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            <putOrCall>Put</putOrCall>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae - CAS</name>
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        <name>RUSSIA GOVT BOND - OFZ</name>
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        <name>WESTERN MIDSTREAM OPERAT</name>
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        <name>HCA INC</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>JP Morgan Chase Commercial Mor</name>
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        <name>OFFICE CHERIFIEN DES PHO</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MX0MGO000078"/>
          <other otherDesc="SEDOL" value="B05QN14"/>
        </identifiers>
        <balance>352420000.00000000</balance>
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        <valUSD>17683450.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
        <cusip>3140XBTG5</cusip>
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          <isin value="US3140XBTG53"/>
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        <balance>4637513.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4669072.91000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>EURO-BUND</title>
        <cusip>000000000</cusip>
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          <ticker value="RXF2P171.5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG012Q90HX2"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>EUREX CLEARING AKTIENGESELLSCHAFT</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <nestedDerivInfo>
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                    <counterpartyName>EUREX CLEARING AKTIENGESELLSCHAFT</counterpartyName>
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                  <derivAddlInfo>
                    <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
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                    <cusip>000000000</cusip>
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                      <ticker value="RXH2"/>
                      <other otherDesc="ID_BB_GLOBAL" value="BBG011C8X883"/>
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                    <invOthCountry>US</invOthCountry>
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                  <payOffProf>Short</payOffProf>
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                    <otherRefInst>
                      <issuerName>BUNDESREPUB. DEUTSCHLAND</issuerName>
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                        <cusip value="000000000"/>
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            <shareNo>100000.00000000</shareNo>
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            <exercisePriceCurCd>EUR</exercisePriceCurCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>74388.79000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DCERT BUYER INC</name>
        <lei>549300EF826JEEUCHZ67</lei>
        <title>Dcert Buyer Inc</title>
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          <isin value="US24022KAB52"/>
          <other otherDesc="INTERNAL" value="BL3110097"/>
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        <balance>17580265.09220000</balance>
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        <curCd>USD</curCd>
        <valUSD>17537457.15000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.12360000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>BROWN GROUP HOLDING LLC</name>
        <lei>N/A</lei>
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          <isin value="US11565HAB24"/>
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        <balance>7380000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7331550.30000000</valUSD>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GVC HOLDINGS GIBRALTAR L</name>
        <lei>N/A</lei>
        <title>GVC Holdings Gibraltar Ltd</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="BL3674845"/>
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        <balance>3291750.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3284343.56000000</valUSD>
        <pctVal>0.081967679652</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-16</maturityDt>
          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEVON ENERGY CORPORATION</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>Devon Energy Corp</title>
        <cusip>25179MAU7</cusip>
        <identifiers>
          <isin value="US25179MAU71"/>
          <other otherDesc="SEDOL" value="BZ1FT56"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6039186.90000000</valUSD>
        <pctVal>0.150720571138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>BP CAP MARKETS AMERICA</name>
        <lei>5493009NTB34VXE1T760</lei>
        <title>BP Capital Markets America Inc</title>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4734532.30000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US TREASURY LONG BOND</title>
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        <identifiers>
          <ticker value="USF2P157"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG011Y404T0"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-29500.00000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                      <ticker value="USH2"/>
                      <other otherDesc="ID_BB_GLOBAL" value="BBG011DY2166"/>
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                  <payOffProf>Short</payOffProf>
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                      <issuerName>US TREASURY N/B</issuerName>
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                        <isin value="US912810PU60"/>
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            <shareNo>100000.00000000</shareNo>
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            <delta>XXXX</delta>
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      </invstOrSec>
      <invstOrSec>
        <name>MEX BONOS DESARR FIX RT</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexican Bonos</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MX0MGO000102"/>
          <other otherDesc="SEDOL" value="BDH3PR4"/>
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        <balance>3200030000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="MXN" exchangeRt="21.44250000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SHELL INTERNATIONAL FIN</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance BV</title>
        <cusip>822582CH3</cusip>
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          <isin value="US822582CH36"/>
          <other otherDesc="SEDOL" value="BM8MMD8"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5375925.00000000</valUSD>
        <pctVal>0.134167479797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>OCCIDENTAL PETROLEUM COR</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp</title>
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          <isin value="US674599DL68"/>
          <other otherDesc="SEDOL" value="BKVKRK7"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6375000.00000000</valUSD>
