| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Long | ||||||||||||||||
| Automobiles & Components | ||||||||||||||||
| Adient PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/27/31 | 1,252 | $25,688 | $23,012 | $(2,031) | ||||||||
| BorgWarner, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 3,431 | 146,881 | 227,818 | 88,177 | ||||||||
| Dana, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 26,633 | 652,089 | 724,684 | 95,916 | ||||||||
| Ford Motor Co. | USFF +0.250% | Weekly | MS | 07/16/29 | 182,524 | 1,942,980 | 2,537,084 | 724,130 | ||||||||
| General Motors Co. | USFF +0.250% | Weekly | MS | 01/07/27 | 23,253 | 1,476,028 | 1,792,341 | 375,866 | ||||||||
| Gentherm, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 45 | 1,529 | 1,535 | 6 | ||||||||
| Lear Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,099 | 421,430 | 415,452 | 7,186 | ||||||||
| Magna International, Inc. (Canada) | USFF +0.250% | Weekly | MS | 07/23/30 | 5,490 | 335,179 | 360,473 | 36,008 | ||||||||
| Phinia, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 600 | 45,251 | 49,422 | 5,518 | ||||||||
| Visteon Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 67 | 6,614 | 6,647 | 169 | ||||||||
| Winnebago Industries, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,006 | 31,283 | 31,427 | 939 | ||||||||
| 247,400 | 5,084,952 | 6,169,895 | 1,331,884 | |||||||||||||
| Capital Goods | ||||||||||||||||
| A. O. Smith Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | 8,356 | 542,668 | 524,088 | 2,671 | ||||||||
| AAR Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,831 | 201,753 | 261,705 | 71,421 | ||||||||
| AECOM | USFF +0.250% | Weekly | MS | 01/27/31 | 9,269 | 758,653 | 646,976 | (91,142) | ||||||||
| Allegion PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/17/30 | 4,815 | 722,507 | 676,459 | (21,531) | ||||||||
| AMETEK, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 8,086 | 1,538,687 | 1,956,327 | 471,345 | ||||||||
| API Group Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 10,163 | 407,804 | 430,403 | 33,440 | ||||||||
| Argan, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 484 | 287,171 | 386,498 | 106,949 | ||||||||
| Axon Enterprise, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,071 | 827,433 | 1,161,023 | 355,628 | ||||||||
| Babcock & Wilcox Enterprises, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 13,592 | 112,819 | 191,647 | 81,799 | ||||||||
| Ballard Power Systems, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 96,330 | 456,158 | 374,724 | (69,303) | ||||||||
| Bloom Energy Corp., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 456 | 108,418 | 138,031 | 32,466 | ||||||||
| Blue Bird Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 6,528 | 324,616 | 515,451 | 199,455 | ||||||||
| Carpenter Technology Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 2 | 543 | 1,234 | 665 | ||||||||
| Caterpillar, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,110 | 613,359 | 1,182,039 | 588,358 | ||||||||
| Cummins, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,415 | 1,140,452 | 1,722,402 | 623,536 | ||||||||
| Curtiss-Wright Corp. | USFF +0.250% | Weekly | MS | 07/06/26 | 391 | 278,995 | 296,284 | 24,780 | ||||||||
| Deere & Co. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,737 | 861,609 | 1,101,831 | 271,831 | ||||||||
| Donaldson Co., Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,021 | 257,863 | 271,195 | 20,172 | ||||||||
| Douglas Dynamics, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,610 | 160,878 | 194,760 | 39,309 | ||||||||
| Ducommun, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 412 | 61,520 | 76,307 | 16,387 | ||||||||
| EMCOR Group, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,526 | 1,176,657 | 1,266,397 | 121,542 | ||||||||
| EnerSys | USFF +0.250% | Weekly | MS | 01/27/31 | 1,242 | 281,465 | 290,404 | 16,629 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| ESCO Technologies, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,397 | $271,423 | $489,006 | $225,053 | ||||||||
| Everus Construction Group, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 7,656 | 1,171,907 | 1,270,513 | 129,835 | ||||||||
| Ferguson Enterprises, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 299 | 65,977 | 70,962 | 9,145 | ||||||||
| Fortive Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 8,018 | 416,037 | 489,820 | 86,029 | ||||||||
| GE Vernova, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 46 | 52,563 | 54,044 | 3,198 | ||||||||
| General Dynamics Corp. | USFF +0.250% | Weekly | MS | 01/10/28 | 6,324 | 2,062,423 | 2,240,214 | 257,217 | ||||||||
| Graco, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,525 | 206,860 | 190,915 | (11,409) | ||||||||
| Hayward Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 866 | 11,880 | 14,990 | 3,387 | ||||||||
| Helios Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,131 | 76,637 | 100,942 | 27,514 | ||||||||
| Hexcel Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,306 | 298,481 | 330,798 | 40,406 | ||||||||
| Honeywell Aerospace, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,067 | 419,510 | 456,862 | 48,505 | ||||||||
| Honeywell International, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,551 | 547,275 | 571,281 | 38,568 | ||||||||
| Howmet Aerospace, Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 959 | 242,097 | 257,837 | 22,165 | ||||||||
| Huntington Ingalls Industries, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 568 | 174,409 | 158,978 | (10,405) | ||||||||
| JBT Marel Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,831 | 231,481 | 265,495 | 40,162 | ||||||||
| Johnson Controls International PLC (Ireland) | USFF +0.250% | Weekly | MS | 07/16/29 | 4,715 | 539,083 | 688,909 | 176,374 | ||||||||
| Kennametal, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 10,884 | 371,161 | 381,484 | 20,188 | ||||||||
| L3Harris Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 921 | 277,209 | 267,633 | (1,287) | ||||||||
| Leonardo DRS, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 5,002 | 213,470 | 213,435 | 5,888 | ||||||||
| Lockheed Martin Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,121 | 1,298,951 | 1,080,565 | (170,517) | ||||||||
| MDA Space Ltd. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 4,523 | 176,861 | 186,709 | 14,527 | ||||||||
| Mercury Systems, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 585 | 55,503 | 71,563 | 17,500 | ||||||||
| Middleby Corp. (The) | USFF +0.250% | Weekly | MS | 01/27/31 | 5,252 | 791,596 | 903,397 | 132,882 | ||||||||
| Moog, Inc., Class A | USFF +0.250% | Weekly | MS | 07/23/30 | 202 | 50,077 | 85,616 | 37,012 | ||||||||
| MYR Group, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,587 | 337,444 | 794,135 | 490,627 | ||||||||
| Nordson Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,070 | 529,296 | 624,498 | 113,834 | ||||||||
| Northrop Grumman Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 681 | 385,901 | 346,840 | (22,918) | ||||||||
| Otis Worldwide Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 6,549 | 548,274 | 468,908 | (58,197) | ||||||||
| Plug Power, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 289,364 | 641,215 | 784,176 | 160,030 | ||||||||
| Quanta Services, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 468 | 327,945 | 336,979 | 18,108 | ||||||||
| Simpson Manufacturing Co., Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,570 | 476,217 | 538,030 | 74,924 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| Snap-on, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,525 | $573,106 | $613,660 | $60,837 | ||||||||
| Stanley Black & Decker, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 946 | 64,117 | 89,038 | 47,425 | ||||||||
| Stantec, Inc. (Canada) | USFF +0.250% | Weekly | MS | 07/23/30 | 2,466 | 211,640 | 169,932 | (35,472) | ||||||||
| Sterling Infrastructure, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 2 | 383 | 1,679 | 1,265 | ||||||||
| Terex Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 1,639 | 79,502 | 118,647 | 41,867 | ||||||||
| Textron, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 799 | 63,425 | 73,292 | 11,582 | ||||||||
| Toro Co. (The) | USFF +0.250% | Weekly | MS | 07/23/30 | 6,424 | 583,187 | 625,826 | 60,443 | ||||||||
| Trex Co., Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,639 | 136,719 | 182,096 | 48,984 | ||||||||
| Tutor Perini Corp. | USFF +0.250% | Weekly | MS | 01/12/29 | 6,620 | 395,076 | 549,261 | 165,684 | ||||||||
| V2X, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 49 | 2,215 | 3,653 | 1,457 | ||||||||
| Valmont Industries, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 1 | 365 | 578 | 187 | ||||||||
| Vertiv Holdings Co., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 5,408 | 1,503,901 | 1,810,707 | 347,161 | ||||||||
| Vicor Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,271 | 83,787 | 482,700 | 401,109 | ||||||||
| WESCO International, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 517 | 177,696 | 178,587 | 5,719 | ||||||||
| Westinghouse Air Brake Technologies Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,359 | 624,009 | 635,986 | 29,008 | ||||||||
| Willis Lease Finance Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 71 | 15,057 | 16,245 | 1,549 | ||||||||
| WW Grainger, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 496 | 560,246 | 674,758 | 130,688 | ||||||||
| Xylem, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 5,173 | 662,095 | 611,500 | (29,138) | ||||||||
| Zurn Elkay Water Solutions Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 7,056 | 322,989 | 356,540 | 43,304 | ||||||||
| 600,946 | 30,450,706 | 35,596,404 | 6,148,411 | |||||||||||||
| Commercial & Professional Services | ||||||||||||||||
| Amentum Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 30,486 | 703,901 | 630,146 | (55,014) | ||||||||
| Automatic Data Processing, Inc. | USFF +0.250% | Weekly | MS | 01/05/27 | 5,447 | 1,155,992 | 1,219,856 | 125,015 | ||||||||
| Booz Allen Hamilton Holding Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 5,484 | 357,963 | 332,714 | (15,738) | ||||||||
| Brink's Co. (The) | USFF +0.250% | Weekly | MS | 01/27/31 | 3,635 | 374,817 | 343,471 | (20,891) | ||||||||
| Broadridge Financial Solutions, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 3,251 | 658,437 | 445,224 | (185,742) | ||||||||
| Copart, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 42,610 | 1,399,198 | 1,201,176 | (160,729) | ||||||||
| First Advantage Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 9,798 | 111,302 | 176,854 | 68,482 | ||||||||
| Genpact Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 01/27/31 | 3,844 | 112,512 | 105,710 | (3,301) | ||||||||
| Healthcare Services Group, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 11,949 | 199,598 | 293,467 | 99,339 | ||||||||
| Innodata, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 67 | 5,063 | 5,064 | 96 | ||||||||
| Jacobs Solutions, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,140 | 143,759 | 143,640 | 4,099 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Commercial & Professional Services — (continued) | ||||||||||||||||
| Leidos Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 2,280 | $383,466 | $234,772 | $(136,606) | ||||||||
| MSA Safety, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,299 | 214,289 | 226,779 | 18,518 | ||||||||
| Paychex, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,838 | 276,970 | 279,061 | 14,630 | ||||||||
| Paycom Software, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,677 | 222,010 | 210,765 | (5,362) | ||||||||
| Paylocity Holding Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 977 | 99,888 | 102,126 | 4,863 | ||||||||
| Planet Labs PBC | USFF +0.250% | Weekly | MS | 07/23/30 | 9,867 | 130,012 | 326,894 | 200,310 | ||||||||
| Republic Services, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 366 | 72,942 | 77,987 | 7,935 | ||||||||
| Rollins, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 10,396 | 474,833 | 433,929 | (27,990) | ||||||||
| Tetra Tech, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 16,438 | 478,455 | 474,894 | 7,984 | ||||||||
| Thomson Reuters Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 6,779 | 555,261 | 553,641 | 14,692 | ||||||||
| UL Solutions, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 942 | 85,823 | 95,952 | 12,884 | ||||||||
| UniFirst Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 55 | 8,967 | 14,545 | 4,980 | ||||||||
| Upwork, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 72,558 | 1,002,128 | 606,585 | (368,844) | ||||||||
| Veralto Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 3,606 | 295,746 | 319,780 | 36,846 | ||||||||
| Verisk Analytics, Inc. | USFF -0.250% | Weekly | MS | 01/07/27 | 3,140 | 518,837 | 563,724 | 60,819 | ||||||||
| Waste Management, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 314 | 68,421 | 69,984 | 3,812 | ||||||||
| 251,243 | 10,110,590 | 9,488,740 | (294,913) | |||||||||||||
| Consumer Discretionary Distribution & Retail | ||||||||||||||||
| Amazon.com, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 26,035 | 5,914,336 | 6,205,182 | 447,387 | ||||||||
| American Eagle Outfitters, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 34,315 | 582,166 | 590,218 | 22,494 | ||||||||
| AutoZone, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 538 | 1,775,568 | 1,719,416 | (8,817) | ||||||||
| Best Buy Co., Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 421 | 28,795 | 31,945 | 5,580 | ||||||||
| Bob's Discount Furniture, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 820 | 10,971 | 12,972 | 2,254 | ||||||||
| Burlington Stores, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 638 | 209,724 | 202,118 | (2,050) | ||||||||
| Chewy, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 6,737 | 141,335 | 132,382 | (5,222) | ||||||||
| Dillard's, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 536 | 291,283 | 283,233 | (119) | ||||||||
| eBay, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 5,320 | 551,443 | 594,510 | 59,148 | ||||||||
| Envela Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 5 | 144 | 144 | (37) | ||||||||
| Five Below, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,565 | 302,671 | 281,371 | (13,264) | ||||||||
| Genuine Parts Co. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,606 | 158,121 | 189,476 | 46,436 | ||||||||
| GigaCloud Technology, Inc., Class A (Cayman Islands) | USFF +0.250% | Weekly | MS | 07/23/30 | 7,070 | 201,532 | 223,412 | 27,217 | ||||||||
| Group 1 Automotive, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,237 | 410,619 | 360,177 | (38,987) | ||||||||
| Home Depot, Inc. (The) | USFF +0.250% | Weekly | MS | 01/27/31 | 1,903 | 584,196 | 671,150 | 107,333 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Discretionary Distribution & Retail — (continued) | ||||||||||||||||
| Kohl's Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 7,808 | $108,296 | $138,358 | $34,518 | ||||||||
| Lithia Motors, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,662 | 472,738 | 482,794 | 23,123 | ||||||||
| LKQ Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 6,676 | 193,959 | 175,779 | (10,581) | ||||||||
| Lowe's Cos., Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 2,476 | 535,936 | 545,933 | 27,991 | ||||||||
| Macy's, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 18,452 | 372,317 | 434,545 | 77,352 | ||||||||
| Murphy USA, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 407 | 210,128 | 219,320 | 14,758 | ||||||||
| National Vision Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 3,093 | 79,319 | 58,798 | (22,394) | ||||||||
| Ollie's Bargain Outlet Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 5,407 | 470,293 | 415,690 | (42,095) | ||||||||
| O'Reilly Automotive, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 4,207 | 368,804 | 387,423 | 28,419 | ||||||||
| Petco Health & Wellness Co., Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 34,231 | 94,343 | 93,108 | 1,243 | ||||||||
| Ross Stores, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 3,396 | 735,627 | 722,839 | 8,248 | ||||||||
| Signet Jewelers Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 07/23/30 | 218 | 16,180 | 18,792 | 3,004 | ||||||||
| TJX Cos., Inc. (The) | USFF +0.250% | Weekly | MS | 01/17/30 | 1,667 | 223,889 | 252,551 | 36,485 | ||||||||
| Ulta Beauty, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 826 | 429,357 | 372,509 | (45,431) | ||||||||
| Valvoline, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 4,679 | 153,328 | 185,008 | 36,657 | ||||||||
| Williams-Sonoma, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 374 | 69,328 | 87,179 | 19,665 | ||||||||
| 184,325 | 15,696,746 | 16,088,332 | 840,315 | |||||||||||||
| Consumer Durables & Apparel | ||||||||||||||||
| BRP, Inc., sub-voting shares (Canada) | USFF +0.250% | Weekly | MS | 07/23/30 | 4,795 | 308,085 | 292,591 | (5,812) | ||||||||
| Callaway Golf Co. | USFF +0.250% | Weekly | MS | 07/23/30 | 31,968 | 480,432 | 600,679 | 133,025 | ||||||||
| Canada Goose Holdings, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 237 | 2,260 | 2,254 | 14 | ||||||||
| Capri Holdings Ltd. (British Virgin Islands) | USFF +0.250% | Weekly | MS | 01/27/31 | 32,375 | 619,368 | 601,204 | (1,678) | ||||||||
| Carter's, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,723 | 129,089 | 153,239 | 28,452 | ||||||||
| Champion Homes, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,567 | 263,218 | 314,324 | 67,401 | ||||||||
| Deckers Outdoor Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 11,130 | 1,082,992 | 1,105,098 | 50,962 | ||||||||
| Garmin Ltd. (Switzerland) | USFF +0.250% | Weekly | MS | 01/27/31 | 722 | 170,126 | 171,504 | 6,619 | ||||||||
| Hasbro, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 13,516 | 954,695 | 1,116,286 | 224,212 | ||||||||
| Leggett & Platt, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,717 | 14,990 | 20,106 | 5,906 | ||||||||
| Levi Strauss & Co., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 3,331 | 73,331 | 82,709 | 13,166 | ||||||||
| Lululemon Athletica, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 7,209 | 917,371 | 823,124 | (69,811) | ||||||||
| Mohawk Industries, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,278 | 123,594 | 155,060 | 34,723 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Durables & Apparel — (continued) | ||||||||||||||||
| NVR, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 71 | $518,502 | $483,751 | $(20,956) | ||||||||
| Peloton Interactive, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 50,695 | 276,563 | 299,607 | 30,383 | ||||||||
| Ralph Lauren Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 656 | 237,885 | 263,325 | 32,403 | ||||||||
| Sonos, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 9,244 | 130,988 | 125,071 | (2,462) | ||||||||
| Tapestry, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,813 | 403,651 | 411,767 | 20,859 | ||||||||
| Wolverine World Wide, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 14,255 | 232,833 | 235,635 | 10,045 | ||||||||
| 193,302 | 6,939,973 | 7,257,334 | 557,451 | |||||||||||||
| Consumer Services | ||||||||||||||||
| ADT, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 104,591 | 722,418 | 679,842 | (18,756) | ||||||||
| Aramark | USFF +0.250% | Weekly | MS | 01/27/31 | 1,850 | 99,015 | 105,265 | 8,852 | ||||||||
| BJ's Restaurants, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 5,643 | 187,215 | 342,728 | 160,467 | ||||||||
| Booking Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 13,900 | 2,345,940 | 2,477,536 | 209,964 | ||||||||
| Brinker International, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,379 | 305,758 | 399,672 | 117,724 | ||||||||
| Chipotle Mexican Grill, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,584 | 45,043 | 53,856 | 9,974 | ||||||||
| Churchill Downs, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,419 | 209,524 | 216,839 | 13,086 | ||||||||
| Darden Restaurants, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 505 | 103,713 | 104,035 | 3,181 | ||||||||
| Domino's Pizza, Inc. | USFF +0.250% | Weekly | MS | 07/06/26 | 620 | 217,284 | 183,545 | (26,936) | ||||||||
| DraftKings, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 29,564 | 736,485 | 746,787 | 29,899 | ||||||||
| Expedia Group, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,742 | 395,837 | 445,743 | 61,506 | ||||||||
| Grand Canyon Education, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,051 | 315,507 | 293,519 | (13,610) | ||||||||
| Las Vegas Sands Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 9,060 | 470,677 | 418,481 | (38,519) | ||||||||
| Lindblad Expeditions Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,737 | 72,847 | 105,533 | 36,579 | ||||||||
| Marriott International, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 222 | 82,107 | 82,271 | 2,315 | ||||||||
| McDonald's Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 5,824 | 1,819,570 | 1,574,285 | (187,136) | ||||||||
| Penn Entertainment, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 16,235 | 231,854 | 346,780 | 133,904 | ||||||||
| Perdoceo Education Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 11,309 | 383,247 | 361,888 | (9,450) | ||||||||
| Planet Fitness, Inc., Class A | USFF +0.250% | Weekly | MS | 07/23/30 | 5,404 | 461,332 | 281,927 | (167,136) | ||||||||
| Restaurant Brands International, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 938 | 67,831 | 68,014 | 1,953 | ||||||||
| Starbucks Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,451 | 332,510 | 352,658 | 29,313 | ||||||||
| Strategic Education, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,307 | 176,585 | 176,762 | 7,423 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Services — (continued) | ||||||||||||||||
| Texas Roadhouse, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 688 | $113,183 | $132,942 | $25,728 | ||||||||
| Yum! Brands, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 1,617 | 228,552 | 258,494 | 46,747 | ||||||||
| 227,640 | 10,124,034 | 10,209,402 | 437,072 | |||||||||||||
| Consumer Staples Distribution & Retail | ||||||||||||||||
| Casey's General Stores, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 58 | 48,216 | 46,098 | (872) | ||||||||
| Costco Wholesale Corp. | USFF +0.250% | Weekly | MS | 01/07/27 | 1,170 | 1,044,087 | 1,094,500 | 89,141 | ||||||||
| Dollar General Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 4,585 | 464,260 | 527,779 | 86,316 | ||||||||
| Dollar Tree, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 5,714 | 600,015 | 691,108 | 107,062 | ||||||||
| Ingles Markets, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 735 | 63,752 | 65,106 | 3,015 | ||||||||
| Kroger Co. (The) | USFF +0.250% | Weekly | MS | 07/16/29 | 15,180 | 949,998 | 842,945 | (76,984) | ||||||||
| Sysco Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,996 | 159,459 | 166,826 | 11,630 | ||||||||
| Target Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 6,426 | 642,690 | 839,300 | 237,068 | ||||||||
| United Natural Foods, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 4,441 | 146,876 | 202,820 | 59,823 | ||||||||
| Walmart, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 8,562 | 1,017,002 | 969,732 | (6,619) | ||||||||
| 48,867 | 5,136,355 | 5,446,214 | 509,580 | |||||||||||||
| Energy | ||||||||||||||||
| Antero Midstream Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 18,595 | 322,522 | 423,036 | 119,819 | ||||||||
| APA Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 42,363 | 1,255,552 | 1,379,763 | 172,152 | ||||||||
| Archrock, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 4,548 | 154,095 | 185,149 | 38,572 | ||||||||
| Baker Hughes Co. | USFF +0.250% | Weekly | MS | 07/08/27 | 26,097 | 1,599,579 | 1,448,384 | (105,108) | ||||||||
| Baytex Energy Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 101,855 | 422,050 | 407,420 | (2,736) | ||||||||
| Borr Drilling Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 07/23/30 | 13,051 | 39,769 | 53,901 | 15,152 | ||||||||
| Cameco Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 10,475 | 1,082,726 | 1,066,984 | 13,134 | ||||||||
| Chevron Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,080 | 388,215 | 344,781 | (30,203) | ||||||||
| CNX Resources Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 60,119 | 2,207,384 | 2,039,838 | (108,689) | ||||||||
| ConocoPhillips | USFF +0.250% | Weekly | MS | 01/27/31 | 11,237 | 1,225,538 | 1,168,199 | (14,846) | ||||||||
| CVR Energy, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 250 | 6,953 | 6,885 | 77 | ||||||||
| DHT Holdings, Inc. (Marshall Islands) | USFF +0.250% | Weekly | MS | 01/17/30 | 10,257 | 113,365 | 169,548 | 73,445 | ||||||||
| Dorian LPG Ltd. (Marshall Islands) | USFF +0.250% | Weekly | MS | 01/27/31 | 338 | 11,910 | 11,756 | 123 | ||||||||
| DT Midstream, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,311 | 184,332 | 192,376 | 14,364 | ||||||||
| EQT Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 21,477 | 1,192,324 | 1,141,932 | (41,958) | ||||||||
| Expand Energy Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 20,447 | 2,013,212 | 1,864,562 | (83,033) | ||||||||
| Exxon Mobil Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 5,044 | 666,946 | 689,616 | 46,641 | ||||||||
| Gulfport Energy Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 3,696 | 648,923 | 627,211 | (6,077) | ||||||||
| Halliburton Co. | USFF +0.250% | Weekly | MS | 01/17/30 | 19,580 | 495,913 | 664,741 | 190,701 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Energy — (continued) | ||||||||||||||||
| Helix Energy Solutions Group, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 28,782 | $282,804 | $251,555 | $(23,744) | ||||||||
| HF Sinclair Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 9,253 | 655,731 | 644,471 | 9,478 | ||||||||
| Innovex International, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,154 | 47,580 | 53,419 | 7,069 | ||||||||
| Kinder Morgan, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 30,605 | 914,206 | 978,442 | 100,348 | ||||||||
| Kodiak Gas Services, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 4,740 | 156,846 | 356,116 | 209,609 | ||||||||
| Kosmos Energy Ltd. | USFF +0.250% | Weekly | MS | 01/27/31 | 236,669 | 691,071 | 499,372 | (173,300) | ||||||||
| Nabors Industries Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 01/27/31 | 1,199 | 117,978 | 100,728 | (14,142) | ||||||||
| Noble Corp. PLC (United Kingdom) | USFF +0.250% | Weekly | MS | 01/27/31 | 2,698 | 121,871 | 100,635 | (17,552) | ||||||||
| Nordic American Tankers Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 01/27/31 | 18,347 | 102,308 | 101,642 | 4,035 | ||||||||
| NOV, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 591 | 10,926 | 10,963 | 289 | ||||||||
| Occidental Petroleum Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 16,298 | 764,079 | 791,594 | 57,407 | ||||||||
| Oceaneering International, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 6,507 | 230,825 | 263,664 | 38,957 | ||||||||
| Pembina Pipeline Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 6,898 | 326,786 | 319,033 | 3,677 | ||||||||
| Range Resources Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 29,789 | 1,232,822 | 1,107,853 | (89,257) | ||||||||
| SFL Corp. Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 01/27/31 | 19,336 | 207,657 | 197,227 | (451) | ||||||||
| SLB Ltd. (Curacao) | USFF +0.250% | Weekly | MS | 01/27/31 | 8,050 | 388,718 | 374,245 | (4,142) | ||||||||
| TechnipFMC PLC (United Kingdom) | USFF +0.250% | Weekly | MS | 07/23/30 | 7,769 | 432,090 | 515,085 | 95,086 | ||||||||
| Tidewater, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,060 | 52,230 | 70,628 | 19,751 | ||||||||
| Transocean Ltd. (Switzerland) | USFF +0.250% | Weekly | MS | 07/23/30 | 111,447 | 326,442 | 544,976 | 227,204 | ||||||||
| Valaris Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 07/23/30 | 2,330 | 105,363 | 169,158 | 66,566 | ||||||||
| Valero Energy Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 3,624 | 537,596 | 943,835 | 432,272 | ||||||||
| Vermilion Energy, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 22,790 | 274,307 | 213,542 | (51,738) | ||||||||
| Weatherford International PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/27/31 | 2,187 | 194,554 | 178,241 | (11,163) | ||||||||
| 945,943 | 22,206,098 | 22,672,506 | 1,177,789 | |||||||||||||
| Financial Services | ||||||||||||||||
| Berkshire Hathaway, Inc., Class B | USFF +0.250% | Weekly | MS | 07/23/30 | 11,792 | 5,691,173 | 5,900,599 | 361,238 | ||||||||
| Cboe Global Markets, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 7,104 | 1,858,197 | 1,723,928 | (75,857) | ||||||||
| CME Group, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 4,243 | 1,084,127 | 936,982 | (92,462) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Financial Services — (continued) | ||||||||||||||||
| Corpay, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 900 | $268,436 | $299,943 | $38,629 | ||||||||
| Euronet Worldwide, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,415 | 91,454 | 103,564 | 14,995 | ||||||||
| FactSet Research Systems, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,986 | 545,178 | 456,939 | (68,747) | ||||||||
| Fidelity National Information Services, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 7,608 | 305,447 | 295,799 | 968 | ||||||||
| Fiserv, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 9,798 | 963,475 | 480,592 | (457,216) | ||||||||
| Flywire Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 16,079 | 234,222 | 282,508 | 54,799 | ||||||||
| Franklin Resources, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 7,589 | 172,324 | 252,486 | 121,979 | ||||||||
| Intercontinental Exchange, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 5,314 | 770,165 | 654,207 | (92,402) | ||||||||
| Jack Henry & Associates, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,479 | 353,377 | 341,457 | 351 | ||||||||
| Mastercard, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 1,759 | 867,776 | 903,422 | 59,168 | ||||||||
| Morningstar, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 260 | 40,371 | 40,565 | 1,231 | ||||||||
| MSCI, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 139 | 79,234 | 77,846 | 685 | ||||||||
| Nasdaq, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,289 | 104,357 | 101,599 | (14) | ||||||||
