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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HOMES TRUST</name>
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          <isin value="US43761YAA29"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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      <invstOrSec>
        <name>As Mileage Plan Ip Ltd.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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      <invstOrSec>
        <name>WARNERMEDIA HOLDINGS INC</name>
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      <invstOrSec>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>PARAMOUNT GLOBAL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verus Securitization Trust</name>
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        <name>Fannie Mae</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>CITADEL LP</name>
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        <name>RAIZEN FUELS FINANCE</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>M&amp;T BANK CORPORATION</name>
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      <invstOrSec>
        <name>PATTERSON-UTI ENERGY INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAPITAL POWER US HOLDING</name>
        <lei>N/A</lei>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>RBC BlueBay US Government Money Market Fund</name>
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          <ticker value="TUGXX"/>
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        <name>JH NORTH AMERICA HOLDING</name>
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        <name>HARBOUR ENERGY PLC</name>
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        <name>Fannie Mae or Freddie Mac</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>Cross Mortgage Trust</name>
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        <name>Summit Issuer, LLC</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>Flutter Entertainment Public Limited Company</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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      <invstOrSec>
        <name>AIRCASTLE LTD</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae or Freddie Mac</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>01F030678</cusip>
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        <balance>1625000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>529900CBDGTUOOQONB64</lei>
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          <isin value="US46659BAC63"/>
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        <curCd>USD</curCd>
        <valUSD>418717.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FMC CORP</name>
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        <title>FMC Corp</title>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>328251.21000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.45000000</annualizedRt>
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      <invstOrSec>
        <name>APA CORP</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA Corp</title>
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          <isin value="US03743QAS75"/>
          <other otherDesc="SEDOL" value="BSHWVY5"/>
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        <balance>262000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247963.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>COMMERZBANK AG</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>Commerzbank AG</title>
        <cusip>000000000</cusip>
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          <isin value="DE000CZ45WB5"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>Setanta Aircraft Leasing DAC</name>
        <lei>N/A</lei>
        <title>SETANTA AIRCRAFT LEASING</title>
        <cusip>000000000</cusip>
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          <isin value="XAG8057JAC09"/>
          <other otherDesc="INTERNAL" value="BL4653640"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>251160.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.04561000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SANTOS FINANCE LTD</name>
        <lei>213800BKUBSWG53XNS94</lei>
        <title>Santos Finance Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="USQ82780AF65"/>
          <other otherDesc="SEDOL" value="BMBV481"/>
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        <balance>99000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>92144.67000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-29</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>W P CAREY INC</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WP Carey Inc</title>
        <cusip>000000000</cusip>
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          <isin value="XS2941598786"/>
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        <balance>192000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>CBRE SERVICES INC</name>
        <lei>549300CTE3HOMEUMM603</lei>
        <title>CBRE Services Inc</title>
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        <balance>388000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>390692.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>DEUTSCHE BANK AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>WHISTLER PIPELINE LLC</name>
        <lei>549300NG57SGLTNW5C85</lei>
        <title>Whistler Pipeline LLC</title>
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        <balance>159000.00000000</balance>
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        <valUSD>161137.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-30</maturityDt>
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          <annualizedRt>5.95000000</annualizedRt>
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        <name>BROADCOM INC</name>
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        <title>Broadcom Inc</title>
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        <invCountry>US</invCountry>
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        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
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        <title>EURO-BOBL</title>
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          <ticker value="OEU5"/>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>GOLDMAN SACHS GROUP INC</name>
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        <title>Goldman Sachs Group Inc/The</title>
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        <name>HESS MIDSTREAM OPERATION</name>
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        <title>Hess Midstream Operations LP</title>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Verus Securitization Trust</name>
        <lei>213800D3C9UXVQ7TZF09</lei>
        <title>Verus Securitization Trust 2023-INV2</title>
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        <name>ALTAGAS LTD</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>Terex Corporation</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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      <invstOrSec>
        <name>CHARTER COMM OPT LLC/CAP</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC / Charter Communications Operating Capital</title>
        <cusip>161175BY9</cusip>
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          <isin value="US161175BY99"/>
          <other otherDesc="SEDOL" value="BMDX2F8"/>
