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      <invstOrSec>
        <name>Whirlpool Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Standard Industries, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Beach Acquisition Bidco LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Borr IHC Ltd. / Borr Finance LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PRA Group, Inc.</name>
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        <title>PRA Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
        <title>Talen Energy Supply LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NextEra Energy, Inc.</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NextEra Energy, Inc.</title>
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          <isin value="US65339F6631"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>CHS/Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems, Inc.</title>
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          <isin value="US12543DBN93"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bausch + Lomb Corp.</name>
        <lei>549300NY6OZM39SO6475</lei>
        <title>Bausch + Lomb Corp.</title>
        <cusip>071705AA5</cusip>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp.</name>
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        <title>Calumet Specialty Products Partners LP / Calumet Finance Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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        <name>CenterPoint Energy, Inc.</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CenterPoint Energy, Inc.</title>
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        <valUSD>203526.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>BWX Technologies, Inc.</name>
        <lei>549300NP85N265KWMS58</lei>
        <title>BWX Technologies, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <title>BWX Technologies, Inc.</title>
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        <name>DoorDash, Inc.</name>
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        <title>DoorDash, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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              <title>DoorDash, Inc.</title>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC Holdings LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Clean Harbors, Inc.</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>Clean Harbors, Inc.</title>
        <cusip>184496AQ0</cusip>
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          <isin value="US184496AQ03"/>
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        <balance>1685000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>WisdomTree, Inc.</name>
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        <name>McGraw-Hill Education, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hilcorp Energy I LP / Hilcorp Finance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cleanspark, Inc.</name>
        <lei>254900VO7KBRJQDGY810</lei>
        <title>Cleanspark, Inc.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>K. Hovnanian Enterprises, Inc.</name>
        <lei>549300JJCQ0KAI7CJG32</lei>
        <title>K. Hovnanian Enterprises, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Avnet, Inc.</name>
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        <title>Avnet, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Martin Midstream Partners LP / Martin Midstream Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Neptune Bidco US, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Unity Software, Inc.</name>
        <lei>549300D1ESJMGNQNG432</lei>
        <title>Unity Software, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global LNG, Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>Venture Global LNG, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Crescent Energy Finance LLC</name>
        <lei>54930061FUL6DBLFUW14</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Terawulf, Inc.</name>
        <lei>254900CVMW1SX2T78A64</lei>
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        <fairValLevel>2</fairValLevel>
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              <title>Terawulf, Inc.</title>
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        <name>Freedom Mortgage Holdings LLC</name>
        <lei>254900ROJ91RGM43S156</lei>
        <title>Freedom Mortgage Holdings LLC</title>
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        <name>Oracle Corp.</name>
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        <name>Wrangler Holdco Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bausch + Lomb Netherlands BV and Bausch &amp; Lomb, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <name>Crocs, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>RHP Hotel Properties LP / RHP Finance Corp.</name>
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        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>Capstone Copper Corp.</name>
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        <name>IHO Verwaltungs GmbH</name>
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        <name>Tronox Finance LLC</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>Asurion LLC / Asurion Co-Issuer, Inc.</name>
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        <name>UBS Group AG</name>
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        <title>UBS Group AG</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Huntington Bancshares, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Weatherford International Ltd.</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>Weatherford International Ltd.</title>
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        <name>McAfee Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Flutter Treasury DAC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Digicel International Finance Ltd. / DIFL US LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Jefferson Capital Holdings LLC</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Akamai Technologies, Inc.</name>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <name>PetSmart LLC / PetSmart Finance Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Paramount Global</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CoreWeave, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ashton Woods USA LLC / Ashton Woods Finance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Directv Financing LLC / Directv Financing Co-Obligor, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHS/Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PPL Capital Funding, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vistra Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bausch + Lomb Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Jones Deslauriers Insurance Management, Inc.</name>
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        <name>Rain Carbon, Inc.</name>
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        <title>Rain Carbon, Inc.</title>
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        <name>Medline Borrower LP</name>
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        <name>EquipmentShare.com, Inc.</name>
