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        <lei>254900ZQIHJ5FQH4C329</lei>
        <title>CUZ 4.875 03/01/33</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HIGHWOODS REALTY LP</name>
        <lei>JUJNVZX73BIYHLR58F51</lei>
        <title>HIW 5.35 01/15/33</title>
        <cusip>431282AV4</cusip>
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        <balance>217000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>215799.76000000</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>2033-01-15</maturityDt>
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      <invstOrSec>
        <name>ALLY FINANCIAL INC</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY 4.75 06/09/27</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-09</maturityDt>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V5.25 04/21/34 MTN</title>
        <cusip>61747YFE0</cusip>
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          <isin value="US61747YFE05"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>656680.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-21</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V5.411 09/19/39</title>
        <cusip>17327CAU7</cusip>
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          <isin value="US17327CAU71"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>316266.87000000</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>2039-09-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.41100000</annualizedRt>
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      <invstOrSec>
        <name>ESSEX PORTFOLIO LP</name>
        <lei>5493003GN3O58H286O74</lei>
        <title>ESS 3 01/15/30</title>
        <cusip>29717PAU1</cusip>
        <identifiers>
          <isin value="US29717PAU12"/>
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        <balance>759000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>716274.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>TMUS 6.7 12/15/33</title>
        <cusip>87264ADV4</cusip>
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          <isin value="US87264ADV44"/>
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        <balance>472000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>518784.46000000</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>2033-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BROADCOM INC</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>AVGO 5.2 07/15/35</title>
        <cusip>11135FCM1</cusip>
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          <isin value="US11135FCM14"/>
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        <balance>1529000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1536654.37000000</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>2035-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>GENERAL MOTORS FINANCIAL COMPANY INC</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GM 5.75 02/08/31</title>
        <cusip>37045XER3</cusip>
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          <isin value="US37045XER35"/>
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        <balance>311000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>321796.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>APPLOVIN CORP</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>APP 5.5 12/01/34</title>
        <cusip>03831WAD0</cusip>
        <identifiers>
          <isin value="US03831WAD02"/>
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        <balance>1219000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1230099.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COMMUNICATION OPERATING CAPITAL CORP</name>
        <lei>549300TPZNMN50BJ3745</lei>
        <title>CHTR 4.2 03/15/28</title>
        <cusip>161175BK9</cusip>
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          <isin value="US161175BK95"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>148381.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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      <invstOrSec>
        <name>AIRCASTLE LTD / AIRCASTLE IRELAND DAC</name>
        <lei>N/A</lei>
        <title>AYR 5 09/15/30 144A</title>
        <cusip>00929JAC0</cusip>
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          <isin value="US00929JAC09"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149535.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>META PLATFORMS INC</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 4.875 11/15/35</title>
        <cusip>30303MAD4</cusip>
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          <isin value="US30303MAD48"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48826.26000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>HYNMTR 5.6 03/30/28 144A</title>
        <cusip>44891ACD7</cusip>
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          <isin value="US44891ACD72"/>
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        <balance>957000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>COUSINS PROPERTIES LP</name>
        <lei>254900ZQIHJ5FQH4C329</lei>
        <title>CUZ 5.25 07/15/30</title>
        <cusip>222793AC5</cusip>
        <identifiers>
          <isin value="US222793AC56"/>
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        <balance>534000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>540386.07000000</valUSD>
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          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>META PLATFORMS INC</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 4.6 11/15/32</title>
        <cusip>30303MAC6</cusip>
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        <balance>110000.00000000</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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          <maturityDt>2032-11-15</maturityDt>
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          <annualizedRt>4.60000000</annualizedRt>
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        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V6.125 PERP GG</title>
        <cusip>95002YAE3</cusip>
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        <balance>230000.00000000</balance>
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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>
          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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        <name>KROGER COMPANY (THE)</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
        <title>KR 5 09/15/34</title>
        <cusip>501044DV0</cusip>
        <identifiers>
          <isin value="US501044DV05"/>
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        <balance>600000.00000000</balance>
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        <name>PHILLIPS EDISON GROCERY CENTER OPERATING PARTNERSHIP I LP</name>
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        <name>AVIATION CAPITAL GROUP LLC</name>