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        <balance>223000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>142843.09000000</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>
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      <invstOrSec>
        <name>ROYALTY PHARMA PLC</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>Royalty Pharma PLC</title>
        <cusip>78081BAS2</cusip>
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          <isin value="US78081BAS25"/>
          <other otherDesc="SEDOL" value="BR3T9Q1"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>136104.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ACHV ABS TRUST</name>
        <lei>N/A</lei>
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        <cusip>00092KAC8</cusip>
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          <isin value="US00092KAC80"/>
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        <balance>238674.07000000</balance>
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        <curCd>USD</curCd>
        <valUSD>240140.94000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.68000000</annualizedRt>
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      <invstOrSec>
        <name>Onslow Bay Financial LLC</name>
        <lei>N/A</lei>
        <title>OBX 2023-NQM3 Trust</title>
        <cusip>67117PAA1</cusip>
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          <isin value="US67117PAA12"/>
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        <balance>330151.03000000</balance>
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        <curCd>USD</curCd>
        <valUSD>330231.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.94871000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PG&amp;E CORP</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PG&amp;E Corp</title>
        <cusip>69331CAM0</cusip>
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          <isin value="US69331CAM01"/>
          <other otherDesc="SEDOL" value="BQXJKM7"/>
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        <balance>387000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>367059.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pagaya AI Debt Selection Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust 2024-6</title>
        <cusip>69548KAB5</cusip>
        <identifiers>
          <isin value="US69548KAB52"/>
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        <balance>252854.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>253669.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.58900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HUNTINGTON BANCSHARES</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH</title>
        <cusip>446150BF0</cusip>
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          <isin value="US446150BF05"/>
          <other otherDesc="SEDOL" value="BT6MVT8"/>
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        <balance>176000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>179622.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.14100000</annualizedRt>
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      <invstOrSec>
        <name>Fannie Mae or Freddie Mac</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae or Freddie Mac</title>
        <cusip>01F020679</cusip>
        <identifiers>
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        <balance>3425000.00000000</balance>
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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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      <invstOrSec>
        <name>ATHENE HOLDING LTD</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd</title>
        <cusip>04686JAL5</cusip>
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          <other otherDesc="SEDOL" value="BMHDRF9"/>
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        <balance>181000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CBOE FUTURES EXCHANGE, LLC</name>
        <lei>254900O9GJPIWCP8RH13</lei>
        <title>CBOE VIX</title>
        <cusip>000000000</cusip>
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          <ticker value="UXN5"/>
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        <curCd>USD</curCd>
        <valUSD>-20796.20000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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                <issuerName>CHICAGO BOARD OPTIONS EXCHANGE</issuerName>
                <issueTitle>THE CBOE VOLATILITY INDEX</issueTitle>
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                  <ticker value="VIX"/>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>2138005NRONUFED1TZ38</lei>
        <title>Verus Securitization Trust 2024-3</title>
        <cusip>92540MAC9</cusip>
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        <balance>373345.49000000</balance>
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        <curCd>USD</curCd>
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        <name>WHISTLER PIPELINE LLC</name>
        <lei>549300NG57SGLTNW5C85</lei>
        <title>Whistler Pipeline LLC</title>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>MFRA Trust</name>
        <lei>N/A</lei>
        <title>MFA 2020-NQM3 Trust</title>
        <cusip>552757AC0</cusip>
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        <balance>155966.86000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FORTITUDE GROUP HOLDINGS</name>
        <lei>2549006R9ZUL08JFIH12</lei>
        <title>Fortitude Group Holdings LLC</title>
        <cusip>34966XAA6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>DAVINCIRE HOLDINGS LTD</name>
        <lei>N/A</lei>
        <title>DaVinciRe Holdings Ltd</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>USD/GBP FORWARD</title>
        <cusip>000000000</cusip>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Suisse Mortgage Trust</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>GENERAL MOTORS FINL CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>FIRST CITIZENS BANCSHARE</name>
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        <name>BW REAL ESTATE INC</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>OSAKA EXCHANGE,INC</name>
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        <name>DENTSPLY SIRONA INC</name>
        <lei>9NHEHR1SOZCYXDO8HO28</lei>
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        <name>AVOLON HOLDINGS FNDG LTD</name>
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        <name>STANDARD CHARTERED PLC</name>
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        <name>HCA INC</name>
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        <name>Citadel Securities LP</name>
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        <name>FOUNDRY JV HOLDCO LLC</name>
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        <name>NISSAN MOTOR CO</name>
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        <name>FOUNDRY JV HOLDCO LLC</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>HILTON DOMESTIC OPERATIN</name>
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        <name>Zayo Issuer LLC</name>
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        <name>Switch ABS Issuer, LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
        <cusip>37045XFE1</cusip>
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          <isin value="US37045XFE13"/>
          <other otherDesc="SEDOL" value="BPJL5N6"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>213800RZ8QGNZ38DSP77</lei>
        <title>Verus Securitization Trust 2024-8</title>