| NCR Atleos Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 182 | 7,879 | 7,901 | 192 | ||||||||
| Paymentus Holdings, Inc., Class A | USFF +0.250% | Weekly | MS | 01/17/30 | 12,126 | 343,538 | 292,964 | (41,448) | ||||||||
| PayPal Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 14,567 | 812,582 | 629,003 | (158,133) | ||||||||
| T Rowe Price Group, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 3,157 | 337,851 | 358,919 | 92,371 | ||||||||
| Visa, Inc., Class A | USFF +0.250% | Weekly | MS | 07/23/30 | 3,272 | 1,044,654 | 1,122,590 | 110,039 | ||||||||
| 113,058 | 15,975,817 | 15,263,813 | (129,634) | |||||||||||||
| Food, Beverage & Tobacco | ||||||||||||||||
| Altria Group, Inc. | USFF +0.250% | Weekly | MS | 01/05/27 | 33,727 | 1,807,882 | 2,426,658 | 903,786 | ||||||||
| Archer-Daniels-Midland Co. | USFF +0.250% | Weekly | MS | 07/23/30 | 12,746 | 925,887 | 973,794 | 82,560 | ||||||||
| Brown-Forman Corp., Class B | USFF +0.250% | Weekly | MS | 01/27/31 | 11,003 | 284,260 | 293,230 | 18,309 | ||||||||
| Coca-Cola Co. (The) | USFF +0.250% | Weekly | MS | 07/06/26 | 13,908 | 979,341 | 1,130,303 | 214,915 | ||||||||
| Conagra Brands, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 13,107 | 170,661 | 176,420 | 10,298 | ||||||||
| Darling Ingredients, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 10,080 | 572,519 | 550,570 | (6,714) | ||||||||
| Del Monte Corp. (Cayman Islands) | USFF +0.250% | Weekly | MS | 01/17/30 | 2,632 | 84,331 | 73,459 | (4,486) | ||||||||
| Flowers Foods, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 6,159 | 47,135 | 48,656 | 3,239 | ||||||||
| General Mills, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 10,093 | 432,534 | 351,236 | (64,118) | ||||||||
| Hershey Co. (The) | USFF +0.250% | Weekly | MS | 01/27/31 | 1,879 | 343,278 | 329,671 | (2,753) | ||||||||
| Hormel Foods Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 24,242 | 548,810 | 601,686 | 70,738 | ||||||||
| Ingredion, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 110 | 10,431 | 10,418 | 225 | ||||||||
| J & J Snack Foods Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,310 | 113,488 | 96,220 | (12,010) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Food, Beverage & Tobacco — (continued) | ||||||||||||||||
| J M Smucker Co. (The) | USFF +0.250% | Weekly | MS | 01/27/31 | 2,497 | $233,723 | $280,913 | $56,497 | ||||||||
| Kraft Heinz Co. (The) | USFF +0.250% | Weekly | MS | 01/17/30 | 13,851 | 399,290 | 327,161 | (38,963) | ||||||||
| Marzetti Company (The) | USFF +0.250% | Weekly | MS | 01/27/31 | 1,766 | 204,558 | 201,607 | 4,037 | ||||||||
| Molson Coors Beverage Co., Class B | USFF +0.250% | Weekly | MS | 07/08/27 | 5,280 | 268,161 | 205,709 | (38,392) | ||||||||
| Mondelez International, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 1,572 | 91,500 | 90,924 | 1,825 | ||||||||
| Monster Beverage Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,121 | 65,792 | 107,751 | 43,674 | ||||||||
| National Beverage Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 36 | 1,123 | 1,123 | (11) | ||||||||
| PepsiCo, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,984 | 606,353 | 539,434 | (45,437) | ||||||||
| Tyson Foods, Inc., Class A | USFF +0.250% | Weekly | MS | 01/12/29 | 6,847 | 377,143 | 391,991 | 37,673 | ||||||||
| Universal Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 145 | 7,684 | 7,565 | 45 | ||||||||
| Westrock Coffee Co. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,458 | 12,470 | 11,824 | (353) | ||||||||
| 179,553 | 8,588,354 | 9,228,323 | 1,234,584 | |||||||||||||
| Health Care Equipment & Services | ||||||||||||||||
| Addus HomeCare Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,199 | 204,047 | 220,934 | 22,291 | ||||||||
| agilon health, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,312 | 240,778 | 247,800 | 13,406 | ||||||||
| Align Technology, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 10,308 | 1,647,919 | 1,738,547 | 134,558 | ||||||||
| AMN Healthcare Services, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 26,154 | 771,958 | 846,605 | 95,204 | ||||||||
| Becton Dickinson & Co. | USFF +0.250% | Weekly | MS | 01/17/30 | 14,784 | 2,148,405 | 2,237,263 | 161,520 | ||||||||
| Boston Scientific Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 48,678 | 2,515,644 | 2,077,577 | (370,985) | ||||||||
| BrightSpring Health Services, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 19,883 | 1,146,035 | 1,386,640 | 271,144 | ||||||||
| Butterfly Network, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 135,900 | 516,638 | 1,144,278 | 641,385 | ||||||||
| Cardinal Health, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 275 | 48,800 | 65,329 | 18,109 | ||||||||
| Cencora, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 2,981 | 728,715 | 843,563 | 142,463 | ||||||||
| Centene Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,811 | 219,405 | 244,628 | 31,037 | ||||||||
| Chemed Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 654 | 276,950 | 304,594 | 35,285 | ||||||||
| Cigna Group (The) | USFF +0.250% | Weekly | MS | 01/27/31 | 1,168 | 309,424 | 321,994 | 22,919 | ||||||||
| CONMED Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,741 | 100,317 | 89,713 | (10,034) | ||||||||
| CVS Health Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 5,710 | 463,577 | 590,700 | 147,936 | ||||||||
| Dexcom, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 544 | 36,906 | 36,638 | 677 | ||||||||
| Elevance Health, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 793 | 268,041 | 306,677 | 47,285 | ||||||||
| Ensign Group, Inc. (The) | USFF +0.250% | Weekly | MS | 01/27/31 | 1,353 | 228,327 | 216,886 | (5,303) | ||||||||
| Guardant Health, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,793 | 483,849 | 569,064 | 98,085 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Health Care Equipment & Services — (continued) | ||||||||||||||||
| Guardian Pharmacy Services, Inc., Class A | USFF +0.250% | Weekly | MS | 07/23/30 | 1,191 | $34,399 | $49,867 | $16,345 | ||||||||
| HCA Healthcare, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,365 | 498,329 | 532,200 | 50,075 | ||||||||
| HealthEquity, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,365 | 193,019 | 213,607 | 25,698 | ||||||||
| HINGE HEALTH INC, Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 2 | 166 | 166 | (36) | ||||||||
| Humana, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 708 | 260,711 | 281,232 | 27,994 | ||||||||
| ICU Medical, Inc. | USFF +0.250% | Weekly | MS | 07/22/30 | 691 | 80,874 | 101,301 | 22,545 | ||||||||
| IDEXX Laboratories, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 65 | 34,119 | 34,219 | 970 | ||||||||
| Insulet Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,234 | 421,404 | 340,127 | (70,074) | ||||||||
| Labcorp Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 591 | 151,948 | 165,480 | 17,972 | ||||||||
| LeMaitre Vascular, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,315 | 118,609 | 126,187 | 11,004 | ||||||||
| LifeStance Health Group, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 18,341 | 140,374 | 196,432 | 59,764 | ||||||||
| LivaNova PLC (United Kingdom) | USFF +0.250% | Weekly | MS | 07/23/30 | 148 | 6,111 | 12,170 | 6,182 | ||||||||
| McKesson Corp. | USFF +0.250% | Weekly | MS | 01/12/29 | 892 | 710,741 | 673,995 | (17,007) | ||||||||
| Medtronic PLC (Ireland) | USFF +0.250% | Weekly | MS | 07/23/30 | 23,299 | 1,954,666 | 1,822,681 | (58,493) | ||||||||
| Nutex Health, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 510 | 64,871 | 87,154 | 25,325 | ||||||||
| Omnicell, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,857 | 158,015 | 160,143 | 6,304 | ||||||||
| Pediatrix Medical Group, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 12,006 | 183,242 | 304,112 | 126,285 | ||||||||
| Penumbra, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 747 | 241,364 | 235,865 | 901 | ||||||||
| Privia Health Group, Inc. | USFF +0.250% | Weekly | MS | 07/22/30 | 6,460 | 134,621 | 166,216 | 35,315 | ||||||||
| Progyny, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 25,534 | 490,669 | 736,145 | 259,183 | ||||||||
| Quest Diagnostics, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 996 | 166,526 | 211,102 | 51,508 | ||||||||
| ResMed, Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 5,059 | 1,153,823 | 985,898 | (151,102) | ||||||||
| Solventum Corp. | USFF +0.250% | Weekly | MS | 01/12/29 | 1,473 | 103,718 | 113,642 | 12,651 | ||||||||
| Stryker Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 559 | 163,211 | 175,996 | 17,591 | ||||||||
| Teleflex, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,006 | 126,941 | 127,521 | 3,926 | ||||||||
| Tenet Healthcare Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,087 | 352,831 | 390,436 | 46,899 | ||||||||
| UnitedHealth Group, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,839 | 713,061 | 764,344 | 74,711 | ||||||||
| Universal Health Services, Inc., Class B | USFF +0.250% | Weekly | MS | 01/17/30 | 1,402 | 247,523 | 208,463 | (31,897) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Health Care Equipment & Services — (continued) | ||||||||||||||||
| Veeva Systems, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 3,149 | $507,631 | $558,853 | $64,727 | ||||||||
| Waystar Holding Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 12,086 | 295,708 | 248,126 | (41,284) | ||||||||
| 416,018 | 22,064,960 | 23,513,110 | 2,090,964 | |||||||||||||
| Household & Personal Products | ||||||||||||||||
| Church & Dwight Co., Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 5,332 | 448,482 | 516,564 | 84,072 | ||||||||
| Clorox Co. (The) | USFF +0.250% | Weekly | MS | 07/23/30 | 6,949 | 756,670 | 663,213 | (62,379) | ||||||||
| Colgate-Palmolive Co. | USFF +0.250% | Weekly | MS | 01/27/31 | 18,409 | 1,659,355 | 1,687,737 | 81,460 | ||||||||
| Estee Lauder Cos., Inc. (The), Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 10,893 | 850,800 | 860,002 | 33,093 | ||||||||
| Kenvue, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 16,631 | 265,421 | 317,818 | 69,023 | ||||||||
| Kimberly-Clark Corp. | USFF +0.250% | Weekly | MS | 07/08/27 | 5,316 | 581,774 | 583,537 | 57,248 | ||||||||
| Procter & Gamble Co. (The) | USFF +0.250% | Weekly | MS | 07/16/29 | 8,545 | 1,330,640 | 1,253,039 | (13,900) | ||||||||
| 72,075 | 5,893,142 | 5,881,910 | 248,617 | |||||||||||||
| Materials | ||||||||||||||||
| Agnico Eagle Mines Ltd. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 6,925 | 1,349,758 | 1,074,275 | (236,946) | ||||||||
| Alamos Gold, Inc., Class A (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 14,041 | 562,295 | 426,004 | (120,888) | ||||||||
| Albemarle Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 34,009 | 6,254,613 | 4,592,235 | (1,481,983) | ||||||||
| Aura Minerals, Inc. (British Virgin Islands) | USFF +0.250% | Weekly | MS | 07/23/30 | 5,555 | 322,949 | 349,687 | 39,311 | ||||||||
| Avery Dennison Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 4,026 | 662,460 | 653,621 | 19,708 | ||||||||
| Barrick Mining Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 39,220 | 1,679,477 | 1,440,551 | (188,966) | ||||||||
| CF Industries Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 5,053 | 497,968 | 547,038 | 69,424 | ||||||||
| Compass Minerals International, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 9,993 | 247,996 | 311,082 | 69,652 | ||||||||
| Constellium SE (France) | USFF +0.250% | Weekly | MS | 01/27/31 | 121 | 3,847 | 3,856 | 72 | ||||||||
| Corteva, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 5,409 | 400,955 | 458,088 | 70,351 | ||||||||
| CRH PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/27/31 | 42 | 4,510 | 4,494 | 64 | ||||||||
| DuPont de Nemours, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 7,787 | 1,007,614 | 1,056,229 | 75,459 | ||||||||
| Eastman Chemical Co. | USFF +0.250% | Weekly | MS | 01/27/31 | 910 | 63,543 | 60,952 | (813) | ||||||||
| Ecovyst, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 29,068 | 374,770 | 361,897 | (2,914) | ||||||||
| First Majestic Silver Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 38,835 | 789,193 | 658,642 | (109,163) | ||||||||
| Fortuna Mining Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/12/29 | 65,133 | 595,040 | 550,374 | (28,830) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Materials — (continued) | ||||||||||||||||
| Freeport-McMoRan, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 9,278 | $392,334 | $583,493 | $204,680 | ||||||||
| Hecla Mining Co. | USFF +0.250% | Weekly | MS | 01/27/31 | 22,129 | 421,228 | 341,450 | (68,471) | ||||||||
| Hudbay Minerals, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 14,237 | 330,695 | 336,136 | 14,272 | ||||||||
| Huntsman Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,335 | 15,832 | 14,178 | (1,272) | ||||||||
| IAMGOLD Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 50,492 | 1,010,500 | 799,793 | (183,785) | ||||||||
| Ingevity Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 2,148 | 123,059 | 160,391 | 40,575 | ||||||||
| International Flavors & Fragrances, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 6,058 | 457,293 | 479,915 | 37,206 | ||||||||
| Kaiser Aluminum Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,080 | 191,600 | 211,280 | 25,845 | ||||||||
| Kinross Gold Corp. (Canada) | USFF +0.250% | Weekly | MS | 07/23/30 | 3,098 | 79,535 | 73,175 | (4,245) | ||||||||
| Koppers Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 52 | 2,322 | 2,335 | 34 | ||||||||
| Linde PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/27/31 | 2,478 | 1,220,342 | 1,285,933 | 105,157 | ||||||||
| LSB Industries, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 7,165 | 101,313 | 77,454 | (21,197) | ||||||||
| LyondellBasell Industries NV, Class A (Netherlands) | USFF +0.250% | Weekly | MS | 01/27/31 | 11,614 | 790,283 | 611,477 | (153,271) | ||||||||
| Newmont Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 7,105 | 701,341 | 663,607 | (14,503) | ||||||||
| Nucor Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,239 | 502,091 | 498,737 | 11,205 | ||||||||
| Nutrien Ltd. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 482 | 29,735 | 30,342 | 1,518 | ||||||||
| OceanaGold Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 352 | 9,450 | 8,828 | (408) | ||||||||
| Olin Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 7,445 | 179,609 | 147,560 | (26,611) | ||||||||
| Pan American Silver Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/17/30 | 5,569 | 287,542 | 249,436 | (29,230) | ||||||||
| Reliance, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 77 | 28,773 | 28,767 | 721 | ||||||||
| Southern Copper Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 388 | 67,876 | 67,613 | 1,507 | ||||||||
| SSR Mining, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 23,332 | 689,869 | 659,829 | (11,673) | ||||||||
| Steel Dynamics, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,861 | 519,229 | 656,485 | 154,453 | ||||||||
| Teck Resources Ltd., Class B (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 17,529 | 939,263 | 1,042,274 | 129,045 | ||||||||
| TriMas Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 10,288 | 409,227 | 463,269 | 65,083 | ||||||||
| Vulcan Materials Co. | USFF +0.250% | Weekly | MS | 01/17/30 | 626 | 172,685 | 184,676 | 17,296 | ||||||||
| Wheaton Precious Metals Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 2,798 | 377,674 | 314,271 | (52,948) | ||||||||
| 478,382 | 24,867,688 | 22,541,729 | (1,585,479) | |||||||||||||
| Media & Entertainment | ||||||||||||||||
| Alphabet, Inc., Class A | USFF +0.250% | Weekly | MS | 01/05/27 | 7,934 | 2,262,530 | 2,835,374 | 645,115 | ||||||||
| Cargurus, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 7,582 | 213,095 | 258,470 | 52,506 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Media & Entertainment — (continued) | ||||||||||||||||
| Charter Communications, Inc., Class A | USFF +0.250% | Weekly | MS | 07/23/30 | 4,987 | $923,972 | $709,201 | $(190,158) | ||||||||
| EchoStar Corp., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 2,760 | 349,751 | 280,140 | (60,320) | ||||||||
| Electronic Arts, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 3,861 | 773,789 | 791,659 | 44,816 | ||||||||
| Fox Corp., Class A | USFF +0.250% | Weekly | MS | 01/12/29 | 8,217 | 457,186 | 428,599 | (15,003) | ||||||||
| Liberty Media Corp.-Liberty Formula One, Class C | USFF +0.250% | Weekly | MS | 01/27/31 | 2,310 | 201,645 | 219,773 | 23,468 | ||||||||
| Meta Platforms, Inc., Class A | USFF +0.250% | Weekly | MS | 07/08/27 | 6,336 | 3,773,428 | 3,569,005 | (97,695) | ||||||||
| Netflix, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 18,957 | 1,570,718 | 1,353,530 | (175,318) | ||||||||
| New York Times Co. (The), Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 194 | 13,698 | 13,576 | 246 | ||||||||
| News Corp., Class A | USFF +0.250% | Weekly | MS | 01/10/28 | 13,346 | 348,055 | 331,381 | (4,336) | ||||||||
| Omnicom Group, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 318 | 22,873 | 23,160 | 1,262 | ||||||||
| Pinterest, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 8,595 | 169,533 | 180,753 | 17,926 | ||||||||
| Reddit, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 3,709 | 606,595 | 643,808 | 53,358 | ||||||||
| Roku, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,154 | 121,368 | 159,414 | 45,542 | ||||||||
| Scholastic Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,516 | 60,205 | 69,736 | 11,240 | ||||||||
| Walt Disney Co. (The) | USFF +0.250% | Weekly | MS | 01/27/31 | 1,354 | 132,958 | 130,323 | 1,683 | ||||||||
| Warner Music Group Corp., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 7,586 | 212,768 | 205,353 | (1,664) | ||||||||
| Ziff Davis, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 920 | 28,247 | 48,180 | 20,647 | ||||||||
| 101,636 | 12,242,414 | 12,251,435 | 373,315 | |||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||||||||||||
| 10X Genomics, Inc., Class A | USFF +0.250% | Weekly | MS | 07/23/30 | 10,914 | 211,233 | 418,443 | 212,806 | ||||||||
| Absci Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,739 | 19,368 | 31,745 | 12,854 | ||||||||
| Adaptive Biotechnologies Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 13,957 | 179,774 | 299,378 | 124,360 | ||||||||
| Agilent Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 4,663 | 592,019 | 619,386 | 44,312 | ||||||||
| ANI Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,414 | 111,264 | 117,051 | 8,715 | ||||||||
| Aurinia Pharmaceuticals, Inc. (Canada) | USFF +0.250% | Weekly | MS | 07/23/30 | 23,635 | 328,318 | 401,086 | 81,488 | ||||||||
| Beam Therapeutics, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,583 | 87,225 | 88,649 | 3,710 | ||||||||
| Biogen, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,636 | 271,730 | 353,474 | 88,954 | ||||||||
| Bristol-Myers Squibb Co. | USFF +0.250% | Weekly | MS | 07/23/30 | 80,710 | 3,720,597 | 4,650,510 | 1,138,178 | ||||||||
| CareDx, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 11,570 | 185,007 | 329,745 | 149,634 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences — (continued) | ||||||||||||||||
| Collegium Pharmaceutical, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 14,432 | $571,762 | $522,438 | $(34,108) | ||||||||
| CryoPort, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,303 | 19,363 | 20,457 | 1,570 | ||||||||
| Cytokinetics, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 247 | 21,100 | 21,042 | 465 | ||||||||
| Design Therapeutics, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 389 | 5,467 | 5,629 | 267 | ||||||||
| Elanco Animal Health, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 7,804 | 162,045 | 192,056 | 34,295 | ||||||||
| Eton Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,206 | 67,222 | 79,857 | 14,389 | ||||||||
| Fortrea Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 13,507 | 200,316 | 235,022 | 40,010 | ||||||||
| Gilead Sciences, Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 5,758 | 668,831 | 727,466 | 98,086 | ||||||||
| GRAIL, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 213 | 14,225 | 14,542 | 655 | ||||||||
| Harmony Biosciences Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 6,063 | 165,591 | 220,754 | 59,541 | ||||||||
| ImmunityBio, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 13,644 | 108,002 | 119,453 | 14,293 | ||||||||
| Immunovant, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 4,263 | 144,288 | 164,253 | 23,775 | ||||||||
| Incyte Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 3,942 | 360,888 | 446,865 | 95,566 | ||||||||
| Indivior Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 10,002 | 305,582 | 410,382 | 120,235 | ||||||||
| Innoviva, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 3,553 | 64,319 | 80,689 | 18,046 | ||||||||
| IQVIA Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 2,293 | 400,450 | 443,053 | 53,430 | ||||||||
| Johnson & Johnson | USFF +0.250% | Weekly | MS | 01/17/30 | 3,303 | 627,902 | 838,863 | 275,674 | ||||||||
| Kymera Therapeutics, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2 | 231 | 229 | (36) | ||||||||
| Ligand Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 397 | 60,638 | 125,488 | 75,393 | ||||||||
| Liquidia Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,475 | 158,845 | 277,062 | 122,415 | ||||||||
| Merck & Co., Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 5,997 | 664,291 | 770,615 | 131,777 | ||||||||
| Nuvation Bio, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 18,770 | 100,685 | 106,614 | 8,575 | ||||||||
| Pfizer, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 41,946 | 1,019,736 | 1,010,060 | 38,885 | ||||||||
| Regeneron Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,435 | 889,551 | 894,780 | 29,656 | ||||||||
| Rhythm Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 60 | 6,513 | 6,662 | 282 | ||||||||
| Roivant Sciences Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 01/27/31 | 835 | 29,073 | 29,551 | 1,213 | ||||||||
| SELLAS Life Sciences Group, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 9,321 | 92,986 | 137,578 | 47,032 | ||||||||
| Septerna, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,021 | 35,111 | 34,193 | (22) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences — (continued) | ||||||||||||||||
| Thermo Fisher Scientific, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,769 | $881,951 | $886,906 | $29,545 | ||||||||
| Viatris, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 41,528 | 637,926 | 659,465 | 40,804 | ||||||||
| Xeris Biopharma Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 8,399 | 51,784 | 66,520 | 16,233 | ||||||||
| Zoetis, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 7,410 | 856,909 | 532,483 | (297,973) | ||||||||
| 389,108 | 15,100,118 | 17,390,494 | 2,924,979 | |||||||||||||
| Semiconductors & Semiconductor Equipment | ||||||||||||||||
| Advanced Micro Devices, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 14,339 | 3,114,534 | 8,329,668 | 5,432,206 | ||||||||
| Allegro MicroSystems, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 23,444 | 732,524 | 1,632,171 | 919,152 | ||||||||
| Analog Devices, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 10,034 | 2,361,194 | 3,985,204 | 1,723,858 | ||||||||
| Applied Materials, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 10,174 | 2,616,937 | 7,355,802 | 4,821,637 | ||||||||
| AXT, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 53,390 | 885,181 | 3,848,351 | 2,986,748 | ||||||||
| Broadcom, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 31,250 | 10,620,744 | 11,804,688 | 1,554,229 | ||||||||
| Cirrus Logic, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,687 | 266,972 | 250,570 | (9,319) | ||||||||
| Cohu, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 11,301 | 607,555 | 835,257 | 243,872 | ||||||||
| First Solar, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,599 | 710,765 | 849,220 | 157,380 | ||||||||
| FormFactor, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 247 | 21,693 | 39,503 | 18,348 | ||||||||
| Ichor Holdings Ltd. (Cayman Islands) | USFF +0.250% | Weekly | MS | 01/27/31 | 4,407 | 190,142 | 494,818 | 309,709 | ||||||||
| KLA Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,214 | 316,211 | 366,276 | 58,504 | ||||||||
| Kulicke & Soffa Industries, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,133 | 132,664 | 285,310 | 156,979 | ||||||||
| Lam Research Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 6,717 | 806,322 | 2,910,678 | 2,132,034 | ||||||||
| MACOM Technology Solutions Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,090 | 386,341 | 414,603 | 38,935 | ||||||||
| Marvell Technology, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 7,392 | 2,059,338 | 2,202,003 | 197,572 | ||||||||
| MaxLinear, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,153 | 109,847 | 275,649 | 168,693 | ||||||||
| Microchip Technology, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 4,705 | 441,230 | 429,096 | 1,062 | ||||||||
| Micron Technology, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 8,617 | 2,084,762 | 9,946,517 | 7,922,328 | ||||||||
| Monolithic Power Systems, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 524 | 800,237 | 724,357 | (53,393) | ||||||||
| NVIDIA Corp. | USFF +0.250% | Weekly | MS | 01/10/28 | 14,577 | 2,652,368 | 2,916,712 | 339,156 | ||||||||
| NXP Semiconductors NV (Netherlands) | USFF +0.250% | Weekly | MS | 01/27/31 | 5,946 | 1,475,325 | 1,671,004 | 242,325 | ||||||||
| ON Semiconductor Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 13,043 | 830,088 | 1,233,085 | 425,105 | ||||||||
| Qnity Electronics, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 761 | 117,765 | 124,279 | 9,616 | ||||||||
| QUALCOMM, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 11,976 | 2,057,323 | 2,213,045 | 273,934 | ||||||||
| SiTime Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 305 | 121,661 | 227,396 | 108,941 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Semiconductors & Semiconductor Equipment — (continued) | ||||||||||||||||
| Skyworks Solutions, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 875 | $61,048 | $59,325 | $(135) | ||||||||
| Texas Instruments, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,864 | 864,381 | 1,151,742 | 315,572 | ||||||||
| Universal Display Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 4,205 | 385,681 | 364,111 | (9,340) | ||||||||
| 253,969 | 37,830,833 | 66,940,440 | 30,485,708 | |||||||||||||
| Software & Services | ||||||||||||||||
| Accenture PLC, Class A (Ireland) | USFF +0.250% | Weekly | MS | 01/12/29 | 22,330 | 4,612,456 | 2,778,745 | (1,668,439) | ||||||||
| Adobe, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 10,933 | 2,959,196 | 2,241,484 | (638,795) | ||||||||
| Akamai Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 7,313 | 938,385 | 864,470 | (48,917) | ||||||||
| Appian Corp., Class A | USFF +0.250% | Weekly | MS | 07/16/29 | 46,519 | 1,313,112 | 1,065,285 | (212,831) | ||||||||
| AppLovin Corp., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 4,070 | 1,907,580 | 2,096,986 | 292,995 | ||||||||
| Asana, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 28,618 | 239,998 | 200,326 | (33,309) | ||||||||
| Atlassian Corp., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 4,814 | 392,347 | 374,481 | (7,438) | ||||||||
| Autodesk, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 8,668 | 1,931,941 | 1,685,233 | (195,200) | ||||||||
| AvePoint, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 30,650 | 312,966 | 343,587 | 38,931 | ||||||||
| Bentley Systems, Inc., Class B | USFF +0.250% | Weekly | MS | 01/27/31 | 6,203 | 201,174 | 185,408 | (10,024) | ||||||||
| Blackbaud, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 13,488 | 602,426 | 399,515 | (186,878) | ||||||||
| BlackBerry Ltd. (Canada) | USFF +0.250% | Weekly | MS | 01/17/30 | 71,176 | 299,264 | 900,376 | 609,057 | ||||||||
| Box, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 27,407 | 673,398 | 727,382 | 71,912 | ||||||||
| CCC Intelligent Solutions Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 36,645 | 181,334 | 189,088 | 12,552 | ||||||||
| Clear Secure, Inc., Class A | USFF +0.250% | Weekly | MS | 07/23/30 | 7,083 | 243,802 | 394,736 | 161,089 | ||||||||
| Cognizant Technology Solutions Corp., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 20,999 | 1,299,059 | 813,291 | (444,460) | ||||||||
| Crowdstrike Holdings, Inc., Class A | USFF +0.250% | Weekly | MS | 07/16/29 | 3,919 | 1,411,786 | 2,990,746 | 1,616,588 | ||||||||
| Descartes Systems Group, Inc. (The) (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 1,830 | 121,070 | 126,709 | 8,829 | ||||||||
| EPAM Systems, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 4,139 | 565,816 | 328,430 | (222,330) | ||||||||
| Fastly, Inc., Class A | USFF +0.250% | Weekly | MS | 07/23/30 | 6,345 | 70,517 | 116,494 | 47,818 | ||||||||
| Five9, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 6,349 | 128,966 | 135,361 | 9,795 | ||||||||
| Fortinet, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 18,073 | 1,512,946 | 2,776,374 | 1,303,757 | ||||||||
| Gartner, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 2,010 | 450,154 | 260,536 | (177,648) | ||||||||
| Gen Digital, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 25,163 | 545,847 | 626,307 | 122,394 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Software & Services — (continued) | ||||||||||||||||
| Globant SA (Luxembourg) | USFF +0.250% | Weekly | MS | 01/27/31 | 8,361 | $361,602 | $241,967 | $(110,027) | ||||||||
| GoDaddy, Inc., Class A | USFF +0.250% | Weekly | MS | 01/17/30 | 14,523 | 1,614,125 | 1,232,712 | (338,385) | ||||||||
| Intuit, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,840 | 1,011,084 | 741,240 | (241,745) | ||||||||
| LiveRamp Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 7,011 | 179,460 | 263,894 | 89,182 | ||||||||
| Microsoft Corp. | USFF +0.250% | Weekly | MS | 07/08/27 | 9,440 | 3,609,833 | 3,521,309 | 54,371 | ||||||||
| MongoDB, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 965 | 332,919 | 324,144 | 67 | ||||||||
| nCino, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 19,815 | 326,158 | 323,975 | 6,479 | ||||||||
| NCR Voyix Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 6,873 | 52,848 | 56,152 | 4,674 | ||||||||
