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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <curCd>USD</curCd>
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        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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        <securityLending>
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      <invstOrSec>
        <name>MERRILL LYNCH INTERNATIONAL</name>
        <lei>GGDZP1UYGU9STUHRDP48</lei>
        <title>CDS ARAB REPUBLIC OF EGYPT</title>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-120.34000000</valUSD>
        <pctVal>-0.00002295514</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <title>Soybean Oil Futures</title>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
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        <name>MORGAN STANLEY CAPITAL SERVICES LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <descRefInstrmnt>
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                  <ticker value="001380"/>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="HWAWAY TECHNOLOGY CORP LTD" floatingRtSpread="0.00000000" pmntAmt="-64783.00000000">
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            <rcptCurCd>USD</rcptCurCd>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <descRefInstrmnt>
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                  <ticker value="2607"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="HKD" fixedOrFloating="Floating" floatingRtIndex="SHANGHAI PHARMACEUTICALS HOLDING CO LTD" floatingRtSpread="0.00000000" pmntAmt="-1610201.89000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>HKD</rcptCurCd>
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            <curCd>HKD</curCd>
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        </derivativeInfo>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
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        <identifiers>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="HKD" fixedOrFloating="Floating" floatingRtIndex="JNBY DESIGN LTD" floatingRtSpread="0.00000000" pmntAmt="-1661720.10690000">
              <rtResetTenors>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL SERVICES LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                  <ticker value="TMG"/>
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            <swapFlag>Y</swapFlag>
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              <rtResetTenors>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>SGD</curCd>
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        <name>SKANDINAVISKA ENSKILDA BANKEN AB</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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            <rcptCurCd>EUR</rcptCurCd>
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL SERVICES LLC</name>
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        <derivativeInfo>
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              <rtResetTenors>
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            <rcptCurCd>AUD</rcptCurCd>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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      <invstOrSec>
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        <lei>I7331LVCZKQKX5T7XV54</lei>
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        <derivativeInfo>
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      <invstOrSec>
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        <derivativeInfo>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
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        <balance>1.00000000</balance>
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        <pctVal>-0.00463549852</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <counterparties>
              <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
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            <descRefInstrmnt>
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                  <ticker value="2778"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="HKD" fixedOrFloating="Floating" floatingRtIndex="CHAMPION REIT" floatingRtSpread="0.00000000" pmntAmt="865392.11000000">
              <rtResetTenors>
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            <pmntCurCd>HKD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>HKD</rcptCurCd>
            <notionalAmt>865392.11000000</notionalAmt>
            <curCd>HKD</curCd>
            <unrealizedAppr>-24301.13000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SKANDINAVISKA ENSKILDA BANKEN AB</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="DKK" exchangeRt="6.32360000"/>
        <valUSD>-99576.50000000</valUSD>
        <pctVal>-0.01899445494</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>SKANDINAVISKA ENSKILDA BANKEN AB</counterpartyName>
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            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
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                  <isin value="DK0010234467"/>
                  <ticker value="FLS"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="DKK" fixedOrFloating="Floating" floatingRtIndex="FLSMIDTH &amp; CO A/S" floatingRtSpread="0.00000000" pmntAmt="1538537.54000000">
              <rtResetTenors>
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            <terminationDt>2030-09-10</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>DKK</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>DKK</rcptCurCd>
            <notionalAmt>1538537.54000000</notionalAmt>
            <curCd>DKK</curCd>
            <unrealizedAppr>-99576.50000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SABESP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="1287541X"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>50506.72000000</valUSD>
        <pctVal>0.009634277336</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP</issuerName>
                <issueTitle>Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP COM NPV</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="BRSBSPACNOR5"/>
                  <ticker value="SBSP3"/>
                  <other otherDesc="SEDOL" value="B1YCHL8"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SABESP" floatingRtSpread="0.60000000" pmntAmt="51943.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
            <terminationDt>2026-07-10</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>51943.00000000</notionalAmt>
            <curCd>BRL</curCd>
            <unrealizedAppr>50506.72000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS ADI SARANA ARMADA TBK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="ARB88SVC0"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>12052.87000000</valUSD>
        <pctVal>0.002299113707</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ADI SARANA ARMADA TBK PT</issuerName>
                <issueTitle>ADI SARANA ARMADA TBK PT</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="ID1000125800"/>
                  <ticker value="ASSA"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ADI SARANA ARMADA TBK" floatingRtSpread="0.00000000" pmntAmt="-40940.14820000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-09-10</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>747300.00000000</notionalAmt>
            <curCd>IDR</curCd>
            <unrealizedAppr>12052.87000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL SERVICES LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
        <title>TRS COLLINS FOODS LTD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="ARB6QCFP1"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.40518500"/>
        <valUSD>12669.18000000</valUSD>
        <pctVal>0.002416676310</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY CAPITAL SERVICES LLC</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Collins Food Ltd.</issuerName>
                <issueTitle>Collins Food Ltd. NPV</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="AU000000CKF7"/>
                  <ticker value="CKF"/>
                  <other otherDesc="SEDOL" value="B6QCFP1"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="AUD" fixedOrFloating="Floating" floatingRtIndex="COLLINS FOODS LTD" floatingRtSpread="0.00000000" pmntAmt="-320048.17250000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-06-24</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>AUD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>AUD</rcptCurCd>
            <notionalAmt>33657.00000000</notionalAmt>
            <curCd>AUD</curCd>
            <unrealizedAppr>12669.18000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SKANDINAVISKA ENSKILDA BANKEN AB</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
