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        <name>BARCLAYS CAPITAL INC.</name>
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        <name>Bank of America Corp</name>
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        <name>MIZUHO SECURITIES USA LLC</name>
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        <lei>RUC0QBLBRPRCU4W1NE59</lei>
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        <lei>5493005SMYID1D2OY946</lei>
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        <name>STMicroelectronics NV</name>
        <lei>213800Z8NOHIKRI42W10</lei>
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        <name>TD SECURITIES (USA) LLC</name>
        <lei>SUVUFHICNZMP2WKHG940</lei>
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        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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        <lei>SUVUFHICNZMP2WKHG940</lei>
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      <invstOrSec>
        <name>Chevron Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>RBC CAPITAL MARKETS, LLC</name>
        <lei>549300LCO2FLSSVFFR64</lei>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BARCLAYS CAPITAL INC.</name>
        <lei>AC28XWWI3WIBK2824319</lei>
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        <name>Boeing Co/The</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co/The</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Hewlett Packard Enterprise Co</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co</title>
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          <ticker value="HPE"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>RBC CAPITAL MARKETS, LLC</name>
        <lei>549300LCO2FLSSVFFR64</lei>
        <title>RBC CAPITAL MARKETS, LLC. (HASBRO INC) 24.31 09/29/2025 (HAS US)</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
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        <issuerCat>CORP</issuerCat>
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        <name>Rentokil Initial PLC</name>
        <lei>549300VN4WV7Z6T14K68</lei>
        <title>Rentokil Initial PLC</title>
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          <ticker value="RTO"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Walt Disney Co/The</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Co/The</title>
        <cusip>254687106</cusip>
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          <isin value="US2546871060"/>
          <ticker value="DIS"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SG AMERICAS SECURITIES, LLC</name>
        <lei>549300F35UE0BOM1WJ55</lei>
        <title>SG AMERICAS SECURITIES LLC (CHARLES SCHWAB CORP/THE) 22.05 09/25/2025 (SCHW US)</title>
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          <isin value="XS2878497705"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>HP Inc</name>
        <lei>WHKXQACZ14C5XRO8LW03</lei>
        <title>HP Inc</title>
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        <invCountry>US</invCountry>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
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        <invCountry>JP</invCountry>

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        <name>TD SECURITIES (USA) LLC</name>
        <lei>SUVUFHICNZMP2WKHG940</lei>
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        <name>MIZUHO SECURITIES USA LLC</name>
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        <name>Elevance Health Inc</name>
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        <title>Elevance Health Inc</title>
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        <name>Air Products and Chemicals Inc</name>
        <lei>7QEON6Y1RL5XR3R1W237</lei>
        <title>Air Products and Chemicals Inc</title>
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        <name>RBC CAPITAL MARKETS, LLC</name>
        <lei>549300LCO2FLSSVFFR64</lei>
        <title>RBC CAPITAL MARKETS, LLC. (LEAR CORP) 25.53 09/22/2025 (LEA US)</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS SECURITIES CORP.</name>
        <lei>RCNB6OTYUAMMP879YW96</lei>
        <title>BNP PARIBAS SECURITIES CORPORATION (FIRST CITIZENS BANCSHARES INC/NC) 19.81 09/11/2025 (FCNCA US)</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Medtronic PLC</name>
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        <name>CSX Corp</name>
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      <invstOrSec>
        <name>First Citizens BancShares Inc/</name>
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        <name>RBC CAPITAL MARKETS, LLC</name>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS INC.</name>
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      <invstOrSec>
        <name>BMO CAPITAL MARKETS CORP.</name>
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      <invstOrSec>
        <name>BMO CAPITAL MARKETS CORP.</name>
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        <name>UBS SECURITIES LLC</name>
        <lei>T6FIZBDPKLYJKFCRVK44</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Willis Towers Watson PLC</name>
        <lei>549300WHC56FF48KL350</lei>
        <title>Willis Towers Watson PLC</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>American International Group I</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>CVS Health Corp</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp</title>