        <lei>254900PWJK48CGPKPI80</lei>
        <title>EquipmentShare.com, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CANPACK Group, Inc. / CANPACK SA</name>
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        <title>CANPACK Group, Inc. / CANPACK SA</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>NiSource, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chobani LLC / Chobani Finance Corp., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CVS Health Corp.</name>
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        <title>CVS Health Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>IHO Verwaltungs GmbH</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Clear Channel Outdoor Holdings, Inc.</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>Clear Channel Outdoor Holdings, Inc., First Lien, 2024 Refinancing CME Term Loan</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Cipher Digital, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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              <title>Cipher Digital, Inc.</title>
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        <name>MKS, Inc.</name>
        <lei>549300KEQATBHAGVF505</lei>
        <title>MKS, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Novelis Corp.</name>
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        <title>Novelis Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>RR Donnelley &amp; Sons Co.</name>
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        <title>RR Donnelley &amp; Sons Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group, Inc., Series C</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Microchip Technology, Inc.</name>
        <lei>5493007PTFULNYZJ1R12</lei>
        <title>Microchip Technology, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Borr IHC Ltd. / Borr Finance LLC</name>
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        <name>Wayfair LLC</name>
        <lei>549300CTUWTZGOXMYI40</lei>
        <title>Wayfair LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Guidewire Software, Inc.</name>
        <lei>549300WXSG0J8IXZCK32</lei>
        <title>Guidewire Software, Inc.</title>
        <cusip>40171VAC4</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1404991"/>
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        <curCd>USD</curCd>
        <valUSD>2147769.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Scientific Games Holdings LP / Scientific Games US FinCo, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MPT Operating Partnership LP / MPT Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mineral Resources Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sunoco LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Element Solutions, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Uber Technologies, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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              <title>Uber Technologies, Inc.</title>
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        <name>Guardant Health, Inc.</name>
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        <title>Guardant Health, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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              <title>Guardant Health, Inc.</title>
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        <name>CrossCountry Intermediate HoldCo LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JBT Marel Corp.</name>
        <lei>5493007CT6ATBZ2L6826</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Compass, Inc.</name>
        <lei>254900DMGQSTC3I2IM78</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Kinetik Holdings LP</name>
        <lei>549300RD6AJIMYC0HY12</lei>
        <title>Kinetik Holdings LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>A&amp;K Travel Group Holdings Ltd.</name>
        <lei>254900QJTRYLWP442517</lei>
        <title>A&amp;K Travel Group Holdings Ltd.</title>
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        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Directv Financing LLC / Directv Financing Co-Obligor, Inc.</name>
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        <title>Directv Financing LLC / Directv Financing Co-Obligor, Inc.</title>
        <cusip>25461LAE2</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Commercial Metals Co.</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>Commercial Metals Co.</title>
        <cusip>201723AR4</cusip>
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          <isin value="US201723AR41"/>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Sinclair Television Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>United Airlines, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Agricole SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Liberty Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bombardier, Inc.</name>
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        <title>Bombardier, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <title>Venture Global Plaquemines LNG LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Novelis Corp.</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>Novelis Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Bridgebio Pharma, Inc.</name>
        <lei>54930028YG89VTY2J114</lei>
        <title>Bridgebio Pharma, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <title>Bridgebio Pharma, Inc.</title>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Bell Telephone Co. of Canada or Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>Bell Telephone Co. of Canada or Bell Canada</title>
        <cusip>0778FPAQ2</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1445028"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>151625.40000000</valUSD>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <name>EW Scripps Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ON Semiconductor Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vistra Corp.</name>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas SA</name>
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        <name>Univision Communications, Inc.</name>
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        <name>Axon Enterprise, Inc.</name>
        <lei>549300QP2IEEGFE16681</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bloom Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Standard Building Solutions, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Scientific Games Holdings LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cloud Software Group LLC</name>
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        <name>Connect Finco SARL / Connect US Finco LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Live Nation Entertainment, Inc.</name>
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        <name>PennyMac Mortgage Investment Trust</name>
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        <name>Millrose Properties, Inc.</name>
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        <name>Directv Financing LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sirius XM Radio LLC</name>