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        <name>T-MOBILE USA INC</name>
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        <name>HUNTINGTON BANCSHARES INC</name>
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        <name>Energy Transfer LP</name>
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        <name>BOEING COMPANY (THE)</name>
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        <name>SYNOPSYS INC</name>
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        <name>CAPITAL ONE FINANCIAL CORP</name>
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        <name>DOLLAR GENERAL CORP</name>
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        <title>DG 3.5 04/03/30</title>
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        <name>ROYAL CARIBBEAN CRUISES LTD</name>
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        <name>BLOCK INC</name>
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        <name>BARCLAYS PLC</name>
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        <name>STATE STREET CORP</name>
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        <name>QTS FAYETTEVILLE I DC1-2 LLC / QTS TRS FAYETTEVILLE I DCI-2 LLC</name>
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        <name>STARWOOD PROPERTY TRUST INC</name>
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        <name>HYUNDAI CAPITAL AMERICA</name>
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        <name>HUNTINGTON BANCSHARES INC</name>
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        <name>BOEING COMPANY (THE)</name>
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        <name>SLM CORP (SALLIE MAE)</name>
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      <invstOrSec>
        <name>UNITED MEXICAN STATES - SECRETARIA DE HACIENDA Y CREDITO PUBLICO</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-11</maturityDt>
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      <invstOrSec>
        <name>PENSKE TRUCK LEASING CO LP / PENSKE TRUCK LEASING FINANCE CORP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <name>GXO LOGISTICS INC</name>
        <lei>5493007CNWMXN78JRN66</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-06</maturityDt>
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        <name>PERFORMANCE FOOD GROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-01</maturityDt>
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        <name>SALESFORCE INC</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>CRM 6.55 03/15/56</title>
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          <isin value="US79466LAW46"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-03-15</maturityDt>
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          <annualizedRt>6.55000000</annualizedRt>
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        <name>VALE OVERSEAS LTD</name>
        <lei>254900BA3U6G5DNV5V04</lei>
        <title>VALEBZ 6.4 06/28/54</title>
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        <balance>495000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>506936.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</annualizedRt>
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        <name>PACIFIC GAS &amp; ELECTRIC COMPANY</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>PCG 6 08/15/35</title>
        <cusip>694308KX4</cusip>
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          <isin value="US694308KX40"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46373.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>COMMERCIAL METALS COMPANY</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>CMC 6 12/15/35 144A</title>
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          <isin value="US201723AV52"/>
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        <curCd>USD</curCd>
        <valUSD>165250.34000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>ALTRIA GROUP INC</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>MO 4.8 02/14/29</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ET 5.15 03/15/45</title>
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        <balance>596000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V6.342 10/18/33</title>
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        <balance>50000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-18</maturityDt>
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        <name>FORD MOTOR CREDIT COMPANY LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>F 5.42 04/09/31</title>
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        <name>BOEING COMPANY (THE)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 3.25 02/01/35</title>
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        <name>TRUIST FINANCIAL CORP</name>
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        <name>BOEING COMPANY (THE)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 6.528 05/01/34</title>
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        <name>NXP BV / NXP FUNDING LLC / NXP USA INC</name>
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        <title>NXPI 5 01/15/33</title>
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        <name>GLENCORE FINANCE (CANADA) LTD</name>
        <lei>5493005TTO0UJ33KCK70</lei>
        <title>GLENLN 5.55 10/25/42 144A</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BACARDI LTD / BACARDI-MARTINI BV</name>
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        <name>CITIGROUP INC</name>
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        <name>T-MOBILE USA INC</name>
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        <name>NRG ENERGY INC</name>
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        <name>INDONESIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <name>WESCO DISTRIBUTION INC</name>
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        <name>CHOICE HOTELS INTERNATIONAL INC</name>
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        <name>SUMISHO AIR LEASE CORP</name>
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        <name>ORACLE CORP</name>
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        <name>GENERAL MOTORS FINANCIAL COMPANY INC</name>
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        <name>MARRIOTT INTERNATIONAL INC</name>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>AMERICAN AIRLINES INC</name>
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        <name>HOST HOTELS &amp; RESORTS LP</name>
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        <name>CVS HEALTH CORP</name>
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        <title>CVS 4.875 07/20/35</title>
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        <name>VMWARE LLC</name>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>ROYAL CARIBBEAN CRUISES LTD</name>
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        <name>GLENCORE FUNDING LLC</name>