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        <assetCat>EC</assetCat>
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        <name>BARCLAYS CAPITAL INC.</name>
        <lei>AC28XWWI3WIBK2824319</lei>
        <title>BARCLAYS CAPITAL INC. (BRITISH AMERICAN TOBACCO PLC) 16.33 09/18/2025 (BATS LN)</title>
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        <invCountry>GB</invCountry>

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        <name>BARCLAYS CAPITAL INC.</name>
        <lei>AC28XWWI3WIBK2824319</lei>
        <title>BARCLAYS CAPITAL INC. (RENTOKIL INITIAL PLC) 30.00 09/01/2025 (RTO LN)</title>
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        <invCountry>GB</invCountry>

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        <name>Leidos Holdings Inc</name>
        <lei>549300IUTGTP6EJP8124</lei>
        <title>Leidos Holdings Inc</title>
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        <name>Healthcare Realty Trust Inc</name>
        <lei>549300L0I14L7I0VLX84</lei>
        <title>Healthcare Realty Trust Inc</title>
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        <name>RBC CAPITAL MARKETS, LLC</name>
        <lei>549300LCO2FLSSVFFR64</lei>
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        <name>MIZUHO SECURITIES USA LLC</name>
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        <name>TD SECURITIES (USA) LLC</name>
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        <name>Microsoft Corp</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp</title>
        <cusip>594918104</cusip>
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          <ticker value="MSFT"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>BARCLAYS CAPITAL INC.</name>
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        <name>Cognizant Technology Solutions</name>
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        <name>Swatch Group AG/The</name>
        <lei>529900NTES2LEON1JZ55</lei>
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        <name>NIKE Inc</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
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        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>TD SECURITIES (USA) LLC</name>
        <lei>SUVUFHICNZMP2WKHG940</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Airbus SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
        <title>Airbus SE</title>
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        <name>Carlyle Group Inc/The</name>
        <lei>529900NGGVF94UK6PG95</lei>
        <title>Carlyle Group Inc/The</title>
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          <isin value="US14316J1088"/>
          <ticker value="CG"/>
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        <fairValLevel>1</fairValLevel>
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        <name>BARCLAYS CAPITAL INC.</name>
        <lei>AC28XWWI3WIBK2824319</lei>
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        <invCountry>GB</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Bristol-Myers Squibb Co</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co</title>
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          <ticker value="BMY"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Hasbro Inc</name>
        <lei>549300NUB6D2R1ITYR45</lei>
        <title>Hasbro Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>BMO CAPITAL MARKETS CORP.</name>
        <lei>RUC0QBLBRPRCU4W1NE59</lei>
        <title>BMO CAPITAL MARKETS CORP. (ALPHABET INC) 23.09 09/25/2025 (GOOG US)</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB0007980591"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS SECURITIES CORP.</name>
        <lei>RCNB6OTYUAMMP879YW96</lei>
        <title>BNP PARIBAS SECURITIES CORPORATION (LAMB WESTON HOLDINGS INC) 31.98 10/20/2025 (LW US)</title>
        <cusip>000000000</cusip>
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          <isin value="XS3105607314"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. MORGAN SECURITIES LLC (RENTOKIL INITIAL PLC) 18.00 10/23/2025 (RTO LN)</title>
        <cusip>000000000</cusip>
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        <invCountry>NL</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>SG AMERICAS SECURITIES, LLC</name>
        <lei>549300F35UE0BOM1WJ55</lei>
        <title>SG AMERICAS SECURITIES LLC (RTX CORP) 19.65 09/25/2025 (RTX US)</title>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Voya Financial Inc</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial Inc</title>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Keurig Dr Pepper Inc</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>Keurig Dr Pepper Inc</title>
        <cusip>49271V100</cusip>
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        <name>PDD Holdings Inc</name>
        <lei>5493000573DS7005T657</lei>
        <title>PDD Holdings Inc</title>
        <cusip>722304102</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>UBS SECURITIES LLC</name>
        <lei>T6FIZBDPKLYJKFCRVK44</lei>
        <title>UBS SECURITIES LLC (VOYA FINANCIAL INC) 22.40 10/02/2025 (VOYA US)</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell PLC</title>