| Nutanix, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 2,604 | 122,845 | 132,700 | 13,092 | ||||||||
| Open Text Corp. (Canada) | USFF +0.250% | Weekly | MS | 07/23/30 | 8,672 | 198,875 | 192,085 | 493 | ||||||||
| Oracle Corp. | USFF +0.250% | Weekly | MS | 01/05/27 | 8,173 | 1,214,253 | 1,197,753 | 15,722 | ||||||||
| PTC, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 7,075 | 1,032,055 | 803,791 | (200,767) | ||||||||
| Q2 Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 9,017 | 456,217 | 433,718 | (11,718) | ||||||||
| RingCentral, Inc., Class A | USFF +0.250% | Weekly | MS | 01/17/30 | 5,180 | 145,164 | 201,916 | 61,300 | ||||||||
| Roper Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,708 | 751,911 | 577,970 | (150,856) | ||||||||
| Salesforce, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 9,815 | 1,665,374 | 1,537,618 | (79,860) | ||||||||
| ServiceNow, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 18,145 | 2,277,174 | 1,801,436 | (415,019) | ||||||||
| Snowflake, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 4,544 | 1,019,826 | 1,156,448 | 163,793 | ||||||||
| Sprinklr, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 15,598 | 81,224 | 80,486 | 1,004 | ||||||||
| Tenable Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,823 | 79,066 | 140,992 | 82,247 | ||||||||
| Teradata Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 22,051 | 607,125 | 764,067 | 173,645 | ||||||||
| Trimble, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 5,121 | 299,301 | 262,093 | (29,263) | ||||||||
| Tyler Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,106 | 334,580 | 323,461 | (2,232) | ||||||||
| UiPath, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 118,095 | 1,369,758 | 1,283,693 | (49,558) | ||||||||
| VeriSign, Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 1,929 | 504,826 | 485,259 | (5,665) | ||||||||
| Workday, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 2,102 | 245,289 | 257,327 | 18,542 | ||||||||
| Zoom Communications, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 7,930 | 694,317 | 684,438 | 8,607 | ||||||||
| 737,260 | 43,502,749 | 41,643,994 | (492,429) | |||||||||||||
| Technology Hardware & Equipment | ||||||||||||||||
| Amphenol Corp., Class A | USFF +0.250% | Weekly | MS | 01/17/30 | 18,561 | 2,264,548 | 3,272,676 | 1,076,171 | ||||||||
| Apple, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 24,007 | 5,814,070 | 6,946,666 | 1,321,692 | ||||||||
| Arrow Electronics, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,829 | 408,774 | 390,327 | (7,580) | ||||||||
| Benchmark Electronics, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 5,859 | 322,117 | 578,108 | 266,476 | ||||||||
| Celestica, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 645 | 227,050 | 235,296 | 14,264 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Technology Hardware & Equipment — (continued) | ||||||||||||||||
| Ciena Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,474 | $643,769 | $723,085 | $109,949 | ||||||||
| Cisco Systems, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 13,703 | 1,301,282 | 1,609,554 | 355,921 | ||||||||
| Daktronics, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 3,013 | 56,455 | 58,934 | 3,945 | ||||||||
| Dell Technologies, Inc., Class C | USFF +0.250% | Weekly | MS | 01/17/30 | 15,592 | 2,629,702 | 6,727,324 | 4,195,020 | ||||||||
| Diebold Nixdorf, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 4,928 | 355,437 | 418,979 | 72,985 | ||||||||
| ePlus, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 40 | 2,491 | 3,329 | 905 | ||||||||
| F5, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 598 | 175,739 | 248,744 | 77,654 | ||||||||
| Hewlett Packard Enterprise Co. | USFF +0.250% | Weekly | MS | 01/27/31 | 45,695 | 1,946,014 | 2,061,301 | 173,297 | ||||||||
| HP, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 9,591 | 223,515 | 210,427 | 1,947 | ||||||||
| Jabil, Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 1,052 | 210,338 | 405,525 | 200,759 | ||||||||
| Keysight Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,519 | 425,583 | 531,756 | 117,489 | ||||||||
| Knowles Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 484 | 8,663 | 20,076 | 11,605 | ||||||||
| LightPath Technologies, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 5,748 | 70,820 | 93,980 | 25,009 | ||||||||
| Littelfuse, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 68 | 31,023 | 30,962 | 727 | ||||||||
| Lumentum Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 247 | 93,480 | 211,941 | 120,915 | ||||||||
| Motorola Solutions, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,738 | 747,504 | 721,774 | (4,057) | ||||||||
| Napco Security Technologies, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,523 | 98,438 | 95,824 | 547 | ||||||||
| NetApp, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 5,644 | 588,315 | 873,465 | 310,483 | ||||||||
| NetScout Systems, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 999 | 21,559 | 43,506 | 22,482 | ||||||||
| nLight, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 9,708 | 304,743 | 675,871 | 378,808 | ||||||||
| Novanta, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/27/31 | 674 | 103,342 | 109,350 | 8,724 | ||||||||
| Rogers Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 547 | 40,563 | 89,560 | 50,039 | ||||||||
| Sandisk Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,627 | 361,810 | 3,699,359 | 3,347,162 | ||||||||
| Seagate Technology Holdings PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/10/28 | 973 | 522,843 | 938,945 | 435,224 | ||||||||
| Super Micro Computer, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 4,871 | 105,424 | 142,866 | 40,267 | ||||||||
| TE Connectivity PLC (Ireland) | USFF +0.250% | Weekly | MS | 07/11/28 | 2,743 | 553,495 | 553,016 | 17,342 | ||||||||
| Teledyne Technologies, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 805 | 516,926 | 536,855 | 33,681 | ||||||||
| Viasat, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,763 | 45,095 | 158,335 | 114,403 | ||||||||
| Viavi Solutions, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,589 | 76,403 | 75,875 | 1,470 | ||||||||
| Vishay Intertechnology, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 11,652 | 687,855 | 626,645 | (42,062) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Technology Hardware & Equipment — (continued) | ||||||||||||||||
| Vistance Networks, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 39,179 | $338,589 | $500,708 | $171,112 | ||||||||
| Western Digital Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 1,805 | 225,146 | 1,152,890 | 1,029,847 | ||||||||
| 243,493 | 22,548,920 | 35,773,834 | 14,054,622 | |||||||||||||
| Telecommunication Services | ||||||||||||||||
| Anterix, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,365 | 105,354 | 140,513 | 37,930 | ||||||||
| AT&T, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 32,589 | 798,700 | 674,592 | (102,837) | ||||||||
| Bandwidth, Inc., Class A | USFF +0.250% | Weekly | MS | 01/27/31 | 5,969 | 331,818 | 377,838 | 54,833 | ||||||||
| Comcast Corp., Class A | USFF +0.250% | Weekly | MS | 07/08/27 | 26,357 | 683,073 | 647,064 | (5,279) | ||||||||
| Lumen Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 26,204 | 233,379 | 201,247 | (25,946) | ||||||||
| Rogers Communications, Inc., Class B (Canada) | USFF +0.250% | Weekly | MS | 07/23/30 | 2,390 | 86,515 | 77,675 | (4,319) | ||||||||
| T-Mobile US, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,168 | 422,810 | 363,639 | (44,754) | ||||||||
| 97,042 | 2,661,649 | 2,482,568 | (90,372) | |||||||||||||
| Transportation | ||||||||||||||||
| Allegiant Travel Co. | USFF +0.250% | Weekly | MS | 01/17/30 | 15,561 | 1,208,111 | 1,829,974 | 654,058 | ||||||||
| CH Robinson Worldwide, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,763 | 213,085 | 332,043 | 128,238 | ||||||||
| CSX Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 5,784 | 222,517 | 274,914 | 60,096 | ||||||||
| Delta Air Lines, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 8,195 | 489,451 | 767,544 | 307,585 | ||||||||
| Expeditors International of Washington, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,556 | 521,607 | 579,557 | 74,835 | ||||||||
| FedEx Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 211 | 65,866 | 66,070 | 2,533 | ||||||||
| GXO Logistics, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 1,821 | 93,925 | 92,325 | 333 | ||||||||
| Heartland Express, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 701 | 10,333 | 10,669 | 578 | ||||||||
| JB Hunt Transport Services, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,642 | 412,975 | 764,674 | 365,934 | ||||||||
| Kirby Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 170 | 23,644 | 23,115 | 62 | ||||||||
| Norfolk Southern Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,364 | 385,415 | 429,101 | 58,385 | ||||||||
| Uber Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 12,010 | 854,206 | 866,642 | 35,188 | ||||||||
| Union Pacific Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,660 | 686,966 | 723,520 | 60,014 | ||||||||
| United Parcel Service, Inc., Class B | USFF +0.250% | Weekly | MS | 07/23/30 | 5,168 | 492,723 | 555,560 | 84,001 | ||||||||
| 61,606 | 5,680,824 | 7,315,708 | 1,831,840 | |||||||||||||
| Utilities | ||||||||||||||||
| AES Corp. (The) | USFF +0.250% | Weekly | MS | 01/27/31 | 3,229 | 47,445 | 47,337 | 1,118 | ||||||||
| Alliant Energy Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 853 | 63,441 | 65,075 | 3,287 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Utilities — (continued) | ||||||||||||||||
| American Electric Power Co., Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 4,195 | $532,447 | $573,918 | $78,339 | ||||||||
| American States Water Co. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,706 | 283,986 | 306,227 | 30,718 | ||||||||
| American Water Works Co., Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,591 | 325,118 | 340,924 | 25,173 | ||||||||
| Atmos Energy Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 2,785 | 469,857 | 479,772 | 29,546 | ||||||||
| CenterPoint Energy, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 23,677 | 938,769 | 1,042,735 | 141,599 | ||||||||
| Duke Energy Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 7,725 | 975,037 | 977,831 | 39,723 | ||||||||
| Entergy Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 198 | 22,831 | 22,742 | 480 | ||||||||
| Evergy, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,709 | 222,508 | 234,139 | 18,064 | ||||||||
| FirstEnergy Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 13,031 | 647,889 | 619,494 | (36,919) | ||||||||
| Hallador Energy Co. | USFF +0.250% | Weekly | MS | 01/17/30 | 2,707 | 41,846 | 47,075 | 7,418 | ||||||||
| National Fuel Gas Co. | USFF +0.250% | Weekly | MS | 07/16/29 | 1,360 | 105,809 | 105,006 | 4,459 | ||||||||
| NiSource, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 313 | 14,960 | 14,883 | 282 | ||||||||
| OGE Energy Corp. | USFF +0.250% | Weekly | MS | 01/27/31 | 4,585 | 216,945 | 223,106 | 11,910 | ||||||||
| Public Service Enterprise Group, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 2,889 | 225,834 | 234,471 | 16,134 | ||||||||
| Southern Co. (The) | USFF +0.250% | Weekly | MS | 01/27/31 | 1,630 | 153,704 | 156,007 | 6,364 | ||||||||
| WEC Energy Group, Inc. | USFF +0.250% | Weekly | MS | 01/27/31 | 3,695 | 416,698 | 431,465 | 30,755 | ||||||||
| 81,878 | 5,705,124 | 5,922,207 | 408,450 | |||||||||||||
| Total Reference Entity — Long | 328,412,046 | 379,078,392 | 62,062,754 | |||||||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Short | ||||||||||||||||
| Automobiles & Components | ||||||||||||||||
| Dauch Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (358,764) | $(2,260,700) | $(1,944,501) | $298,665 | ||||||||
| Dorman Products, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (25,993) | (3,003,416) | (3,546,745) | (566,611) | ||||||||
| Fox Factory Holding Corp. | USFF -0.250% | Weekly | MS | 01/12/29 | (40,938) | (1,093,343) | (693,694) | 391,106 | ||||||||
| Harley-Davidson, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (21,584) | (536,885) | (527,945) | 571 | ||||||||
| Patrick Industries, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (4,926) | (457,038) | (442,256) | 9,692 | ||||||||
| QuantumScape Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (30,881) | (350,630) | (233,460) | 114,416 | ||||||||
| Rivian Automotive, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (260,772) | (4,025,545) | (4,524,394) | (530,041) | ||||||||
| Tesla, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (1,799) | (748,655) | (756,659) | (13,838) | ||||||||
| Thor Industries, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (6,616) | (674,468) | (497,259) | 176,935 | ||||||||
| XPEL, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (1,190) | (56,086) | (59,024) | (3,412) | ||||||||
| (753,463) | (13,206,766) | (13,225,937) | (122,517) | |||||||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods | ||||||||||||||||
| 3M Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (4,933) | $(806,102) | $(798,702) | $1,122 | ||||||||
| Advanced Drainage Systems, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (12,847) | (1,794,593) | (2,016,465) | (235,798) | ||||||||
| AeroVironment, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (8,316) | (1,799,749) | (1,372,722) | 399,584 | ||||||||
| Alamo Group, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (9,233) | (1,440,514) | (1,518,736) | (89,410) | ||||||||
| Allient, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (11,592) | (1,042,588) | (1,193,165) | (158,685) | ||||||||
| Allison Transmission Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (41,618) | (4,886,131) | (4,692,013) | 151,582 | ||||||||
| Ameresco, Inc., Class A | USFF -0.250% | Weekly | MS | 01/10/28 | (39,207) | (1,579,534) | (1,082,113) | 485,158 | ||||||||
| American Superconductor Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (33,191) | (1,108,365) | (1,377,758) | (278,011) | ||||||||
| Amprius Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (146,847) | (2,229,069) | (2,035,299) | 176,480 | ||||||||
| Archer Aviation, Inc., Class A | USFF -0.262% | Weekly | MS | 07/23/30 | (210,761) | (1,580,698) | (996,900) | 571,526 | ||||||||
| Array Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (162,913) | (1,188,478) | (1,207,185) | (27,945) | ||||||||
| Astec Industries, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (17,257) | (881,918) | (1,055,956) | (185,680) | ||||||||
| Atkore, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (13,157) | (1,028,944) | (1,000,458) | 7,305 | ||||||||
| Boise Cascade Co. | USFF -0.250% | Weekly | MS | 07/16/29 | (22,902) | (1,922,352) | (1,777,882) | 114,438 | ||||||||
| Builders FirstSource, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (8,790) | (1,064,138) | (786,529) | 269,333 | ||||||||
| Cadre Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (26,863) | (887,418) | (765,864) | 109,102 | ||||||||
| Carrier Global Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (27,389) | (1,852,152) | (2,008,983) | (177,225) | ||||||||
| CECO Environmental Corp. | USFF -0.530% | Weekly | MS | 07/23/30 | (16,798) | (1,033,919) | (1,524,251) | (517,693) | ||||||||
| Centuri Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (111,672) | (3,302,345) | (3,376,961) | (100,212) | ||||||||
| Crane Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (23,620) | (4,394,787) | (5,268,913) | (911,007) | ||||||||
| CSW Industrials, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (5,641) | (1,558,873) | (1,569,890) | (28,100) | ||||||||
| DNOW, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (221,682) | (2,844,677) | (2,875,216) | (52,592) | ||||||||
| DXP Enterprises, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (10,373) | (1,321,668) | (1,750,340) | (443,832) | ||||||||
| Eaton Corp. PLC (Ireland) | USFF -0.250% | Weekly | MS | 01/27/31 | (5,609) | (2,369,735) | (2,390,107) | (46,167) | ||||||||
| Enovix Corp. | USFF -0.980% | Weekly | MS | 07/23/30 | (94,125) | (816,251) | (571,339) | 238,555 | ||||||||
| Esab Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (23,427) | (2,798,562) | (2,310,605) | 461,150 | ||||||||
| Eve Holding, Inc. | USFF -0.730% | Weekly | MS | 07/23/30 | (111,239) | (419,020) | (279,210) | 136,527 | ||||||||
| Federal Signal Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (4,590) | (546,121) | (589,769) | (49,669) | ||||||||
| Firefly Aerospace, Inc. | USFF -0.580% | Weekly | MS | 01/27/31 | (122,047) | (4,133,819) | (3,588,182) | 513,608 | ||||||||
| Fluor Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (62,300) | (3,123,912) | (3,263,897) | (164,200) | ||||||||
| Fortune Brands Innovations, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (2,184) | (115,670) | (119,902) | (5,167) | ||||||||
| Franklin Electric Co., Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (11,088) | (1,120,918) | (1,188,523) | (81,007) | ||||||||
| GATX Corp. | USFF -0.250% | Weekly | MS | 07/11/28 | (16,724) | (2,870,683) | (2,963,326) | (132,635) | ||||||||
| General Electric Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (19,249) | (6,398,970) | (7,193,929) | (843,700) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| Gibraltar Industries, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (19,370) | $(903,911) | $(873,587) | $23,289 | ||||||||
| Graham Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (281) | (34,463) | (34,785) | (629) | ||||||||
| Herc Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (4,051) | (705,893) | (580,670) | 104,037 | ||||||||
| Hillman Solutions Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (238,213) | (1,987,506) | (2,010,518) | (38,432) | ||||||||
| Hubbell, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (1,795) | (940,158) | (939,144) | (6,302) | ||||||||
| IES Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (2,645) | (1,426,899) | (1,943,176) | (548,002) | ||||||||
| Ingersoll Rand, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (36,055) | (2,838,405) | (2,956,149) | (139,750) | ||||||||
| Intuitive Machines, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (35,051) | (1,135,541) | (749,741) | 376,972 | ||||||||
| ITT, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (31,814) | (6,399,668) | (6,291,537) | 41,197 | ||||||||
| Karman Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (17,290) | (1,256,334) | (863,117) | 383,455 | ||||||||
| Kratos Defense & Security Solutions, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (102,758) | (7,346,505) | (5,123,514) | 2,166,101 | ||||||||
| Lennox International, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (2,260) | (1,257,413) | (1,294,867) | (53,236) | ||||||||
| Limbach Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (17,871) | (1,627,547) | (1,376,067) | 238,845 | ||||||||
| Lincoln Electric Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (5,635) | (1,586,827) | (1,496,149) | 72,195 | ||||||||
| Lindsay Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (3,535) | (420,048) | (437,633) | (20,876) | ||||||||
| Loar Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (3,711) | (283,552) | (299,144) | (17,826) | ||||||||
| LSI Industries, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (15,698) | (381,404) | (417,253) | (38,896) | ||||||||
| Masterbrand, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (80,640) | (812,232) | (829,786) | (23,880) | ||||||||
| NANO Nuclear Energy, Inc. | USFF -1.730% | Weekly | MS | 01/27/31 | (3,022) | (67,527) | (63,885) | 3,079 | ||||||||
| NuScale Power Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (128,994) | (1,432,275) | (1,293,810) | 127,341 | ||||||||
| nVent Electric PLC (Ireland) | USFF -0.250% | Weekly | MS | 01/27/31 | (1,741) | (248,724) | (295,291) | (62,457) | ||||||||
| Owens Corning | USFF -0.250% | Weekly | MS | 01/27/31 | (15,435) | (1,843,116) | (2,453,548) | (624,712) | ||||||||
| Power Solutions International, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (41,460) | (3,009,930) | (1,612,379) | 1,374,218 | ||||||||
| Preformed Line Products Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (4,883) | (1,549,609) | (2,004,764) | (475,884) | ||||||||
| Primoris Services Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (25,504) | (3,133,597) | (2,527,956) | 597,620 | ||||||||
| Quanex Building Products Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (34,006) | (679,692) | (633,192) | 34,496 | ||||||||
| QXO, Inc. | USFF -1.880% | Weekly | MS | 07/23/30 | (79,155) | (1,607,115) | (1,367,798) | 226,839 | ||||||||
| Regal Rexnord Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (3,945) | (888,300) | (939,660) | (59,655) | ||||||||
| Resideo Technologies, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (27,924) | (1,007,256) | (868,436) | 130,985 | ||||||||
| Shoals Technologies Group, Inc., Class A | USFF -0.250% | Weekly | MS | 07/23/30 | (415,495) | (3,773,517) | (4,113,400) | (369,125) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| SPX Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (10,640) | $(2,447,556) | $(2,608,609) | $(187,753) | ||||||||
| StandardAero, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (70,527) | (1,943,594) | (2,109,463) | (180,949) | ||||||||
| Sunrun, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (13,682) | (265,185) | (183,065) | 80,027 | ||||||||
| Tennant Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (15,151) | (1,144,876) | (1,326,319) | (195,166) | ||||||||
| Voyager Technologies, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (16,957) | (510,521) | (546,863) | (40,333) | ||||||||
| Watsco, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (102) | (49,945) | (42,506) | 6,114 | ||||||||
| Watts Water Technologies, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (7,652) | (2,519,569) | (2,995,375) | (496,402) | ||||||||
| Woodward, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (2,398) | (1,040,284) | (1,020,205) | 12,421 | ||||||||
| X-Energy, Inc. | USFF -1.530% | Weekly | MS | 01/27/31 | (22,238) | (446,045) | (408,290) | 34,263 | ||||||||
| (3,219,768) | (127,215,212) | (124,442,741) | 1,559,964 | |||||||||||||
| Commercial & Professional Services | ||||||||||||||||
| ABM Industries, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (8,900) | (455,953) | (393,736) | 50,858 | ||||||||
| ACV Auctions, Inc., Class A | USFF -0.250% | Weekly | MS | 07/23/30 | (354,110) | (3,121,110) | (2,546,051) | 544,002 | ||||||||
| Barrett Business Services, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (11,717) | (377,901) | (416,188) | (41,566) | ||||||||
| BlackSky Technology, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (33,237) | (856,486) | (927,977) | (78,159) | ||||||||
| Boyd Group, Inc. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (1,330) | (133,696) | (125,845) | 6,634 | ||||||||
| BrightView Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (85,854) | (1,150,275) | (1,216,551) | (75,285) | ||||||||
| CACI International, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (1,777) | (926,393) | (823,213) | 110,615 | ||||||||
| Casella Waste Systems, Inc., Class A | USFF -0.250% | Weekly | MS | 01/17/30 | (550) | (65,705) | (53,334) | 11,822 | ||||||||
| CBIZ, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (4,700) | (391,392) | (150,776) | 237,547 | ||||||||
| Clarivate PLC (Jersey) | USFF -0.630% | Weekly | MS | 07/11/28 | (277,111) | (1,617,778) | (598,560) | 1,006,658 | ||||||||
| Concentrix Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (44,051) | (1,165,628) | (986,963) | 165,131 | ||||||||
| CoreCivic, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (103,114) | (2,035,952) | (3,132,603) | (1,112,447) | ||||||||
| CRA International, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (6,005) | (876,139) | (854,512) | 14,808 | ||||||||
| Exponent, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (6,658) | (420,899) | (391,224) | 24,289 | ||||||||
| GFL Environmental, Inc. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (28,394) | (1,074,191) | (1,044,615) | 21,369 | ||||||||
| HNI Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (80,781) | (2,884,426) | (3,264,360) | (426,861) | ||||||||
| Huron Consulting Group, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (12,031) | (1,286,014) | (1,084,715) | 191,484 | ||||||||
| ICF International, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | (3,192) | (304,226) | (232,569) | 68,379 | ||||||||
| Insperity, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (57,911) | (3,371,601) | (2,392,303) | 810,587 | ||||||||
| Legalzoom.com, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (28,427) | (290,516) | (174,258) | 113,970 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Commercial & Professional Services — (continued) | ||||||||||||||||
| ManpowerGroup, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (32,768) | $(1,442,748) | $(1,106,575) | $275,983 | ||||||||
| Onterris, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (525) | (10,535) | (10,610) | (197) | ||||||||
| Parsons Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (27,607) | (1,899,271) | (1,446,331) | 442,653 | ||||||||
| Resolute Holdings Management, Inc. | USFF -0.680% | Weekly | MS | 01/27/31 | (15,053) | (1,784,393) | (2,175,610) | (405,066) | ||||||||
| Robert Half, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (23,919) | (749,286) | (734,313) | 9,136 | ||||||||
| TIC Solutions, Inc. | USFF -1.080% | Weekly | MS | 01/27/31 | (192,377) | (1,500,984) | (1,556,330) | (67,001) | ||||||||
| TriNet Group, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (200) | (10,003) | (9,898) | (12) | ||||||||
| Verra Mobility Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (83,296) | (1,254,172) | (354,008) | 890,419 | ||||||||
| Vestis Corp. | USFF -0.250% | Weekly | MS | 01/17/30 | (72,356) | (752,303) | (1,050,609) | (320,629) | ||||||||
| (1,597,951) | (32,209,976) | (29,254,637) | 2,469,121 | |||||||||||||
| Consumer Discretionary Distribution & Retail | ||||||||||||||||
| Abercrombie & Fitch Co., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (9,382) | (835,004) | (844,474) | (15,972) | ||||||||
| Advance Auto Parts, Inc. | USFF -0.630% | Weekly | MS | 01/27/31 | (10,838) | (638,613) | (674,340) | (39,648) | ||||||||
| Arhaus, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (15,832) | (123,068) | (133,305) | (11,230) | ||||||||
| Camping World Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 01/17/30 | (21,255) | (410,267) | (162,176) | 245,334 | ||||||||
| CarMax, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (147,651) | (5,931,792) | (7,809,261) | (1,923,412) | ||||||||
| Carvana Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (9,268) | (682,026) | (610,020) | 66,688 | ||||||||
| Dick's Sporting Goods, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (8,272) | (1,887,489) | (1,876,172) | (32,479) | ||||||||
| Etsy, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (26,874) | (2,019,415) | (2,024,418) | (20,671) | ||||||||
| Floor & Decor Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 01/17/30 | (5,537) | (464,005) | (328,676) | 131,698 | ||||||||
| Gold.com, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (17,564) | (730,922) | (730,838) | (6,792) | ||||||||
| Groupon, Inc. | USFF -1.730% | Weekly | MS | 01/27/31 | (1,909) | (42,271) | (45,931) | (4,027) | ||||||||
| Pool Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (1,410) | (297,047) | (303,009) | (8,301) | ||||||||
| Savers Value Village, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (86,035) | (975,830) | (868,093) | 99,229 | ||||||||
| Sonic Automotive, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (19,019) | (1,510,232) | (1,612,621) | (121,697) | ||||||||
| Tractor Supply Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (13,811) | (760,876) | (436,566) | 311,752 | ||||||||
| Upbound Group, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (33,665) | (825,248) | (714,371) | 54,061 | ||||||||
| Urban Outfitters, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (57,442) | (4,244,380) | (4,070,340) | 142,742 | ||||||||
| Winmark Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (727) | (295,523) | (307,579) | (14,383) | ||||||||
| (486,491) | (22,674,008) | (23,552,190) | (1,147,108) | |||||||||||||
| Consumer Durables & Apparel | ||||||||||||||||
| Acushnet Holdings Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (43,990) | (4,102,395) | (5,214,135) | (1,151,759) | ||||||||
| Brunswick Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (7,745) | (621,534) | (652,439) | (39,348) | ||||||||
| Cavco Industries, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (885) | (606,376) | (543,726) | 56,523 | ||||||||
| Crocs, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (15,532) | (1,796,979) | (1,873,780) | (94,540) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Durables & Apparel — (continued) | ||||||||||||||||
| Gildan Activewear, Inc. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (103,923) | $(6,690,144) | $(5,362,427) | $1,230,636 | ||||||||
| KB Home | USFF -0.250% | Weekly | MS | 01/27/31 | (7,517) | (439,581) | (470,489) | (43,084) | ||||||||
| Kontoor Brands, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (12,319) | (968,633) | (1,026,665) | (65,569) | ||||||||
| Latham Group, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (2,233) | (14,215) | (14,448) | (383) | ||||||||
| Mattel, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (154,162) | (2,996,756) | (2,139,769) | 833,757 | ||||||||
| NIKE, Inc., Class B | USFF -0.250% | Weekly | MS | 07/23/30 | (6,851) | (444,512) | (281,234) | 154,180 | ||||||||
| SharkNinja, Inc. (Cayman Islands) | USFF -0.250% | Weekly | MS | 01/27/31 | (9,209) | (1,164,169) | (1,402,254) | (247,135) | ||||||||
| Steven Madden Ltd. | USFF -0.250% | Weekly | MS | 01/27/31 | (60,488) | (2,231,237) | (2,546,545) | (362,178) | ||||||||
| Under Armour, Inc., Class C | USFF -0.250% | Weekly | MS | 01/27/31 | (113,794) | (645,961) | (707,799) | (66,877) | ||||||||
| VF Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (177,889) | (3,003,250) | (2,967,189) | (2,696) | ||||||||
| Whirlpool Corp. | USFF -0.530% | Weekly | MS | 01/27/31 | (20,870) | (890,422) | (822,695) | 60,882 | ||||||||
| (737,407) | (26,616,164) | (26,025,594) | 262,409 | |||||||||||||
| Consumer Services | ||||||||||||||||