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        <name>Liberty Media Corp-Liberty Formula One</name>
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        <name>TransDigm, Inc.</name>
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        <name>ING Groep NV</name>
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        <name>Toronto-Dominion Bank (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Stonex Escrow Issuer LLC</name>
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        <lei>5PRBRS5FEH7NREC8OR45</lei>
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        <name>Altice France SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Connect Finco SARL</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Zoetis, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PHH Escrow Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OAK-Eagle Acquireco, Inc.</name>
        <lei>6488ICS9P20290MA1H31</lei>
        <title>OAK-Eagle Acquireco, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Chefs' Warehouse, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.37500000</annualizedRt>
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        <name>Sempra, Inc.</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige International US LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilcorp Energy I LP / Hilcorp Finance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fortress Intermediate 3, Inc.</name>
        <lei>254900NLAZ3JQJW5JP75</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FMC Corp.</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Weekley Homes LLC / Weekley Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC Holdings LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Genmab A/S / Genmab Finance LLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Weatherford International Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nissan Motor Co. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global LNG, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Great Canadian Gaming Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Transcanada Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Adient Global Holdings Ltd.</name>
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        <title>Adient Global Holdings Ltd.</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ESAB Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ciena Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>American Electric Power Co., Inc.</name>
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        <name>Hilcorp Energy I LP / Hilcorp Finance Co.</name>
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        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Ally Financial, Inc.</name>
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        <title>Ally Financial, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CMS Energy Corp.</name>
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      <invstOrSec>
        <name>OAK-Eagle Acquireco, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ATI, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Buyer Ltd. / Atlantica Sustainable Infrastructure plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilcorp Energy I LP / Hilcorp Finance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Rocket Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Carnival Corp. Ltd.</name>
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        <name>Neptune Bidco US, Inc.</name>
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        <name>EchoStar Corp.</name>
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        <name>TELUS Corp.</name>
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        <name>Concentra Health Services, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wayfair LLC</name>
        <lei>549300CTUWTZGOXMYI40</lei>
        <title>Wayfair LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>UKG, Inc.</name>
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        <title>UKG, Inc.</title>
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        <name>TransCanada PipeLines Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WESCO Distribution, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Akamai Technologies, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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              <title>Akamai Technologies, Inc.</title>
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        <name>Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TreeHouse Foods, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NCL Corp. Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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              <title>Norwegian Cruise Line Holdings Ltd.</title>
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        <name>Transocean Aquila Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Clearway Energy Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Discovery Communications LLC</name>
        <lei>L2Z2MO2EQURH3BREWI15</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Carnival Corp. Ltd.</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Magnera Corp.</name>
        <lei>549300LDQLQBT38QDY28</lei>
        <title>Magnera Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Agricole SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Revolution Medicines, Inc.</name>
        <lei>549300JU3X0LBCQ65892</lei>
        <title>Revolution Medicines, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <title>Revolution Medicines, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Altice France SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vodafone Group plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Transocean International Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Nexstar Media, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Telenet Finance Luxembourg Notes SARL</name>
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        <title>Telenet Finance Luxembourg Notes SARL</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Gray Media, Inc.</name>
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        <title>Gray Media, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dexko Global, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Light &amp; Wonder International, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US Foods, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>RHP Hotel Properties LP / RHP Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Express Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PG&amp;E Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <name>American Electric Power Co., Inc.</name>
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        <name>Energy Transfer LP</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>Rogers Communications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Beacon Mobility Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Clearway Energy Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hudbay Minerals, Inc.</name>
        <lei>894500LX3TMESP27BE29</lei>
        <title>Hudbay Minerals, Inc.</title>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Bombardier, Inc.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>Bombardier, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <name>Hexion Holdings Corp.</name>
