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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Kenya</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aegis Lux 1A SARL</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Asia Commercial Bank JSC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Magnetite XXII Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sonic Automotive, Inc.</name>
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        <title>Sonic Automotive, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ASK Chemicals Deutschland Holding GmbH</name>
        <lei>529900793W6Y4S5VIK84</lei>
        <title>ASK Chemicals Deutschland Holding GmbH</title>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Clydesdale Acquisition Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Clydesdale Acquisition Holdings, Inc.</name>
        <lei>254900QKSDYFR3K5YD98</lei>
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        <name>British Telecommunications Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JW Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DoorDash, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MC Brazil Downstream Trading SARL</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Live Nation Entertainment, Inc.</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>McGraw-Hill Education, Inc.</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Coca-Cola Icecek A/S</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lebanese Republic</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>Mortgage Funding plc</name>
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        <name>Kinh Bac City Development Holding Corp.</name>
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        <name>FNMA</name>
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        <name>Infrastrutture Wireless Italiane SpA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ECAF I Ltd.</name>
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        <name>Oracle Corp.</name>
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        <name>Gol Finance, Inc.</name>
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        <name>Alibaba Group Holding Ltd.</name>
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        <name>Banco de Bogota SA</name>
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        <name>PG&amp;E Corp.</name>
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        <name>Republic of Ghana</name>
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        <name>Cloud Software Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lebanese Republic</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Argentine Republic (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Mercantil del Norte SA</name>
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        <name>GNMA</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>Alphatec Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alphabet, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United Group BV</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Trinitas CLO VI Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal Realty OP LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MARA Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Duke Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RMF Buyout Issuance Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Itau Unibanco Holding SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>XPLR Infrastructure Operating Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ReadyCap Lending Small Business Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Angola</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Teva Pharmaceutical Finance Netherlands II BV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Cemex SAB de CV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lebanese Republic</name>
        <lei>529900QPC4K9S1KHL354</lei>
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        <invCountry>LB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Alphabet, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cascade Funding Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Benefit Street Partners CLO XV Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LifePoint Health, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Zegona Finance plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Snowflake, Inc.</name>
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        <title>Snowflake, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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              <title>Snowflake, Inc.</title>
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        <name>Republic of Georgia</name>
        <lei>2138007T8RLEVDMLQ257</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Bradesco SA</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Uniti Services LLC</name>
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        <title>Uniti Services LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Iliad Holding SAS</name>
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        <name>Sasol Financing USA LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>Boots Group Finco LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS, 30 Year</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CoreWeave, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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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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            <dbtSecRefInstrument>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HomeVi SASU</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federation of Bosnia &amp; Herzegovina Eurobond</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Global Payments, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Uniti Group LP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>DBR Land Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Grifols SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Actinver SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>Bolivarian Republic of Venezuela</name>
        <lei>529900XM8PJTJK5OJI77</lei>
        <title>Venezuela Government Bond</title>
        <cusip>922646AT1</cusip>
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        <balance>2626000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>VE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Arab Republic of Egypt</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>Eurohome Italy Mortgages Srl</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Northern Oil &amp; Gas, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Microchip Technology, Inc.</name>
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        <name>Gemadept Group Corp.</name>
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        <name>HTA Group Ltd.</name>
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        <name>Raizen Fuels Finance SA</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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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>Minejesa Capital BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bond US Bidco 1, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vietnam Technological &amp; Commercial Joint Stock Bank</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sinclair Television Group, Inc.</name>
        <lei>549300CQGEN0CH65UD62</lei>
        <title>Sinclair Television Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Cerdia Finanz GmbH</name>
        <lei>391200KURNDJSX9GX570</lei>
        <title>Cerdia Finanz GmbH</title>
        <cusip>15679GAC6</cusip>
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        <name>Ionis Pharmaceuticals, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Mercantil del Norte SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lebanese Republic</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NRM FNT1 Excess LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>Barbados</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UWM Holdings LLC</name>
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        <name>Sutherland Commercial Mortgage Trust</name>
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        <name>Argentine Republic (The)</name>
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        <name>Lebanese Republic</name>
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                <indexName>Markit CDX North American High Yield Index Series 45-V2</indexName>
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        <name>Sable International Finance Ltd.</name>
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        <name>Argentine Republic (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global LNG, Inc.</name>
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        <name>GNMA</name>
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        <name>Ukraine</name>
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      <invstOrSec>