| Boyd Gaming Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (19,746) | (1,700,307) | (1,744,164) | (61,004) | ||||||||
| Cheesecake Factory, Inc. (The) | USFF -0.250% | Weekly | MS | 01/27/31 | (12,349) | (848,170) | (982,239) | (140,673) | ||||||||
| Choice Hotels International, Inc. | USFF -1.080% | Weekly | MS | 01/27/31 | (4,784) | (569,296) | (527,532) | 37,318 | ||||||||
| Coursera, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (220,913) | (1,942,639) | (1,245,949) | 681,617 | ||||||||
| Cracker Barrel Old Country Store, Inc. | USFF -1.180% | Weekly | MS | 01/27/31 | (22,045) | (688,104) | (1,174,999) | (513,705) | ||||||||
| Duolingo, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (2,638) | (331,255) | (303,423) | 27,935 | ||||||||
| Dutch Bros, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (5,609) | (300,989) | (402,782) | (104,163) | ||||||||
| First Watch Restaurant Group, Inc. | USFF -0.250% | Weekly | MS | 07/11/28 | (125,732) | (1,985,304) | (1,620,685) | 348,550 | ||||||||
| Flutter Entertainment PLC (Ireland) | USFF -0.250% | Weekly | MS | 07/23/30 | (7,295) | (1,011,125) | (745,330) | 257,930 | ||||||||
| Graham Holdings Co., Class B | USFF -0.250% | Weekly | MS | 01/27/31 | (954) | (1,082,942) | (1,088,915) | (14,479) | ||||||||
| Kura Sushi USA, Inc., Class A | USFF -0.250% | Weekly | MS | 07/23/30 | (8,735) | (661,702) | (502,787) | 153,617 | ||||||||
| Life Time Group Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (20,897) | (728,571) | (853,433) | (130,541) | ||||||||
| MGM Resorts International | USFF -0.250% | Weekly | MS | 01/27/31 | (28,290) | (1,385,496) | (1,352,545) | 21,786 | ||||||||
| Norwegian Cruise Line Holdings Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 07/23/30 | (89,465) | (2,032,725) | (1,888,606) | 128,348 | ||||||||
| OneSpaWorld Holdings Ltd. (Bahamas) | USFF -0.250% | Weekly | MS | 01/27/31 | (56,076) | (1,386,504) | (1,583,586) | (209,761) | ||||||||
| Red Rock Resorts, Inc., Class A | USFF -0.250% | Weekly | MS | 07/23/30 | (35,964) | (2,178,222) | (2,339,818) | (215,117) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Services — (continued) | ||||||||||||||||
| Shake Shack, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (67,345) | $(4,075,852) | $(3,772,667) | $271,605 | ||||||||
| Six Flags Entertainment Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (8,696) | (408,355) | (185,225) | 219,930 | ||||||||
| Sweetgreen, Inc., Class A | USFF -0.250% | Weekly | MS | 01/17/30 | (82,517) | (1,081,828) | (726,975) | 346,879 | ||||||||
| United Parks & Resorts, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (3,828) | (175,889) | (182,749) | (9,884) | ||||||||
| Universal Technical Institute, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (53,259) | (1,906,914) | (2,277,887) | (385,771) | ||||||||
| Viking Holdings Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 01/27/31 | (23,161) | (2,073,862) | (2,424,262) | (366,488) | ||||||||
| Wendy's Co. (The) | USFF -9.930% | Weekly | MS | 01/27/31 | (150,857) | (1,097,130) | (1,250,605) | (190,628) | ||||||||
| Wingstop, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (7,126) | (1,107,686) | (1,235,720) | (136,646) | ||||||||
| Wyndham Hotels & Resorts, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (15,393) | (1,319,451) | (1,296,245) | 12,956 | ||||||||
| (1,073,674) | (32,080,318) | (31,709,128) | 29,611 | |||||||||||||
| Consumer Staples Distribution & Retail | ||||||||||||||||
| BJ's Wholesale Club Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (44,388) | (4,231,853) | (3,871,521) | 325,880 | ||||||||
| Chefs' Warehouse, Inc. (The) | USFF -0.250% | Weekly | MS | 07/23/30 | (10,747) | (709,741) | (1,032,787) | (338,724) | ||||||||
| Grocery Outlet Holding Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (117,390) | (952,237) | (1,171,552) | (227,470) | ||||||||
| Maplebear, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (101,728) | (4,349,011) | (4,816,821) | (501,505) | ||||||||
| Natural Grocers by Vitamin Cottage, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (592) | (18,879) | (18,364) | 328 | ||||||||
| PriceSmart, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (5,871) | (919,106) | (1,146,841) | (235,646) | ||||||||
| US Foods Holding Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (9,870) | (920,676) | (1,009,208) | (95,697) | ||||||||
| (290,586) | (12,101,503) | (13,067,094) | (1,072,834) | |||||||||||||
| Energy | ||||||||||||||||
| Antero Resources Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (75,083) | (2,904,204) | (2,638,417) | 245,082 | ||||||||
| Atlas Energy Solutions, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (52,496) | (1,085,080) | (871,959) | 146,678 | ||||||||
| BKV Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (61,092) | (1,617,820) | (1,671,477) | (66,216) | ||||||||
| BW LPG Ltd. (Singapore) | USFF -0.780% | Weekly | MS | 01/17/30 | (15,776) | (234,103) | (274,976) | (74,135) | ||||||||
| Cactus, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (57,194) | (3,317,642) | (2,930,049) | 356,427 | ||||||||
| California Resources Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (65,339) | (3,859,157) | (3,454,473) | 362,143 | ||||||||
| Canadian Natural Resources Ltd. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (49,009) | (2,336,252) | (1,935,855) | 373,757 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Energy — (continued) | ||||||||||||||||
| Cenovus Energy, Inc. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (33,504) | $(874,335) | $(831,234) | $31,226 | ||||||||
| Cheniere Energy, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (31,732) | (7,615,517) | (7,584,265) | (34,096) | ||||||||
| Comstock Resources, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (111,756) | (1,546,411) | (1,667,400) | (132,996) | ||||||||
| Crescent Energy Co., Class A | USFF -0.250% | Weekly | MS | 07/16/29 | (93,440) | (1,250,275) | (917,581) | 314,215 | ||||||||
| Denison Mines Corp. (Canada) | USFF -0.260% | Weekly | MS | 01/27/31 | (899,099) | (2,894,133) | (2,751,243) | 120,454 | ||||||||
| Enbridge, Inc. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (19,436) | (1,093,268) | (1,053,626) | 28,799 | ||||||||
| Enerflex Ltd. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (16,374) | (449,642) | (401,327) | 44,724 | ||||||||
| Excelerate Energy, Inc., Class A | USFF -0.250% | Weekly | MS | 07/23/30 | (34,561) | (965,350) | (1,312,972) | (361,635) | ||||||||
| FLEX LNG Ltd. (Bermuda) | USFF -2.230% | Weekly | MS | 01/27/31 | (9,095) | (276,420) | (255,206) | 7,820 | ||||||||
| Flowco Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (57,182) | (1,371,254) | (1,220,264) | 139,547 | ||||||||
| Helmerich & Payne, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (54,865) | (1,362,107) | (1,796,280) | (490,613) | ||||||||
| Kinetik Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/07/27 | (18,085) | (687,449) | (874,229) | (407,595) | ||||||||
| Liberty Energy, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (29,794) | (985,094) | (780,305) | 194,412 | ||||||||
| Magnolia Oil & Gas Corp., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (85,234) | (2,429,324) | (2,180,286) | 227,242 | ||||||||
| Matador Resources Co. | USFF -0.250% | Weekly | MS | 07/18/30 | (133,046) | (7,347,261) | (6,623,030) | 615,122 | ||||||||
| NextDecade Corp. | USFF -0.530% | Weekly | MS | 01/12/29 | (269,562) | (2,081,280) | (2,032,497) | 32,636 | ||||||||
| Northern Oil & Gas, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (38,605) | (804,680) | (700,681) | 80,360 | ||||||||
| Okeanis Eco Tankers Corp. (Marshall Islands) | USFF -1.830% | Weekly | MS | 01/27/31 | (18,358) | (930,795) | (920,103) | (3,898) | ||||||||
| Ovintiv, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (123,666) | (7,076,014) | (6,511,015) | 480,936 | ||||||||
| Par Pacific Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (44,914) | (2,848,519) | (2,518,777) | 307,658 | ||||||||
| Peabody Energy Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (37,776) | (937,407) | (873,381) | 55,414 | ||||||||
| Permian Resources Corp., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (251,707) | (5,048,122) | (4,633,926) | 321,472 | ||||||||
| Phillips 66 | USFF -0.250% | Weekly | MS | 01/27/31 | (10,928) | (1,935,446) | (1,847,378) | 59,569 | ||||||||
| Precision Drilling Corp. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (24,870) | (2,302,932) | (1,906,534) | 378,536 | ||||||||
| ProPetro Holding Corp. | USFF -0.250% | Weekly | MS | 07/11/28 | (400,899) | (5,595,677) | (5,748,892) | (196,556) | ||||||||
| RPC, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (42,082) | (266,445) | (245,338) | 19,005 | ||||||||
| Sable Offshore Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (118,107) | (1,283,959) | (363,770) | 910,214 | ||||||||
| Seadrill Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 01/27/31 | (35,463) | (1,542,442) | (1,341,211) | 190,556 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Energy — (continued) | ||||||||||||||||
| Select Water Solutions, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (56,947) | $(621,923) | $(1,137,801) | $(544,218) | ||||||||
| SM Energy Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (238,296) | (7,227,540) | (6,219,526) | 918,895 | ||||||||
| Solaris Energy Infrastructure, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (16,136) | (1,227,058) | (1,298,303) | (81,990) | ||||||||
| Talos Energy, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (63,741) | (978,103) | (822,896) | 148,815 | ||||||||
| Targa Resources Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (17,739) | (4,690,204) | (4,756,535) | (102,666) | ||||||||
| TETRA Technologies, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (242,448) | (2,310,921) | (2,746,936) | (453,938) | ||||||||
| Uranium Energy Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (18,154) | (193,486) | (193,522) | (1,573) | ||||||||
| Venture Global, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (19,506) | (218,510) | (217,102) | (323) | ||||||||
| Williams Cos., Inc. (The) | USFF -0.250% | Weekly | MS | 01/27/31 | (19,286) | (1,465,499) | (1,433,721) | 2,189 | ||||||||
| (4,112,382) | (98,089,060) | (92,496,299) | 4,161,455 | |||||||||||||
| Financial Services | ||||||||||||||||
| Bullish (Cayman Islands) | USFF -0.880% | Weekly | MS | 01/27/31 | (9,007) | (213,706) | (211,034) | 978 | ||||||||
| Coinbase Global, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (51,991) | (9,504,924) | (7,600,564) | 1,830,767 | ||||||||
| Payoneer Global, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (148,742) | (1,028,764) | (1,059,043) | (38,280) | ||||||||
| Sezzle, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (7,177) | (1,016,847) | (1,231,789) | (222,851) | ||||||||
| Shift4 Payments, Inc., Class A | USFF -1.180% | Weekly | MS | 01/27/31 | (2,455) | (118,621) | (119,411) | (1,749) | ||||||||
| Toast, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (9,327) | (260,214) | (259,477) | (1,317) | ||||||||
| (228,699) | (12,143,076) | (10,481,318) | 1,567,548 | |||||||||||||
| Food, Beverage & Tobacco | ||||||||||||||||
| Bunge Global SA (Switzerland) | USFF -0.250% | Weekly | MS | 07/16/29 | (9,451) | (1,044,257) | (1,008,705) | 13,852 | ||||||||
| Cal-Maine Foods, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (10,285) | (850,005) | (828,560) | 16,799 | ||||||||
| Celsius Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (55,834) | (2,942,950) | (1,634,820) | 1,285,316 | ||||||||
| Lamb Weston Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (26,678) | (1,196,372) | (1,151,956) | 26,158 | ||||||||
| McCormick & Co., Inc., non-voting shares | USFF -0.250% | Weekly | MS | 01/27/31 | (55,568) | (2,971,157) | (2,801,739) | 132,889 | ||||||||
| Pilgrim's Pride Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (11,318) | (491,049) | (318,149) | 169,059 | ||||||||
| Primo Brands Corp. | USFF -0.250% | Weekly | MS | 01/17/30 | (102,085) | (3,020,652) | (2,494,957) | 462,153 | ||||||||
| Simply Good Foods Co. (The) | USFF -0.250% | Weekly | MS | 01/27/31 | (23,168) | (299,515) | (307,671) | (10,514) | ||||||||
| Turning Point Brands, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (18,105) | (1,540,827) | (1,535,485) | (7,852) | ||||||||
| Utz Brands, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (46,253) | (616,466) | (356,148) | 246,816 | ||||||||
| (358,745) | (14,973,250) | (12,438,190) | 2,334,676 | |||||||||||||
| Health Care Equipment & Services | ||||||||||||||||
| Abbott Laboratories | USFF -0.250% | Weekly | MS | 01/27/31 | (3,610) | (340,274) | (327,571) | 33,937 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Health Care Equipment & Services — (continued) | ||||||||||||||||
| Acadia Healthcare Co., Inc. | USFF -0.250% | Weekly | MS | 07/11/28 | (16,945) | $(1,315,300) | $(500,386) | $804,696 | ||||||||
| AdaptHealth Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (83,054) | (983,263) | (865,423) | 110,191 | ||||||||
| Alphatec Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (134,024) | (1,058,676) | (1,159,308) | (108,864) | ||||||||
| Artivion, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (15,225) | (558,003) | (342,106) | 211,539 | ||||||||
| Astrana Health, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (19,950) | (640,928) | (925,880) | (289,951) | ||||||||
| Avanos Medical, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (24,779) | (611,971) | (616,502) | (9,375) | ||||||||
| Axogen, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (6,928) | (252,151) | (320,004) | (80,867) | ||||||||
| Bausch + Lomb Corp. (Canada) | USFF -0.830% | Weekly | MS | 07/23/30 | (15,390) | (232,226) | (254,858) | (25,105) | ||||||||
| Baxter International, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (66,972) | (1,163,680) | (1,427,843) | (273,990) | ||||||||
| Ceribell, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (289) | (5,609) | (5,621) | (96) | ||||||||
| Certara, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (43,797) | (256,110) | (286,870) | (32,783) | ||||||||
| DENTSPLY SIRONA, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (484,710) | (6,109,517) | (5,142,773) | 849,431 | ||||||||
| Enovis Corp. | USFF -0.250% | Weekly | MS | 01/12/29 | (915) | (48,395) | (18,941) | 29,039 | ||||||||
| Envista Holdings Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (51,254) | (1,341,044) | (1,350,543) | (19,917) | ||||||||
| GeneDx Holdings Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (106,293) | (6,207,245) | (7,297,014) | (1,137,844) | ||||||||
| GoodRx Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 01/12/29 | (144,385) | (544,573) | (415,829) | 124,490 | ||||||||
| Haemonetics Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (14,333) | (1,025,121) | (1,074,975) | (62,876) | ||||||||
| Henry Schein, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (16,863) | (1,290,281) | (1,408,398) | (128,142) | ||||||||
| Hims & Hers Health, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (51,054) | (1,883,682) | (1,770,042) | 99,023 | ||||||||
| Inspire Medical Systems, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (46,113) | (3,185,272) | (2,057,101) | 1,103,482 | ||||||||
| Integer Holdings Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (16,661) | (1,601,512) | (1,556,970) | 30,109 | ||||||||
| Integra LifeSciences Holdings Corp. | USFF -0.250% | Weekly | MS | 07/11/28 | (110,419) | (2,689,531) | (1,983,125) | 681,101 | ||||||||
| Lumexa Imaging Holdings, Inc. | USFF -0.630% | Weekly | MS | 01/27/31 | (24,097) | (207,946) | (271,814) | (65,518) | ||||||||
| Merit Medical Systems, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (3,279) | (229,503) | (227,366) | 321 | ||||||||
| Molina Healthcare, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (6,750) | (1,350,852) | (1,543,725) | (203,367) | ||||||||
| NeoGenomics, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (64,371) | (621,075) | (939,173) | (338,268) | ||||||||
| Novocure Ltd. (Jersey) | USFF -0.250% | Weekly | MS | 01/10/28 | (84,597) | (2,097,158) | (1,281,645) | 797,439 | ||||||||
| Option Care Health, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (55,319) | (1,619,487) | (1,160,039) | 446,858 | ||||||||
| Pennant Group, Inc. (The) | USFF -0.250% | Weekly | MS | 01/27/31 | (10,103) | (329,077) | (373,306) | (47,716) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Health Care Equipment & Services — (continued) | ||||||||||||||||
| Phreesia, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (99,353) | $(1,744,585) | $(1,022,342) | $709,610 | ||||||||
| Procept Biorobotics Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (45,839) | (1,416,323) | (1,035,045) | 370,277 | ||||||||
| QuidelOrtho Corp. | USFF +0.250% | Weekly | MS | 07/06/26 | (46,070) | (612,383) | (806,916) | (199,312) | ||||||||
| RadNet, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (33,319) | (1,803,193) | (2,054,783) | (265,584) | ||||||||
| Select Medical Holdings Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (56,206) | (922,008) | (927,961) | 905,210 | ||||||||
| Sonida Senior Living, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (32,092) | (1,149,534) | (1,309,354) | (168,756) | ||||||||
| Surgery Partners, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (6,507) | (213,028) | (109,318) | 102,022 | ||||||||
| Tandem Diabetes Care, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (91,378) | (1,381,274) | (1,378,894) | (8,349) | ||||||||
| TransMedics Group, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (15,662) | (1,124,938) | (1,040,270) | 75,923 | ||||||||
| UFP Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (403) | (104,513) | (106,847) | (3,184) | ||||||||
| US Physical Therapy, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (9,876) | (626,449) | (678,284) | (58,244) | ||||||||
| Zimmer Biomet Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (61,467) | (5,168,639) | (5,291,694) | (200,932) | ||||||||
| (2,220,651) | (56,066,329) | (52,666,859) | 3,755,658 | |||||||||||||
| Household & Personal Products | ||||||||||||||||
| BellRing Brands, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (85,663) | (1,040,976) | (1,108,479) | (75,599) | ||||||||
| Edgewell Personal Care Co. | USFF -0.250% | Weekly | MS | 01/17/30 | (50,817) | (1,446,303) | (1,364,945) | 26,896 | ||||||||
| elf Beauty, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (4,356) | (807,599) | (322,344) | 478,966 | ||||||||
| Oddity Tech Ltd., Class A (Israel) | USFF -2.130% | Weekly | MS | 01/27/31 | (6,161) | (84,515) | (93,216) | (9,395) | ||||||||
| WD-40 Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (864) | (210,012) | (210,505) | (2,158) | ||||||||
| (147,861) | (3,589,405) | (3,099,489) | 418,710 | |||||||||||||
| Materials | ||||||||||||||||
| Air Products and Chemicals, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (6,429) | (1,933,219) | (1,884,854) | 33,634 | ||||||||
| Alcoa Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (4,062) | (338,635) | (211,793) | 124,181 | ||||||||
| Amrize Ltd. (Switzerland) | USFF -0.250% | Weekly | MS | 01/27/31 | (26,995) | (1,406,191) | (1,438,833) | (44,735) | ||||||||
| ASP Isotopes, Inc. | USFF -1.830% | Weekly | MS | 01/27/31 | (31,235) | (206,848) | (194,282) | 10,926 | ||||||||
| Avino Silver & Gold Mines Ltd. (Canada) | USFF -0.250% | Weekly | MS | 07/23/30 | (4,372) | (42,651) | (27,718) | 14,562 | ||||||||
| Axalta Coating Systems Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 01/27/31 | (17,028) | (581,919) | (582,698) | (5,405) | ||||||||
| Ball Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (89,537) | (5,049,354) | (5,587,109) | (589,757) | ||||||||
| Century Aluminum Co. | USFF -0.250% | Weekly | MS | 07/23/30 | (50,683) | (2,614,056) | (2,331,925) | 261,862 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Materials — (continued) | ||||||||||||||||
| Chemours Co. (The) | USFF -0.250% | Weekly | MS | 01/27/31 | (28,781) | $(782,761) | $(590,586) | $192,134 | ||||||||
| Coeur Mining, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (277,612) | (5,245,821) | (4,530,628) | 675,137 | ||||||||
| Collective Mining Ltd. (Canada) | USFF -3.930% | Weekly | MS | 01/27/31 | (482) | (6,672) | (5,905) | 675 | ||||||||
| Commercial Metals Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (30,507) | (2,085,010) | (1,914,314) | 156,096 | ||||||||
| Crown Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (14,483) | (1,522,579) | (1,619,489) | (110,632) | ||||||||
| Dow, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (43,443) | (2,141,264) | (1,188,600) | 794,867 | ||||||||
| Eagle Materials, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (9,916) | (2,250,552) | (2,231,100) | (5,701) | ||||||||
| Ecolab, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (9,587) | (2,620,183) | (2,671,034) | (71,956) | ||||||||
| Element Solutions, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (97,373) | (4,198,675) | (4,649,561) | (491,466) | ||||||||
| Elemental Royalty Corp. (Canada) | USFF -9.030% | Weekly | MS | 01/27/31 | (2,493) | (39,541) | (43,528) | (4,400) | ||||||||
| Flotek Industries, Inc. | USFF -0.580% | Weekly | MS | 01/27/31 | (8,479) | (188,384) | (199,426) | (12,541) | ||||||||
| FMC Corp. | USFF -0.250% | Weekly | MS | 01/17/30 | (29,528) | (973,231) | (339,572) | 604,211 | ||||||||
| Gold Royalty Corp. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (173,585) | (620,297) | (479,095) | 136,610 | ||||||||
| Graphic Packaging Holding Co. | USFF -0.250% | Weekly | MS | 07/16/29 | (52,647) | (1,304,956) | (556,479) | 712,264 | ||||||||
| Hawkins, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (4,116) | (665,249) | (584,884) | 73,176 | ||||||||
| HB Fuller Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (7,331) | (465,326) | (427,324) | 33,594 | ||||||||
| Highlander Silver Corp. (Canada) | USFF -1.736% | Weekly | MS | 01/27/31 | (1,134) | (5,140) | (5,284) | (224) | ||||||||
| Hycroft Mining Holding Corp., Class A | USFF -0.580% | Weekly | MS | 01/27/31 | (52,437) | (1,747,873) | (1,227,026) | 507,281 | ||||||||
| i-80 Gold Corp. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (371,534) | (552,891) | (535,009) | 13,417 | ||||||||
| Innospec, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (11,777) | (993,800) | (958,530) | 9,445 | ||||||||
| International Paper Co. | USFF -0.250% | Weekly | MS | 01/17/30 | (12,247) | (652,287) | (466,611) | 158,737 | ||||||||
| Knife River Corp. | USFF -0.250% | Weekly | MS | 01/17/30 | (5,849) | (578,002) | (489,269) | 84,220 | ||||||||
| Lithium Americas Corp. (Canada) | USFF -0.265% | Weekly | MS | 07/23/30 | (1,051,372) | (5,010,347) | (4,047,782) | 923,753 | ||||||||
| Louisiana-Pacific Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (18,573) | (1,492,275) | (1,460,952) | 10,124 | ||||||||
| Martin Marietta Materials, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (3,206) | (1,930,000) | (1,848,900) | 63,425 | ||||||||
| Materion Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (4,974) | (1,178,474) | (1,479,218) | (310,217) | ||||||||
| Metallus, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (1,398) | (27,001) | (26,129) | 623 | ||||||||
| Methanex Corp. (Canada) | USFF -0.250% | Weekly | MS | 07/23/30 | (12,493) | (659,085) | (576,552) | 72,784 | ||||||||
| Mosaic Co. (The) | USFF -0.250% | Weekly | MS | 07/23/30 | (96,424) | (2,771,731) | (2,043,225) | 675,879 | ||||||||
| NewMarket Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (1,243) | (839,675) | (983,511) | (170,268) | ||||||||
| NioCorp Developments Ltd. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (83,530) | (454,872) | (402,615) | 48,701 | ||||||||
| O-I Glass, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (107,555) | (958,606) | (1,035,755) | (84,607) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Materials — (continued) | ||||||||||||||||
| Orla Mining Ltd. (Canada) | USFF -0.250% | Weekly | MS | 07/18/30 | (19,440) | $(264,452) | $(190,318) | $71,691 | ||||||||
| Osisko Development Corp. (Canada) | USFF -2.130% | Weekly | MS | 01/27/31 | (2,005) | (4,889) | (4,932) | (122) | ||||||||
| Packaging Corp. of America | USFF -0.250% | Weekly | MS | 01/27/31 | (1,225) | (280,257) | (291,893) | (17,845) | ||||||||
| Perimeter Solutions, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (145,446) | (4,621,551) | (5,185,150) | (604,266) | ||||||||
| Quaker Chemical Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (3,876) | (568,605) | (615,780) | (55,960) | ||||||||
| Ramaco Resources, Inc., Class A | USFF -0.250% | Weekly | MS | 07/23/30 | (90,501) | (2,256,100) | (1,197,328) | 1,041,273 | ||||||||
| Royal Gold, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (32,000) | (8,363,284) | (6,387,520) | 1,900,387 | ||||||||
| Ryerson Holding Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (20,320) | (546,313) | (500,075) | 39,911 | ||||||||
| Sensient Technologies Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (8,497) | (901,878) | (1,047,595) | (168,646) | ||||||||
| Sherwin-Williams Co. (The) | USFF -0.250% | Weekly | MS | 01/27/31 | (9,777) | (3,312,081) | (3,366,417) | (80,006) | ||||||||
| Silgan Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (6,394) | (354,002) | (296,618) | 48,082 | ||||||||
| Skeena Resources Ltd. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (48,343) | (1,391,877) | (1,288,824) | 92,242 | ||||||||
| Smurfit Westrock PLC (Ireland) | USFF -0.250% | Weekly | MS | 01/27/31 | (7,777) | (355,875) | (359,764) | (6,841) | ||||||||
| Sonoco Products Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (10,115) | (522,773) | (569,980) | (51,293) | ||||||||
| Stepan Co. | USFF -0.250% | Weekly | MS | 07/23/30 | (5,750) | (344,109) | (320,390) | 15,967 | ||||||||
| Sylvamo Corp. | USFF -0.250% | Weekly | MS | 01/05/27 | (16,687) | (726,195) | (630,769) | 78,734 | ||||||||
| TMC the metals Co., Inc. (Canada) | USFF -0.275% | Weekly | MS | 01/27/31 | (9,266) | (40,143) | (41,048) | (1,256) | ||||||||
| Tronox Holdings PLC (United Kingdom) | USFF -0.250% | Weekly | MS | 01/12/29 | (242,417) | (1,966,651) | (1,527,227) | 378,382 | ||||||||
| United States Antimony Corp. | USFF -1.730% | Weekly | MS | 07/23/30 | (182,560) | (1,183,758) | (1,325,386) | (150,829) | ||||||||
| USA Rare Earth, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (49,913) | (1,049,033) | (1,077,123) | (36,248) | ||||||||
| Vizsla Silver Corp. (Canada) | USFF -0.554% | Weekly | MS | 01/27/31 | (508,488) | (1,694,673) | (1,678,010) | 3,508 | ||||||||
| Warrior Met Coal, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (1,400) | (113,306) | (113,624) | (1,235) | ||||||||
| Westlake Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (46,521) | (3,947,890) | (3,396,033) | 516,795 | ||||||||
| Worthington Steel, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (11,429) | (379,679) | (383,786) | (12,771) | ||||||||
| (4,336,597) | (92,324,807) | (83,672,695) | 7,490,063 | |||||||||||||
| Media & Entertainment | ||||||||||||||||
| Cinemark Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (89,606) | (2,784,954) | (2,843,198) | (94,131) | ||||||||
| Ibotta, Inc., Class A | USFF -0.780% | Weekly | MS | 01/17/30 | (10,358) | (513,675) | (353,829) | 158,664 | ||||||||
| Live Nation Entertainment, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (9,273) | (1,496,080) | (1,697,979) | (220,650) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Media & Entertainment — (continued) | ||||||||||||||||
| Madison Square Garden Entertainment Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (6,323) | $(444,671) | $(511,467) | $(70,278) | ||||||||
| Magnite, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (59,391) | (1,060,139) | (1,127,241) | (75,346) | ||||||||
| Nexstar Media Group, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (19,081) | (3,344,587) | (3,407,676) | (89,011) | ||||||||
| Paramount Skydance Corp., Class B | USFF -0.980% | Weekly | MS | 01/27/31 | (46,693) | (503,677) | (460,393) | 37,934 | ||||||||
| People, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (63,489) | (2,600,828) | (2,930,652) | (349,991) | ||||||||
| QuinStreet, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (5,203) | (71,967) | (76,224) | (4,855) | ||||||||
| ROBLOX Corp., Class A | USFF -0.250% | Weekly | MS | 07/23/30 | (53,520) | (3,020,245) | (2,910,418) | 55,213 | ||||||||
| Stubhub Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (51,724) | (385,806) | (665,688) | (296,297) | ||||||||
| Trade Desk, Inc. (The), Class A | USFF -0.250% | Weekly | MS | 07/23/30 | (34,657) | (1,513,433) | (626,599) | 875,082 | ||||||||
| TripAdvisor, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (97,880) | (1,080,101) | (1,341,935) | (270,233) | ||||||||
| Webtoon Entertainment, Inc. | USFF -4.330% | Weekly | MS | 07/23/30 | (25,980) | (338,594) | (296,692) | 39,242 | ||||||||
| ZoomInfo Technologies, Inc. | USFF -0.257% | Weekly | MS | 07/23/30 | (16,475) | (200,679) | (48,272) | 150,814 | ||||||||
| (589,653) | (19,359,436) | (19,298,263) | (153,843) | |||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||||||||||||
| AbCellera Biologics, Inc. (Canada) | USFF -5.480% | Weekly | MS | 07/11/28 | (49,201) | (265,519) | (386,228) | (136,265) | ||||||||
| ACADIA Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (58,712) | (1,296,491) | (1,485,414) | (198,996) | ||||||||
| ADMA Biologics, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (28,959) | (547,715) | (242,387) | 301,049 | ||||||||
| Alkermes PLC (Ireland) | USFF -0.250% | Weekly | MS | 01/27/31 | (69,454) | (2,620,508) | (3,639,042) | (1,038,853) | ||||||||
| Amneal Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (70,046) | (1,145,618) | (1,212,496) | (75,784) | ||||||||
| Arrowhead Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (11,870) | (924,763) | (967,524) | (57,533) | ||||||||
| Avantor, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (266,538) | (2,483,018) | (2,638,726) | (177,528) | ||||||||
| Azenta, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (1,857) | (46,736) | (47,391) | (1,055) | ||||||||
| BioCryst Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (3,734) | (37,114) | (37,340) | (554) | ||||||||
| Bio-Rad Laboratories, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (3,976) | (1,209,520) | (1,167,393) | 32,759 | ||||||||
| Bio-Techne Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (5,999) | (424,559) | (423,829) | (2,596) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences — (continued) | ||||||||||||||||