        <cusip>000000000</cusip>
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          <ticker value="SHEL"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>BARCLAYS CAPITAL INC.</name>
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        <name>BARCLAYS CAPITAL INC.</name>
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        <name>TD SECURITIES (USA) LLC</name>
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        <name>Kraft Heinz Co/The</name>
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        <name>SG AMERICAS SECURITIES, LLC</name>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
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        <name>Samsung Electronics Co Ltd</name>
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        <name>Visa Inc</name>
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        <name>Fidelity National Information</name>
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        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
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        <name>Ralliant Corp</name>
        <lei>N/A</lei>
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        <name>UBS SECURITIES LLC</name>
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        <name>Evergy Inc</name>
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        <title>Evergy Inc</title>
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        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp</title>
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        <name>Amazon.com Inc</name>
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        <title>Amazon.com Inc</title>
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        <name>MIZUHO SECURITIES USA LLC</name>
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        <name>BNP PARIBAS SECURITIES CORP.</name>
        <lei>RCNB6OTYUAMMP879YW96</lei>
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        <name>BARCLAYS CAPITAL INC.</name>
        <lei>AC28XWWI3WIBK2824319</lei>
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        <name>Kosmos Energy Ltd</name>
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        <name>WELLS FARGO &amp; CO</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO &amp; CO</title>
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        <name>MIZUHO SECURITIES USA LLC</name>
        <lei>7TK5RJIZDFROZCA6XF66</lei>
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        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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        <name>SG AMERICAS SECURITIES, LLC</name>
        <lei>549300F35UE0BOM1WJ55</lei>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>20.41000000</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>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
        <cusip>816851109</cusip>
        <identifiers>
          <isin value="US8168511090"/>
          <ticker value="SRE"/>
        </identifiers>
        <balance>89589.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7396467.84000000</valUSD>
        <pctVal>0.387033865977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL, INC.</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>NOMURA SECURITIES INTERNATIONAL INC (CISCO SYSTEMS INC) 14.33 09/15/2025 (CSCO US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3075338981"/>
          <other otherDesc="INTERNAL" value="BYDNFKXL8"/>
        </identifiers>
        <balance>164600.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11406428.36000000</valUSD>
        <pctVal>0.596862470123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14.33000000</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>BNP PARIBAS SECURITIES CORP.</name>
        <lei>RCNB6OTYUAMMP879YW96</lei>
        <title>BNP PARIBAS SECURITIES CORPORATION (SS&amp;C TECHNOLOGIES HOLDINGS INC) 14.04 10/09/2025 (SSNC US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3089542008"/>
          <other otherDesc="INTERNAL" value="BYDPYERH2"/>
        </identifiers>
        <balance>114600.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10110595.62000000</valUSD>
        <pctVal>0.529055624224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14.04000000</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>PPG Industries Inc</name>
        <lei>549300BKPEP01R3V6C59</lei>
        <title>PPG Industries Inc</title>
        <cusip>693506107</cusip>
        <identifiers>
          <isin value="US6935061076"/>
          <ticker value="PPG"/>
        </identifiers>
        <balance>90314.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10045626.22000000</valUSD>
        <pctVal>0.525655980151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RBC CAPITAL MARKETS, LLC</name>
        <lei>549300LCO2FLSSVFFR64</lei>
        <title>RBC CAPITAL MARKETS, LLC. (BARRICK MINING CORP) 27.14 10/02/2025 (B US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BYDP7Q4Y3"/>
        </identifiers>
        <balance>148300.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3644061.91000000</valUSD>
        <pctVal>0.190682282326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>27.14000000</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>Labcorp Holdings Inc</name>
        <lei>N/A</lei>
        <title>Labcorp Holdings Inc</title>