        <title>TRS BW LPG LIMITED</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="ARBT5GCNX"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="NOK" exchangeRt="9.50830000"/>
        <valUSD>-6758.27000000</valUSD>
        <pctVal>-0.00128915612</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>SKANDINAVISKA ENSKILDA BANKEN AB</counterpartyName>
              <counterpartyLei>F3JS33DEI6XQ4ZBPTN86</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>BW LPG Limited</issuerName>
                <issueTitle>BW LPG Limited USD0.01</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="SGXZ69436764"/>
                  <ticker value="BWLP"/>
                  <other otherDesc="SEDOL" value="BT5GCN2"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="NOK" fixedOrFloating="Floating" floatingRtIndex="BW LPG LIMITED" floatingRtSpread="0.00000000" pmntAmt="392773.82000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
            <terminationDt>2027-01-27</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>NOK</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>NOK</rcptCurCd>
            <notionalAmt>392773.82000000</notionalAmt>
            <curCd>NOK</curCd>
            <unrealizedAppr>-6758.27000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL SERVICES LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
        <title>TRS FITTECH CO LTD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="ARBD96RV9"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-21085.22000000</valUSD>
        <pctVal>-0.00402205601</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY CAPITAL SERVICES LLC</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>FITTECH CO LTD</issuerName>
                <issueTitle>FITTECH CO LTD</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="TW0006706005"/>
                  <ticker value="6706"/>
                  <other otherDesc="SEDOL" value="BD96RV9"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FITTECH CO LTD" floatingRtSpread="0.00000000" pmntAmt="22109.66000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
            <terminationDt>2026-06-24</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>22109.66000000</notionalAmt>
            <curCd>TWD</curCd>
            <unrealizedAppr>-21085.22000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>CDS ICELAND BONDCO PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="ICEMS1230"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84630950"/>
        <valUSD>-9592.99000000</valUSD>
        <pctVal>-0.00182988572</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>INTERCONTINENTAL EXCHANGE, INC.</counterpartyName>
              <counterpartyLei>5493000F4ZO33MV32P92</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ICELAND BONDCO PLC</issuerName>
                <issueTitle>ICELAND BONDCO PLC</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="XS2660424008"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Default Event</otherRecDesc>
            <fixedPmntDesc amount="N/A" curCd="EUR" fixedOrFloating="Fixed" fixedRt="5.00000000"/>
            <terminationDt>2030-12-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-7091.61000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>EUR</curCd>
            <unrealizedAppr>-2501.38000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL SERVICES LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
        <title>TRS WISE PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="ARBL9YR75"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74203200"/>
        <valUSD>-755.32000000</valUSD>
        <pctVal>-0.00014407909</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY CAPITAL SERVICES LLC</counterpartyName>
              <counterpartyLei>I7331LVCZKQKX5T7XV54</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Wise PLC</issuerName>
                <issueTitle>Wise PLC CLS A ORD GBP0.01</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="GB00BL9YR756"/>
                  <ticker value="WISE"/>
                  <other otherDesc="SEDOL" value="BL9YR75"/>
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              </otherRefInst>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="GBP" fixedOrFloating="Floating" floatingRtIndex="WISE PLC" floatingRtSpread="0.00000000" pmntAmt="78109.98000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
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      <invstOrSec>
        <name>HSBC BANK PLC</name>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL SERVICES LLC</name>
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      <invstOrSec>
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              <rtResetTenors>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
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        <identifiers>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ADVANCED INFO SERVICE PCL" floatingRtSpread="0.00000000" pmntAmt="-202636.92280000">
              <rtResetTenors>
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            <rcptCurCd>USD</rcptCurCd>
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        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL SERVICES LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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              <rtResetTenors>
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            <rcptCurCd>USD</rcptCurCd>
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL SERVICES LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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              <rtResetTenors>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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        <derivativeInfo>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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        <derivativeInfo>
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      <invstOrSec>
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        <derivativeInfo>
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        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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        <derivativeInfo>
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      <invstOrSec>
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        <derivativeInfo>
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              <rtResetTenors>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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        <derivativeInfo>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      <invstOrSec>
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        <derivativeInfo>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <rtResetTenors>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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            <rcptCurCd>GBP</rcptCurCd>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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              <rtResetTenors>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>EUR</rcptCurCd>
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      </invstOrSec>
      <invstOrSec>
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        <identifiers>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <counterparties>
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            <descRefInstrmnt>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="EUR" fixedOrFloating="Floating" floatingRtIndex="UNITED INTERNET AG" floatingRtSpread="0.00000000" pmntAmt="211104.69000000">
              <rtResetTenors>
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            <rcptCurCd>EUR</rcptCurCd>
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      </invstOrSec>
      <invstOrSec>
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        <identifiers>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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            <descRefInstrmnt>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="GBP" fixedOrFloating="Floating" floatingRtIndex="NCC GROUP PLC" floatingRtSpread="0.00000000" pmntAmt="152195.99640000">
              <rtResetTenors>
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            <rcptCurCd>GBP</rcptCurCd>
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            <curCd>GBP</curCd>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
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        <identifiers>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
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        <derivativeInfo>
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            <counterparties>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
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        <currencyConditional curCd="GBP" exchangeRt="0.74203200"/>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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      <invstOrSec>