| Capricor Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (233) | $(5,619) | $(5,611) | $(76) | ||||||||
| Charles River Laboratories International, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (2,562) | (575,742) | (581,036) | (9,788) | ||||||||
| Corcept Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (38,103) | (2,857,191) | (3,313,056) | (514,363) | ||||||||
| Corvus Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (22,663) | (328,174) | (338,585) | (18,470) | ||||||||
| Crinetics Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (27,661) | (1,228,555) | (1,035,075) | 183,933 | ||||||||
| CytomX Therapeutics, Inc. | USFF -0.236% | Weekly | MS | 01/27/31 | (2,482) | (19,183) | (9,308) | 9,687 | ||||||||
| EyePoint, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (182,841) | (2,488,149) | (2,614,626) | (145,772) | ||||||||
| Geron Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (480,877) | (599,815) | (615,523) | (20,389) | ||||||||
| Harrow, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (13,435) | (488,099) | (570,584) | (86,303) | ||||||||
| Maze Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (22,038) | (617,229) | (657,614) | (47,212) | ||||||||
| Medpace Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (3,389) | (1,733,145) | (1,794,781) | (75,088) | ||||||||
| Mettler-Toledo International, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (1,346) | (1,645,678) | (1,719,528) | (86,626) | ||||||||
| Ocular Therapeutix, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (127,706) | (1,393,134) | (1,254,073) | 127,776 | ||||||||
| Olema Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (810) | (8,074) | (10,133) | (3,360) | ||||||||
| Organon & Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (96,822) | (953,238) | (1,310,970) | (398,231) | ||||||||
| Pacira BioSciences, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (54,143) | (1,311,653) | (1,373,608) | (72,145) | ||||||||
| Perrigo Co. PLC (Ireland) | USFF -0.250% | Weekly | MS | 07/23/30 | (68,013) | (961,011) | (706,655) | 198,942 | ||||||||
| Phibro Animal Health Corp., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (8,144) | (259,525) | (255,722) | 1,755 | ||||||||
| PTC Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (18,782) | (1,374,222) | (1,532,048) | (181,632) | ||||||||
| QIAGEN NV (Netherlands) | USFF -0.250% | Weekly | MS | 01/27/31 | (640) | (25,225) | (25,024) | (35) | ||||||||
| Repligen Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (4,075) | (547,023) | (555,993) | (13,243) | ||||||||
| Sotera Health Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (39,591) | (615,382) | (702,740) | (92,160) | ||||||||
| Stoke Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (40,104) | (1,378,923) | (1,312,203) | 55,623 | ||||||||
| Tempus AI, Inc., Class A | USFF -0.250% | Weekly | MS | 07/23/30 | (19,710) | (1,400,448) | (1,141,800) | 247,770 | ||||||||
| Vaxcyte, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (16,558) | (828,118) | (962,517) | (149,070) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences — (continued) | ||||||||||||||||
| Vertex Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (914) | $(453,257) | $(454,011) | $(4,302) | ||||||||
| Waters Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (15,681) | (5,448,654) | (5,881,002) | (512,900) | ||||||||
| WaVe Life Sciences Ltd. (Singapore) | USFF -0.250% | Weekly | MS | 01/27/31 | (68,123) | (621,363) | (395,795) | 220,719 | ||||||||
| Zymeworks, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (11,578) | (275,931) | (302,649) | (28,894) | ||||||||
| (1,959,370) | (41,443,321) | (43,680,040) | (2,769,210) | |||||||||||||
| Semiconductors & Semiconductor Equipment | ||||||||||||||||
| ACM Research, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (3,821) | (216,494) | (484,847) | (360,619) | ||||||||
| Alpha & Omega Semiconductor Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 01/27/31 | (7,774) | (347,458) | (367,943) | (23,214) | ||||||||
| Ambarella, Inc. (Cayman Islands) | USFF -0.250% | Weekly | MS | 07/23/30 | (40,513) | (2,567,278) | (3,476,015) | (928,645) | ||||||||
| Astera Labs, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (5,956) | (2,567,257) | (2,876,867) | (329,517) | ||||||||
| Axcelis Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (6,506) | (743,093) | (1,232,562) | (495,259) | ||||||||
| Enphase Energy, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (32,240) | (1,196,384) | (1,587,498) | (400,413) | ||||||||
| indie Semiconductor, Inc., Class A | USFF -2.008% | Weekly | MS | 01/27/31 | (28,528) | (110,692) | (128,091) | (18,296) | ||||||||
| Onto Innovation, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (4,504) | (1,356,636) | (1,704,539) | (358,441) | ||||||||
| Photronics, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (12,770) | (585,127) | (415,408) | 165,151 | ||||||||
| Power Integrations, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (7,073) | (432,592) | (592,434) | (181,890) | ||||||||
| Rambus, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (12,301) | (1,924,288) | (1,632,835) | 303,136 | ||||||||
| Semtech Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (10,216) | (1,446,097) | (1,653,460) | (257,299) | ||||||||
| Silicon Laboratories, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (3,817) | (834,321) | (834,244) | (6,419) | ||||||||
| Teradyne, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (5,051) | (2,211,120) | (2,443,876) | (249,907) | ||||||||
| Ultra Clean Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (40,185) | (2,940,526) | (5,729,979) | (2,909,358) | ||||||||
| Veeco Instruments, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (11,413) | (550,311) | (865,105) | (319,093) | ||||||||
| (232,668) | (20,029,674) | (26,025,703) | (6,370,083) | |||||||||||||
| Software & Services | ||||||||||||||||
| A10 Networks, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (20,914) | (582,269) | (781,347) | (204,443) | ||||||||
| ACI Worldwide, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (29,925) | (1,347,546) | (1,504,928) | (167,851) | ||||||||
| Adeia, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (34,810) | (874,548) | (1,146,293) | (280,623) | ||||||||
| Alkami Technology, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (19,699) | (453,203) | (356,946) | 92,710 | ||||||||
| Applied Digital Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (12,330) | (453,153) | (459,909) | (10,303) | ||||||||
| BlackLine, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (8,655) | (495,291) | (242,946) | 248,472 | ||||||||
| Braze, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (12,300) | (245,677) | (266,787) | (23,051) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Software & Services — (continued) | ||||||||||||||||
| C3.ai, Inc., Class A | USFF -0.250% | Weekly | MS | 07/23/30 | (133,450) | $(1,501,617) | $(1,213,060) | $276,896 | ||||||||
| Cadence Design Systems, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (3,096) | (1,238,384) | (1,161,991) | 67,194 | ||||||||
| Circle Internet Group, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (18,078) | (2,348,254) | (1,132,225) | 1,197,817 | ||||||||
| Cloudflare, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (5,374) | (1,239,770) | (1,318,135) | (87,999) | ||||||||
| Commvault Systems, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (20,683) | (2,050,830) | (2,931,402) | (896,482) | ||||||||
| CoreWeave, Inc., Class A | USFF -0.250% | Weekly | MS | 07/23/30 | (82,072) | (9,219,462) | (8,169,447) | 978,631 | ||||||||
| DigitalOcean Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (2,234) | (133,611) | (350,805) | (218,269) | ||||||||
| Dolby Laboratories, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (11,771) | (683,397) | (618,919) | 56,607 | ||||||||
| DoubleVerify Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (152,379) | (1,530,145) | (1,651,788) | (133,525) | ||||||||
| D-Wave Quantum, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (57,395) | (1,351,992) | (1,376,906) | (35,417) | ||||||||
| DXC Technology Co. | USFF -0.250% | Weekly | MS | 07/23/30 | (152,066) | (2,095,141) | (1,345,784) | 733,104 | ||||||||
| Dynatrace, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (28,382) | (1,256,780) | (1,246,254) | 761 | ||||||||
| Elastic NV (Netherlands) | USFF -0.250% | Weekly | MS | 07/23/30 | (27,338) | (2,076,049) | (1,558,813) | 501,131 | ||||||||
| Figma, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (58,135) | (1,129,627) | (1,051,662) | 69,183 | ||||||||
| Gitlab, Inc., Class A | USFF -0.250% | Weekly | MS | 07/23/30 | (22,928) | (948,399) | (699,992) | 241,027 | ||||||||
| Hive Digital Technologies Ltd. (Canada) | USFF -2.855% | Weekly | MS | 07/23/30 | (413,934) | (1,371,655) | (1,506,720) | (145,719) | ||||||||
| Intapp, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (87,041) | (2,017,451) | (2,194,304) | (195,161) | ||||||||
| Karooooo Ltd. (Singapore) | USFF -1.980% | Weekly | MS | 01/27/31 | (1,311) | (62,061) | (64,711) | (3,171) | ||||||||
| Klaviyo, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (88,267) | (1,230,011) | (1,332,832) | (112,379) | ||||||||
| Life360, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (19,756) | (869,965) | (1,093,692) | (230,500) | ||||||||
| Lightspeed Commerce, Inc. (Canada) | USFF -0.250% | Weekly | MS | 07/06/26 | (43,749) | (1,304,348) | (458,927) | 836,495 | ||||||||
| Mitek Systems, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (33,136) | (579,188) | (667,028) | (92,363) | ||||||||
| PagerDuty, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (29,124) | (278,584) | (281,047) | (4,967) | ||||||||
| Palo Alto Networks, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (12,825) | (3,518,555) | (4,373,581) | (1,281,671) | ||||||||
| PAR Technology Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (7,916) | (352,266) | (137,897) | 211,603 | ||||||||
| Pegasystems, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (80,282) | (2,953,543) | (2,406,052) | 542,180 | ||||||||
| Progress Software Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (1,916) | (64,540) | (64,339) | (340) | ||||||||
| Quantum Computing, Inc. | USFF -4.430% | Weekly | MS | 07/23/30 | (58,064) | (920,439) | (563,221) | 350,055 | ||||||||
| Red Violet, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (165) | (10,417) | (10,514) | (218) | ||||||||
| SailPoint, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (305,975) | (3,895,848) | (4,479,474) | (613,814) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Software & Services — (continued) | ||||||||||||||||
| Shopify, Inc., Class A (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (16,012) | $(1,920,387) | $(1,828,250) | $77,236 | ||||||||
| SoundHound AI, Inc., Class A | USFF -10.180% | Weekly | MS | 01/27/31 | (63,480) | (411,461) | (410,716) | (2,479) | ||||||||
| SPS Commerce, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (16,055) | (1,705,707) | (917,864) | 774,602 | ||||||||
| Terawulf, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (76,265) | (938,469) | (1,883,745) | (952,580) | ||||||||
| Varonis Systems, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (52,276) | (1,832,500) | (2,193,501) | (403,920) | ||||||||
| Vertex, Inc., Class A | USFF -0.250% | Weekly | MS | 01/17/30 | (237,355) | (5,759,966) | (2,724,835) | 2,991,636 | ||||||||
| Whitefiber, Inc. (Cayman Islands) | USFF -3.980% | Weekly | MS | 01/27/31 | (2,134) | (78,594) | (82,906) | (4,961) | ||||||||
| Zscaler, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (11,798) | (2,786,057) | (1,665,288) | 1,099,169 | ||||||||
| (2,572,850) | (68,117,157) | (61,927,783) | 5,244,303 | |||||||||||||
| Technology Hardware & Equipment | ||||||||||||||||
| ADTRAN Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (31,906) | (322,891) | (443,493) | (130,078) | ||||||||
| Advanced Energy Industries, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (12,824) | (4,490,968) | (4,781,685) | (326,156) | ||||||||
| Aeva Technologies, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (73,712) | (1,174,841) | (2,117,009) | (951,300) | ||||||||
| Applied Optoelectronics, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (14,483) | (2,584,737) | (2,145,801) | 418,894 | ||||||||
| Badger Meter, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (955) | (135,938) | (141,703) | (6,857) | ||||||||
| Belden, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (14,554) | (1,694,636) | (1,745,170) | (63,969) | ||||||||
| CDW Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (6,975) | (953,688) | (980,964) | (34,696) | ||||||||
| Coherent Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (4,972) | (1,849,531) | (1,961,305) | (126,127) | ||||||||
| Crane NXT Co. | USFF -0.250% | Weekly | MS | 01/27/31 | (14,100) | (609,227) | (721,356) | (118,275) | ||||||||
| Extreme Networks, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (77,071) | (1,513,171) | (2,494,788) | (1,010,043) | ||||||||
| Fabrinet (Cayman Islands) | USFF -0.250% | Weekly | MS | 01/27/31 | (520) | (341,671) | (292,282) | 46,705 | ||||||||
| GPGI, Inc., Class A | USFF -0.530% | Weekly | MS | 01/27/31 | (65,496) | (832,058) | (1,038,112) | (212,533) | ||||||||
| Insight Enterprises, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (11,014) | (1,253,855) | (1,341,505) | (98,921) | ||||||||
| Mirion Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (71,362) | (1,320,299) | (1,279,521) | 30,521 | ||||||||
| NETGEAR, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (10,814) | (302,660) | (252,507) | 47,771 | ||||||||
| OSI Systems, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (5,802) | (1,497,425) | (1,268,897) | 216,899 | ||||||||
| Plexus Corp. | USFF -0.250% | Weekly | MS | 07/23/30 | (1,400) | (331,587) | (420,938) | (106,565) | ||||||||
| Ralliant Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (22,448) | (1,039,239) | (1,652,846) | (634,127) | ||||||||
| TD SYNNEX Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (6,746) | (1,824,446) | (1,803,476) | 6,812 | ||||||||
| Vishay Precision Group, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (6,673) | (378,772) | (1,000,349) | (626,909) | ||||||||
| (453,827) | (24,451,640) | (27,883,707) | (3,678,954) | |||||||||||||
| Telecommunication Services | ||||||||||||||||
| Array Digital Infrastructure, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (5,491) | (394,903) | (199,104) | (50,274) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Telecommunication Services — (continued) | ||||||||||||||||
| AST SpaceMobile, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (18,726) | $(1,348,337) | $(1,663,992) | $(326,130) | ||||||||
| BCE, Inc. (Canada) | USFF -0.250% | Weekly | MS | 07/23/30 | (82,934) | (2,083,687) | (1,783,910) | 234,130 | ||||||||
| Cogent Communications Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/11/28 | (105,027) | (3,334,484) | (1,457,775) | 1,809,497 | ||||||||
| Iridium Communications, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (22,331) | (1,125,681) | (1,224,855) | (111,465) | ||||||||
| Liberty Capital Corp. | USFF -0.680% | Weekly | MS | 01/27/31 | (427) | (9,031) | (9,351) | (430) | ||||||||
| Shenandoah Telecommunications Co. | USFF -0.250% | Weekly | MS | 07/06/26 | (29,390) | (585,244) | (443,201) | 99,291 | ||||||||
| (264,326) | (8,881,367) | (6,782,188) | 1,654,619 | |||||||||||||
| Transportation | ||||||||||||||||
| Alaska Air Group, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (14,981) | (696,990) | (782,008) | (90,452) | ||||||||
| Canadian Pacific Kansas City Ltd. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (6,112) | (528,379) | (529,605) | (10,223) | ||||||||
| Frontier Group Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (36,209) | (277,725) | (286,413) | (13,038) | ||||||||
| JetBlue Airways Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (167,721) | (951,457) | (961,041) | (16,988) | ||||||||
| Lyft, Inc., Class A | USFF -0.250% | Weekly | MS | 01/27/31 | (40,867) | (574,471) | (597,067) | (27,081) | ||||||||
| SkyWest, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (3,118) | (297,637) | (309,711) | (14,418) | ||||||||
| United Airlines Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (20,781) | (1,952,600) | (2,826,008) | (888,559) | ||||||||
| Werner Enterprises, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (53,393) | (1,883,355) | (2,328,469) | (472,406) | ||||||||
| (343,182) | (7,162,614) | (8,620,322) | (1,533,165) | |||||||||||||
| Utilities | ||||||||||||||||
| Algonquin Power & Utilities Corp. (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (62,489) | (370,078) | (366,186) | (3,074) | ||||||||
| Brookfield Infrastructure Corp., Class A (Canada) | USFF -0.250% | Weekly | MS | 01/27/31 | (23,194) | (951,050) | (892,969) | 45,740 | ||||||||
| California Water Service Group | USFF -0.250% | Weekly | MS | 01/10/28 | (52,294) | (2,441,388) | (2,544,103) | (182,891) | ||||||||
| Chesapeake Utilities Corp. | USFF -0.250% | Weekly | MS | 01/12/29 | (9,929) | (1,231,324) | (1,216,104) | (17,918) | ||||||||
| Clearway Energy, Inc., Class C | USFF -0.250% | Weekly | MS | 07/23/30 | (23,878) | (803,645) | (816,150) | (48,168) | ||||||||
| CMS Energy Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (20,779) | (1,553,039) | (1,589,593) | (65,176) | ||||||||
| Consolidated Edison, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (29,693) | (3,278,153) | (3,284,937) | (51,640) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Utilities — (continued) | ||||||||||||||||
| Constellation Energy Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (926) | $(232,095) | $(229,991) | $268 | ||||||||
| Dominion Energy, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (6,457) | (397,864) | (440,949) | (58,648) | ||||||||
| Exelon Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (56,473) | (2,639,446) | (2,632,771) | (39,132) | ||||||||
| H2O America | USFF -0.250% | Weekly | MS | 01/12/29 | (18,156) | (969,892) | (1,103,340) | (185,066) | ||||||||
| Hawaiian Electric Industries, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (47,822) | (645,609) | (647,032) | (6,459) | ||||||||
| Middlesex Water Co. | USFF -0.250% | Weekly | MS | 07/23/30 | (6,113) | (318,248) | (343,306) | (32,444) | ||||||||
| NextEra Energy, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (16,124) | (1,549,376) | (1,415,203) | 113,205 | ||||||||
| Northwest Natural Holding Co. | USFF -0.250% | Weekly | MS | 07/06/26 | (22,675) | (1,071,385) | (1,112,436) | (157,359) | ||||||||
| Northwestern Energy Group, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (5,912) | (397,049) | (423,417) | (42,632) | ||||||||
| NRG Energy, Inc. | USFF -0.250% | Weekly | MS | 01/27/31 | (31,046) | (4,793,283) | (4,534,579) | 213,759 | ||||||||
| Oklo, Inc. | USFF -0.680% | Weekly | MS | 07/23/30 | (11,110) | (751,895) | (581,386) | 164,649 | ||||||||
| Otter Tail Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (5,274) | (463,800) | (474,555) | (15,519) | ||||||||
| Sempra | USFF -0.250% | Weekly | MS | 01/27/31 | (5,405) | (512,719) | (501,098) | 3,765 | ||||||||
| Southwest Gas Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (12,500) | (970,416) | (1,108,500) | (178,036) | ||||||||
| Spire, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (12,874) | (1,069,753) | (1,005,331) | 43,413 | ||||||||
| TransAlta Corp. (Canada) | USFF -0.250% | Weekly | MS | 07/23/30 | (19,676) | (285,920) | (272,119) | 9,029 | ||||||||
| Unitil Corp. | USFF -0.250% | Weekly | MS | 01/27/31 | (5,814) | (306,437) | (306,340) | (5,099) | ||||||||
| WaterBridge Infrastructure LLC, Class A | USFF -0.880% | Weekly | MS | 01/27/31 | (43,985) | (1,210,282) | (1,507,366) | (308,178) | ||||||||
| Xcel Energy, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (10,263) | (815,126) | (824,119) | (23,635) | ||||||||
| (560,861) | (30,029,272) | (30,173,880) | (827,246) | |||||||||||||
| Total Reference Entity — Short | (762,764,355) | (740,524,057) | 13,273,177 | |||||||||||||
| Net Value of Reference Entity | $(434,352,309) | $(361,445,665) | $75,335,931 | |||||||||||||
| * | The Fund will pay or receive the total return of the reference entity depending on whether the return is positive or negative. Where the Fund has elected to receive the total return of the reference entity if positive, it will be responsible for paying the floating rate and the total return of the reference entity, if negative. If the Fund has elected to pay the total return of the reference entity if positive, it will receive the floating rate and the total return of the reference entity, if negative. |
| ** | The USFF rate as of June 30, 2026 was 3.63%. |
| *** | Includes $2,429,287 related to open trades, dividends receivables/payables and swap receivables/payables activities. |
| MS | Morgan Stanley |
| USFF | U.S. Fed Funds |
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Long | ||||||||||||||||
| Automobiles & Components | ||||||||||||||||
| Adient PLC (Ireland) | USFF +0.250% | Weekly | MS | 05/05/31 | 1,546 | $30,037 | $28,415 | $(737) | ||||||||
| BorgWarner, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,685 | 114,728 | 178,284 | 66,895 | ||||||||
| Dana, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 43,982 | 1,099,758 | 1,196,750 | 118,849 | ||||||||
| Ford Motor Co. | USFF +0.250% | Weekly | MS | 07/16/29 | 81,213 | 897,671 | 1,128,861 | 314,258 | ||||||||
| Garrett Motion, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 2,383 | 23,479 | 86,336 | 76,991 | ||||||||
| General Motors Co. | USFF +0.250% | Weekly | MS | 07/08/27 | 25,640 | 1,661,096 | 1,976,331 | 362,131 | ||||||||
| Gentherm, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 65 | 2,205 | 2,217 | 594 | ||||||||
| Lear Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 5,329 | 721,565 | 714,406 | 4,764 | ||||||||
| Magna International, Inc. (Canada) | USFF +0.250% | Weekly | MS | 11/04/30 | 11,903 | 695,950 | 781,551 | 98,930 | ||||||||
| Phinia, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,573 | 119,112 | 129,568 | 12,308 | ||||||||
| Visteon Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 81 | 7,922 | 8,036 | 758 | ||||||||
| Winnebago Industries, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,189 | 37,053 | 37,144 | 1,052 | ||||||||
| 177,589 | 5,410,576 | 6,267,899 | 1,056,793 | |||||||||||||
| Capital Goods | ||||||||||||||||
| A. O. Smith Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | 14,881 | 949,213 | 933,336 | 7,241 | ||||||||
| AAR Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,412 | 153,073 | 201,817 | 57,787 | ||||||||
| AECOM | USFF +0.250% | Weekly | MS | 11/04/30 | 6,985 | 572,919 | 487,553 | (80,919) | ||||||||
| Allegion PLC (Ireland) | USFF +0.250% | Weekly | MS | 11/04/30 | 2,995 | 456,987 | 420,768 | (27,827) | ||||||||
| AMETEK, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 4,858 | 908,279 | 1,175,345 | 286,150 | ||||||||
| API Group Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 10,794 | 439,406 | 457,126 | 23,052 | ||||||||
| Argan, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 426 | 254,638 | 340,182 | 113,762 | ||||||||
| Axon Enterprise, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,642 | 677,614 | 920,522 | 250,828 | ||||||||
| Babcock & Wilcox Enterprises, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 35,649 | 359,798 | 502,651 | 147,321 | ||||||||
| Ballard Power Systems, Inc. (Canada) | USFF +0.250% | Weekly | MS | 11/04/30 | 146,194 | 669,362 | 568,695 | (92,836) | ||||||||
| Bloom Energy Corp., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 2,537 | 639,832 | 767,950 | 159,322 | ||||||||
| Blue Bird Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 8,375 | 418,963 | 661,290 | 247,438 | ||||||||
| Carpenter Technology Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 3 | 944 | 1,851 | 1,477 | ||||||||
| Cummins, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,415 | 1,385,627 | 1,722,402 | 361,305 | ||||||||
| Curtiss-Wright Corp. | USFF -0.250% | Weekly | MS | 07/06/26 | 376 | 271,968 | 284,918 | 16,540 | ||||||||
| Deere & Co. | USFF +0.250% | Weekly | MS | 07/16/29 | 1,398 | 666,796 | 886,793 | 234,872 | ||||||||
| Donaldson Co., Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,691 | 234,379 | 241,571 | 10,296 | ||||||||
| Douglas Dynamics, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 4,996 | 223,548 | 269,534 | 48,973 | ||||||||
| Ducommun, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 972 | 145,002 | 180,024 | 37,754 | ||||||||
| EMCOR Group, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,111 | 999,074 | 921,997 | (65,664) | ||||||||
| EnerSys | USFF +0.250% | Weekly | MS | 05/05/31 | 2,998 | 678,889 | 700,992 | 30,038 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| ESCO Technologies, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,614 | $505,480 | $915,005 | $415,575 | ||||||||
| Everus Construction Group, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 12,630 | 1,939,245 | 2,095,949 | 178,376 | ||||||||
| Ferguson Enterprises, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 956 | 210,997 | 226,887 | 21,196 | ||||||||
| Flowserve Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,071 | 105,588 | 153,585 | 51,137 | ||||||||
| Fortive Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 8,299 | 436,003 | 506,986 | 76,455 | ||||||||
| GE Vernova, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 2 | 1,296 | 2,350 | 1,625 | ||||||||
| General Dynamics Corp. | USFF +0.250% | Weekly | MS | 01/22/30 | 9,893 | 3,276,095 | 3,504,496 | 285,111 | ||||||||
| Graco, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 5,524 | 451,433 | 417,670 | (29,692) | ||||||||
| Hayward Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 5,050 | 68,868 | 87,416 | 20,436 | ||||||||
| Helios Technologies, Inc. | USFF +0.250% | Weekly | MS | 07/06/26 | 2,850 | 193,923 | 254,363 | 65,053 | ||||||||
| Hexcel Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 7,890 | 708,988 | 789,473 | 90,016 | ||||||||
| Honeywell Aerospace, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 2,543 | 517,572 | 562,206 | 50,816 | ||||||||
| Honeywell International, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 3,362 | 724,491 | 752,752 | 36,691 | ||||||||
| Howmet Aerospace, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 2,722 | 692,003 | 731,837 | 47,911 | ||||||||
| Huntington Ingalls Industries, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 782 | 243,368 | 218,874 | (21,292) | ||||||||
| JBT Marel Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,807 | 361,606 | 407,015 | 50,399 | ||||||||
| Johnson Controls International PLC (Ireland) | USFF +0.250% | Weekly | MS | 07/16/29 | 6,682 | 784,763 | 976,307 | 215,641 | ||||||||
| Kennametal, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 16,469 | 562,169 | 577,238 | 21,736 | ||||||||
| L3Harris Technologies, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 995 | 300,387 | 289,137 | (6,327) | ||||||||
| Leonardo DRS, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 9,135 | 385,503 | 389,790 | 9,034 | ||||||||
| Lockheed Martin Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 4,087 | 2,507,162 | 2,082,163 | (373,914) | ||||||||
| MDA Space Ltd. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 8,410 | 327,405 | 347,165 | 23,875 | ||||||||
| Mercury Systems, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,491 | 148,633 | 182,394 | 35,934 | ||||||||
| Middleby Corp. (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 9,382 | 1,416,837 | 1,613,798 | 212,914 | ||||||||
| Moog, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 194 | 55,857 | 82,225 | 38,499 | ||||||||
| Mueller Industries, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 207 | 26,630 | 25,447 | (336) | ||||||||
| MYR Group, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 2,574 | 553,284 | 1,288,030 | 761,551 | ||||||||
| Nordson Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 3,740 | 980,436 | 1,128,321 | 160,577 | ||||||||
| Northrop Grumman Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 852 | 484,589 | 433,932 | (36,747) | ||||||||
| Otis Worldwide Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 9,494 | 788,241 | 679,770 | (99,348) | ||||||||
| Plug Power, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 356,708 | 793,364 | 966,679 | 194,660 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| Quanta Services, Inc. | USFF -0.250% | Weekly | MS | 07/11/28 | 552 | $386,591 | $397,462 | $16,508 | ||||||||
| Regal Rexnord Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 712 | 95,865 | 169,591 | 75,973 | ||||||||
| Simpson Manufacturing Co., Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,692 | 685,659 | 772,920 | 97,685 | ||||||||
| Snap-on, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,558 | 586,763 | 626,939 | 52,280 | ||||||||
| Stanley Black & Decker, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,171 | 148,038 | 204,335 | 68,476 | ||||||||
| Stantec, Inc. (Canada) | USFF +0.250% | Weekly | MS | 11/04/30 | 3,994 | 346,555 | 275,227 | (66,020) | ||||||||
| Sterling Infrastructure, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 2 | 383 | 1,679 | 1,858 | ||||||||
| Terex Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 4,676 | 234,101 | 338,496 | 118,696 | ||||||||
| Textron, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 1,054 | 83,737 | 96,683 | 14,516 | ||||||||
| Toro Co. (The) | USFF +0.250% | Weekly | MS | 07/23/30 | 9,669 | 869,175 | 941,954 | 82,781 | ||||||||
| Trex Co., Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 6,381 | 241,864 | 319,305 | 88,783 | ||||||||
| Tutor Perini Corp. | USFF +0.250% | Weekly | MS | 01/12/29 | 11,409 | 677,907 | 946,605 | 282,065 | ||||||||
| V2X, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 67 | 3,059 | 4,996 | 2,527 | ||||||||
| Valmont Industries, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 2 | 635 | 1,155 | 1,093 | ||||||||
| Vertiv Holdings Co., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 5,627 | 1,599,249 | 1,884,032 | 302,718 | ||||||||
| Vicor Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,783 | 109,152 | 677,148 | 569,739 | ||||||||
| WESCO International, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 942 | 324,613 | 325,395 | 4,868 | ||||||||
| Westinghouse Air Brake Technologies Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,437 | 644,189 | 657,015 | 20,840 | ||||||||
| Willis Lease Finance Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 98 | 20,555 | 22,422 | 2,649 | ||||||||
