PA      | $25300.00     | 0.10%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BEASLEY MEZZANINE HOLDINGS LLC                                              | CORP. NOTE          | CUSIP: 07403VAA7<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |    105000 | PA      | $67200.00     | 0.26%             | 2026-02-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ZOOMINFO TECHNOLOGIES LLC/ZOOMINFO FINANCE CORP                             | CORP. NOTE          | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $198375.00    | 0.76%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                                                         | CORP. NOTE          | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    125000 | PA      | $103593.75    | 0.39%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PETSMART INC / PETSMART FINANCE CORP                                        | CORP. NOTE          | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $235870.75    | 0.90%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC                                          | CORP. NOTE          | CUSIP: 18453HAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $68058.40     | 0.26%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                                      | CORP. NOTE          | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |    105000 | PA      | $97881.00     | 0.37%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                    | CORP. NOTE          | CUSIP: 345397B51<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    250000 | PA      | $215023.94    | 0.82%             | 2028-02-16      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                                               | CORP. NOTE          | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | US        |     50000 | PA      | $41500.00     | 0.16%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SPANISH BROADCASTING SYSTEM INC                                             | CORP. NOTE          | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |     65000 | PA      | $37936.13     | 0.14%             | 2026-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                                      | CORP. NOTE          | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     85000 | PA      | $78412.50     | 0.30%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPERATING CO LLC / GD FINANCE CO INC                               | CORP. NOTE          | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $95128.00     | 0.36%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TTM TECHNOLOGIES INC                                                        | CORP. NOTE          | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |    120000 | PA      | $105000.00    | 0.40%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA-PACIFIC CORP                                                      | CORP. NOTE          | CUSIP: 546347AM7<br>LEI: 549300C7E2UAO5BVRR75 | Long             | DBT              | CORP              | US        |     90000 | PA      | $77910.68     | 0.30%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING FINANCE USA LLC / ARDAGH METAL PACKAGING FINANCE PLC | CORP. NOTE          | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $173640.60    | 0.66%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRONOX INC                                                                  | CORP. NOTE          | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |    130000 | PA      | $111150.00    | 0.42%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OWENS  AND  MINOR INC                                                       | CORP. NOTE          | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    135000 | PA      | $109969.65    | 0.42%             | 2029-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                                                                  | CORP. NOTE          | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84905.50     | 0.32%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                                                            | CORP. NOTE          | CUSIP: 172441BD8<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26939.25     | 0.10%             | 2026-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORIES INTERNATIONAL INC                                | CORP. NOTE          | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39993.75     | 0.15%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORIES INTERNATIONAL INC                                | CORP. NOTE          | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     80000 | PA      | $70500.00     | 0.27%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV                                                     | CORP. NOTE          | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | US        |    250000 | PA      | $224375.00    | 0.85%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRINSEO MATERIALS OPERATING SCA / TRINSEO MATERIALS FINANCE INC             | CORP. NOTE          | CUSIP: 89668QAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     55000 | PA      | $39622.27     | 0.15%             | 2029-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                                                  | CORP. NOTE          | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    125000 | PA      | $116718.75    | 0.44%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IMOLA MERGER CORP                                                           | CORP. NOTE          | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $187050.00    | 0.71%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEWS CORP                                                                   | CORP. NOTE          | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |    175000 | PA      | $156586.50    | 0.60%             | 2029-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                                                      | CORP. NOTE          | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $92400.00     | 0.35%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                                                      | CORP. NOTE          | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $64140.00     | 0.24%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| JAZZ SECURITIES DAC                                                         | CORP. NOTE          | CUSIP: 47216FAA5<br>LEI: 6354009DV8VV7K6KOO02 | Long             | DBT              | CORP              | IE        |    205000 | PA      | $187029.70    | 0.71%             | 2029-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ENCINO ACQUISITION PARTNERS HOLDINGS LLC                                    | CORP. NOTE          | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |     90000 | PA      | $83907.92     | 0.32%             | 2028-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL                                                          | CORP. NOTE          | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $162786.37    | 0.62%             | 2028-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTERNATIONAL/US                                               | CORP. NOTE          | CUSIP: 817565CG7<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34979.20     | 0.13%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE  AND  DOCK CORP                                          | CORP. NOTE          | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    