        <pctVal>0.159101491131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.60000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HANESBRANDS INC</name>
        <lei>GX5LWVWZLL5S4W1L2F20</lei>
        <title>Hanesbrands Inc</title>
        <cusip>410345AL6</cusip>
        <identifiers>
          <isin value="US410345AL67"/>
          <other otherDesc="SEDOL" value="BZ30506"/>
        </identifiers>
        <balance>1840000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1968671.20000000</valUSD>
        <pctVal>0.049132317406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EXXON MOBIL CORPORATION</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp</title>
        <cusip>30231GBM3</cusip>
        <identifiers>
          <isin value="US30231GBM33"/>
          <other otherDesc="SEDOL" value="BLD2032"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5470391.45000000</valUSD>
        <pctVal>0.136525088120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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        <name>GMAC Commercial Mortgage Secur</name>
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        <name>Banc of America Merrill Lynch</name>
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        <name>Fannie Mae or Freddie Mac</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <title>CBOT US LONG BOND</title>
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        <name>WF-RBS COMMERCIAL MORTGAGE TRU</name>
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        <name>AVOLON TLB BORROWER 1 US</name>
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        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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                      <issuerName>US TREASURY N/B</issuerName>
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            <delta>XXXX</delta>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TEVA PHARMACEUTICALS NE</name>
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          <isin value="US88167AAN19"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <fairValLevel>1</fairValLevel>
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            <putOrCall>Put</putOrCall>
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                      <ticker value="2EZ3"/>
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                      <issuerName>INTERCONTENTIAL EXCHANGE</issuerName>
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                        <cusip value="000000000"/>
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      <invstOrSec>
        <name>BROOKFIELD WEC HOLDINGS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHARTER COMMUNICATIONS OPER</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CBS RADIO INC</name>
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        <title>Audacy Capital Corp</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>TERRIER MEDIA BUYER INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DELTA AIR LINES INC</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>Delta Air Lines Inc</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Capital Inc</name>
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        <name>ANHEUSER-BUSCH INBEV WOR</name>
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        <name>TENCENT HOLDINGS LTD</name>
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        <name>PARK AEROSPACE HOLDINGS</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>STATION CASINOS LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SKYMILES IP LTD</name>
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        <name>WF-RBS COMMERCIAL MORTGAGE TRU</name>
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        <name>J.P. MORGAN CHASE BANK NA</name>
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        <name>Fannie Mae</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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      <invstOrSec>
        <name>ICE FUTURES EUROPE</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>ICE FUTURES EUROPE</counterpartyName>
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                <issuerName>INTERCONTENTIAL EXCHANGE</issuerName>
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      <invstOrSec>
        <name>Fannie Mae or Freddie Mac</name>
        <lei>N/A</lei>
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        <cusip>01F0206C8</cusip>
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          <isin value="US01F0206C85"/>
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        <balance>81700000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TEVA PHARMACEUTICALS NE</name>
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          <isin value="US88167AAL52"/>
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        <balance>5050000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RANGE RESOURCES CORP</name>
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          <isin value="US75281ABH14"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <title>US 5 YEAR TREASURY NOTE</title>
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          <ticker value="FVF2C121.5"/>
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        <curCd>USD</curCd>
        <valUSD>-91796.89000000</valUSD>
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        <assetCat>DIR</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                    <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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                      <ticker value="FVH2"/>
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                  <payOffProf>Long</payOffProf>
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                      <issuerName>US TREASURY N/B</issuerName>
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                        <cusip value="91282CCF6"/>
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            <delta>XXXX</delta>
            <unrealizedAppr>-18765.84000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HANESBRANDS INC</name>
        <lei>GX5LWVWZLL5S4W1L2F20</lei>
        <title>Hanesbrands Inc</title>
        <cusip>410345AJ1</cusip>
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          <isin value="US410345AJ12"/>
          <other otherDesc="SEDOL" value="BD60L78"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAUSCH HEALTH COS INC</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc</title>
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          <isin value="US071734AF49"/>
          <other otherDesc="SEDOL" value="BK8KJZ9"/>
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        <balance>280000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>266124.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COMMSCOPE INC</name>
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        <title>CommScope Inc</title>
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          <isin value="US20337EAQ44"/>
          <other otherDesc="INTERNAL" value="BL2849315"/>