        <name>Univision Communications, Inc.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>Univision Communications, Inc.</title>
        <cusip>914906BA9</cusip>
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          <isin value="US914906BA95"/>
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        <balance>862000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>876528.15000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FIS Fabbrica Italiana Sintetici SpA</name>
        <lei>8156004D7056C63EC525</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS3280963409"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TKC Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>TKC Holdings, Inc.</title>
        <cusip>87256YAE3</cusip>
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          <isin value="US87256YAE32"/>
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        <balance>2106000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2168902.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Lebanese Republic</name>
        <lei>529900QPC4K9S1KHL354</lei>
        <title>Lebanon Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="XS1419879504"/>
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        <balance>179000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44403.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>LB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-27</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Bank for Foreign Trade of Vietnam JSC</name>
        <lei>2549004TS5QUBFGAWE51</lei>
        <title>Bank for Foreign Trade of Vietnam JSC</title>
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          <isin value="VN000000VCB4"/>
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        <balance>51800.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>OIS</title>
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          <other otherDesc="Inhouse Asset ID" value="941146MSS"/>
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        <balance>35000000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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            <counterparties>
              <counterpartyName>CME Group Inc.</counterpartyName>
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      <invstOrSec>
        <name>Lebanese Republic</name>
        <lei>529900QPC4K9S1KHL354</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS1396347723"/>
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        <balance>352000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>LB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Masterbrand, Inc.</name>
        <lei>549300E0Y4BR5Z9RDZ64</lei>
        <title>Masterbrand, Inc.</title>
        <cusip>57638PAA2</cusip>
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          <isin value="US57638PAA21"/>
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        <balance>1510000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1531651.89000000</valUSD>
        <pctVal>0.131037791398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Elmwood CLO 40 Ltd.</name>
        <lei>N/A</lei>
        <title>Elmwood CLO 40 Ltd., Series 2025-3A, Class E</title>
        <cusip>29004GAA7</cusip>
        <identifiers>
          <isin value="US29004GAA76"/>
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        <balance>1110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1117506.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-22</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Froneri Lux FinCo. SARL</name>
        <lei>9845005YBZ75E5AA3B94</lei>
        <title>Froneri Lux FinCo. SARL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3123695671"/>
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        <balance>628000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Wand NewCo 3, Inc.</name>
        <lei>549300Y3VZEWMSQW8494</lei>
        <title>Wand NewCo 3, Inc.</title>
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          <isin value="US933940AA60"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
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          <isin value="US01F0506760"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>3618MPE51</cusip>
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          <isin value="US3618MPE519"/>
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        <balance>6650193.74000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6853986.27000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>Republic of Angola</name>
        <lei>549300QHR2R3J8JSGK83</lei>
        <title>Angola Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="XS3328007797"/>
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        <balance>273000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>279674.92000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>AO</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="32989"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>Post Holdings, Inc.</title>
        <cusip>737446AT1</cusip>
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          <isin value="US737446AT14"/>
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        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>181562.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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              <title>Post Holdings, Inc.</title>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lebanese Republic</name>
        <lei>529900QPC4K9S1KHL354</lei>
        <title>Lebanon Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1313654623"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Molins Finance SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hungary</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lebanese Republic</name>
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        <name>Check Point Software Technologies Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bolivarian Republic of Venezuela</name>
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        <name>JSW Steel Ltd.</name>
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        <name>Cloud Software Group, Inc.</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>TEAM Services Holding, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Hungary</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mozambique International Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>INEOS Finance plc</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Level 3 Financing, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ivanhoe Mines Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Enovis Corp.</name>
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        <title>Enovis Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Banistmo SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Coinbase Global, Inc.</name>
        <lei>5493004G3J2SC154DU06</lei>
        <title>Coinbase Global, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Yapi ve Kredi Bankasi A/S</name>
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        <name>Zoetis, Inc.</name>
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        <name>Start II Ltd.</name>
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        <name>Velocity Commercial Capital Loan Trust</name>
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        <name>Mong Duong Finance Holdings BV</name>
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        <name>Waga Bondco Ltd.</name>
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        <name>Venture Global LNG, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Palmer Square CLO Ltd.</name>
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        <name>Team Health Holdings, Inc.</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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        <name>Hungary</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rocket Cos., Inc.</name>
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        <name>Rumo Luxembourg SARL</name>
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        <name>EchoStar Corp.</name>
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        <name>Nutanix, Inc.</name>
        <lei>549300X7J6E8TKVIXW09</lei>
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        <name>QXO Building Products, Inc.</name>
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        <name>Egis SA</name>
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        <name>Edge Finco plc</name>
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        <name>Nam Long Investment Corp.</name>
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        <name>Delivery Hero SE</name>
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        <name>RMF Buyout Issuance Trust</name>
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        <name>GNMA</name>
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        <name>BILL Holdings, Inc.</name>
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        <name>Lebanese Republic</name>