| WW Grainger, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 589 | 675,783 | 801,276 | 134,853 | ||||||||
| Xylem, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 5,905 | 742,298 | 698,030 | (33,431) | ||||||||
| Zurn Elkay Water Solutions Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 10,257 | 471,828 | 518,286 | 52,193 | ||||||||
| 827,700 | 40,606,526 | 46,017,528 | 6,156,122 | |||||||||||||
| Commercial & Professional Services | ||||||||||||||||
| Amentum Holdings, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 33,102 | 756,293 | 684,218 | (63,299) | ||||||||
| Automatic Data Processing, Inc. | USFF +0.250% | Weekly | MS | 08/27/26 | 5,243 | 1,100,703 | 1,174,170 | 126,093 | ||||||||
| Booz Allen Hamilton Holding Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 7,680 | 483,552 | 465,946 | (11,795) | ||||||||
| Brink's Co. (The) | USFF +0.250% | Weekly | MS | 05/05/31 | 4,715 | 481,522 | 445,520 | (30,196) | ||||||||
| Broadridge Financial Solutions, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 4,158 | 800,092 | 569,438 | (208,551) | ||||||||
| Copart, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 52,022 | 1,712,708 | 1,466,500 | (227,040) | ||||||||
| Genpact Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 11/04/30 | 8,529 | 254,876 | 234,548 | (17,001) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Commercial & Professional Services — (continued) | ||||||||||||||||
| Healthcare Services Group, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 26,371 | $430,511 | $647,672 | $223,715 | ||||||||
| Innodata, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 734 | 54,723 | 55,476 | 1,905 | ||||||||
| Jacobs Solutions, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,891 | 238,596 | 238,266 | 2,821 | ||||||||
| KBR, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,191 | 78,090 | 75,655 | (815) | ||||||||
| Leidos Holdings, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,358 | 559,033 | 345,773 | (203,861) | ||||||||
| MSA Safety, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,450 | 404,377 | 427,721 | 28,423 | ||||||||
| Paychex, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,881 | 355,827 | 381,619 | 34,917 | ||||||||
| Paycom Software, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 3,350 | 445,786 | 421,028 | (19,356) | ||||||||
| Paylocity Holding Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,557 | 162,367 | 162,753 | 2,708 | ||||||||
| Planet Labs PBC | USFF +0.250% | Weekly | MS | 07/23/30 | 16,308 | 207,657 | 540,284 | 335,441 | ||||||||
| Rollins, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 13,303 | 612,430 | 555,267 | (49,950) | ||||||||
| Tetra Tech, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 22,967 | 661,535 | 663,517 | 9,812 | ||||||||
| Thomson Reuters Corp. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 11,719 | 958,136 | 957,091 | 8,475 | ||||||||
| UL Solutions, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 1,255 | 115,572 | 127,834 | 14,544 | ||||||||
| UniFirst Corp. | USFF +0.250% | Weekly | MS | 01/22/30 | 79 | 12,991 | 20,892 | 8,294 | ||||||||
| Upwork, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 66,519 | 875,516 | 556,099 | (309,871) | ||||||||
| Veralto Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 3,209 | 277,899 | 284,574 | 10,253 | ||||||||
| Verisk Analytics, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 4,738 | 781,952 | 850,613 | 80,537 | ||||||||
| Waste Management, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 469 | 102,670 | 104,531 | 3,853 | ||||||||
| 301,798 | 12,925,414 | 12,457,005 | (249,944) | |||||||||||||
| Consumer Discretionary Distribution & Retail | ||||||||||||||||
| Academy Sports & Outdoors, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 196 | 9,226 | 9,237 | 670 | ||||||||
| Amazon.com, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 26,256 | 5,771,974 | 6,257,855 | 517,902 | ||||||||
| American Eagle Outfitters, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 32,198 | 544,544 | 553,806 | 15,088 | ||||||||
| AutoZone, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 474 | 1,530,813 | 1,514,876 | 1,254 | ||||||||
| Best Buy Co., Inc. | USFF +0.250% | Weekly | MS | 08/27/26 | 734 | 47,246 | 55,696 | 20,984 | ||||||||
| Bob's Discount Furniture, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,026 | 29,376 | 32,051 | 3,552 | ||||||||
| Burlington Stores, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,380 | 455,512 | 437,184 | (13,969) | ||||||||
| Chewy, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 14,453 | 302,292 | 284,001 | (14,448) | ||||||||
| Dillard's, Inc., Class A | USFF +0.250% | Weekly | MS | 01/22/30 | 995 | 531,031 | 525,778 | 1,075 | ||||||||
| eBay, Inc. | USFF +0.250% | Weekly | MS | 08/27/26 | 9,176 | 945,108 | 1,025,418 | 96,773 | ||||||||
| Envela Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 7 | 202 | 202 | 560 | ||||||||
| Five Below, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 2,804 | 547,191 | 504,131 | (36,556) | ||||||||
| Genuine Parts Co. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,322 | 227,704 | 273,950 | 62,576 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Discretionary Distribution & Retail — (continued) | ||||||||||||||||
| GigaCloud Technology, Inc., Class A (Cayman Islands) | USFF +0.250% | Weekly | MS | 07/23/30 | 13,524 | $397,068 | $427,358 | $35,163 | ||||||||
| Group 1 Automotive, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,276 | 755,289 | 662,703 | (83,821) | ||||||||
| Home Depot, Inc. (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 2,671 | 823,091 | 942,008 | 135,464 | ||||||||
| Kohl's Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 25,056 | 363,479 | 443,992 | 93,215 | ||||||||
| Lithia Motors, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,196 | 909,493 | 928,406 | 30,355 | ||||||||
| LKQ Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 11,074 | 324,063 | 291,578 | (24,854) | ||||||||
| Lowe's Cos., Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 2,773 | 603,812 | 611,419 | 21,638 | ||||||||
| Macy's, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 37,015 | 706,184 | 871,703 | 186,537 | ||||||||
| Murphy USA, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,144 | 595,054 | 616,467 | 28,437 | ||||||||
| National Vision Holdings, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 7,646 | 189,644 | 145,350 | (41,675) | ||||||||
| Ollie's Bargain Outlet Holdings, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 6,610 | 566,011 | 508,177 | (51,126) | ||||||||
| O'Reilly Automotive, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 6,480 | 569,556 | 596,743 | 34,925 | ||||||||
| Petco Health & Wellness Co., Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 56,920 | 160,851 | 154,822 | (3,813) | ||||||||
| Ross Stores, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,988 | 893,333 | 848,846 | (33,009) | ||||||||
| Sally Beauty Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 5,924 | 51,752 | 83,765 | 36,315 | ||||||||
| TJX Cos., Inc. (The) | USFF +0.250% | Weekly | MS | 01/22/30 | 3,248 | 429,069 | 492,072 | 73,469 | ||||||||
| Ulta Beauty, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 507 | 246,141 | 228,647 | (14,262) | ||||||||
| Valvoline, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 9,263 | 304,560 | 366,259 | 66,191 | ||||||||
| Williams-Sonoma, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 522 | 95,446 | 121,678 | 27,827 | ||||||||
| 292,858 | 19,926,115 | 20,816,178 | 1,172,437 | |||||||||||||
| Consumer Durables & Apparel | ||||||||||||||||
| Amer Sports, Inc. (Cayman Islands) | USFF +0.250% | Weekly | MS | 05/05/31 | 2,180 | 73,330 | 73,771 | 1,796 | ||||||||
| BRP, Inc., sub-voting shares (Canada) | USFF +0.250% | Weekly | MS | 07/23/30 | 8,362 | 529,941 | 510,249 | (10,900) | ||||||||
| Callaway Golf Co. | USFF +0.250% | Weekly | MS | 11/04/30 | 53,610 | 799,518 | 1,007,332 | 217,059 | ||||||||
| Canada Goose Holdings, Inc. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 227 | 2,164 | 2,159 | 576 | ||||||||
| Capri Holdings Ltd. (British Virgin Islands) | USFF +0.250% | Weekly | MS | 05/05/31 | 40,713 | 777,267 | 756,040 | (12,223) | ||||||||
| Carter's, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 5,716 | 209,230 | 235,271 | 30,137 | ||||||||
| Champion Homes, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 5,474 | 408,263 | 482,369 | 79,269 | ||||||||
| Deckers Outdoor Corp. | USFF +0.250% | Weekly | MS | 01/22/30 | 16,979 | 1,664,363 | 1,685,845 | 40,125 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Durables & Apparel — (continued) | ||||||||||||||||
| Garmin Ltd. (Switzerland) | USFF +0.250% | Weekly | MS | 05/05/31 | 950 | $222,615 | $225,663 | $7,037 | ||||||||
| Gildan Activewear, Inc. (Canada) | USFF +0.250% | Weekly | MS | 07/23/30 | 1,069 | 43,283 | 55,160 | 12,906 | ||||||||
| Hasbro, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 13,731 | 1,050,261 | 1,134,043 | 95,752 | ||||||||
| La-Z-Boy, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,722 | 96,980 | 109,207 | 15,254 | ||||||||
| Leggett & Platt, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 2,245 | 19,776 | 26,289 | 7,930 | ||||||||
| Lululemon Athletica, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 10,244 | 1,220,548 | 1,169,660 | (43,111) | ||||||||
| Mohawk Industries, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,976 | 289,620 | 361,078 | 80,409 | ||||||||
| NVR, Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 38 | 289,246 | 258,909 | (26,636) | ||||||||
| Peloton Interactive, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 100,097 | 543,893 | 591,573 | 54,148 | ||||||||
| Ralph Lauren Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 394 | 142,310 | 158,156 | 23,227 | ||||||||
| Sonos, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 25,375 | 318,735 | 343,324 | 28,610 | ||||||||
| Tapestry, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 1,474 | 204,067 | 215,764 | 16,455 | ||||||||
| Wolverine World Wide, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 19,973 | 327,605 | 330,154 | 7,146 | ||||||||
| 314,549 | 9,233,015 | 9,732,016 | 624,966 | |||||||||||||
| Consumer Services | ||||||||||||||||
| ADT, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 112,187 | 758,607 | 729,216 | (17,109) | ||||||||
| American Public Education, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 55 | 2,954 | 2,954 | 590 | ||||||||
| Aramark | USFF +0.250% | Weekly | MS | 05/05/31 | 3,280 | 177,314 | 186,632 | 11,803 | ||||||||
| BJ's Restaurants, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 4,506 | 150,847 | 273,672 | 125,022 | ||||||||
| Booking Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 12,663 | 2,160,656 | 2,257,053 | 134,551 | ||||||||
| Brinker International, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,003 | 390,471 | 504,504 | 126,861 | ||||||||
| Carnival Corp. Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 05/05/31 | 15,108 | 436,041 | 431,636 | 890 | ||||||||
| Chipotle Mexican Grill, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 5,960 | 170,617 | 202,640 | 39,766 | ||||||||
| Churchill Downs, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,916 | 252,299 | 261,390 | 12,867 | ||||||||
| Darden Restaurants, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,710 | 562,024 | 558,287 | 2,928 | ||||||||
| Domino's Pizza, Inc. | USFF +0.250% | Weekly | MS | 07/06/26 | 1,570 | 546,765 | 464,783 | (73,031) | ||||||||
| DraftKings, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 39,870 | 988,386 | 1,007,116 | 30,054 | ||||||||
| Expedia Group, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 4,385 | 996,909 | 1,122,034 | 141,144 | ||||||||
| Grand Canyon Education, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 4,259 | 657,108 | 609,506 | (39,905) | ||||||||
| Las Vegas Sands Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 10,645 | 540,600 | 491,693 | (43,661) | ||||||||
| Lindblad Expeditions Holdings, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 7,569 | 150,179 | 213,749 | 66,818 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Services — (continued) | ||||||||||||||||
| Marriott International, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 422 | $156,077 | $156,389 | $2,568 | ||||||||
| McDonald's Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 6,815 | 2,061,456 | 1,842,163 | (186,986) | ||||||||
| Monarch Casino & Resort, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 843 | 81,639 | 110,947 | 30,753 | ||||||||
| Penn Entertainment, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 24,434 | 348,255 | 521,910 | 184,804 | ||||||||
| Perdoceo Education Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 19,426 | 658,126 | 621,632 | (25,686) | ||||||||
| Planet Fitness, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 8,375 | 635,221 | 436,924 | (190,837) | ||||||||
| Restaurant Brands International, Inc. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 880 | 63,629 | 63,809 | 1,429 | ||||||||
| Starbucks Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 4,326 | 418,608 | 442,074 | 30,437 | ||||||||
| Strategic Education, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,614 | 278,120 | 276,905 | 6,557 | ||||||||
| Texas Roadhouse, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 998 | 164,530 | 192,844 | 36,744 | ||||||||
| Yum! Brands, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 2,275 | 325,081 | 363,682 | 55,392 | ||||||||
| 303,094 | 14,132,519 | 14,346,144 | 464,763 | |||||||||||||
| Consumer Staples Distribution & Retail | ||||||||||||||||
| Casey's General Stores, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 999 | 789,632 | 793,995 | 13,502 | ||||||||
| Costco Wholesale Corp. | USFF +0.250% | Weekly | MS | 07/06/26 | 2,241 | 2,016,748 | 2,096,388 | 119,703 | ||||||||
| Dollar General Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 8,881 | 930,382 | 1,022,292 | 121,153 | ||||||||
| Dollar Tree, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 7,056 | 724,975 | 853,423 | 138,646 | ||||||||
| Ingles Markets, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 1,580 | 137,545 | 139,956 | 4,464 | ||||||||
| Kroger Co. (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 15,140 | 941,089 | 840,724 | (86,444) | ||||||||
| Sysco Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 3,057 | 243,839 | 255,504 | 14,789 | ||||||||
| Target Corp. | USFF +0.250% | Weekly | MS | 01/22/30 | 7,735 | 726,900 | 1,010,268 | 318,216 | ||||||||
| United Natural Foods, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 7,522 | 245,088 | 343,530 | 101,662 | ||||||||
| Walmart, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 8,543 | 972,975 | 967,580 | 9,820 | ||||||||
| 62,754 | 7,729,173 | 8,323,660 | 755,511 | |||||||||||||
| Energy | ||||||||||||||||
| Antero Midstream Corp. | USFF +0.250% | Weekly | MS | 01/22/30 | 21,095 | 363,901 | 479,911 | 120,522 | ||||||||
| APA Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 59,258 | 1,529,399 | 1,930,033 | 417,810 | ||||||||
| Archrock, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 3,502 | 118,010 | 142,566 | 30,101 | ||||||||
| Baker Hughes Co. | USFF +0.250% | Weekly | MS | 07/08/27 | 40,767 | 2,452,193 | 2,262,569 | (162,422) | ||||||||
| Baytex Energy Corp. (Canada) | USFF +0.250% | Weekly | MS | 11/04/30 | 238,631 | 991,541 | 954,524 | (23,254) | ||||||||
| Cameco Corp. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 15,045 | 1,549,922 | 1,532,484 | (86) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Energy — (continued) | ||||||||||||||||
| CNX Resources Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 75,137 | $2,752,236 | $2,549,398 | $(175,761) | ||||||||
| ConocoPhillips | USFF +0.250% | Weekly | MS | 11/04/30 | 19,434 | 2,102,662 | 2,020,359 | (46,612) | ||||||||
| Core Natural Resources, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 294 | 23,259 | 23,526 | 1,077 | ||||||||
| CVR Energy, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 619 | 17,340 | 17,047 | 454 | ||||||||
| DHT Holdings, Inc. (Marshall Islands) | USFF +0.250% | Weekly | MS | 01/22/30 | 20,022 | 221,168 | 330,964 | 143,278 | ||||||||
| Dorian LPG Ltd. (Marshall Islands) | USFF +0.250% | Weekly | MS | 05/05/31 | 1,256 | 44,849 | 43,684 | (120) | ||||||||
| DT Midstream, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 4,080 | 575,402 | 598,699 | 30,650 | ||||||||
| Energy Fuels, Inc. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 3,159 | 49,725 | 45,806 | (6,964) | ||||||||
| EQT Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 50,042 | 2,842,129 | 2,660,733 | (152,748) | ||||||||
| Expand Energy Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 40,268 | 3,962,443 | 3,672,039 | (254,194) | ||||||||
| Exxon Mobil Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 8,323 | 1,221,823 | 1,137,921 | (70,068) | ||||||||
| Green Plains, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 9,096 | 135,470 | 139,896 | 6,396 | ||||||||
| Gulfport Energy Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 8,912 | 1,565,382 | 1,512,366 | (39,854) | ||||||||
| Halliburton Co. | USFF +0.250% | Weekly | MS | 01/22/30 | 42,800 | 1,146,874 | 1,453,060 | 337,097 | ||||||||
| Helix Energy Solutions Group, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 47,839 | 471,246 | 418,113 | (47,454) | ||||||||
| HF Sinclair Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 13,026 | 919,925 | 907,261 | (2,110) | ||||||||
| Innovex International, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,755 | 83,877 | 93,124 | 10,717 | ||||||||
| Kinder Morgan, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 48,888 | 1,444,558 | 1,562,949 | 160,245 | ||||||||
| Kodiak Gas Services, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 9,527 | 315,596 | 715,764 | 404,154 | ||||||||
| Kosmos Energy Ltd. | USFF +0.250% | Weekly | MS | 11/04/30 | 456,271 | 1,316,601 | 962,732 | (339,005) | ||||||||
| Nabors Industries Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 11/04/30 | 7,974 | 802,945 | 669,896 | (123,766) | ||||||||
| Noble Corp. PLC (United Kingdom) | USFF +0.250% | Weekly | MS | 11/04/30 | 19,712 | 956,270 | 735,258 | (210,063) | ||||||||
| Nordic American Tankers Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 05/05/31 | 28,603 | 158,910 | 158,461 | 4,824 | ||||||||
| NOV, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,295 | 23,997 | 24,022 | 844 | ||||||||
| Occidental Petroleum Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 25,365 | 1,112,205 | 1,231,978 | 149,585 | ||||||||
| Oceaneering International, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 9,860 | 348,766 | 399,527 | 55,818 | ||||||||
| Pembina Pipeline Corp. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 12,291 | 583,587 | 568,459 | (3,069) | ||||||||
| Range Resources Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 46,077 | 1,890,289 | 1,713,604 | (151,780) | ||||||||
| SFL Corp. Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 11/04/30 | 29,780 | 321,599 | 303,756 | (13,791) | ||||||||
| SLB Ltd. (Curacao) | USFF +0.250% | Weekly | MS | 05/05/31 | 11,022 | 542,824 | 512,413 | (23,955) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Energy — (continued) | ||||||||||||||||
| TechnipFMC PLC (United Kingdom) | USFF +0.250% | Weekly | MS | 07/08/27 | 23,165 | $1,214,803 | $1,535,840 | $337,569 | ||||||||
| Tidewater, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 3,733 | 169,960 | 248,730 | 81,175 | ||||||||
| Transocean Ltd. (Switzerland) | USFF +0.250% | Weekly | MS | 01/22/30 | 202,081 | 569,138 | 988,176 | 436,912 | ||||||||
| Valero Energy Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 3,934 | 586,502 | 1,024,571 | 457,679 | ||||||||
| Vermilion Energy, Inc. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 35,195 | 423,530 | 329,777 | (85,888) | ||||||||
| Weatherford International PLC (Ireland) | USFF +0.250% | Weekly | MS | 05/05/31 | 2,899 | 260,154 | 236,269 | (20,501) | ||||||||
| 1,704,032 | 38,183,010 | 38,848,265 | 1,233,442 | |||||||||||||
| Exchange Traded Funds | ||||||||||||||||
| State Street SPDR S&P 500 ETF Trust | USFF +0.250% | Weekly | MS | 05/05/31 | 1,746 | 1,290,846 | 1,303,860 | 27,598 | ||||||||
| Financial Services | ||||||||||||||||
| Berkshire Hathaway, Inc., Class B | USFF +0.250% | Weekly | MS | 08/27/26 | 2,916 | 792,950 | 1,459,137 | 675,361 | ||||||||
| Cboe Global Markets, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 7,761 | 2,075,129 | 1,883,362 | (168,661) | ||||||||
| CME Group, Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 8,991 | 2,269,626 | 1,985,483 | (258,923) | ||||||||
| Corpay, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 2,885 | 922,995 | 961,484 | 49,076 | ||||||||
| Euronet Worldwide, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,777 | 117,325 | 130,059 | 14,943 | ||||||||
| FactSet Research Systems, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,511 | 669,950 | 577,731 | (84,381) | ||||||||
| Fidelity National Information Services, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 9,129 | 364,073 | 354,936 | (2,274) | ||||||||
| Fiserv, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 9,688 | 795,375 | 475,196 | (310,978) | ||||||||
| Flywire Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 37,968 | 552,154 | 667,098 | 121,934 | ||||||||
| Franklin Resources, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 9,737 | 220,026 | 323,950 | 106,873 | ||||||||
| Intercontinental Exchange, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 7,203 | 1,057,436 | 886,761 | (158,627) | ||||||||
| Jack Henry & Associates, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 4,153 | 592,610 | 572,034 | (8,819) | ||||||||
| Mastercard, Inc., Class A | USFF +0.250% | Weekly | MS | 07/11/28 | 2,506 | 1,245,064 | 1,287,082 | 58,554 | ||||||||
| Morningstar, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 311 | 48,093 | 48,522 | 1,509 | ||||||||
| MSCI, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 324 | 182,993 | 181,453 | 1,006 | ||||||||
| Nasdaq, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,790 | 143,410 | 141,088 | (206) | ||||||||
| NCR Atleos Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 442 | 19,055 | 19,187 | 897 | ||||||||
| Paymentus Holdings, Inc., Class A | USFF +0.250% | Weekly | MS | 01/22/30 | 20,130 | 576,132 | 486,341 | (86,665) | ||||||||
| PayPal Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 16,108 | 847,666 | 695,543 | (138,529) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Financial Services — (continued) | ||||||||||||||||
| T Rowe Price Group, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 2,462 | $262,668 | $279,905 | $20,649 | ||||||||
| Visa, Inc., Class A | USFF +0.250% | Weekly | MS | 01/22/30 | 3,620 | 1,159,152 | 1,241,986 | 101,477 | ||||||||
| 152,412 | 14,913,882 | 14,658,338 | (65,784) | |||||||||||||
| Food, Beverage & Tobacco | ||||||||||||||||
| Altria Group, Inc. | USFF +0.250% | Weekly | MS | 08/27/26 | 25,451 | 1,447,301 | 1,831,199 | 640,169 | ||||||||
| Archer-Daniels-Midland Co. | USFF +0.250% | Weekly | MS | 11/04/30 | 10,069 | 761,421 | 769,272 | 21,525 | ||||||||
| Brown-Forman Corp., Class B | USFF +0.250% | Weekly | MS | 05/05/31 | 10,828 | 282,703 | 288,566 | 9,493 | ||||||||
| Coca-Cola Co. (The) | USFF +0.250% | Weekly | MS | 08/27/26 | 19,706 | 1,355,524 | 1,601,507 | 332,045 | ||||||||
| Conagra Brands, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 10,853 | 141,853 | 146,081 | 6,159 | ||||||||
| Darling Ingredients, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 18,416 | 1,048,834 | 1,005,882 | (30,998) | ||||||||
| Del Monte Corp. (Cayman Islands) | USFF +0.250% | Weekly | MS | 01/22/30 | 4,120 | 134,159 | 114,989 | (18,151) | ||||||||
| Flowers Foods, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 14,670 | 113,240 | 115,893 | 4,888 | ||||||||
| General Mills, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 17,600 | 732,611 | 612,480 | (103,495) | ||||||||
| Hershey Co. (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 3,795 | 695,485 | 665,833 | (17,806) | ||||||||
| Hormel Foods Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 40,750 | 902,887 | 1,011,415 | 124,678 | ||||||||
| Ingredion, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 144 | 13,655 | 13,638 | 690 | ||||||||
| J & J Snack Foods Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,614 | 226,328 | 191,998 | (31,312) | ||||||||
| J M Smucker Co. (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 3,337 | 311,703 | 375,413 | 71,728 | ||||||||
| Kraft Heinz Co. (The) | USFF +0.250% | Weekly | MS | 01/22/30 | 19,813 | 519,508 | 467,983 | (28,557) | ||||||||
| Marzetti Company (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 2,767 | 320,741 | 315,881 | (817) | ||||||||
| Molson Coors Beverage Co., Class B | USFF +0.250% | Weekly | MS | 01/10/28 | 4,836 | 250,864 | 188,411 | (44,364) | ||||||||
| Mondelez International, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 2,842 | 165,855 | 164,381 | 957 | ||||||||
| Monster Beverage Corp. | USFF +0.250% | Weekly | MS | 01/22/30 | 2,119 | 129,447 | 203,678 | 76,196 | ||||||||
| National Beverage Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 146 | 4,709 | 4,555 | 455 | ||||||||
| PepsiCo, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 5,961 | 879,802 | 807,119 | (50,735) | ||||||||
| Tyson Foods, Inc., Class A | USFF +0.250% | Weekly | MS | 01/12/29 | 9,987 | 554,121 | 571,756 | 40,452 | ||||||||
| Vita Coco Co., Inc. (The) | USFF +0.250% | Weekly | MS | 05/05/31 | 501 | 34,899 | 33,136 | (826) | ||||||||
| Westrock Coffee Co. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,812 | 15,502 | 14,695 | (80) | ||||||||
| 233,137 | 11,043,152 | 11,515,761 | 1,002,294 | |||||||||||||
| Health Care Equipment & Services | ||||||||||||||||
| Addus HomeCare Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,948 | 181,619 | 195,716 | 16,628 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Health Care Equipment & Services — (continued) | ||||||||||||||||
| agilon health, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,040 | $217,882 | $218,647 | $3,691 | ||||||||
| Align Technology, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 6,208 | 959,041 | 1,047,041 | 98,979 | ||||||||
| AMN Healthcare Services, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 25,144 | 740,001 | 813,911 | 82,509 | ||||||||
| Becton Dickinson & Co. | USFF +0.250% | Weekly | MS | 01/22/30 | 14,763 | 2,149,136 | 2,234,085 | 130,316 | ||||||||
| Boston Scientific Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 69,127 | 3,651,897 | 2,950,340 | (661,317) | ||||||||
| BrightSpring Health Services, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 34,908 | 1,985,969 | 2,434,484 | 470,652 | ||||||||
| Butterfly Network, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 169,094 | 630,253 | 1,423,771 | 800,924 | ||||||||
| Cardinal Health, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 161 | 26,062 | 38,247 | 13,304 | ||||||||
| Cencora, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 2,590 | 698,396 | 732,918 | 47,784 | ||||||||
| Centene Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 6,867 | 400,019 | 440,793 | 45,678 | ||||||||
| Chemed Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,815 | 765,938 | 845,318 | 91,967 | ||||||||
| Cigna Group (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 1,496 | 394,664 | 412,417 | 25,384 | ||||||||
| CONMED Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 5,564 | 208,520 | 182,110 | (24,799) | ||||||||
| CVS Health Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 9,461 | 753,697 | 978,740 | 245,590 | ||||||||
| Dexcom, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,522 | 104,795 | 102,507 | (592) | ||||||||
| Elevance Health, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,752 | 577,837 | 677,551 | 110,090 | ||||||||
| Ensign Group, Inc. (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 3,348 | 563,188 | 536,684 | (19,826) | ||||||||
| Guardant Health, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 5,270 | 666,690 | 790,658 | 131,771 | ||||||||
| Guardian Pharmacy Services, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 1,744 | 50,253 | 73,021 | 23,872 | ||||||||
| HCA Healthcare, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,475 | 895,747 | 964,978 | 85,343 | ||||||||
| HealthEquity, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 5,145 | 421,068 | 464,696 | 48,762 | ||||||||
| Humana, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 911 | 337,026 | 361,867 | 29,788 | ||||||||
| ICU Medical, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 2,742 | 329,853 | 401,977 | 76,266 | ||||||||
| IDEXX Laboratories, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 105 | 55,115 | 55,276 | 1,318 | ||||||||
| Insulet Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,432 | 651,544 | 522,522 | (121,384) | ||||||||
| Labcorp Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,260 | 321,716 | 352,800 | 36,663 | ||||||||
| LeMaitre Vascular, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,751 | 247,866 | 263,986 | 19,328 | ||||||||
| LifeStance Health Group, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 30,696 | 235,331 | 328,754 | 98,446 | ||||||||
| LivaNova PLC (United Kingdom) | USFF +0.250% | Weekly | MS | 01/22/30 | 758 | 32,128 | 62,330 | 31,109 | ||||||||
| McKesson Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,100 | 874,941 | 831,160 | (32,671) | ||||||||
| Medtronic PLC (Ireland) | USFF +0.250% | Weekly | MS | 11/04/30 | 30,224 | 2,603,529 | 2,364,424 | (180,529) | ||||||||
| Nutex Health, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,014 | 127,587 | 173,282 | 49,969 | ||||||||
| Omnicell, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 5,303 | 214,362 | 220,181 | 8,706 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Health Care Equipment & Services — (continued) | ||||||||||||||||
| Pediatrix Medical Group, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 15,672 | $243,944 | $396,972 | $159,753 | ||||||||
| Penumbra, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,149 | 370,840 | 362,797 | (3,456) | ||||||||
| Privia Health Group, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 9,172 | 193,016 | 235,996 | 46,889 | ||||||||
| Progyny, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 44,592 | 878,337 | 1,285,587 | 418,927 | ||||||||