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        <derivativeInfo>
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      <invstOrSec>
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        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="KIP REAL ESTATE INVESTMEN" floatingRtSpread="0.00000000" pmntAmt="-44439.37420000">
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      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL SERVICES LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
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        <identifiers>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <descRefInstrmnt>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="AUD" fixedOrFloating="Floating" floatingRtIndex="INGHAMS GROUP LTD" floatingRtSpread="0.00000000" pmntAmt="-317809.74960000">
              <rtResetTenors>
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            <rcptCurCd>AUD</rcptCurCd>
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            <curCd>AUD</curCd>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
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        <identifiers>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
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        <identifiers>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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        <derivativeInfo>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <derivativeInfo>
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        <derivativeInfo>
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        <derivativeInfo>
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      <invstOrSec>
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        <derivativeInfo>
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      <invstOrSec>
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        <derivativeInfo>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Volkswagen AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VT Topco Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Plug Power Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Edison International</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Central Bank Of Tunisie SA</name>
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        <name>Sofi Technologies Inc</name>
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        <name>United States Treasury Notes</name>
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        <name>Delivery Hero SE</name>
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        <name>PAR Technology Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IDEAYA Biosciences Inc.</name>
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        <name>Alarm.com Holdings Inc.</name>
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        <name>Alphatec Holdings Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Goldman Sachs International</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Evergy Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pebblebrook Hotel Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fortuna Mining Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NRG Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PIVOTAL SOFTWARE ESCROW</name>
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        <fairValLevel>3</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Travere Therapeutics Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Regeneron Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>K Hovnanian Enterprises Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Project Boost Pu 07/16/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mercedes-Benz Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nabors Industries, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fluor Corporation</name>
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        <name>Arrowhead Pharmaceuticals Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Southern Co.</name>
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        <title>Southern Co. COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Terawulf Inc</name>
        <lei>254900CVMW1SX2T78A64</lei>
        <title>Terawulf Inc COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Patrick Industries Inc.</name>
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        <name>United States Treasury Notes</name>
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        <name>Lebanese Republic</name>
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        <name>Opendoor Technologies Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>DexCom Inc</name>
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        <name>The Realreal Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Nutanix Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Synaptics Incorporated</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Opendoor Technologies Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PAGAYA US HOLDING CO LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Venezuela (Republic Of)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Opendoor Technologies Inc.</name>
        <lei>254900KX11YZ4HV5BQ47</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Semtech Corporation</name>
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        <name>Ameren Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>iRhythm Holdings Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Angola (Republic of)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Blue Owl Technology Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HA Sustainable Infrastructure Capital Inc</name>
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        <name>Amphastar Pharmaceuticals Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ICBC Standard Bank PLC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Petroleos Mexicanos Sa De CV</name>
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        <name>NuScale Power Corp.</name>
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        <name>Shift4 Payments Inc</name>
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        <name>Vizsla Silver Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Rivian Automotive Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Unity Software Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ascendis Pharma A/S</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Zoetis Inc.</name>
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        <name>Semtech Corporation</name>
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        <name>United States Treasury Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kaisa Group Holdings Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Varonis Systems Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>B2Gold Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Midas Opco Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Suriname (Republic of)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Samarco Mineracao SA</name>
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        <name>Ping An Insurance (Group) Company of China Ltd.</name>
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        <name>Cyberark Software Ltd.</name>
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        <name>LIGADO DIP ROLLUP05/05/25</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IHI Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Upwork Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ConnectWise 09/2 09/29/28</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Agilent Technologies Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Olema Pharmaceuticals Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Bills</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Falcons Beyond Global Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>World Kinect Corporation</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PERFORCE SOFTWAR 07/02/29</name>
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        <name>Blue Owl Technology Fin Corp II</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Live Nation Entertainment, Inc.</name>
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        <name>Viridian Therapeutics Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Reinsurance Group of America, Incorporated</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Boeing Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Microchip Technology Incorporated</name>
        <lei>5493007PTFULNYZJ1R12</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>James Hardie Industries PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Notes</name>