165000 | PA      | $139053.75    | 0.53%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV LLC                                                  | CORP. NOTE          | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |    100000 | PA      | $79015.00     | 0.30%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                       | CORP. NOTE          | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     55000 | PA      | $48972.28     | 0.19%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                                           | CORP. NOTE          | CUSIP: 674215AL2<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68950.00     | 0.26%             | 2026-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                                                            | CORP. NOTE          | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     75000 | PA      | $61476.00     | 0.23%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PRECISION DRILLING CORP                                                     | CORP. NOTE          | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $38529.60     | 0.15%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                                                         | CORP. NOTE          | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    115000 | PA      | $102361.50    | 0.39%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LADDER CAPITAL FINANCE HOLDINGS LLLP / LADDER CAPITAL FINANCE CORP          | CORP. NOTE          | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $74774.70     | 0.28%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                                                | CORP. NOTE          | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14268.29     | 0.05%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                                      | CORP. NOTE          | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     60000 | PA      | $51450.00     | 0.20%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                 | CORP. NOTE          | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53880.00     | 0.21%             | 2029-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                                             | CORP. NOTE          | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |     75000 | PA      | $66015.75     | 0.25%             | 2028-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                                             | CORP. NOTE          | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |     85000 | PA      | $67425.40     | 0.26%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CALLON PETROLEUM CO                                                         | CORP. NOTE          | CUSIP: 13123XBD3<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54970.30     | 0.21%             | 2028-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                                                       | CORP. NOTE          | CUSIP: 35640YAG2<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     45000 | PA      | $37445.40     | 0.14%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| EVERI HOLDINGS INC                                                          | CORP. NOTE          | CUSIP: 30034TAA1<br>LEI: 5299006DK5S7BG10K532 | Long             | DBT              | CORP              | US        |    135000 | PA      | $122154.75    | 0.47%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VICTORIA'S SECRET  AND  CO                                                  | CORP. NOTE          | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |    175000 | PA      | $144812.50    | 0.55%             | 2029-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MASONITE INTERNATIONAL CORP                                                 | CORP. NOTE          | CUSIP: 575385AE9<br>LEI: 549300H0H07ZFT4JYM32 | Long             | DBT              | CORP              | CA        |     65000 | PA      | $53652.79     | 0.20%             | 2030-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION INC                                                   | CORP. NOTE          | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    125000 | PA      | $109829.33    | 0.42%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION INC                                                   | CORP. NOTE          | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     90000 | PA      | $77175.00     | 0.29%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC / DIRECTV FINANCING CO-OBLIGOR INC                    | CORP. NOTE          | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $90580.50     | 0.35%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                                                | CORP. NOTE          | CUSIP: 670001AG1<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    105000 | PA      | $95058.60     | 0.36%             | 2026-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDINGS LLC                                                       | CORP. NOTE          | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     80000 | PA      | $66680.00     | 0.25%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD                                                 | CORP. NOTE          | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40273.27     | 0.15%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO                                                      | CORP. NOTE          | CUSIP: 845467AS8<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65187.50     | 0.25%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                                                        | CORP. NOTE          | CUSIP: 443201AB4<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    195000 | PA      | $170137.50    | 0.65%             | 2029-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CLARIVATE SCIENCE HOLDINGS CORP                                             | CORP. NOTE          | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $87992.50     | 0.34%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SYLVAMO CORP                                                                | CORP. NOTE          | CUSIP: 87133LAA8<br>LEI: 5493001AOYU1ZOWOC971 | Long             | DBT              | CORP              | US        |    130000 | PA      | $123987.50    | 0.47%             | 2029-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO                                                      | CORP. NOTE          | CUSIP: 845467AR0<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |    125000 | PA      | $117455.63    | 0.45%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT INC                                                   | CORP. NOTE          | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    190000 | PA      | $162450.00    | 0.62%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FINANCIAL SERVICES INC                                             | CORP. NOTE          | CUSIP: 70932MAC1<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     55000 | PA      | $46227.26     | 0.18%             | 2031-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WATER US HOLDING CORP                                               | CORP. NOTE          | CUSIP: 681639AA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    220000 | PA      | $184538.75    | 0.70%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HOLDINGS II LLC                                                 | CORP. NOTE          | CUSIP: 