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        <name>GENERAL MOTORS FINANCIAL COMPANY INC</name>
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        <name>BOEING COMPANY (THE)</name>
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        <name>EXTRA SPACE STORAGE LP</name>
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        <name>J.M. SMUCKER COMPANY (THE)</name>
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        <name>B.A.T CAPITAL CORP</name>
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        <name>SEAGATE DATA STORAGE TECHNOLOGY PTE LTD</name>
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        <name>BOEING COMPANY (THE)</name>
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        <name>TRUIST FINANCIAL CORP</name>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <name>AGREE LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORP</name>
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        <name>MASTEC INC</name>
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        <name>CROWN CASTLE INC</name>
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        <name>ORACLE CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PACIFIC GAS &amp; ELECTRIC COMPANY</name>
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        <title>PCG 5.2 05/01/36</title>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMH 2.375 07/15/31</title>
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        <balance>100000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
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        <name>CIGNA GROUP (THE)</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>CI 3.4 03/15/50</title>
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        <fairValLevel>2</fairValLevel>
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        <name>AIRCASTLE LTD / AIRCASTLE IRELAND DAC</name>
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        <name>DBR LAND HOLDINGS LLC</name>
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        <title>LB 6.25 12/01/30 144A</title>
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        <name>AMNEAL PHARMACEUTICALS LLC</name>
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        <title>AMNPHA 6.875 08/01/32 144A</title>
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        <name>APOLLO DEBT SOLUTIONS BDC</name>
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        <title>APODS 6.55 03/15/32</title>
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        <name>UBER TECHNOLOGIES INC</name>
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        <title>UBER 4.8 09/15/34</title>
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        <name>FIDELITY NATIONAL INFORMATION SERVICES INC</name>
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        <title>FIS 4.8 03/10/31</title>
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        <name>ARTHUR J. GALLAGHER &amp; COMPANY</name>
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        <title>AJG 5.15 02/15/35</title>
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        <name>AERCAP IRELAND CAPITAL DAC</name>
        <lei>549300TI38531ODB1G63</lei>
        <title>AER 6.45 04/15/27</title>
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        <invCountry>IE</invCountry>
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          <maturityDt>2027-04-15</maturityDt>
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        <name>BROADCOM INC</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>AVGO 3.187 11/15/36 144A</title>
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        <name>MAPLE PARENT HOLDINGS CORP</name>
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        <name>AVOLON HOLDINGS FUNDING LTD</name>
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        <name>ING GROEP NV</name>
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        <name>MATCH GROUP HOLDINGS II LLC</name>
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        <lei>549300JNC0L6VP8A2Q35</lei>
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        <name>MORGAN STANLEY</name>
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        <name>ROGERS COMMUNICATIONS INC</name>
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        <name>GENERAL MOTORS COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-01</maturityDt>
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        <name>BANK OF AMERICA CORP</name>
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        <name>RHP HOTEL PROPERTIES LP / RHP FINANCE CORP</name>
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        <name>BACARDI LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CONTINENTAL RESOURCES INC (OKLAHOMA)</name>
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        <title>CLR 4.375 01/15/28</title>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN AIRLINES INC</name>
        <lei>N/A</lei>
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        <name>CITIZENS FINANCIAL GROUP INC</name>
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        <title>CFG V5.841 01/23/30</title>
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        <name>BANK OF NEW YORK MELLON CORP (THE)</name>
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        <name>BANCO SANTANDER SA</name>
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        <invCountry>ES</invCountry>
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        <name>KEYSIGHT TECHNOLOGIES INC</name>
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        <title>KEYS 5.35 07/30/30</title>
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        <name>PERU, REPUBLIC OF - DIRECCION GENERAL DE CREDITO PUBLICO</name>
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        <invCountry>PE</invCountry>
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        <name>KIOXIA HOLDINGS CORP</name>
        <lei>35380080RTKRARNH4R73</lei>
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        <name>ROYALTY PHARMA PLC</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>RPRX 2.2 09/02/30</title>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V5.466 01/18/35</title>
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        <name>STANDARD BUILDING SOLUTIONS INC</name>
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        <name>BOEING COMPANY (THE)</name>
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        <name>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
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        <name>DTE ELECTRIC COMPANY</name>
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        <name>ALLY FINANCIAL INC</name>
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        <name>BOEING COMPANY (THE)</name>
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        <name>ORACLE CORP</name>
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        <name>GENERAL MOTORS FINANCIAL COMPANY INC</name>