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        <name>EchoStar Corp.</name>
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        <name>Trico Group/Firs 03/30/27</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tempus AI Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mirum Pharmaceuticals Inc.</name>
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        <name>Ionq Inc</name>
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        <name>Gilead Sciences Inc.</name>
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        <name>Eaton Corporation PLC</name>
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        <name>DOTDASH MEREDITH 06/17/32</name>
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        <name>Booz Allen Hamilton Inc</name>
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        <name>Cleveland-Cliffs Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Aeva Technologies Inc</name>
        <lei>529900EOW3TB2FR95A21</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>LivaNova PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <title>Applied Digital Corp COM NEW</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Progress Software Corp.</name>
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        <name>Penguin Solutions Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Dover Corporation</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lyft Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WisdomTree, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Premium Brands Holdings Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Trip.com Group Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Alarm.com Holdings Inc.</name>
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        <name>MGM Resorts International</name>
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        <title>MGM Resorts International COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Indie Semiconductor Inc.</name>
        <lei>254900L1MFXFYGB1PV53</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Conx Corp</name>
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        <fairValLevel>3</fairValLevel>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Fidelity Government Portfolio</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Array Technologies Inc</name>
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        <title>Array Technologies Inc COM SHS</title>
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        <name>Check Point Software Technologies Ltd.</name>
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        <name>Proofpoin 08/31/28</name>
        <lei>529900C5FODDK0WSR085</lei>
        <title>Proofpoin 08/31/28</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Centrient Holding BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Indonesia (Republic of)</name>
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        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Western Digital Corp.</name>
        <lei>549300QQXOOYEF89IC56</lei>
        <title>Western Digital Corp. COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>GAINWELL ACQUISI 10/01/27</name>
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          <isin value="US59909TAC80"/>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 3.5 02/15/29</title>
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          <isin value="US91282CQA26"/>
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        <curCd>USD</curCd>
        <valUSD>183278.07000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
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        <balance>1.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 3.5 02/15/29</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MULTICOLOR TL SO 12/02/26</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-02</maturityDt>
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          <annualizedRt>10.41017040</annualizedRt>
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        <name>Granite Construction Inc</name>
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        <title>GVA 3.75 05/15/28</title>
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        <fairValLevel>2</fairValLevel>
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        <name>AmWINS Grou 01/30/32</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Avnet, Inc.</name>
        <lei>XJI53DCPL7QABOWK4Z75</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Bills</name>
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        <name>888 HOLDINGS TLB 07/03/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oklo Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UnitedHealth Group Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group Inc. COM</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Optimum Communications Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lebanese Republic</name>
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        <name>ON Semiconductor Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kaisa Group Holdings Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>Kaisa Group Holdings Ltd.</name>
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        <name>TransMedics Group Inc.</name>
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        <name>Kaisa Group Holdings Ltd.</name>
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        <name>Oddity Tech Ltd.</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Commvault Systems Inc.</name>
        <lei>65T5VRP62VXG39YFML83</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Astronics Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LIBERTY MEDIA CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Guardant Health Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>S&amp;S Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Assured Guaranty US Holdings Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cohu Inc</name>
        <lei>529900FJPORJ3JJ2XS33</lei>
        <title>Cohu Inc COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>AbbVie Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
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        <cusip>00287YEH8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>UL Solutions Inc.</name>
        <lei>549300F7CUV5ESKV9P71</lei>
        <title>UL Solutions Inc. CLASS A COM SHS</title>
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        <fairValLevel>1</fairValLevel>
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        <name>MKS Inc.</name>
        <lei>549300KEQATBHAGVF505</lei>
        <title>MKS Inc. COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Super Micro Computer Inc.</name>
        <lei>54930022CZO1N2UGVW07</lei>
        <title>Super Micro Computer Inc. COM NEW</title>
        <cusip>86800U302</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Viavi Solutions Inc</name>
        <lei>5493006K3E3N1QOBF092</lei>
        <title>Viavi Solutions Inc COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>3M Company</name>
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        <name>RIVERBED TECHNOL 07/01/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Amyris Inc ESCROW</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Peru (Republic Of)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Bills</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Cheesecake Factory Inc</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>GALAXY DIGITAL INC</name>
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        <name>Peloton Interactive Inc</name>
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        <name>Meta Platforms Inc</name>
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        <name>A10 Networks Inc</name>
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        <name>Spectrum Brands Holdings Inc.</name>
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        <name>H World Group Ltd.</name>
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        <name>Apogee Therapeutics Inc.</name>
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        <name>UGI Corp</name>
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        <name>Super Micro Computer Inc.</name>
        <lei>54930022CZO1N2UGVW07</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Kaisa Group Holdings Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Snap Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WisdomTree, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIBERTY MEDIA CORP</name>
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          <isin value="US531229AQ58"/>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
              <name>Liberty Media Corp-Liberty For</name>
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      <invstOrSec>