| Quest Diagnostics, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 1,084 | 181,045 | 229,754 | 53,920 | ||||||||
| ResMed, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 4,778 | 1,061,849 | 931,137 | (124,951) | ||||||||
| Solventum Corp. | USFF +0.250% | Weekly | MS | 01/12/29 | 3,221 | 224,775 | 248,500 | 26,725 | ||||||||
| Stryker Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 380 | 111,098 | 119,639 | 10,640 | ||||||||
| Teleflex, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,186 | 149,955 | 150,337 | 2,570 | ||||||||
| Tenet Healthcare Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,167 | 363,114 | 405,402 | 47,168 | ||||||||
| UnitedHealth Group, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,755 | 680,654 | 729,431 | 60,803 | ||||||||
| Universal Health Services, Inc., Class B | USFF +0.250% | Weekly | MS | 11/04/30 | 1,459 | 256,619 | 216,939 | (35,773) | ||||||||
| Veeva Systems, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 3,213 | 510,778 | 570,211 | 66,050 | ||||||||
| Waystar Holding Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 15,791 | 386,726 | 324,189 | (62,690) | ||||||||
| 558,357 | 28,686,420 | 30,704,083 | 2,450,294 | |||||||||||||
| Household & Personal Products | ||||||||||||||||
| Central Garden & Pet Co., Class A | USFF +0.250% | Weekly | MS | 07/23/30 | 369 | 10,358 | 14,306 | 4,618 | ||||||||
| Church & Dwight Co., Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 4,779 | 405,049 | 462,990 | 66,710 | ||||||||
| Clorox Co. (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 5,834 | 613,893 | 556,797 | (43,546) | ||||||||
| Colgate-Palmolive Co. | USFF +0.250% | Weekly | MS | 11/04/30 | 12,023 | 1,077,689 | 1,102,269 | 42,228 | ||||||||
| Estee Lauder Cos., Inc. (The), Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 17,470 | 1,361,110 | 1,379,257 | 35,108 | ||||||||
| Kenvue, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 40,823 | 655,158 | 780,128 | 132,646 | ||||||||
| Kimberly-Clark Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 6,487 | 653,089 | 712,078 | 86,571 | ||||||||
| Procter & Gamble Co. (The) | USFF +0.250% | Weekly | MS | 07/16/29 | 5,000 | 746,506 | 733,200 | 4,679 | ||||||||
| 92,785 | 5,522,852 | 5,741,025 | 329,014 | |||||||||||||
| Materials | ||||||||||||||||
| Agnico Eagle Mines Ltd. (Canada) | USFF +0.250% | Weekly | MS | 11/04/30 | 4,223 | 802,816 | 655,114 | (138,420) | ||||||||
| Alamos Gold, Inc., Class A (Canada) | USFF +0.250% | Weekly | MS | 11/04/30 | 12,322 | 503,497 | 373,849 | (123,212) | ||||||||
| Albemarle Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 22,884 | 4,154,559 | 3,090,027 | (1,018,597) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Materials — (continued) | ||||||||||||||||
| Aura Minerals, Inc. (British Virgin Islands) | USFF +0.250% | Weekly | MS | 11/04/30 | 4,887 | $267,305 | $307,637 | $43,794 | ||||||||
| Avery Dennison Corp. | USFF +0.250% | Weekly | MS | 01/22/30 | 5,049 | 829,356 | 819,705 | 12,705 | ||||||||
| Barrick Mining Corp. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 24,960 | 1,050,415 | 916,781 | (121,663) | ||||||||
| CF Industries Holdings, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 5,456 | 609,170 | 590,667 | (10,945) | ||||||||
| Compass Minerals International, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 16,638 | 409,006 | 517,941 | 113,874 | ||||||||
| Constellium SE (France) | USFF +0.250% | Weekly | MS | 05/05/31 | 271 | 8,594 | 8,637 | 694 | ||||||||
| Corteva, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 11,428 | 797,008 | 967,837 | 185,828 | ||||||||
| CRH PLC (Ireland) | USFF +0.250% | Weekly | MS | 05/05/31 | 306 | 33,995 | 32,742 | (325) | ||||||||
| DuPont de Nemours, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 13,773 | 1,755,413 | 1,868,170 | 132,389 | ||||||||
| Eastman Chemical Co. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,485 | 173,285 | 166,445 | (4,399) | ||||||||
| Ecovyst, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 56,806 | 753,293 | 707,235 | (37,315) | ||||||||
| First Majestic Silver Corp. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 20,099 | 407,855 | 340,879 | (61,986) | ||||||||
| Fortuna Mining Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/12/29 | 106,775 | 987,708 | 902,249 | (74,169) | ||||||||
| Freeport-McMoRan, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 5,442 | 279,934 | 342,247 | 67,476 | ||||||||
| Hecla Mining Co. | USFF +0.250% | Weekly | MS | 11/04/30 | 22,010 | 417,038 | 339,614 | (72,334) | ||||||||
| Hudbay Minerals, Inc. (Canada) | USFF +0.250% | Weekly | MS | 11/04/30 | 36,115 | 838,803 | 852,675 | 23,666 | ||||||||
| Huntsman Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,002 | 23,608 | 21,261 | (1,440) | ||||||||
| IAMGOLD Corp. (Canada) | USFF +0.250% | Weekly | MS | 11/04/30 | 84,445 | 1,712,068 | 1,337,609 | (355,298) | ||||||||
| Ingevity Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 4,824 | 267,009 | 360,208 | 99,651 | ||||||||
| International Flavors & Fragrances, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 9,991 | 753,546 | 791,487 | 46,241 | ||||||||
| Kaiser Aluminum Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,836 | 327,764 | 359,177 | 35,559 | ||||||||
| Kinross Gold Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/22/30 | 5,253 | 107,014 | 124,076 | 18,783 | ||||||||
| Koppers Holdings, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 148 | 6,635 | 6,645 | 640 | ||||||||
| Kronos Worldwide, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 14 | 89 | 89 | 559 | ||||||||
| Linde PLC (Ireland) | USFF +0.250% | Weekly | MS | 11/04/30 | 2,764 | 1,370,091 | 1,434,350 | 79,704 | ||||||||
| LSB Industries, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 14,986 | 213,083 | 161,999 | (48,211) | ||||||||
| LyondellBasell Industries NV, Class A (Netherlands) | USFF +0.250% | Weekly | MS | 11/04/30 | 26,700 | 1,831,506 | 1,405,755 | (394,075) | ||||||||
| Newmont Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 12,733 | 1,144,774 | 1,189,262 | 57,485 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Materials — (continued) | ||||||||||||||||
| Nucor Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,596 | $580,258 | $578,259 | $4,416 | ||||||||
| Nutrien Ltd. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 659 | 40,321 | 41,484 | 2,439 | ||||||||
| OceanaGold Corp. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 500 | 13,573 | 12,540 | (327) | ||||||||
| Olin Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 13,039 | 319,303 | 258,433 | (55,852) | ||||||||
| Pan American Silver Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/22/30 | 20,854 | 702,927 | 934,051 | 239,320 | ||||||||
| Reliance, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 111 | 41,557 | 41,470 | 1,124 | ||||||||
| Southern Copper Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 524 | 91,105 | 91,312 | 1,755 | ||||||||
| SSR Mining, Inc. (Canada) | USFF +0.250% | Weekly | MS | 11/04/30 | 28,847 | 867,078 | 815,793 | (41,305) | ||||||||
| Steel Dynamics, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 3,817 | 716,377 | 875,849 | 171,900 | ||||||||
| Teck Resources Ltd., Class B (Canada) | USFF +0.250% | Weekly | MS | 11/04/30 | 19,297 | 1,036,972 | 1,147,400 | 123,329 | ||||||||
| TriMas Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 13,081 | 519,890 | 589,037 | 75,354 | ||||||||
| Vulcan Materials Co. | USFF +0.250% | Weekly | MS | 01/22/30 | 1,010 | 270,823 | 297,960 | 32,328 | ||||||||
| Wheaton Precious Metals Corp. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 3,895 | 531,498 | 437,486 | (87,090) | ||||||||
| 645,855 | 28,567,919 | 27,113,443 | (1,075,950) | |||||||||||||
| Media & Entertainment | ||||||||||||||||
| Alphabet, Inc., Class A | USFF +0.250% | Weekly | MS | 08/27/26 | 13,528 | 3,221,799 | 4,834,501 | 1,667,369 | ||||||||
| Cargurus, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 19,867 | 579,883 | 677,266 | 105,345 | ||||||||
| Charter Communications, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 3,552 | 580,556 | 505,130 | (68,560) | ||||||||
| EchoStar Corp., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 3,716 | 470,679 | 377,174 | (87,833) | ||||||||
| Electronic Arts, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 5,917 | 1,186,186 | 1,213,222 | 43,822 | ||||||||
| EverQuote, Inc., Class A | USFF +0.250% | Weekly | MS | 07/16/29 | 3,556 | 65,391 | 84,597 | 21,899 | ||||||||
| Fox Corp., Class A | USFF +0.250% | Weekly | MS | 01/12/29 | 21,409 | 1,146,524 | 1,116,693 | (13,812) | ||||||||
| Liberty Media Corp.-Liberty Formula One, Class C | USFF +0.250% | Weekly | MS | 05/05/31 | 2,339 | 203,951 | 222,532 | 21,356 | ||||||||
| Madison Square Garden Entertainment Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 1 | 45 | 81 | 594 | ||||||||
| Meta Platforms, Inc., Class A | USFF +0.250% | Weekly | MS | 07/08/27 | 8,773 | 4,966,582 | 4,941,743 | 52,928 | ||||||||
| Netflix, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 27,248 | 2,326,422 | 1,945,507 | (355,078) | ||||||||
| New York Times Co. (The), Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 243 | 17,063 | 17,005 | 685 | ||||||||
| News Corp., Class A | USFF +0.250% | Weekly | MS | 08/27/26 | 16,698 | 433,080 | 414,611 | (9,877) | ||||||||
| Omnicom Group, Inc. | USFF +0.250% | Weekly | MS | 08/27/26 | 5,360 | 360,050 | 390,369 | 47,216 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Media & Entertainment — (continued) | ||||||||||||||||
| Pinterest, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 8,886 | $175,514 | $186,873 | $16,346 | ||||||||
| Reddit, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 4,225 | 683,764 | 733,376 | 57,600 | ||||||||
| Roku, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,465 | 386,006 | 478,655 | 98,280 | ||||||||
| Scholastic Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,379 | 94,478 | 109,434 | 16,785 | ||||||||
| Walt Disney Co. (The) | USFF +0.250% | Weekly | MS | 05/05/31 | 593 | 57,192 | 57,076 | 1,064 | ||||||||
| Warner Bros Discovery, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,470 | 66,675 | 65,850 | 458 | ||||||||
| Warner Music Group Corp., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 10,639 | 299,741 | 287,998 | (7,928) | ||||||||
| Ziff Davis, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 1,416 | 43,582 | 74,156 | 31,605 | ||||||||
| 166,280 | 17,365,163 | 18,733,849 | 1,640,264 | |||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||||||||||||
| 10X Genomics, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 19,284 | 363,880 | 739,349 | 379,980 | ||||||||
| Absci Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 8,533 | 83,304 | 98,897 | 17,057 | ||||||||
| Adaptive Biotechnologies Corp. | USFF +0.250% | Weekly | MS | 01/22/30 | 23,231 | 283,656 | 498,305 | 218,289 | ||||||||
| Agilent Technologies, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 6,185 | 793,173 | 821,554 | 38,905 | ||||||||
| AnaptysBio, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,635 | 87,756 | 110,363 | 24,118 | ||||||||
| ANI Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,363 | 107,602 | 112,829 | 7,146 | ||||||||
| Aurinia Pharmaceuticals, Inc. (Canada) | USFF +0.250% | Weekly | MS | 07/23/30 | 21,275 | 291,454 | 361,037 | 73,472 | ||||||||
| Beam Therapeutics, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,718 | 93,539 | 93,282 | 1,317 | ||||||||
| BioCryst Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 15,651 | 108,374 | 156,510 | 49,871 | ||||||||
| Biogen, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 3,436 | 576,935 | 742,382 | 172,274 | ||||||||
| Bristol-Myers Squibb Co. | USFF +0.250% | Weekly | MS | 07/23/30 | 54,607 | 2,568,447 | 3,146,455 | 676,840 | ||||||||
| CareDx, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 16,201 | 275,934 | 461,729 | 189,350 | ||||||||
| Collegium Pharmaceutical, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 20,200 | 794,438 | 731,240 | (55,090) | ||||||||
| CryoPort, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,071 | 31,435 | 32,515 | 1,979 | ||||||||
| Cytokinetics, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 826 | 69,314 | 70,367 | 2,364 | ||||||||
| Design Therapeutics, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 669 | 9,435 | 9,680 | 905 | ||||||||
| Elanco Animal Health, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 22,820 | 450,133 | 561,600 | 116,916 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences — (continued) | ||||||||||||||||
| Eton Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 3,953 | $122,345 | $143,099 | $22,651 | ||||||||
| Fortrea Holdings, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 31,794 | 471,774 | 553,216 | 87,126 | ||||||||
| Gilead Sciences, Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 9,557 | 1,128,617 | 1,207,431 | 117,770 | ||||||||
| GRAIL, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 630 | 42,093 | 43,010 | 1,933 | ||||||||
| Harmony Biosciences Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 10,316 | 279,998 | 375,606 | 99,208 | ||||||||
| ImmunityBio, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 35,450 | 288,134 | 310,365 | 25,919 | ||||||||
| Immunovant, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 6,557 | 231,532 | 252,641 | 24,183 | ||||||||
| Incyte Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 6,035 | 560,511 | 684,128 | 130,265 | ||||||||
| Indivior Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 15,947 | 486,427 | 654,305 | 179,682 | ||||||||
| Innoviva, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 9,409 | 172,221 | 213,678 | 44,193 | ||||||||
| IQVIA Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 6,243 | 999,700 | 1,206,272 | 222,045 | ||||||||
| Johnson & Johnson | USFF +0.250% | Weekly | MS | 07/23/30 | 8,153 | 1,469,178 | 2,070,617 | 653,522 | ||||||||
| Kymera Therapeutics, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 60 | 7,023 | 6,880 | 492 | ||||||||
| Ligand Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,154 | 184,052 | 364,768 | 186,652 | ||||||||
| Liquidia Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 6,459 | 282,007 | 514,976 | 236,808 | ||||||||
| Merck & Co., Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 6,728 | 733,611 | 864,548 | 148,239 | ||||||||
| Nuvation Bio, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 31,446 | 166,897 | 178,613 | 14,088 | ||||||||
| Pfizer, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 60,260 | 1,405,149 | 1,451,061 | 133,766 | ||||||||
| Regeneron Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 3,208 | 1,794,387 | 2,000,316 | 224,251 | ||||||||
| Rhythm Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 83 | 9,001 | 9,216 | 871 | ||||||||
| Roivant Sciences Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 05/05/31 | 908 | 31,349 | 32,134 | 1,684 | ||||||||
| SELLAS Life Sciences Group, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 13,548 | 135,478 | 199,968 | 66,520 | ||||||||
| Septerna, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,438 | 49,801 | 48,159 | (543) | ||||||||
| Supernus Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 4,337 | 190,535 | 201,714 | 13,807 | ||||||||
| Thermo Fisher Scientific, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,767 | 899,253 | 885,903 | (3,021) | ||||||||
| Veracyte, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,289 | 45,714 | 75,703 | 31,044 | ||||||||
| Viatris, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 50,952 | 801,071 | 809,118 | 17,309 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences — (continued) | ||||||||||||||||
| Xeris Biopharma Holdings, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 10,900 | $67,629 | $86,328 | $20,254 | ||||||||
| Zoetis, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 8,858 | 1,047,207 | 636,536 | (394,108) | ||||||||
| 568,144 | 21,091,503 | 24,828,403 | 4,222,303 | |||||||||||||
| Semiconductors & Semiconductor Equipment | ||||||||||||||||
| Advanced Micro Devices, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 9,686 | 1,981,684 | 5,626,694 | 3,747,604 | ||||||||
| Allegro MicroSystems, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 14,996 | 472,115 | 1,044,022 | 577,594 | ||||||||
| Analog Devices, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 7,471 | 1,826,978 | 2,967,257 | 1,191,741 | ||||||||
| Applied Materials, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,111 | 706,513 | 1,526,253 | 831,902 | ||||||||
| AXT, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 48,788 | 809,932 | 3,516,639 | 2,716,066 | ||||||||
| Broadcom, Inc. | USFF +0.250% | Weekly | MS | 08/27/26 | 16,745 | 5,635,678 | 6,325,424 | 795,713 | ||||||||
| Cirrus Logic, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,767 | 574,492 | 559,513 | (8,179) | ||||||||
| Cohu, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 20,311 | 1,081,945 | 1,501,186 | 431,555 | ||||||||
| Credo Technology Group Holding Ltd. (Cayman Islands) | USFF +0.250% | Weekly | MS | 01/12/29 | 194 | 47,022 | 52,758 | 37,287 | ||||||||
| Diodes, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,573 | 69,312 | 172,149 | 104,148 | ||||||||
| First Solar, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 5,578 | 1,143,920 | 1,316,185 | 185,253 | ||||||||
| FormFactor, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 453 | 40,609 | 72,448 | 32,838 | ||||||||
| Ichor Holdings Ltd. (Cayman Islands) | USFF +0.250% | Weekly | MS | 11/04/30 | 7,200 | 318,752 | 808,416 | 493,685 | ||||||||
| Intel Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 517 | 66,393 | 72,189 | 7,788 | ||||||||
| KLA Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 415 | 121,534 | 125,210 | 6,090 | ||||||||
| Lam Research Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 21,336 | 2,289,003 | 9,245,529 | 6,981,956 | ||||||||
| MACOM Technology Solutions Holdings, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,119 | 399,513 | 425,634 | 32,388 | ||||||||
| Marvell Technology, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 5,711 | 1,588,212 | 1,701,250 | 130,853 | ||||||||
| MaxLinear, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,408 | 167,314 | 436,326 | 271,388 | ||||||||
| Microchip Technology, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 7,807 | 728,200 | 711,998 | (4,975) | ||||||||
| Micron Technology, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 5,613 | 1,200,183 | 6,479,030 | 5,309,753 | ||||||||
| Monolithic Power Systems, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 1,036 | 1,512,502 | 1,432,125 | (63,384) | ||||||||
| NVIDIA Corp. | USFF +0.250% | Weekly | MS | 01/10/28 | 21,139 | 3,942,563 | 4,229,703 | 337,211 | ||||||||
| NXP Semiconductors NV (Netherlands) | USFF +0.250% | Weekly | MS | 11/04/30 | 6,674 | 1,661,110 | 1,875,594 | 233,092 | ||||||||
| ON Semiconductor Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 13,351 | 866,231 | 1,262,204 | 405,943 | ||||||||
| Qnity Electronics, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 870 | 135,127 | 142,080 | 8,979 | ||||||||
| QUALCOMM, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 17,363 | 2,829,440 | 3,208,509 | 504,753 | ||||||||
| Semtech Corp. | USFF +0.250% | Weekly | MS | 01/22/30 | 1 | 57 | 162 | 663 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Semiconductors & Semiconductor Equipment — (continued) | ||||||||||||||||
| SiTime Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 844 | $321,386 | $629,253 | $317,647 | ||||||||
| Skyworks Solutions, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 698 | 48,620 | 47,324 | (40) | ||||||||
| Texas Instruments, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 7,031 | 1,586,607 | 2,095,730 | 536,583 | ||||||||
| Universal Display Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 6,338 | 581,434 | 548,807 | (22,708) | ||||||||
| 260,144 | 34,754,381 | 60,157,601 | 26,131,187 | |||||||||||||
| Software & Services | ||||||||||||||||
| Accenture PLC, Class A (Ireland) | USFF +0.250% | Weekly | MS | 07/23/30 | 13,787 | 2,731,879 | 1,715,654 | (966,080) | ||||||||
| Adobe, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 9,698 | 2,642,032 | 1,988,284 | (624,482) | ||||||||
| Akamai Technologies, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 8,843 | 1,149,061 | 1,045,331 | (90,687) | ||||||||
| Appian Corp., Class A | USFF +0.250% | Weekly | MS | 07/16/29 | 47,086 | 1,279,693 | 1,078,269 | (186,961) | ||||||||
| AppLovin Corp., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 3,427 | 1,583,427 | 1,765,693 | 234,036 | ||||||||
| Arteris, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 605 | 28,959 | 29,397 | 1,311 | ||||||||
| Asana, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 22,482 | 186,183 | 157,374 | (26,228) | ||||||||
| Atlassian Corp., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 8,781 | 732,364 | 683,074 | (40,774) | ||||||||
| Autodesk, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 7,894 | 1,736,951 | 1,534,751 | (182,767) | ||||||||
| AvePoint, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 38,035 | 419,888 | 426,372 | 10,926 | ||||||||
| Bentley Systems, Inc., Class B | USFF +0.250% | Weekly | MS | 11/04/30 | 9,632 | 313,406 | 287,900 | (21,542) | ||||||||
| Blackbaud, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 19,714 | 879,168 | 583,929 | (286,923) | ||||||||
| BlackBerry Ltd. (Canada) | USFF +0.250% | Weekly | MS | 01/22/30 | 132,408 | 547,630 | 1,674,961 | 1,133,839 | ||||||||
| Box, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 28,014 | 686,232 | 743,492 | 65,278 | ||||||||
| CCC Intelligent Solutions Holdings, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 78,308 | 391,866 | 404,069 | 16,264 | ||||||||
| Clear Secure, Inc., Class A | USFF +0.250% | Weekly | MS | 07/23/30 | 11,240 | 389,451 | 626,405 | 241,806 | ||||||||
| Cognizant Technology Solutions Corp., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 14,655 | 897,359 | 567,588 | (319,462) | ||||||||
| Crowdstrike Holdings, Inc., Class A | USFF +0.250% | Weekly | MS | 07/16/29 | 2,804 | 1,011,781 | 2,139,845 | 1,162,091 | ||||||||
| Descartes Systems Group, Inc. (The) (Canada) | USFF +0.250% | Weekly | MS | 11/04/30 | 3,782 | 249,349 | 261,866 | 15,784 | ||||||||
| EPAM Systems, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 5,074 | 721,992 | 402,622 | (310,967) | ||||||||
| Fastly, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 10,158 | 112,192 | 186,501 | 76,086 | ||||||||
| Five9, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 15,653 | 319,252 | 333,722 | 18,497 | ||||||||
| Fortinet, Inc. | USFF -0.250% | Weekly | MS | 08/27/26 | 19,823 | 1,657,234 | 3,045,209 | 1,406,541 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Software & Services — (continued) | ||||||||||||||||
| Gartner, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 4,050 | $801,256 | $524,961 | $(267,031) | ||||||||
| Gen Digital, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 31,948 | 653,816 | 795,186 | 166,396 | ||||||||
| Globant SA (Luxembourg) | USFF +0.250% | Weekly | MS | 11/04/30 | 15,371 | 659,039 | 444,837 | (206,483) | ||||||||
| GoDaddy, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 17,664 | 1,568,278 | 1,499,320 | (62,237) | ||||||||
| InterDigital, Inc. | USFF -0.250% | Weekly | MS | 07/08/27 | 314 | 83,099 | 88,903 | 7,558 | ||||||||
| Intuit, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 8,500 | 2,837,963 | 2,218,500 | (586,828) | ||||||||
| LiveRamp Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 12,696 | 324,263 | 477,877 | 157,696 | ||||||||
| Microsoft Corp. | USFF +0.250% | Weekly | MS | 08/27/26 | 9,217 | 3,694,646 | 3,438,125 | (165,511) | ||||||||
| MongoDB, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 922 | 305,273 | 309,700 | 2,257 | ||||||||
| nCino, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 36,799 | 612,857 | 601,664 | (5,960) | ||||||||
| NCR Voyix Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 12,131 | 96,665 | 99,110 | 3,291 | ||||||||
| Nutanix, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 4,758 | 226,737 | 242,468 | 19,080 | ||||||||
| Open Text Corp. (Canada) | USFF +0.250% | Weekly | MS | 11/04/30 | 13,512 | 309,940 | 299,291 | (3,819) | ||||||||
| Oracle Corp. | USFF +0.250% | Weekly | MS | 08/27/26 | 6,338 | 922,760 | 928,834 | 57,251 | ||||||||
| PTC, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 10,327 | 1,468,792 | 1,173,250 | (279,024) | ||||||||
| Q2 Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 14,256 | 745,477 | 685,714 | (52,131) | ||||||||
| Qualys, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 433 | 33,649 | 59,533 | 39,558 | ||||||||
| Rackspace Technology, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 17,166 | 88,310 | 112,094 | 25,302 | ||||||||
| RingCentral, Inc., Class A | USFF +0.250% | Weekly | MS | 01/22/30 | 15,321 | 416,243 | 597,213 | 185,938 | ||||||||
| Roper Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 1,978 | 931,722 | 669,335 | (247,349) | ||||||||
| Salesforce, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 11,558 | 1,929,709 | 1,810,676 | (87,744) | ||||||||
| ServiceNow, Inc. | USFF +0.250% | Weekly | MS | 08/27/26 | 14,929 | 1,588,815 | 1,482,151 | (88,842) | ||||||||
| Snowflake, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 4,691 | 1,039,528 | 1,193,860 | 166,185 | ||||||||
| Sprinklr, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 39,258 | 208,588 | 202,571 | (4,252) | ||||||||
| Tenable Holdings, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 6,868 | 142,109 | 253,292 | 133,919 | ||||||||
| Teradata Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 29,275 | 802,896 | 1,014,379 | 222,174 | ||||||||
| Trimble, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 7,505 | 429,874 | 384,106 | (40,539) | ||||||||
| Tyler Technologies, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,885 | 569,957 | 551,287 | (11,919) | ||||||||
| UiPath, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 176,552 | 2,028,782 | 1,919,120 | (87,059) | ||||||||
| VeriSign, Inc. | USFF +0.250% | Weekly | MS | 07/06/26 | 2,184 | 569,577 | 549,407 | (12,659) | ||||||||
| Workday, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 2,467 | 288,434 | 302,010 | 17,268 | ||||||||
| Zoom Communications, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 12,090 | 1,077,615 | 1,043,488 | (21,860) | ||||||||
| 1,054,866 | 48,124,018 | 47,654,570 | 298,212 | |||||||||||||
| Technology Hardware & Equipment | ||||||||||||||||
| Amphenol Corp., Class A | USFF +0.250% | Weekly | MS | 01/22/30 | 9,791 | 1,129,614 | 1,726,349 | 618,081 | ||||||||
| Apple, Inc. | USFF +0.250% | Weekly | MS | 08/27/26 | 20,818 | 4,817,713 | 6,023,896 | 1,315,421 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Technology Hardware & Equipment — (continued) | ||||||||||||||||
| Arrow Electronics, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 3,124 | $681,899 | $666,693 | $(7,239) | ||||||||
| Avnet, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 48 | 4,234 | 4,263 | 633 | ||||||||
| Benchmark Electronics, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 4,987 | 277,006 | 492,067 | 220,180 | ||||||||
| Celestica, Inc. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 709 | 246,647 | 258,643 | 15,234 | ||||||||
| Ciena Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,359 | 1,026,971 | 1,157,231 | 166,713 | ||||||||
| Cisco Systems, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 16,703 | 1,801,610 | 1,961,934 | 186,645 | ||||||||
| Cognex Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,139 | 75,627 | 154,906 | 81,059 | ||||||||
| Daktronics, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 5,917 | 111,179 | 115,737 | 6,399 | ||||||||
| Dell Technologies, Inc., Class C | USFF +0.250% | Weekly | MS | 01/22/30 | 13,260 | 1,730,935 | 5,721,160 | 4,014,681 | ||||||||
| Diebold Nixdorf, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 6,966 | 491,873 | 592,249 | 106,339 | ||||||||
| ePlus, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 10 | 616 | 832 | 791 | ||||||||
| F5, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 730 | 217,174 | 303,651 | 89,394 | ||||||||
| Hewlett Packard Enterprise Co. | USFF +0.250% | Weekly | MS | 11/04/30 | 61,720 | 2,471,436 | 2,784,189 | 348,190 | ||||||||
| HP, Inc. | USFF +0.250% | Weekly | MS | 08/27/26 | 23,096 | 523,606 | 506,726 | 45,278 | ||||||||
| Jabil, Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 1,406 | 281,245 | 541,985 | 264,750 | ||||||||
| Keysight Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 3,766 | 1,021,637 | 1,318,364 | 308,386 | ||||||||
| Knowles Corp. | USFF +0.250% | Weekly | MS | 01/22/30 | 1,449 | 26,024 | 60,105 | 34,921 | ||||||||
| LightPath Technologies, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 13,467 | 167,602 | 220,185 | 55,326 | ||||||||
| Littelfuse, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 235 | 106,362 | 107,003 | 2,354 | ||||||||
| Lumentum Holdings, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 913 | 339,707 | 783,409 | 447,950 | ||||||||
| Motorola Solutions, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,184 | 919,703 | 906,993 | 93 | ||||||||
| Napco Security Technologies, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 4,001 | 157,680 | 151,958 | (3,637) | ||||||||
| NetApp, Inc. | USFF +0.250% | Weekly | MS | 08/27/26 | 5,962 | 607,869 | 922,679 | 347,564 | ||||||||
| NetScout Systems, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 1,727 | 38,531 | 75,211 | 37,656 | ||||||||
| nLight, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 22,612 | 678,518 | 1,574,247 | 902,703 | ||||||||
| Novanta, Inc. (Canada) | USFF +0.250% | Weekly | MS | 05/05/31 | 944 | 145,928 | 153,155 | 9,370 | ||||||||
| Ouster, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,309 | 56,083 | 144,359 | 89,443 | ||||||||
| PC Connection, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 47 | 3,388 | 3,431 | 637 | ||||||||
| Rogers Corp. | USFF +0.250% | Weekly | MS | 01/22/30 | 845 | 61,646 | 138,352 | 77,933 | ||||||||
| Sandisk Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,450 | 703,035 | 7,844,369 | 7,149,530 | ||||||||
| Seagate Technology Holdings PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/10/28 | 1,961 | 528,003 | 1,892,365 | 1,370,658 | ||||||||
| TE Connectivity PLC (Ireland) | USFF +0.250% | Weekly | MS | 07/11/28 | 2,499 | 505,274 | 503,823 | 4,598 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Technology Hardware & Equipment — (continued) | ||||||||||||||||
