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Fast polarization changes of 40 krad/s and 6-dB polarization-dependent loss (PDL) are tracked in a 2.8-Gb/s real-time coherent quadrature phase-shift keying receiver. The tolerance against fast polarization changes and PDL is measured for different polarization control time constants. The sensitivity penalty of the receiver at a polarization change speed of 40 krad/s is 0.7 dB at bit-error rate (BER) of 1times 10-3, with a BER floor of 6.1times10-7. With an additional PDL of 6 dB, these figures become 1.7 dB and 9.6 times 10-6, respectively.