57667JAA0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40125.00     | 0.15%             | 2031-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ROLLER BEARING CO OF AMERICA INC                                            | CORP. NOTE          | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |    175000 | PA      | $157687.25    | 0.60%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDINGS LLC                                                       | CORP. NOTE          | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    155000 | PA      | $143809.00    | 0.55%             | 2027-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROCKCLIFF ENERGY II LLC                                                     | CORP. NOTE          | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |    165000 | PA      | $156954.62    | 0.60%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                                         | CORP. NOTE          | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     65000 | PA      | $54423.54     | 0.21%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                                         | CORP. NOTE          | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    170000 | PA      | $145352.55    | 0.55%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORP                                                           | CORP. NOTE          | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |    150000 | PA      | $130071.00    | 0.50%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HOLDINGS INC                                                    | CORP. NOTE          | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     90000 | PA      | $81112.50     | 0.31%             | 2030-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| OPTION CARE HEALTH INC                                                      | CORP. NOTE          | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |     75000 | PA      | $64786.63     | 0.25%             | 2029-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP INC                                                 | CORP. NOTE          | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26473.20     | 0.10%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERNATIONAL LLC                                         | CORP. NOTE          | CUSIP: 38869AAD9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    195000 | PA      | $168872.69    | 0.64%             | 2030-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| KONTOOR BRANDS INC                                                          | CORP. NOTE          | CUSIP: 50050NAA1<br>LEI: 549300M0CPXV65RFF271 | Long             | DBT              | CORP              | US        |    115000 | PA      | $99187.50     | 0.38%             | 2029-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                                       | CORP. NOTE          | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65084.50     | 0.25%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| COVANTA HOLDING CORP                                                        | CORP. NOTE          | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    110000 | PA      | $96112.50     | 0.37%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT LLC / FERTITTA ENTERTAINMENT FINANCE CO INC          | CORP. NOTE          | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $53950.00     | 0.21%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT LLC / FERTITTA ENTERTAINMENT FINANCE CO INC          | CORP. NOTE          | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $48541.35     | 0.18%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                                                        | CORP. NOTE          | CUSIP: 201723AQ6<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     75000 | PA      | $67125.00     | 0.26%             | 2030-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYSTEMS INC                                            | CORP. NOTE          | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24207.60     | 0.09%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                                                      | CORP. NOTE          | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    135000 | PA      | $111849.15    | 0.43%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VIBRANTZ TECHNOLOGIES INC                                                   | CORP. NOTE          | CUSIP: 69357VAA3<br>LEI: 549300GYZ1T3S8OPH343 | Long             | DBT              | CORP              | US        |     70000 | PA      | $53946.49     | 0.21%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES HOLDINGS LP/SCIENTIFIC GAMES US FINCO INC                  | CORP. NOTE          | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $75715.88     | 0.29%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HOLDINGS LLC                                                  | CORP. NOTE          | CUSIP: 55617LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $31946.95     | 0.12%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OWENS  AND  MINOR INC                                                       | CORP. NOTE          | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39793.61     | 0.15%             | 2030-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CDI ESCROW ISSUER INC                                                       | CORP. NOTE          | CUSIP: 12511VAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $118125.00    | 0.45%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS LLC                                        | CORP. NOTE          | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $72537.50     | 0.28%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                                                         | CORP. NOTE          | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    110000 | PA      | $104500.00    | 0.40%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                                    | CORP. NOTE          | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    135000 | PA      | $132169.17    | 0.50%             | 2032-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                       | CORP. NOTE          | CUSIP: 88033GDP2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87363.90     | 0.33%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CALLON PETROLEUM CO                                                         | CORP. NOTE          | CUSIP: 13123XBF8<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53212.50     | 0.20%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS INC                                                | CORP. NOTE          | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    155000 | PA      | $152001.24    | 0.58%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CENTRAL PARENT INC / CDK GLOBAL INC                                         | CORP. NOTE          | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $89765.38     | 0.34%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                                    | CORP. NOTE          | CUSIP: 15089QAN4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121695.45    | 0.46%             | 2029-07-15      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                                    | CORP. NOTE          | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40516.42     | 0.15%             | 2027-07-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SUB