        <cusip>504922105</cusip>
        <identifiers>
          <isin value="US5049221055"/>
          <ticker value="LH"/>
        </identifiers>
        <balance>21723.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6038776.77000000</valUSD>
        <pctVal>0.315990168500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Charles Schwab Corp/The</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp/The</title>
        <cusip>808513105</cusip>
        <identifiers>
          <isin value="US8085131055"/>
          <ticker value="SCHW"/>
        </identifiers>
        <balance>83850.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8036184.00000000</valUSD>
        <pctVal>0.420508197765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BNP PARIBAS SECURITIES CORP.</name>
        <lei>RCNB6OTYUAMMP879YW96</lei>
        <title>BNP PARIBAS SECURITIES CORPORATION (HEWLETT PACKARD ENTERPRISE CO) 40.75 10/03/2025 (HPE US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3089541885"/>
          <other otherDesc="INTERNAL" value="BYDPYE6Y8"/>
        </identifiers>
        <balance>192400.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4201635.05000000</valUSD>
        <pctVal>0.219858328597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>40.75000000</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>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. MORGAN SECURITIES LLC (BOEING CO/THE) 21.46 09/22/2025 (BA US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3022672276"/>
          <other otherDesc="INTERNAL" value="BYDNRLMV3"/>
        </identifiers>
        <balance>40400.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9198981.87000000</valUSD>
        <pctVal>0.481353747926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>21.46000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS CAPITAL INC.</name>
        <lei>AC28XWWI3WIBK2824319</lei>
        <title>BARCLAYS CAPITAL INC. (BP PLC) 19.60 10/23/2025 (BP/ LN)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BYDQHHJ81"/>
        </identifiers>
        <balance>2817400.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73986386"/>
        <valUSD>16320697.94000000</valUSD>
        <pctVal>0.854010719145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>19.60000000</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>RBC CAPITAL MARKETS, LLC</name>
        <lei>549300LCO2FLSSVFFR64</lei>
        <title>RBC CAPITAL MARKETS, LLC. (APTIV PLC) 22.81 09/22/2025 (APTV US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BYDNRLKZ6"/>
        </identifiers>
        <balance>83500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6013797.48000000</valUSD>
        <pctVal>0.314683080930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>22.81000000</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>Exelon Corp</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>Exelon Corp</title>
        <cusip>30161N101</cusip>
        <identifiers>
          <isin value="US30161N1019"/>
          <ticker value="EXC"/>
        </identifiers>
        <balance>306952.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13407663.36000000</valUSD>
        <pctVal>0.701580794536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flagstar Financial Inc</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>Flagstar Financial Inc</title>
        <cusip>649445400</cusip>
        <identifiers>
          <isin value="US6494454001"/>
          <ticker value="FLG"/>
        </identifiers>
        <balance>670875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8600617.50000000</valUSD>
        <pctVal>0.450043225067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. MORGAN SECURITIES LLC (LABCORP HOLDINGS INC) 17.64 10/14/2025 (LH US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3144838714"/>
          <other otherDesc="INTERNAL" value="BYDQ5ZYM6"/>
        </identifiers>
        <balance>15900.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4396181.74000000</valUSD>
        <pctVal>0.230038344136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>17.64000000</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>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. MORGAN SECURITIES LLC (KEURIG DR PEPPER INC) 20.77 10/16/2025 (KDP US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3144836189"/>
          <other otherDesc="INTERNAL" value="BYDQ9HRC2"/>
        </identifiers>
        <balance>185600.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5517668.98000000</valUSD>
        <pctVal>0.288722239143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>20.77000000</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>MIZUHO SECURITIES USA LLC</name>
        <lei>7TK5RJIZDFROZCA6XF66</lei>
        <title>MIZUHO SECURITIES USA LLC (SS&amp;C TECHNOLOGIES HOLDINGS INC) 15.52 09/29/2025 (SSNC US)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3028122417"/>
          <other otherDesc="INTERNAL" value="BYDP0MKA3"/>
        </identifiers>
        <balance>104800.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9159547.11000000</valUSD>
        <pctVal>0.479290251140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>15.52000000</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>2025-10-27</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Funds</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