        <lei>N/A</lei>
        <title>Hexion Holdings Corp., Second Lien, Initial CME Term Loan</title>
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          <other otherDesc="Inhouse Asset ID" value="1186868"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.</name>
        <lei>N/A</lei>
        <title>Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.</title>
        <cusip>983133AC3</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Cloud Software Group, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Rogers Communications, Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications, Inc.</title>
        <cusip>775109DH1</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NCL Corp. Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL Corp. Ltd.</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.</name>
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        <title>Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SCIH Salt Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>SCIH Salt Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Bombardier, Inc.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>Bombardier, Inc.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Rocket Cos., Inc.</name>
        <lei>N/A</lei>
        <title>Rocket Cos., Inc.</title>
        <cusip>77311WAB7</cusip>
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          <isin value="US77311WAB72"/>
          <other otherDesc="Inhouse Asset ID" value="1485238"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NCL Corp. Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL Corp. Ltd.</title>
        <cusip>62886HBR1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Novelis Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Galaxy Helios Data Centers II LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>VZ Secured Financing BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Encore Capital Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rivian Automotive, Inc.</name>
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        <name>Welltower OP LLC</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>Welltower OP LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Co. (The)</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. (The)</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Nexstar Media, Inc.</name>
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        <name>Watco Cos. LLC / Watco Finance Corp.</name>
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        <name>Nova Ltd.</name>
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        <name>Kohl's Corp.</name>
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        <name>Hilcorp Energy I LP / Hilcorp Finance Co.</name>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Churchill Downs, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CDW LLC / CDW Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Whirlpool Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cloudflare, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Cloudflare, Inc.</name>
              <title>Cloudflare, Inc.</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="18915M107"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="2.01230000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UKG, Inc.</name>
        <lei>529900FKHWSTQ1GXK240</lei>
        <title>UKG, Inc., First Lien, Initial CME Term Loan</title>
        <cusip>89841EAB1</cusip>
        <identifiers>
          <isin value="US89841EAB11"/>
          <other otherDesc="Inhouse Asset ID" value="1323916"/>
        </identifiers>
        <balance>1572877.92430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1531503.37000000</valUSD>
        <pctVal>0.182730063742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.07267000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Waste Pro USA, Inc.</name>
        <lei>549300BY1QXU5BI3UF28</lei>
        <title>Waste Pro USA, Inc.</title>
        <cusip>94107JAC7</cusip>
        <identifiers>
          <isin value="US94107JAC71"/>
          <other otherDesc="Inhouse Asset ID" value="1435730"/>
        </identifiers>
        <balance>1850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1893293.70000000</valUSD>
        <pctVal>0.225896779113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
        <cusip>06738EDC6</cusip>
        <identifiers>
          <isin value="US06738EDC66"/>
          <other otherDesc="Inhouse Asset ID" value="1446284"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>207651.80000000</valUSD>
        <pctVal>0.024775803562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Efesto Bidco SpA Efesto US LLC</name>
        <lei>N/A</lei>
        <title>Efesto Bidco SpA Efesto US LLC, Series XR</title>
        <cusip>28201XAB1</cusip>
        <identifiers>
          <isin value="US28201XAB10"/>
          <other otherDesc="Inhouse Asset ID" value="1442339"/>
        </identifiers>
        <balance>645000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>655672.17000000</valUSD>
        <pctVal>0.078230985164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd.</title>
        <cusip>780153BV3</cusip>
        <identifiers>
          <isin value="US780153BV38"/>
          <other otherDesc="Inhouse Asset ID" value="1379224"/>
        </identifiers>
        <balance>3760000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3783722.82000000</valUSD>
        <pctVal>0.451451773223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hess Midstream Operations LP</name>
        <lei>N/A</lei>
        <title>Hess Midstream Operations LP</title>
        <cusip>428102AE7</cusip>
        <identifiers>
          <isin value="US428102AE79"/>
          <other otherDesc="Inhouse Asset ID" value="1158141"/>
        </identifiers>
        <balance>560000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>539315.06000000</valUSD>
        <pctVal>0.064347932379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
        <cusip>46284VAQ4</cusip>
        <identifiers>
          <isin value="US46284VAQ41"/>
          <other otherDesc="Inhouse Asset ID" value="1425236"/>
        </identifiers>
        <balance>4495000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4532996.24000000</valUSD>
        <pctVal>0.540850714472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AST SpaceMobile, Inc.</name>
        <lei>254900MBSC9P2UCI6623</lei>
        <title>AST SpaceMobile, Inc.</title>
        <cusip>00217DAJ9</cusip>
        <identifiers>
          <isin value="US00217DAJ90"/>
          <other otherDesc="Inhouse Asset ID" value="1635782"/>
        </identifiers>
        <balance>22000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22209.00000000</valUSD>
        <pctVal>0.002649848550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>AST SpaceMobile, Inc.</name>
              <title>AST SpaceMobile, Inc.</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="00217D100"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="12.56720000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam High Yield Fund</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