        <name>Argentina (Republic Of)</name>
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        <invCountry>AR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PERSHING SQUARE SPARC HOLDINGS LTD</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Norwegian Cruise Line Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Norwegian Cruise Line Holdings Ltd SHS</title>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>PG&amp;E Corporation</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PCG 4.25 12/01/27</title>
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        <fairValLevel>2</fairValLevel>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
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      <invstOrSec>
        <name>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>GS 0 04/02/26 emTn</title>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HARBOR FREIGH 06/11/31</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Solaredge Technologies Inc</name>
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        <title>SEDG 2.25 07/01/29</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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              <title>SolarEdge Technologies Inc</title>
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      <invstOrSec>
        <name>Organon &amp; Co</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tempus AI Inc.</name>
        <lei>2549009LA0KWRAGQBX50</lei>
        <title>TEM 0.75 07/15/30</title>
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        <fairValLevel>2</fairValLevel>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
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              <title>Tempus AI Inc</title>
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      <invstOrSec>
        <name>HERBALIFE LTD</name>
        <lei>549300BA7TYPBSZZIA41</lei>
        <title>Herbalife Ltd. COM SHS</title>
        <cusip>000000000</cusip>
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        <name>Forgent Power Solutions Inc.</name>
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        <name>Progress Software Corp.</name>
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        <name>Box Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>DRAFTKINGS HOLDINGS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NCL Corporation Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Nebius Group N.V.</name>
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        <name>Carmax Inc</name>
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        <name>Cloudflare Inc</name>
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        <name>CorMedix Inc.</name>
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        <name>Stride Inc</name>
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        <name>LivaNova PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Bitdeer Technologies Group</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Super Micro Computer Inc.</name>
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        <name>Hertz Corp.</name>
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        <name>Bentley Systems Incorporated</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>Venezuela (Republic Of)</name>
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        <name>Equipmentshare Com Inc.</name>
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        <name>IREN Ltd.</name>
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        <name>Development Bank of Kazakhstan JSC</name>
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        <name>ANI Pharmaceuticals Inc.</name>
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        <name>Vaxcyte Inc</name>
        <lei>254900M7NMHTGASX8D95</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Compass Inc.</name>
        <lei>254900DMGQSTC3I2IM78</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Pitney Bowes Inc.</name>
        <lei>549300N2O26NW4ST6W55</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Meiji Yasuda Life Insurance Co.</name>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Unity Software Inc</name>
        <lei>549300D1ESJMGNQNG432</lei>
        <title>Unity Software Inc COM</title>
        <cusip>91332U101</cusip>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OSI System Inc.</name>
        <lei>DDX3MPX1Y8YD30050X33</lei>
        <title>OSIS 0.5 02/01/31</title>
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          <isin value="US671044AG08"/>
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        <balance>403000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lemaitre Vascular Inc.</name>
        <lei>549300FZUBUB7MHY8R17</lei>
        <title>Lemaitre Vascular Inc. COM</title>
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          <isin value="US5255582018"/>
          <ticker value="LMAT"/>
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        <fairValLevel>1</fairValLevel>
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        <name>LI AUTO INC</name>
        <lei>2549003R73Q70J5H4I65</lei>
        <title>Li Auto Inc. SPONSORED ADS</title>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Lyft Inc</name>
        <lei>549300H7I5VN334XVZ52</lei>
        <title>Lyft Inc CL A COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Epicor Software 05/30/31</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Plug Power Inc</name>
        <lei>549300JPDKRSJ8JSM954</lei>
        <title>Plug Power Inc COM NEW</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>GULFSIDE SUPPL 06/17/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JBT Marel Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Guitar Center, Inc.</name>
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        <title>GTRC 8.5 01/15/29</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Revolution Medicines Inc</name>
        <lei>549300JU3X0LBCQ65892</lei>
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        <name>Grab Holdings Ltd.</name>
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        <name>Univision Communications Inc.</name>
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        <name>Kaisa Group Holdings Ltd.</name>
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        <name>Euronet Worldwide, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Shift Technologies Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PETCO HEALTH WEL 03/03/28</name>
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        <name>Kaisa Group Holdings Ltd.</name>
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        <name>Nidec Corp.</name>
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        <name>Kilroy Realty L.P.</name>
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        <name>Solaris Energy Infrastructure Inc</name>
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        <name>Welltower OP LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gamestop Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Welltower Inc.</name>
        <lei>254900F33BIAR82QTA19</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Wix.com Limited</name>
        <lei>5493008P6N29Q1AG9464</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ZODIAC PURCHASE 02/14/32</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>America Movil S.A.B. de C.V.</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>AMXLMM 10.125 01/22/29</title>
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        <fairValLevel>2</fairValLevel>
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        <name>RWE AG</name>
        <lei>529900GB7KCA94ACC940</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Upstart Holdings Inc</name>
        <lei>549300WNB47JRNENIC75</lei>
        <title>UPST 2 10/01/29</title>
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        <fairValLevel>2</fairValLevel>
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        <name>IREN Ltd.</name>
        <lei>254900FZF02RB3NNGB71</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Mineralys Therapeutics Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Bills</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Impinj Inc</name>
        <lei>549300M26VGKSMMWWN17</lei>
        <title>Impinj Inc COM</title>
        <cusip>453204109</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bridgebio Pharma Inc</name>
        <lei>54930028YG89VTY2J114</lei>
        <title>BBIO 2.5 03/15/27</title>
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        <fairValLevel>2</fairValLevel>
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              <title>Bridgebio Pharma Inc</title>
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        <name>NiSource Inc.</name>