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        <balance>3732864.33070000</balance>
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        <curCd>USD</curCd>
        <valUSD>3641894.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>WYNN MACAU LTD</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>Wynn Macau Ltd</title>
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          <isin value="US98313RAE62"/>
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        <balance>1110000.00000000</balance>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US TREASURY LONG BOND</title>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>RUSSIA GOVT BOND - OFZ</name>
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        <title>Russian Federal Bond - OFZ</title>
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          <isin value="RU000A0JS3W6"/>
          <other otherDesc="SEDOL" value="B87PXW6"/>
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        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BAUSCH HEALTH COS INC</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <lei>5493005SMYID1D2OY946</lei>
        <title>Lamb Weston Holdings Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>RUSSIA GOVT BOND - OFZ</name>
        <lei>5493004EHVGF71PDBU58</lei>
        <title>Russian Federal Bond - OFZ</title>
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          <isin value="RU000A0JU4L3"/>
          <other otherDesc="SEDOL" value="BF5S843"/>
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        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>USD/IDR FORWARD</title>
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        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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          <other otherDesc="INTERNAL" value="5N838AAT5CM4HJMT"/>
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        <name>ALI GROUP SRL</name>
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        <title>Ali Group North America Corp</title>
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        <name>1011778 BC / NEW RED FIN</name>
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        <name>CHINA GOVERNMENT BOND</name>
        <lei>300300CHN201808MOF68</lei>
        <title>China Government Bond</title>
        <cusip>000000000</cusip>
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          <isin value="CND1000291L3"/>
          <other otherDesc="SEDOL" value="BKDW712"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</invCountry>
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        <name>HCA INC</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc</title>
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        <name>HCA INC</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc</title>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>10 YEAR US TREASURY NOTE WEEK 1</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>AUSTRALIAN GOVERNMENT</issuerName>
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      <invstOrSec>
        <name>KINDER MORGAN INC</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan Inc</title>
        <cusip>49456BAH4</cusip>
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          <isin value="US49456BAH42"/>
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      <invstOrSec>
        <name>SUZANO AUSTRIA G</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>PRIME SECURITY SERVICES BOR</name>
        <lei>549300O6QPZVWXV2DC15</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
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          <ticker value="RXF2C172.5"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>UNITED MEXICAN STATES</name>
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        <name>AERCAP IRELAND CAP/GLOBA</name>
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        <name>SABINE PASS LIQUEFACTION</name>
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        <name>CHENIERE ENERGY PARTNERS</name>
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        <title>Cheniere Energy Partners LP</title>
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      <invstOrSec>
        <name>CHINA GOVERNMENT BOND</name>
        <lei>300300CHN201808MOF68</lei>
        <title>CHINA GOVERNMENT BOND</title>
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        <name>UNITED RENTALS NORTH AM</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America Inc</title>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>EURO CURRENCY 9AM</title>
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        <name>UK CLEARING HOUSE LIMITED</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>Fannie Mae or Freddie Mac</name>
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        <name>COCA-COLA CO/THE</name>
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        <name>Fremont Home Loan Trust</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CONTINENTAL RESOURCES</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>Fannie Mae</name>
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      </invstOrSec>
      <invstOrSec>
        <name>RAYTHEON TECH CORP</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TRANSDIGM INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FOUR SEASONS HOTELS LTD</name>
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        <assetCat>LON</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FOCUS FINANCIAL PARTNERS LLC</name>
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        <balance>7868204.42280000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>KRAFT HEINZ FOODS CO</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>Kraft Heinz Foods Co</title>
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          <isin value="US50076QAE61"/>
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        <balance>1810000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-04</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>HARBOR FREIGHT TOOLS</name>
        <lei>549300Y48HLCFTTB4249</lei>
        <title>Harbor Freight Tools USA Inc</title>
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          <isin value="US41151PAP09"/>
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        <balance>10470850.37860000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-19</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>APACHE CORP</name>
        <lei>72ZZ1XRHOOU9P9X16K08</lei>
        <title>Apache Corp</title>
        <cusip>037411AW5</cusip>
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          <isin value="US037411AW56"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ABBVIE INC</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie Inc</title>
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        <curCd>USD</curCd>
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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>2039-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05000000</annualizedRt>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <title>IRS USD</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ICE FUTURES EUROPE</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>LONG GILT</title>