INC                                               | CORP. NOTE          | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $51713.75     | 0.20%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                                                 | CORP. NOTE          | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70521.40     | 0.27%             | 2030-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                                             | CORP. NOTE          | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75750.00     | 0.29%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP HOLDINGS INC                                           | CORP. NOTE          | CUSIP: 88632QAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $83370.96     | 0.32%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD                                                 | CORP. NOTE          | CUSIP: 780153BR2<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68566.55     | 0.26%             | 2029-01-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                                        | CORP. NOTE          | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106923.30    | 0.41%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                                        | CORP. NOTE          | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112475.00    | 0.43%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                                        | CORP. NOTE          | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52174.50     | 0.20%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FINANCING LTD                                              | CORP. NOTE          | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     50000 | PA      | $51886.00     | 0.20%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU PASS LLC                                           | CORP. NOTE          | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152817.00    | 0.58%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                                           | CORP. NOTE          | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    180000 | PA      | $183366.00    | 0.70%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                                              | CORP. NOTE          | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41240.00     | 0.16%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT INC                                                   | CORP. NOTE          | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55962.50     | 0.21%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                          | CORPORATE BONDS     | CUSIP: 36186CBY8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    185000 | PA      | $203749.10    | 0.78%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                                         | CORPORATE BONDS     | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    170000 | PA      | $181872.27    | 0.69%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE TECHNOLOGIES LLC                                                  | CORPORATE BONDS     | CUSIP: 20337YAA5<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28410.90     | 0.11%             | 2025-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| APACHE CORP                                                                 | CORPORATE BONDS     | CUSIP: 037411AW5<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | DBT              | CORP              | US        |    125000 | PA      | $109156.25    | 0.42%             | 2040-09-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                                           | CORPORATE BONDS     | CUSIP: 651229AW6<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    125000 | PA      | $118755.00    | 0.45%             | 2026-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BATH  AND  BODY WORKS INC                                                   | CORPORATE BONDS     | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40699.35     | 0.16%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                                                | CORPORATE BONDS     | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    135000 | PA      | $132887.93    | 0.51%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WYNN LAS VEGAS LLC / WYNN LAS VEGAS CAPITAL CORP                            | CORPORATE BONDS     | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $80297.80     | 0.31%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HILTON WORLDWIDE FINANCE LLC / HILTON WORLDWIDE FINANCE CORP                | CORPORATE BONDS     | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $106496.18    | 0.41%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TALLGRASS ENERGY PARTNERS LP / TALLGRASS ENERGY FINANCE CORP                | CORPORATE BONDS     | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $73300.00     | 0.28%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION                                                        | CORPORATE BONDS     | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    155000 | PA      | $146974.10    | 0.56%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                                                 | CORPORATE BONDS     | CUSIP: 64110LAS5<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29887.50     | 0.11%             | 2028-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HOLDINGS II LLC                                                 | CORPORATE BONDS     | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28765.95     | 0.11%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC                                                        | CORPORATE BONDS     | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    140000 | PA      | $131950.00    | 0.50%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                                                 | CORPORATE BONDS     | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    145000 | PA      | $150427.18    | 0.57%             | 2028-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| APACHE CORP                                                                 | CORPORATE BONDS     | CUSIP: 037411BE4<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64728.85     | 0.25%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTERNATIONAL/US                                               | CORPORATE BONDS     | CUSIP: 817565CE2<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95760.41     | 0.36%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP                                | CORPORATE BONDS     | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $106375.00    | 0.41%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATING CO INC                                            | CORPORATE BONDS     | CUSIP: 432833AF8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    115000 | PA      | $108412.92    | 0.41%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                                                             | CORPORATE BONDS     | CUSIP: 988498AL5<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65467.50     | 0.25%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                                                         | CORPORATE BONDS     | CUSIP: 84762LAV7<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    140000 | PA      | $123362.52    | 0.47%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP                                | CORPORATE BONDS     | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $148544.30    | 0.57%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORP                                                   | CORPORATE BONDS     | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    255000 | PA      | $268165.65    | 1.02%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                        | CORPORATE BONDS     | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     65000 | PA      | $56914.00     | 0.22%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                                                | CORPORATE BONDS     | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     90000 | PA      | $85505.40     | 0.33%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                                                | CORPORATE BONDS     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    130000 | PA      | $117650.00    | 0.45%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS INC / SAFEWAY INC / NEW ALBERTSONS LP / ALBERTSONS LLC       | CORPORATE BONDS     | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $64388.53     | 0.25%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HOLDINGS II LLC                                                 | CORPORATE BONDS     | CUSIP: 57665RAL0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     65000 | PA      | $55900.00     | 0.21%             | 2030-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                     | CORPORATE BONDS     | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62742.95     | 0.24%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP                                | CORPORATE BONDS     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $53787.50     | 0.20%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP                                | CORPORATE BONDS     | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $54148.25     | 0.21%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTERNATIONAL/US                                               | CORPORATE BONDS     | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     65000 | PA      | $54622.10     | 0.21%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                                                   | CORPORATE BONDS     | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    160000 | PA      | $131167.16    | 0.50%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORP                                                   | CORPORATE BONDS     | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    125000 | PA      | $132705.94    | 0.51%             | 2030-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                                                             | CORPORATE BONDS     | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    110000 | PA      | $93767.07     | 0.36%             | 2031-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                                                 | CORPORATE BONDS     | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    110000 | PA      | $97487.50     | 0.37%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BATH  AND  BODY WORKS INC                                                   | CORPORATE BONDS     | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58630.80     | 0.22%             | 2030-10-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                                                | CORPORATE BONDS     | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     45000 | PA      | $38475.00     | 0.15%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW II INC                                                       | CORPORATE BONDS     | CUSIP: 81105DAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $40350.00     | 0.15%             | 2031-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TALLGRASS ENERGY PARTNERS LP / TALLGRASS ENERGY FINANCE CORP                | CORPORATE BONDS     | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $45250.00     | 0.17%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                            | CORPORATE BONDS     | CUSIP: 87264ABT1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    140000 | PA      | $119688.06    | 0.46%             | 2031-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| LEVI STRAUSS  AND  CO                                                       | CORPORATE BONDS     | CUSIP: 52736RBJ0<br>LEI: MB0UERO0RDFKU8258G77 | Long             | DBT              | CORP              | US        |    165000 | PA      | $137775.00    | 0.52%             | 2031-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                                                                  | CORPORATE BONDS     | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |     55000 | PA      | $45401.54     | 0.17%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ORGANON  AND  CO / ORGANON FOREIGN DEBT CO-ISSUER BV                        | CORPORATE BONDS     | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $185071.95    | 0.71%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                                   | CORPORATE BONDS     | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    180000 | PA      | $150302.84    | 0.57%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                                            | CORPORATE BONDS     | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    205000 | PA      | $184461.05    | 0.70%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                                                         | CORPORATE BONDS     | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    110000 | PA      | $90681.80     | 0.35%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO/THE                                                   | CORPORATE BONDS     | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     35000 | PA      | $28529.20     | 0.11%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GRAY ESCROW II INC                                                          | CORPORATE BONDS     | CUSIP: 389286AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $119198.88    | 0.45%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MORTGAGE HOLDINGS INC                                            | CORPORATE BONDS     | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $56350.00     | 0.21%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP INC                                                 | CORPORATE BONDS     | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25873.50     | 0.10%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                                                        | CORPORATE BONDS     | CUSIP: 201723AR4<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     60000 | PA      | $52634.37     | 0.20%             | 2032-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HOLDINGS LLC                                                  | CORPORATE BONDS     | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $31325.00     | 0.12%             | 2032-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PUTNAM INVESTMENT FUNDS-PUTNAM GOVERNMENT MONEY MARKET FUND                 | SHORT TERM INV FUND | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | PF                | US        |   1790828 | NS      | $1790828.00   | 6.82%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-29

**Name of Applicant:** Putnam Investments Inc

**Signature:** Janet C. Smith

**Name of Signer:** NPORT

**Title:** Principal Financial Officer