        <cusip>92540PAB4</cusip>
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          <isin value="US92540PAB40"/>
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        <balance>444245.49000000</balance>
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        <curCd>USD</curCd>
        <valUSD>444163.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>EUR/JPY FORWARD</title>
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          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="AUUSS3MXVTSRAIDB03MZNVDYQ"/>
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        <curCd>USD</curCd>
        <valUSD>78481.47000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CITIBANK, NATIONAL ASSOCIATION</counterpartyName>
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      <invstOrSec>
        <name>Fannie Mae or Freddie Mac</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae or Freddie Mac</title>
        <cusip>01F060675</cusip>
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          <isin value="US01F0606750"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1219596.00000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>PLAINS ALL AMERICAN PIPE</name>
        <lei>5521FA2ITF25TVH63740</lei>
        <title>Plains All American Pipeline LP</title>
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          <isin value="US726503AE55"/>
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        <balance>480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>480565.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.69794000</annualizedRt>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>USD/EUR FORWARD</title>
        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="AUUL2AWTFVITIUTSDKWIGVTAW"/>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-66361.93000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CITIBANK, NATIONAL ASSOCIATION</counterpartyName>
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            <settlementDt>2025-07-09</settlementDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENTERPRISE PRODUCTS OPER</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
        <cusip>29379VBM4</cusip>
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          <isin value="US29379VBM46"/>
          <other otherDesc="SEDOL" value="BDF0M65"/>
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        <balance>198000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>197861.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2077-08-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.57281000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BELROSE FUNDING TRUST II</name>
        <lei>N/A</lei>
        <title>Belrose Funding Trust II</title>
        <cusip>08079KAA2</cusip>
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          <isin value="US08079KAA25"/>
          <other otherDesc="SEDOL" value="BV99DN8"/>
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        <balance>334000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>341092.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.79200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BGC GROUP INC</name>
        <lei>2549001IGRCG4F0RLD36</lei>
        <title>BGC Group Inc</title>
        <cusip>05555LAB7</cusip>
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          <isin value="US05555LAB71"/>
          <other otherDesc="SEDOL" value="BRXWVB9"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>269429.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.60000000</annualizedRt>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>IRS JPY</title>
        <cusip>000000000</cusip>
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        <balance>1.00000000</balance>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Onslow Bay Financial LLC</name>
        <lei>N/A</lei>
        <title>OBX 2023-NQM6 Trust</title>
        <cusip>67117VAC4</cusip>
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          <isin value="US67117VAC46"/>
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        <balance>285279.25000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <maturityDt>2063-07-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Hilcorp Energy I LP</name>
        <lei>549300ITPIHLG0LHEC09</lei>
        <title>HILCORP ENERGY I LP</title>
        <cusip>431319AH5</cusip>
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          <isin value="US431319AH53"/>
          <other otherDesc="INTERNAL" value="BL4990380"/>
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        <balance>413962.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>413962.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
          <annualizedRt>6.31440000</annualizedRt>
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      <invstOrSec>
        <name>FIRST AMERICAN FINANCIAL</name>
        <lei>549300B6VEZK3N0A1P55</lei>
        <title>First American Financial Corp</title>
        <cusip>31847RAJ1</cusip>
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          <isin value="US31847RAJ14"/>
          <other otherDesc="SEDOL" value="BQPDR59"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>167036.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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        <name>CHARTER COMM OPT LLC/CAP</name>
        <lei>N/A</lei>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>172889.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRUIST FINANCIAL CORP</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp</title>
        <cusip>89788MAS1</cusip>
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          <isin value="US89788MAS17"/>
          <other otherDesc="SEDOL" value="BMGC3Z9"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>207236.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.71100000</annualizedRt>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>USD/AUD FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="AUUZARNXREBRAYMAYTSMR14GQ"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-16366.76000000</valUSD>
        <pctVal>-0.02531064041</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>CITIBANK, NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <amtCurSold>-276856.80000000</amtCurSold>
            <curSold>AUD</curSold>
            <amtCurPur>165879.80000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-07-09</settlementDt>
            <unrealizedAppr>-16366.76000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>USD/EUR FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="AUUW1B8XJYITBX4Y47IVGXXSA"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-34065.35000000</valUSD>
        <pctVal>-0.05268091085</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>CITIBANK, NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <amtCurSold>-540000.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>602429.94000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-07-09</settlementDt>
            <unrealizedAppr>-34065.35000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <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." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-08-25</ncom:dateSigned>
      <ncom:nameOfApplicant>RBC Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Kathy Hegna </ncom:signature>
      <ncom:signerName>Kathy Hegna </ncom:signerName>
      <ncom:title>Treasurer and Chief Financial Officer - RBC Funds, and Director of Mutual Fund Services | RBC Global Asset Management (U.S.) Inc.</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