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        <name>NCL Corporation Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
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        <curCd>USD</curCd>
        <valUSD>274342.00000000</valUSD>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>Norwegian Cruise Line Holdings Ltd</title>
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                <cusip value="000000000"/>
                <isin value="BMG667211046"/>
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      <invstOrSec>
        <name>AST SpaceMobile Inc.</name>
        <lei>254900MBSC9P2UCI6623</lei>
        <title>AST SpaceMobile Inc. COM CL A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>TCOM/TRIP.COM GROUP LTD</name>
        <lei>2549004RMYDSRQL4KW41</lei>
        <title>Trip.com Group Ltd. ADS</title>
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          <isin value="US89677Q1076"/>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Guidewire Software Inc</name>
        <lei>549300WXSG0J8IXZCK32</lei>
        <title>Guidewire Software Inc COM</title>
        <cusip>40171V100</cusip>
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          <isin value="US40171V1008"/>
          <ticker value="GWRE"/>
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        <valUSD>-139652.52000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 03/12/26</title>
        <cusip>912797SB4</cusip>
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          <isin value="US912797SB42"/>
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        <balance>15000000.00000000</balance>
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        <valUSD>14984891.70000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Parsons Corporation</name>
        <lei>549300ZXH0VRBSEPX752</lei>
        <title>PSN 2.625 03/01/29</title>
        <cusip>70202LAD4</cusip>
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          <isin value="US70202LAD47"/>
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        <balance>358000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>375900.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isContngtConvrtbl>Y</isContngtConvrtbl>
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            <dbtSecRefInstrument>
              <name>Parsons Corp</name>
              <title>Parsons Corp</title>
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            <currencyInfo convRatio="10.62560000" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Three-Month SOFR Futures, Mar-2028,ETH</title>
        <cusip>000000000</cusip>
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          <ticker value="SR3H8"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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                <issuerName>THE SECURED OVERNIGHT FINANCING RATE</issuerName>
                <issueTitle>THE SECURED OVERNIGHT FINANCING RATE</issueTitle>
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                  <cusip value="000000000"/>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTUSD__00781981"/>
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        <balance>1.00000000</balance>
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        <valUSD>-2141.79000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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            <settlementDt>2026-03-18</settlementDt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tandem Diabetes Care Inc</name>
        <lei>549300JEPFOD0K4D3I05</lei>
        <title>TNDM 1.5 03/15/29 2024</title>
        <cusip>875372AD6</cusip>
        <identifiers>
          <isin value="US875372AD67"/>
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        <balance>137000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>153525.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
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              <name>Tandem Diabetes Care Inc</name>
              <title>Tandem Diabetes Care Inc</title>
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                <isin value="US8753722037"/>
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          <currencyInfos>
            <currencyInfo convRatio="28.93610000" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>CorMedix Inc.</name>
        <lei>5299006YIA3L0MBW8358</lei>
        <title>CorMedix Inc. COM</title>
        <cusip>21900C308</cusip>
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          <isin value="US21900C3088"/>
          <ticker value="CRMD"/>
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        <balance>-10842.00000000</balance>
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        <valUSD>-77303.46000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Box Inc.</name>
        <lei>549300KQUCPD8687YS68</lei>
        <title>BOX 1.5 09/15/29</title>
        <cusip>10316TAD6</cusip>
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          <isin value="US10316TAD63"/>
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        <balance>441000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>412335.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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            <dbtSecRefInstrument>
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              <title>Box Inc</title>
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      <invstOrSec>
        <name>MKS Inc.</name>
        <lei>549300KEQATBHAGVF505</lei>
        <title>MKSI 1.25 06/01/30</title>
        <cusip>55306NAB0</cusip>
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          <isin value="US55306NAB01"/>
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        <balance>432000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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              <title>MKS Inc</title>
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        <name>Premium Brands Holdings Corp.</name>
        <lei>529900F5EXPGUY8WV366</lei>
        <title>Premium Brands Holdings Corp. COM NPV</title>
        <cusip>74061A108</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>SEDGWICK CLAIMS 07/31/31</name>
        <lei>N/A</lei>
        <title>SEDGWICK CLAIMS 07/31/31</title>
        <cusip>81527CAP2</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Planet Labs Pbc</name>
        <lei>254900Q7PVI3HTQBRB44</lei>
        <title>Planet Labs Pbc COM CL A</title>
        <cusip>72703X106</cusip>
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          <ticker value="PL"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>CoreWeave Inc.</name>
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        <name>Nippon Life Insurance Co.</name>
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        <name>Alphatec Holdings Inc.</name>
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        <name>El Salvador (Republic of)</name>
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        <name>Solaris Energy Infrastructure Inc</name>
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        <name>Bloom Energy Corporation</name>
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        <name>Solaris Energy Infrastructure Inc</name>
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        <name>Zhenro Properties Group Limited</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Oddity Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ecopetrol S.A.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enovis Corporation</name>
        <lei>635400OP2DYYYMOIYL17</lei>
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        <cusip>194014502</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Silvercorp Metals Inc.</name>
        <lei>52990092RT3UCQ7G3177</lei>
        <title>Silvercorp Metals Inc. COM</title>
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          <isin value="CA82835P1036"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NVIDIA Corp.</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Luz del Sur SA</name>
        <lei>N/A</lei>
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          <isin value="US550688AA35"/>
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        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Veeco Instruments Inc.</name>
        <lei>5493004201F72ADDZW04</lei>
        <title>Veeco Instruments Inc. COM</title>
        <cusip>922417100</cusip>
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          <isin value="US9224171002"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OSI System Inc.</name>
        <lei>DDX3MPX1Y8YD30050X33</lei>
        <title>OSI System Inc. COM</title>
        <cusip>671044105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Inotiv Inc.</name>
        <lei>549300FH5Z13X0Q5SK81</lei>
        <title>NOTV 3.25 10/15/27</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Synaptics Incorporated</name>