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        <name>KEYCORP</name>
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        <name>BARCLAYS BANK PLC</name>
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        <name>ROMANIA, REPUBLIC OF - MINISTRY OF FINANCE</name>
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        <name>ORACLE CORP</name>
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        <name>BLACK PEARL COMPUTE LLC</name>
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        <name>UBER TECHNOLOGIES INC</name>
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        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
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        <name>7-ELEVEN INC</name>
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        <name>GRAHAM HOLDINGS CO</name>
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        <name>REYNOLDS AMERICAN INC</name>
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        <name>BARCLAYS BANK PLC</name>
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        <name>AECOM</name>
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        <name>GLP CAPITAL LP / GLP FINANCING II INC</name>
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        <name>KINDER MORGAN ENERGY PARTNERS LP</name>
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        <name>B.A.T CAPITAL CORP</name>
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        <name>MORGAN STANLEY</name>
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        <name>AVOLON HOLDINGS FUNDING LTD</name>
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        <name>SUMISHO AIR LEASE CORP</name>
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        <name>FIFTH THIRD BANCORP</name>
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        <title>FITB V6.339 07/27/29</title>
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        <name>SANTANDER UK GROUP HOLDINGS PLC</name>
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        <title>SANUK V3.823 11/03/28</title>
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        <name>NXP BV / NXP FUNDING LLC / NXP USA INC</name>
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        <name>CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COMMUNICATION OPERATING CAPITAL CORP</name>
        <lei>549300TPZNMN50BJ3745</lei>
        <title>CHTR 3.75 02/15/28</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</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>B.A.T CAPITAL CORP</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BATSLN 2.259 03/25/28</title>
        <cusip>05526DBR5</cusip>
        <identifiers>
          <isin value="US05526DBR52"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>962135.39000000</valUSD>
        <pctVal>0.514257784961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25900000</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>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>TMUS 2.875 02/15/31</title>
        <cusip>87264ABT1</cusip>
        <identifiers>
          <isin value="US87264ABT16"/>
        </identifiers>
        <balance>35000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32274.39000000</valUSD>
        <pctVal>0.017250541332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</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>BOEING COMPANY (THE)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 5.875 02/15/40</title>
        <cusip>097023BA2</cusip>
        <identifiers>
          <isin value="US097023BA22"/>
        </identifiers>
        <balance>263000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>269577.66000000</valUSD>
        <pctVal>0.144088255922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</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>UNITED MEXICAN STATES - SECRETARIA DE HACIENDA Y CREDITO PUBLICO</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>MEX 6.125 02/09/38</title>
        <cusip>91087BBR0</cusip>
        <identifiers>
          <isin value="US91087BBR06"/>
        </identifiers>
        <balance>290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>285079.20000000</valUSD>
        <pctVal>0.152373771357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</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>AXON ENTERPRISE INC</name>
        <lei>549300QP2IEEGFE16681</lei>
        <title>AXON 6.25 03/15/33 144A</title>
        <cusip>05464CAD3</cusip>
        <identifiers>
          <isin value="US05464CAD39"/>
        </identifiers>
        <balance>228000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>233348.44000000</valUSD>
        <pctVal>0.124723872675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVS HEALTH CORP</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS 4.78 03/25/38</title>
        <cusip>126650CY4</cusip>
        <identifiers>
          <isin value="US126650CY46"/>
        </identifiers>
        <balance>993000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>926777.87000000</valUSD>
        <pctVal>0.495359322119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.78000000</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>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V2.651 03/11/32 N</title>
        <cusip>06051GJP5</cusip>
        <identifiers>
          <isin value="US06051GJP54"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>317624.70000000</valUSD>
        <pctVal>0.169769219975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65100000</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>ROBLOX CORP</name>
        <lei>529900ANZDBDFU91SO19</lei>
        <title>RBLX 3.875 05/01/30 144A</title>
        <cusip>771049AA1</cusip>
        <identifiers>
          <isin value="US771049AA15"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>141599.27000000</valUSD>
        <pctVal>0.075684282793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>MARRIOTT INTERNATIONAL INC</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>MAR 5.5 04/15/37</title>
        <cusip>571903BU6</cusip>
        <identifiers>
          <isin value="US571903BU68"/>
        </identifiers>
        <balance>595000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>601126.55000000</valUSD>
        <pctVal>0.321299903628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELECTRONIC ARTS INC</name>
        <lei>549300O7A67PUEYKDL45</lei>
        <title>EA 2.95 02/15/51</title>
        <cusip>285512AF6</cusip>
        <identifiers>
          <isin value="US285512AF68"/>
        </identifiers>
        <balance>290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>230652.13000000</valUSD>
        <pctVal>0.123282705015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-24</ncom:dateSigned>
      <ncom:nameOfApplicant>Goldman Sachs ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Allison Frachiolla</ncom:signature>
      <ncom:signerName>Allison Frachiolla</ncom:signerName>
      <ncom:title>Vice President Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