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          <ticker value="G H2"/>
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        <fairValLevel>1</fairValLevel>
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        <name>FLEETCOR TECHNOLOGIES INC</name>
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        <title>FleetCor Technologies Operating Co LLC</title>
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        <name>RUSSIA GOVT BOND - OFZ</name>
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        <title>Russian Federal Bond - OFZ</title>
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        <name>GRIFOLS WORLDWIDE OPERAT</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>DELTA AIR LINES/SKYMILES</name>
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        <name>WESTERN MIDSTREAM OPERAT</name>
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        <title>Western Midstream Operating LP</title>
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        <name>BCAP LLC Trust</name>
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        <name>BAUSCH HEALTH COS INC</name>
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        <name>HILTON DOMESTIC OPERATIN</name>
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      <invstOrSec>
        <name>GLP CAPITAL LP / FIN II</name>
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        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
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        <name>EDELMAN FINANCIAL CENTER</name>
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      <invstOrSec>
        <name>Avenue of Americas</name>
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        <name>KAZMUNAYGAS NATIONAL CO</name>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <title>Citadel Securities LP</title>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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      <invstOrSec>
        <name>PILOT TRAVEL CENTERS LLC</name>
        <lei>549300115UILLXNE1Z49</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PETROBRAS GLOBAL FINANCE</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>REPUBLIC OF KENYA</name>
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        <balance>910000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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      <invstOrSec>
        <name>NVIDIA CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PETROLEOS MEXICANOS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PARK AEROSPACE HOLDINGS</name>
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        <name>COMM Mortgage Trust</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>IRS USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SW0WS063107"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-381703.66000000</valUSD>
        <pctVal>-0.00952621513</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>CHICAGO MERCANTILE EXCHANGE INC.</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="THE SECURED OVERNIGHT FINANCING RATE" floatingRtSpread="0.00000000" pmntAmt="95601000.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.20000000"/>
            <terminationDt>2028-11-01</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-5578.05000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-95601000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-376125.61000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALTRIA GROUP INC</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group Inc</title>
        <cusip>02209SBE2</cusip>
        <identifiers>
          <isin value="US02209SBE28"/>
          <other otherDesc="SEDOL" value="BJ2WB47"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6046216.65000000</valUSD>
        <pctVal>0.150896013289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</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>NEXSTAR BROADCASTING INC</name>
        <lei>5493006PK6I4I2OOT688</lei>
        <title>Nexstar Media Inc</title>
        <cusip>65336RAW8</cusip>
        <identifiers>
          <isin value="US65336RAW88"/>
          <other otherDesc="INTERNAL" value="BL2870022"/>
        </identifiers>
        <balance>16261259.78540000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16171253.71000000</valUSD>
        <pctVal>0.403587541760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.84340000</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>DEVON ENERGY CORPORATION</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>Devon Energy Corp</title>
        <cusip>25179MAY9</cusip>
        <identifiers>
          <isin value="US25179MAY93"/>
          <other otherDesc="SEDOL" value="BMGPQV5"/>
        </identifiers>
        <balance>170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>179732.79000000</valUSD>
        <pctVal>0.004485608610</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>MICHAELS COS INC/THE</name>
        <lei>549300H9LWMBP7HYLR98</lei>
        <title>Michaels Cos Inc/The</title>
        <cusip>59408UAB3</cusip>
        <identifiers>
          <isin value="US59408UAB35"/>
          <other otherDesc="INTERNAL" value="BL3588797"/>
        </identifiers>
        <balance>4145225.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4124250.16000000</valUSD>
        <pctVal>0.102929309843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DISH DBS CORP</name>
        <lei>N/A</lei>
        <title>DISH DBS Corp</title>
        <cusip>25470XBD6</cusip>
        <identifiers>
          <isin value="US25470XBD66"/>
          <other otherDesc="SEDOL" value="BMDHSQ3"/>
        </identifiers>
        <balance>3150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2772315.00000000</valUSD>
        <pctVal>0.069188933393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>1011778 BC ULC</name>
        <lei>549300RHSHNRWI5LLA86</lei>
        <title>1011778 BC ULC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAC6901LAH06"/>
          <other otherDesc="INTERNAL" value="BL3213990"/>
        </identifiers>
        <balance>18169259.47680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17790702.96000000</valUSD>
        <pctVal>0.444004293209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.84340000</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>NOTA DO TESOURO NACIONAL</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>Brazil Notas do Tesouro Nacional Serie F</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRSTNCNTF147"/>
          <other otherDesc="SEDOL" value="B4Q5YM6"/>
        </identifiers>
        <balance>213849000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="BRL" exchangeRt="5.62185000"/>
        <valUSD>37356261.93000000</valUSD>
        <pctVal>0.932303839396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</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>2022-01-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Legg Mason Partners Institutional Trust</ncom:nameOfApplicant>
      <ncom:signature>Christopher Berarducci</ncom:signature>
      <ncom:signerName>Christopher Berarducci</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