        <lei>549300AJ3LI4FWNRQX29</lei>
        <title>Synaptics Incorporated COM</title>
        <cusip>87157D109</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Stride Inc</name>
        <lei>254900BRWS3AFONWU277</lei>
        <title>Stride Inc COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Porch Group Inc.</name>
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        <title>PRCH 6.75 10/01/28</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Sofi Technologies Inc</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>European Bank For Reconstruction &amp; Development</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Encore Capital Group Inc.</name>
        <lei>5493000UVC6H49CIH830</lei>
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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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          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Cornerstone Bldg 04/12/28</name>
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          <isin value="US72431HAD26"/>
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        <curCd>USD</curCd>
        <valUSD>63764.90000000</valUSD>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-12</maturityDt>
          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cornerstone Bldg 04/12/28</name>
        <lei>N/A</lei>
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          <isin value="US72431HAD26"/>
          <other otherDesc="LoanX ID" value="LX193695 00001"/>
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        <curCd>USD</curCd>
        <valUSD>-63764.90000000</valUSD>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.03019160</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>Yinson Boronia Production BV</name>
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        <title>YPANBR 8.947 07/31/42 REGS</title>
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          <isin value="USN9733XAA56"/>
          <other otherDesc="SEDOL" value="BN6LF46"/>
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        <balance>562475.34000000</balance>
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        <curCd>USD</curCd>
        <valUSD>620702.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.94700000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Etsy Inc</name>
        <lei>54930089Q7XT501AEA40</lei>
        <title>Etsy Inc COM</title>
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          <isin value="US29786A1060"/>
          <ticker value="ETSY"/>
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        <balance>-194.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-10646.72000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UK 02/10/31 Term 02/10/31</name>
        <lei>N/A</lei>
        <title>UK 02/10/31 Term 02/10/31</title>
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          <isin value="US89841EAB11"/>
          <other otherDesc="LoanX ID" value="LX225675 00001"/>
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        <curCd>USD</curCd>
        <valUSD>-26289.45000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.16683960</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VECTOR CAP CLS B-1 UNIT</name>
        <lei>N/A</lei>
        <title>VECTOR CAP CLS B-1 UNIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="VECTORB1"/>
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        <balance>1498.87780000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Romania (Republic Of)</name>
        <lei>315700IASY927EDWBK92</lei>
        <title>ROMANI 4.625 03/04/33 144A</title>
        <cusip>000000000</cusip>
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          <isin value="XS3307443245"/>
          <other otherDesc="SEDOL" value="BVY4ZD2"/>
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        <balance>440000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84630950"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oscar Health Inc</name>
        <lei>254900AE8KDLFDOPKZ19</lei>
        <title>Oscar Health Inc CL A</title>
        <cusip>687793109</cusip>
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          <isin value="US6877931096"/>
          <ticker value="OSCR"/>
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        <balance>-3623.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-49417.72000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTUSD__00781398"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Encore Capital Group Inc.</name>
        <lei>5493000UVC6H49CIH830</lei>
        <title>Encore Capital Group Inc. COM</title>
        <cusip>292554102</cusip>
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          <isin value="US2925541029"/>
          <ticker value="ECPG"/>
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        <curCd>USD</curCd>
        <valUSD>-295285.96000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Omnicell Inc</name>
        <lei>5493008RH0GTKHHPZI77</lei>
        <title>Omnicell Inc COM</title>
        <cusip>68213N109</cusip>
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          <isin value="US68213N1090"/>
          <ticker value="OMCL"/>
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        <curCd>USD</curCd>
        <valUSD>-32880.00000000</valUSD>
        <pctVal>-0.00627193844</pctVal>
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        <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>
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      <invstOrSec>
        <name>Concentrix Corp.</name>
        <lei>5493000EAJN1KMPVA737</lei>
        <title>CNXC 6.5 03/01/29</title>
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          <isin value="US20602DAD30"/>
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        <balance>25000.00000000</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>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Concentrix Corp.</name>
        <lei>5493000EAJN1KMPVA737</lei>
        <title>CNXC 6.5 03/01/29</title>
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          <isin value="US20602DAD30"/>
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        <balance>-144000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Solar Inc</name>
        <lei>549300NPYMLM4NHTOF27</lei>
        <title>First Solar Inc COM</title>
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          <isin value="US3364331070"/>
          <ticker value="FSLR"/>
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        <valUSD>-149280.40000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Univision Communications Inc.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>UVN 9.375 08/01/32 144A</title>
        <cusip>914906BA9</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Core Scientific Inc</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
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            <dbtSecRefInstrument>
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              <title>Core Scientific Inc</title>
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                <isin value="US21874A1060"/>
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      <invstOrSec>
        <name>Aurora Innovation Inc</name>
        <lei>984500AB2E0D9F7D9D76</lei>
        <title>Aurora Innovation Inc CLASS A COM</title>
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          <isin value="US0517741072"/>
          <ticker value="AUR"/>
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        <valUSD>-119939.04000000</valUSD>
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        <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>
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        <name>Enovis Corporation</name>
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        <name>Concentrix Corp.</name>
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        <name>Enphase Energy Inc</name>
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        <title>Enphase Energy Inc COM</title>
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        <name>Oracle Corp.</name>
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        <name>Blackline Inc</name>
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        <name>Uber Technologies Inc</name>
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        <name>C.H. Robinson Worldwide Inc</name>
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        <name>Mastec, Inc.</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Owens Corning</name>
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        <name>BILL Holdings Inc</name>
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        <name>Dominican Republic</name>
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        <name>Five9 Inc.</name>