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        <name>Clydesdale Acquisition Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bryant Park Funding Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bolivarian Republic of Venezuela</name>
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        <name>Lumentum Holdings, Inc.</name>
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      <invstOrSec>
        <name>Itron, Inc.</name>
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        <name>Park River Holdings, Inc.</name>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cuenca Dpr</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banijay Gaming SAS</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Saluda Grade Alternative Mortgage Trust</name>
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        <name>Risewell Homes, Inc.</name>
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        <name>Barbados</name>
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        <name>JD.com, Inc.</name>
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      <invstOrSec>
        <name>MGM China Holdings Ltd.</name>
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        <title>MGM China Holdings Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Colombia</name>
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        <cusip>N/A</cusip>
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        <name>Puma International Financing SA</name>
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        <name>Park River Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NRG Energy, 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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        <name>Bayview Commercial Asset Trust</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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        <name>Cleveland-Cliffs, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Olympus Water US Holding Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Knight-Swift Transportation Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NCL Corp. Ltd.</name>
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        <name>Zscaler, Inc.</name>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Five9, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hungary</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Khang Dien House Trading and Investment JSC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Lebanese Republic</name>
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        <name>Republic of Colombia</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Suriname Government International Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Perrigo Finance Unlimited Co.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Champs Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>1261229 BC Ltd.</name>
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        <name>Enel Chile SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Amphastar Pharmaceuticals, Inc.</name>
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        <name>Azule Energy Finance plc</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <lei>25490004LNKJ84MFYY24</lei>
        <title>Rivian Automotive, Inc.</title>
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              <name>Rivian Automotive, Inc.</name>
              <title>Rivian Automotive, Inc.</title>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="33675"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd.</title>
        <cusip>335934AX3</cusip>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Argentine Republic (The)</name>
        <lei>549300KPBYGYF7HCHO27</lei>
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        <cusip>040114HU7</cusip>
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          <isin value="US040114HU71"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>AR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2012-149, Class MS</title>
        <cusip>38378GM47</cusip>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>3618MXPM5</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Eurohome Mortgages plc</name>
        <lei>N/A</lei>
        <title>Eurohome Mortgages plc, Series 2007-1, Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0309227279"/>
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        <balance>328518.24000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>2.35900080</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>NDIRS</title>
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          <other otherDesc="Inhouse Asset ID" value="941373MSS"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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      <invstOrSec>
        <name>Barings CLO Ltd.</name>
        <lei>2549000XGGHFFMGI1592</lei>
        <title>Barings CLO Ltd., Series 2025-1A, Class E</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Lebanese Republic</name>
        <lei>529900QPC4K9S1KHL354</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>AthenaHealth Group, Inc.</name>
        <lei>254900AA3KZN4Q7A5Z33</lei>
        <title>AthenaHealth Group, Inc.</title>
        <cusip>60337JAA4</cusip>
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        <name>Republic of Colombia</name>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Galaxy 33 CLO Ltd.</name>
        <lei>3912004FNLYTWOWSZU31</lei>
        <title>Galaxy 33 CLO Ltd., Series 2024-33A, Class D1</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Biffa Group Holdings Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nexstar Media, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MC Brazil Downstream Trading SARL</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Aeropuertos Dominicanos Siglo XXI SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest SBA Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nova Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Champs Trust</name>
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        <name>FMC Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
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        <name>GNMA</name>
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        <name>Cloudflare, Inc.</name>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>Republic of Kenya</name>
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            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.37500000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="CD_KSDA" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
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            </floatingPmntDesc>
            <terminationDt>2031-03-18</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>11072000000.00000000</notionalAmt>
            <curCd>KRW</curCd>
            <unrealizedAppr>-149744.10000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="32739"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-167526.88000000</valUSD>
        <pctVal>-0.01433246842</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Standard Chartered Bank</counterpartyName>
              <counterpartyLei>U4LOSYZ7YG4W3S5F2G91</counterpartyLei>
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            <amtCurSold>7308216.70000000</amtCurSold>
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            <amtCurPur>12540000.00000000</amtCurPur>
            <curPur>NZD</curPur>
            <settlementDt>2026-09-16</settlementDt>
            <unrealizedAppr>-167526.88000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAHA Trust</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US05493XAJ90"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5235175.50000000</valUSD>
        <pctVal>0.447886258999</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.20418840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Magyarorszag</name>
        <lei>SS58IXU92ZSUMORZFG95</lei>
        <title>Hungary Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HU0000627195"/>
        </identifiers>
        <balance>10229000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="HUF" exchangeRt="311.35130000"/>
        <valUSD>32853564.45000000</valUSD>
        <pctVal>2.810729091377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>Republic of Kenya</name>
        <lei>549300VVURQQYU45PR87</lei>
        <title>Kenya Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3305838602"/>
        </identifiers>
        <balance>231000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>230094.94000000</valUSD>
        <pctVal>0.019685369075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 5660, Class SC</title>
        <cusip>3137HRR68</cusip>
        <identifiers>
          <isin value="US3137HRR682"/>
        </identifiers>
        <balance>4981267.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5212366.89000000</valUSD>
        <pctVal>0.445934908370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.58615840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Morgan Stanley ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>James F. Kirchner</ncom:signature>
      <ncom:signerName>James F. Kirchner</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