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        <name>Kite Realty Group Trust</name>
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        <name>Dotdash Meredith Inc</name>
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        <name>Sri Lanka (Democratic Socialist Republic of)</name>
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        <name>AST SpaceMobile Inc.</name>
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        <name>ANI Pharmaceuticals Inc.</name>
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        <name>Lebanese Republic</name>
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      </invstOrSec>
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        <name>EUREX DEUTSCHLAND</name>
        <lei>529900UT4DG0LG5R9O07</lei>
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          <isin value="DE000F21GBY5"/>
          <other otherDesc="FIGI" value="BBG01XH3G922"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.84630950"/>
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        <pctVal>-0.00681250781</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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            <writtenOrPur>Written</writtenOrPur>
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                <issueTitle>Delivery Hero SE</issueTitle>
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                  <ticker value="DHER"/>
                </identifiers>
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            <exercisePrice>36.00000000</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>36053.19000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EUREX DEUTSCHLAND</name>
        <lei>529900UT4DG0LG5R9O07</lei>
        <title>Delivery Hero [european](DHEE) Single Stock Opt,DELIVERY HERO [EUROPEAN]</title>
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        <identifiers>
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        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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                <issueTitle>Delivery Hero SE</issueTitle>
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            <delta>XXXX</delta>
            <unrealizedAppr>-105814.29000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>SMH A 2026-03-20 PUT 370</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="SMH 260320P00370000"/>
          <other otherDesc="FIGI" value="BBG01VYZSLZ0"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>27440.00000000</valUSD>
        <pctVal>0.005234245465</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>VanEck ETF Trust</issuerName>
                <issueTitle>VanEck ETF Trust SEMICONDUCTOR ETF</issueTitle>
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                  <isin value="US92189F6768"/>
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            </descRefInstrmnt>
            <shareNo>N/A</shareNo>
            <exercisePrice>370.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-15555.01000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>JPM A 2026-05-15 PUT 250</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="JPM 260515P00250000"/>
          <other otherDesc="FIGI" value="BBG01VY06R97"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>31160.00000000</valUSD>
        <pctVal>0.005943844340</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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            <writtenOrPur>Purchased</writtenOrPur>
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                <issueTitle>JPMorgan Chase &amp; Co</issueTitle>
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                  <isin value="US46625H1005"/>
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            <expDt>2026-05-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>6850.54000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EUREX DEUTSCHLAND</name>
        <lei>529900UT4DG0LG5R9O07</lei>
        <title>Aston Martin Lagonda(AML) Single Stock Opt,ASTON MARTIN LAGONDA</title>
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        <identifiers>
          <isin value="DE000F111X95"/>
          <other otherDesc="FIGI" value="BBG01T1SLHZ3"/>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EUREX DEUTSCHLAND</name>
        <lei>529900UT4DG0LG5R9O07</lei>
        <title>Aston Martin Lagonda(AML) Single Stock Opt,ASTON MARTIN LAGONDA</title>
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          <isin value="DE000F111YF9"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>Sugar No. 11 Futures - NYCC, May26</title>
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          <other otherDesc="FIGI" value="BBG01GVXXCK1"/>
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        <curCd>USD</curCd>
        <valUSD>8072.58000000</valUSD>
        <pctVal>0.001539863894</pctVal>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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              <counterpartyName>ICE FUTURES U.S., INC.</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>SUGAR #11</issuerName>
                <issueTitle>SUGAR #11</issueTitle>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PGR A 2026-03-20 PUT 200</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="PGR 260320P00200000"/>
          <other otherDesc="FIGI" value="BBG01S12JH12"/>
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        <balance>21.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4620.00000000</valUSD>
        <pctVal>0.000881276022</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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              <counterpartyName>THE OPTIONS CLEARING CORPORATION</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>The Progressive Corporation</issuerName>
                <issueTitle>The Progressive Corporation COM</issueTitle>
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                  <cusip value="743315103"/>
                  <isin value="US7433151039"/>
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            <shareNo>N/A</shareNo>
            <exercisePrice>200.00000000</exercisePrice>
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            <expDt>2026-03-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-5502.56000000</unrealizedAppr>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTUSD__00778355"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2.54000000</valUSD>
        <pctVal>-0.00000048451</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <amtCurSold>-1000.00000000</amtCurSold>
            <curSold>MXN</curSold>
            <amtCurPur>55.42000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-03-18</settlementDt>
            <unrealizedAppr>-2.54000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTUSD__00778354"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-5934.09000000</valUSD>
        <pctVal>-0.00113194182</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <amtCurSold>-255000.00000000</amtCurSold>
            <curSold>CHF</curSold>
            <amtCurPur>326487.17000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-03-18</settlementDt>
            <unrealizedAppr>-5934.09000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTUSD__00778353"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-56.79000000</valUSD>
        <pctVal>-0.00001083282</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <amtCurSold>-4000.00000000</amtCurSold>
            <curSold>NZD</curSold>
            <amtCurPur>2344.47000000</amtCurPur>
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            <unrealizedAppr>-56.79000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTUSD__00778177"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-456.07000000</valUSD>
        <pctVal>-0.00008699644</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <amtCurSold>-783000.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>925673.64000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-03-18</settlementDt>
            <unrealizedAppr>-456.07000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTUSD__00778176"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1213.39000000</valUSD>
        <pctVal>-0.00023145703</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <amtCurSold>-50000.00000000</amtCurSold>
            <curSold>CHF</curSold>
            <amtCurPur>63967.25000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-03-18</settlementDt>
            <unrealizedAppr>-1213.39000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-24</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Alternative Strategies Funds</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer Controller, US Fund Administration and Oversight</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