| Teledyne Technologies, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 751 | $480,235 | $500,842 | $26,504 | ||||||||
| Viasat, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 2,245 | 57,568 | 201,623 | 145,239 | ||||||||
| Viavi Solutions, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,675 | 128,029 | 127,731 | 1,651 | ||||||||
| Vishay Intertechnology, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 17,108 | 1,032,513 | 920,068 | (99,334) | ||||||||
| Vistance Networks, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 103,519 | 444,710 | 1,322,973 | 912,612 | ||||||||
| Western Digital Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 2,091 | 194,539 | 1,335,564 | 1,285,013 | ||||||||
| Zebra Technologies Corp., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 3 | 762 | 790 | 594 | ||||||||
| 370,546 | 24,294,731 | 44,222,110 | 20,580,313 | |||||||||||||
| Telecommunication Services | ||||||||||||||||
| Anterix, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,085 | 170,311 | 214,630 | 46,727 | ||||||||
| AT&T, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 44,043 | 1,069,391 | 911,690 | (135,690) | ||||||||
| Bandwidth, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 5,514 | 302,219 | 349,036 | 50,659 | ||||||||
| Comcast Corp., Class A | USFF +0.250% | Weekly | MS | 07/23/30 | 39,076 | 1,031,351 | 959,316 | (60,271) | ||||||||
| Lumen Technologies, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 25,204 | 214,632 | 193,567 | (19,891) | ||||||||
| Rogers Communications, Inc., Class B (Canada) | USFF +0.250% | Weekly | MS | 07/23/30 | 4,420 | 154,472 | 143,650 | (4,351) | ||||||||
| T-Mobile US, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 4,041 | 814,922 | 677,797 | (120,148) | ||||||||
| 124,383 | 3,757,298 | 3,449,686 | (242,965) | |||||||||||||
| Transportation | ||||||||||||||||
| Allegiant Travel Co. | USFF +0.250% | Weekly | MS | 01/22/30 | 15,504 | 1,168,934 | 1,823,270 | 667,596 | ||||||||
| CH Robinson Worldwide, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 1,512 | 169,677 | 284,770 | 120,932 | ||||||||
| CSX Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 13,675 | 614,842 | 649,973 | 44,528 | ||||||||
| Delta Air Lines, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 7,949 | 472,158 | 744,503 | 285,789 | ||||||||
| Expeditors International of Washington, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 3,813 | 529,991 | 621,443 | 102,016 | ||||||||
| FedEx Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,251 | 399,332 | 391,726 | (1,809) | ||||||||
| GXO Logistics, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 3,816 | 201,350 | 193,471 | (6,551) | ||||||||
| Heartland Express, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,245 | 18,686 | 18,949 | 1,024 | ||||||||
| JB Hunt Transport Services, Inc. | USFF +0.250% | Weekly | MS | 07/23/30 | 4,236 | 665,718 | 1,226,025 | 573,203 | ||||||||
| Kirby Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 274 | 38,260 | 37,256 | (31) | ||||||||
| Norfolk Southern Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,678 | 470,354 | 527,882 | 69,587 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Transportation — (continued) | ||||||||||||||||
| Uber Technologies, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 10,018 | $711,684 | $722,899 | $19,506 | ||||||||
| Union Pacific Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,825 | 736,136 | 768,400 | 47,713 | ||||||||
| United Parcel Service, Inc., Class B | USFF +0.250% | Weekly | MS | 01/22/30 | 4,791 | 455,015 | 515,033 | 87,242 | ||||||||
| 72,587 | 6,652,137 | 8,525,600 | 2,010,745 | |||||||||||||
| Utilities | ||||||||||||||||
| AES Corp. (The) | USFF +0.250% | Weekly | MS | 05/05/31 | 2,560 | 37,492 | 37,530 | 1,003 | ||||||||
| Alliant Energy Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,392 | 103,519 | 106,196 | 4,359 | ||||||||
| Ameren Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 187 | 21,220 | 21,138 | 707 | ||||||||
| American Electric Power Co., Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,083 | 137,957 | 148,165 | 29,238 | ||||||||
| American States Water Co. | USFF +0.250% | Weekly | MS | 05/05/31 | 3,798 | 291,376 | 313,829 | 26,875 | ||||||||
| American Water Works Co., Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,826 | 229,827 | 240,265 | 14,102 | ||||||||
| Atmos Energy Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 1,874 | 317,011 | 322,834 | 9,825 | ||||||||
| CenterPoint Energy, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 17,214 | 684,073 | 758,105 | 82,022 | ||||||||
| Duke Energy Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | 11,766 | 1,470,071 | 1,489,340 | 54,475 | ||||||||
| Entergy Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 194 | 22,370 | 22,283 | 714 | ||||||||
| Evergy, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 3,660 | 302,902 | 316,334 | 16,597 | ||||||||
| FirstEnergy Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 14,293 | 703,861 | 679,489 | (29,862) | ||||||||
| Hallador Energy Co. | USFF +0.250% | Weekly | MS | 01/22/30 | 4,539 | 71,091 | 78,933 | 9,878 | ||||||||
| MDU Resources Group, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | 2,506 | 40,437 | 53,152 | 17,893 | ||||||||
| National Fuel Gas Co. | USFF +0.250% | Weekly | MS | 07/16/29 | 2,959 | 229,651 | 228,464 | 1,820 | ||||||||
| NiSource, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 208 | 9,957 | 9,890 | 600 | ||||||||
| OGE Energy Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 6,982 | 330,161 | 339,744 | 13,728 | ||||||||
| Public Service Enterprise Group, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 4,009 | 315,292 | 325,370 | 16,102 | ||||||||
| Southern Co. (The) | USFF +0.250% | Weekly | MS | 05/05/31 | 2,504 | 233,104 | 239,658 | 9,652 | ||||||||
| WEC Energy Group, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 2,943 | 331,242 | 343,654 | 16,569 | ||||||||
| 86,497 | 5,882,614 | 6,074,373 | 296,297 | |||||||||||||
| Total Reference Entity — Long | 400,093,264 | 461,491,397 | 68,817,912 | |||||||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Short | ||||||||||||||||
| Automobiles & Components | ||||||||||||||||
| Dauch Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (171,494) | $(1,082,855) | $(929,497) | $134,946 | ||||||||
| Dorman Products, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (13,118) | (1,554,357) | (1,789,951) | (262,265) | ||||||||
| Fox Factory Holding Corp. | USFF -0.250% | Weekly | MS | 01/12/29 | (18,994) | (547,535) | (321,853) | 216,629 | ||||||||
| Harley-Davidson, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (10,203) | (253,655) | (249,565) | (1,730) | ||||||||
| Patrick Industries, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,844) | (169,856) | (165,554) | 1,402 | ||||||||
| QuantumScape Corp. | USFF -0.250% | Weekly | MS | 07/18/30 | (22,716) | (258,168) | (171,733) | 82,471 | ||||||||
| Rivian Automotive, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (109,345) | (1,688,963) | (1,897,136) | (237,202) | ||||||||
| Tesla, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (880) | (364,092) | (370,128) | (11,856) | ||||||||
| Thor Industries, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (4,579) | (459,417) | (344,158) | 108,019 | ||||||||
| XPEL, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (485) | (22,846) | (24,056) | (1,053) | ||||||||
| (353,658) | (6,401,744) | (6,263,631) | 29,361 | |||||||||||||
| Capital Goods | ||||||||||||||||
| 3M Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,321) | (379,410) | (375,793) | (2,472) | ||||||||
| Advanced Drainage Systems, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (5,578) | (790,700) | (875,523) | (98,116) | ||||||||
| AeroVironment, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (3,292) | (727,274) | (543,410) | 166,380 | ||||||||
| Alamo Group, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,522) | (705,443) | (743,824) | (50,181) | ||||||||
| Allient, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,970) | (448,631) | (511,562) | (70,232) | ||||||||
| Allison Transmission Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (19,994) | (2,328,763) | (2,254,124) | 31,076 | ||||||||
| Ameresco, Inc., Class A | USFF -0.250% | Weekly | MS | 07/08/27 | (18,826) | (713,476) | (519,598) | 181,923 | ||||||||
| American Superconductor Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (15,451) | (522,178) | (641,371) | (127,783) | ||||||||
| Amprius Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (70,403) | (1,071,491) | (975,786) | 77,493 | ||||||||
| Archer Aviation, Inc., Class A | USFF -0.262% | Weekly | MS | 07/18/30 | (85,551) | (641,227) | (404,656) | 225,896 | ||||||||
| Array Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (64,047) | (465,293) | (474,588) | (16,888) | ||||||||
| Astec Industries, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (7,645) | (390,419) | (467,798) | (85,838) | ||||||||
| Atkore, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (7,318) | (557,970) | (556,461) | (15,880) | ||||||||
| Boise Cascade Co. | USFF -0.250% | Weekly | MS | 07/16/29 | (11,714) | (1,000,136) | (909,358) | 65,876 | ||||||||
| Builders FirstSource, Inc. | USFF -0.250% | Weekly | MS | 08/27/26 | (5,759) | (692,196) | (515,315) | 165,313 | ||||||||
| Cadre Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (11,598) | (385,418) | (330,659) | 45,978 | ||||||||
| Carrier Global Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (11,125) | (753,091) | (816,019) | (78,892) | ||||||||
| CECO Environmental Corp. | USFF -0.530% | Weekly | MS | 07/18/30 | (7,034) | (435,394) | (638,265) | (217,684) | ||||||||
| Centuri Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (56,615) | (1,662,892) | (1,712,038) | (77,717) | ||||||||
| Crane Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (10,498) | (1,999,391) | (2,341,789) | (377,696) | ||||||||
| CSW Industrials, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (2,349) | (658,430) | (653,727) | (8,375) | ||||||||
| DNOW, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (110,550) | (1,418,426) | (1,433,833) | (39,697) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| DXP Enterprises, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (5,089) | $(651,268) | $(858,718) | $(221,015) | ||||||||
| Eaton Corp. PLC (Ireland) | USFF -0.250% | Weekly | MS | 01/21/31 | (2,370) | (1,002,325) | (1,009,904) | (28,775) | ||||||||
| Enovix Corp. | USFF -0.980% | Weekly | MS | 07/18/30 | (40,914) | (356,302) | (248,348) | 102,271 | ||||||||
| Esab Corp. | USFF -0.250% | Weekly | MS | 07/18/30 | (11,668) | (1,392,626) | (1,150,815) | 217,974 | ||||||||
| Eve Holding, Inc. | USFF -0.730% | Weekly | MS | 07/18/30 | (47,714) | (180,889) | (119,762) | 58,516 | ||||||||
| Federal Signal Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (3,149) | (373,020) | (404,615) | (39,094) | ||||||||
| Firefly Aerospace, Inc. | USFF -0.580% | Weekly | MS | 01/21/31 | (58,108) | (1,966,624) | (1,708,375) | 224,356 | ||||||||
| Fluor Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (31,273) | (1,558,618) | (1,638,392) | (106,520) | ||||||||
| Fortune Brands Innovations, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,080) | (56,875) | (59,292) | (2,852) | ||||||||
| Franklin Electric Co., Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (6,784) | (681,689) | (727,177) | (60,072) | ||||||||
| GATX Corp. | USFF -0.250% | Weekly | MS | 07/11/28 | (8,284) | (1,422,046) | (1,467,842) | (79,050) | ||||||||
| General Electric Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (9,420) | (3,134,570) | (3,520,537) | (441,973) | ||||||||
| Gibraltar Industries, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (9,123) | (444,377) | (411,447) | 25,703 | ||||||||
| Graham Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (142) | (17,385) | (17,578) | 60 | ||||||||
| Herc Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (2,300) | (400,267) | (329,682) | 55,551 | ||||||||
| Hillman Solutions Corp. | USFF -0.250% | Weekly | MS | 07/18/30 | (98,736) | (826,072) | (833,332) | (21,173) | ||||||||
| Hubbell, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (931) | (486,492) | (487,099) | (8,581) | ||||||||
| IES Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,161) | (639,163) | (852,940) | (235,628) | ||||||||
| Ingersoll Rand, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (17,775) | (1,399,332) | (1,457,372) | (81,996) | ||||||||
| Intuitive Machines, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (21,773) | (631,578) | (465,724) | 155,348 | ||||||||
| ITT, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (15,584) | (3,138,441) | (3,081,892) | (6,694) | ||||||||
| Karman Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (7,513) | (546,318) | (375,049) | 162,257 | ||||||||
| Kratos Defense & Security Solutions, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (49,368) | (3,559,957) | (2,461,488) | 1,036,665 | ||||||||
| Lennox International, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,085) | (601,627) | (621,651) | (32,866) | ||||||||
| Limbach Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (7,865) | (710,913) | (605,605) | 93,412 | ||||||||
| Lincoln Electric Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,798) | (790,407) | (742,897) | 31,064 | ||||||||
| Lindsay Corp. | USFF +0.250% | Weekly | MS | 07/23/30 | (1,708) | (203,085) | (211,450) | (11,365) | ||||||||
| Loar Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,701) | (194,941) | (217,728) | (25,643) | ||||||||
| LSI Industries, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (6,556) | (159,571) | (174,258) | (16,948) | ||||||||
| Masterbrand, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (45,914) | (547,975) | (472,455) | 66,479 | ||||||||
| NANO Nuclear Energy, Inc. | USFF -1.730% | Weekly | MS | 01/21/31 | (1,185) | (26,996) | (25,051) | 2,030 | ||||||||
| NuScale Power Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (50,871) | (569,188) | (510,236) | 49,539 | ||||||||
| nVent Electric PLC (Ireland) | USFF -0.250% | Weekly | MS | 01/21/31 | (828) | (118,290) | (140,437) | (29,759) | ||||||||
| Owens Corning | USFF -0.250% | Weekly | MS | 01/21/31 | (7,231) | (877,217) | (1,149,440) | (287,001) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| Power Solutions International, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (20,632) | $(1,503,744) | $(802,378) | $675,581 | ||||||||
| Preformed Line Products Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,421) | (772,589) | (993,966) | (238,832) | ||||||||
| Primoris Services Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (12,211) | (1,501,295) | (1,210,354) | 273,618 | ||||||||
| Quanex Building Products Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (15,087) | (304,255) | (280,920) | 15,351 | ||||||||
| QXO, Inc. | USFF -1.880% | Weekly | MS | 07/18/30 | (31,216) | (642,409) | (539,412) | 92,301 | ||||||||
| Resideo Technologies, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (15,533) | (562,134) | (483,076) | 69,769 | ||||||||
| Shoals Technologies Group, Inc., Class A | USFF -0.250% | Weekly | MS | 07/18/30 | (192,895) | (1,822,641) | (1,909,660) | (118,390) | ||||||||
| SPX Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (5,271) | (1,210,131) | (1,292,291) | (107,713) | ||||||||
| StandardAero, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (33,469) | (925,630) | (1,001,058) | (91,084) | ||||||||
| Sunrun, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (11,863) | (229,738) | (158,727) | 67,544 | ||||||||
| Tennant Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (6,213) | (469,653) | (543,886) | (83,882) | ||||||||
| Transcat, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,099) | (97,569) | (101,954) | (5,536) | ||||||||
| Voyager Technologies, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (6,911) | (208,398) | (222,880) | (17,575) | ||||||||
| Watsco, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (57) | (27,910) | (23,754) | 3,785 | ||||||||
| Watts Water Technologies, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (3,811) | (1,253,715) | (1,491,816) | (260,032) | ||||||||
| Woodward, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,135) | (492,576) | (482,874) | 1,970 | ||||||||
| Worthington Enterprises, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,875) | (102,136) | (100,800) | (391) | ||||||||
| X-Energy, Inc. | USFF -1.530% | Weekly | MS | 01/21/31 | (10,913) | (218,273) | (200,363) | 14,645 | ||||||||
| (1,488,773) | (60,758,889) | (59,094,254) | 527,833 | |||||||||||||
| Commercial & Professional Services | ||||||||||||||||
| ABM Industries, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (5,765) | (292,898) | (255,044) | 33,893 | ||||||||
| ACV Auctions, Inc., Class A | USFF -0.250% | Weekly | MS | 07/18/30 | (156,625) | (1,386,524) | (1,126,134) | 233,825 | ||||||||
| Barrett Business Services, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,913) | (158,375) | (174,510) | (18,482) | ||||||||
| BlackSky Technology, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (13,773) | (354,583) | (384,542) | (35,613) | ||||||||
| Boyd Group, Inc. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (538) | (54,140) | (50,906) | 2,786 | ||||||||
| BrightView Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (37,253) | (499,007) | (527,875) | (37,104) | ||||||||
| CACI International, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (934) | (486,763) | (432,685) | 52,359 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Commercial & Professional Services — (continued) | ||||||||||||||||
| Casella Waste Systems, Inc., Class A | USFF -0.250% | Weekly | MS | 01/17/30 | (416) | $(49,327) | $(40,340) | $8,681 | ||||||||
| CBIZ, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (2,639) | (217,753) | (84,659) | 129,837 | ||||||||
| Clarivate PLC (Jersey) | USFF -0.630% | Weekly | MS | 07/11/28 | (128,543) | (777,230) | (277,653) | 486,520 | ||||||||
| Concentrix Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (18,622) | (492,847) | (417,226) | 65,530 | ||||||||
| CoreCivic, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (50,715) | (1,002,212) | (1,540,722) | (555,508) | ||||||||
| CRA International, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,633) | (235,246) | (232,376) | (693) | ||||||||
| Exponent, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (3,467) | (218,373) | (203,721) | 10,276 | ||||||||
| GFL Environmental, Inc. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (14,882) | (562,738) | (547,509) | 6,002 | ||||||||
| HNI Corp. | USFF -0.250% | Weekly | MS | 01/05/27 | (39,574) | (1,446,586) | (1,599,185) | (190,671) | ||||||||
| Huron Consulting Group, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,923) | (526,890) | (443,858) | 74,426 | ||||||||
| ICF International, Inc. | USFF +0.250% | Weekly | MS | 01/22/30 | (1,526) | (145,154) | (111,184) | 31,570 | ||||||||
| Insperity, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (22,867) | (1,462,991) | (944,636) | 428,614 | ||||||||
| Legalzoom.com, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (19,680) | (200,456) | (120,638) | 76,864 | ||||||||
| ManpowerGroup, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (18,541) | (794,142) | (626,130) | 127,324 | ||||||||
| Onterris, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (196) | (3,933) | (3,961) | 461 | ||||||||
| Parsons Corp. | USFF -0.250% | Weekly | MS | 07/18/30 | (14,413) | (1,010,649) | (755,097) | 240,280 | ||||||||
| Resolute Holdings Management, Inc. | USFF -0.680% | Weekly | MS | 01/21/31 | (7,563) | (924,505) | (1,093,080) | (184,213) | ||||||||
| Robert Half, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (10,320) | (322,207) | (316,824) | 297 | ||||||||
| TIC Solutions, Inc. | USFF -1.080% | Weekly | MS | 01/21/31 | (80,644) | (634,139) | (652,410) | (28,822) | ||||||||
| TriNet Group, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (158) | (7,927) | (7,819) | 527 | ||||||||
| Verra Mobility Corp. | USFF -0.250% | Weekly | MS | 01/17/30 | (46,908) | (778,774) | (199,359) | 566,330 | ||||||||
| Vestis Corp. | USFF -0.250% | Weekly | MS | 01/12/29 | (40,503) | (444,446) | (588,104) | (158,833) | ||||||||
| (748,534) | (15,490,815) | (13,758,187) | 1,366,463 | |||||||||||||
| Consumer Discretionary Distribution & Retail | ||||||||||||||||
| Abercrombie & Fitch Co., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (5,168) | (455,563) | (465,172) | (17,031) | ||||||||
| Advance Auto Parts, Inc. | USFF -0.630% | Weekly | MS | 01/21/31 | (2,185) | (130,882) | (135,951) | (6,804) | ||||||||
| Arhaus, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (7,726) | (60,008) | (65,053) | (5,538) | ||||||||
| Camping World Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 01/17/30 | (14,079) | (265,098) | (107,423) | 149,488 | ||||||||
| CarMax, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (72,009) | (2,891,275) | (3,808,556) | (967,372) | ||||||||
| Carvana Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (3,222) | (237,160) | (212,072) | 21,491 | ||||||||
| Dick's Sporting Goods, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (3,997) | (924,130) | (906,560) | (14,990) | ||||||||
| Etsy, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (13,782) | (1,036,429) | (1,038,198) | (19,367) | ||||||||
| Floor & Decor Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 07/16/29 | (2,958) | (261,031) | (175,587) | 81,429 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Discretionary Distribution & Retail — (continued) | ||||||||||||||||
| Gold.com, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (8,526) | $(354,921) | $(354,767) | $(6,089) | ||||||||
| Groupon, Inc. | USFF -1.730% | Weekly | MS | 01/21/31 | (6,465) | (121,699) | (155,548) | (35,423) | ||||||||
| Pool Corp. | USFF -0.250% | Weekly | MS | 01/07/27 | (710) | (149,491) | (152,579) | (5,149) | ||||||||
| Savers Value Village, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (44,789) | (498,545) | (451,921) | 37,974 | ||||||||
| Sonic Automotive, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (10,857) | (861,430) | (920,565) | (78,049) | ||||||||
| Tractor Supply Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (6,757) | (372,240) | (213,589) | 149,445 | ||||||||
| Upbound Group, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (17,611) | (427,057) | (373,705) | 20,157 | ||||||||
| Urban Outfitters, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (27,722) | (2,049,827) | (1,964,381) | 51,007 | ||||||||
| Winmark Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (305) | (123,889) | (129,039) | (6,762) | ||||||||
| (248,868) | (11,220,675) | (11,630,666) | (651,583) | |||||||||||||
| Consumer Durables & Apparel | ||||||||||||||||
| Acushnet Holdings Corp. | USFF -0.250% | Weekly | MS | 01/17/30 | (21,478) | (1,988,759) | (2,545,787) | (597,261) | ||||||||
| Brunswick Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (3,733) | (299,463) | (314,468) | (21,478) | ||||||||
| Cavco Industries, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (610) | (407,701) | (374,772) | 25,471 | ||||||||
| Crocs, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (7,307) | (857,817) | (881,516) | (39,863) | ||||||||
| Figs, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (22,598) | (274,999) | (231,178) | 40,260 | ||||||||
| KB Home | USFF -0.250% | Weekly | MS | 07/18/30 | (4,464) | (259,106) | (279,402) | (28,430) | ||||||||
| Kontoor Brands, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (11,969) | (905,714) | (997,496) | (116,606) | ||||||||
| Latham Group, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (876) | (5,573) | (5,668) | 366 | ||||||||
| LGI Homes, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,397) | (97,905) | (152,641) | (57,219) | ||||||||
| Mattel, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (77,845) | (1,519,330) | (1,080,489) | 414,188 | ||||||||
| NIKE, Inc., Class B | USFF -0.250% | Weekly | MS | 07/18/30 | (2,620) | (170,259) | (107,551) | 58,134 | ||||||||
| PVH Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,400) | (97,727) | (103,964) | (8,060) | ||||||||
| SharkNinja, Inc. (Cayman Islands) | USFF -0.250% | Weekly | MS | 01/21/31 | (3,668) | (460,850) | (558,526) | (105,191) | ||||||||
| Steven Madden Ltd. | USFF -0.250% | Weekly | MS | 01/21/31 | (29,268) | (1,083,133) | (1,232,183) | (181,836) | ||||||||
| Under Armour, Inc., Class C | USFF -0.250% | Weekly | MS | 01/21/31 | (84,831) | (463,893) | (527,649) | (71,324) | ||||||||
| VF Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (92,179) | (1,552,206) | (1,537,546) | (19,904) | ||||||||
| Whirlpool Corp. | USFF -0.530% | Weekly | MS | 01/21/31 | (9,803) | (418,440) | (386,434) | 25,814 | ||||||||
| (377,046) | (10,862,875) | (11,317,270) | (682,939) | |||||||||||||
| Consumer Services | ||||||||||||||||
| Boyd Gaming Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (9,691) | (834,885) | (856,006) | (37,126) | ||||||||
| Cheesecake Factory, Inc. (The) | USFF -0.250% | Weekly | MS | 01/21/31 | (5,976) | (403,979) | (475,331) | (78,019) | ||||||||
| Choice Hotels International, Inc. | USFF -1.080% | Weekly | MS | 01/21/31 | (1,959) | (233,645) | (216,019) | 13,423 | ||||||||
| Coursera, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (123,848) | (1,117,042) | (698,503) | 399,529 | ||||||||
| Cracker Barrel Old Country Store, Inc. | USFF -1.180% | Weekly | MS | 01/21/31 | (9,608) | (300,365) | (512,106) | (226,601) | ||||||||
| Duolingo, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,113) | (139,964) | (128,017) | 11,352 | ||||||||
| Dutch Bros, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (2,653) | (141,794) | (190,512) | (51,970) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Services — (continued) | ||||||||||||||||
| First Watch Restaurant Group, Inc. | USFF -0.250% | Weekly | MS | 07/11/28 | (55,261) | $(865,862) | $(712,314) | $138,492 | ||||||||
| Flutter Entertainment PLC (Ireland) | USFF -0.250% | Weekly | MS | 07/18/30 | (4,086) | (636,474) | (417,467) | 208,416 | ||||||||
| Graham Holdings Co., Class B | USFF -0.250% | Weekly | MS | 01/21/31 | (486) | (551,004) | (554,730) | (12,904) | ||||||||
| Kura Sushi USA, Inc., Class A | USFF -0.250% | Weekly | MS | 07/18/30 | (3,996) | (302,380) | (230,010) | 67,552 | ||||||||
| Life Time Group Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (14,543) | (486,815) | (593,936) | (115,091) | ||||||||
| MGM Resorts International | USFF -0.250% | Weekly | MS | 01/21/31 | (14,123) | (691,089) | (675,221) | 3,807 | ||||||||
| Norwegian Cruise Line Holdings Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 07/18/30 | (35,889) | (822,705) | (757,617) | 51,235 | ||||||||
| OneSpaWorld Holdings Ltd. (Bahamas) | USFF -0.250% | Weekly | MS | 01/17/30 | (30,378) | (739,585) | (857,875) | (132,299) | ||||||||
| Red Rock Resorts, Inc., Class A | USFF -0.250% | Weekly | MS | 07/18/30 | (14,201) | (868,887) | (923,917) | (84,991) | ||||||||
| Shake Shack, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (32,965) | (1,997,226) | (1,846,699) | 116,098 | ||||||||
| Six Flags Entertainment Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (4,669) | (218,868) | (99,450) | 116,143 | ||||||||
| Sweetgreen, Inc., Class A | USFF -0.250% | Weekly | MS | 01/17/30 | (34,412) | (450,320) | (303,170) | 140,150 | ||||||||
| United Parks & Resorts, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (949) | (43,932) | (45,305) | (2,219) | ||||||||
| Universal Technical Institute, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (21,114) | (764,082) | (903,046) | (151,791) | ||||||||
| Viking Holdings Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 01/21/31 | (10,524) | (940,349) | (1,101,547) | (177,113) | ||||||||
| Wendy's Co. (The) | USFF -9.930% | Weekly | MS | 01/21/31 | (61,150) | (445,175) | (506,933) | (80,637) | ||||||||
| Wingstop, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,832) | (439,874) | (491,097) | (58,371) | ||||||||
| Wyndham Hotels & Resorts, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (7,385) | (633,281) | (621,891) | 854 | ||||||||
| (503,811) | (15,069,582) | (14,718,719) | 57,919 | |||||||||||||
| Consumer Staples Distribution & Retail | ||||||||||||||||
| BJ's Wholesale Club Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (21,553) | (2,054,583) | (1,879,853) | 138,432 | ||||||||
| Chefs' Warehouse, Inc. (The) | USFF -0.250% | Weekly | MS | 07/18/30 | (4,955) | (326,631) | (476,175) | (159,839) | ||||||||
| Grocery Outlet Holding Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (51,005) | (414,171) | (509,030) | (102,061) | ||||||||
| Maplebear, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (51,001) | (2,187,032) | (2,414,897) | (265,619) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Staples Distribution & Retail — (continued) | ||||||||||||||||
| Natural Grocers by Vitamin Cottage, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (240) | $(7,650) | $(7,445) | $629 | ||||||||
| PriceSmart, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (3,492) | (535,916) | (682,127) | (156,315) | ||||||||
| US Foods Holding Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,682) | (435,588) | (478,734) | (50,219) | ||||||||
| (136,928) | (5,961,571) | (6,448,261) | (594,992) | |||||||||||||
| Energy | ||||||||||||||||
| Antero Resources Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (35,290) | (1,369,726) | (1,240,091) | 108,451 | ||||||||
| Atlas Energy Solutions, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (23,812) | (465,120) | (395,517) | 37,599 | ||||||||
| BKV Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (27,755) | (738,069) | (759,377) | (33,681) | ||||||||
| Borr Drilling Ltd. (Bermuda) | USFF -0.265% | Weekly | MS | 01/21/31 | (235,292) | (1,125,999) | (971,756) | 135,076 | ||||||||
| BW LPG Ltd. (Singapore) | USFF -0.780% | Weekly | MS | 01/17/30 | (7,323) | (107,327) | (127,640) | (36,570) | ||||||||
| Cactus, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (27,673) | (1,605,946) | (1,417,688) | 158,299 | ||||||||
| California Resources Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (32,008) | (1,891,102) | (1,692,263) | 160,005 | ||||||||
| Canadian Natural Resources Ltd. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (22,283) | (1,065,375) | (880,178) | 165,288 | ||||||||
| Cenovus Energy, Inc. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (17,225) | (448,664) | (427,352) | 11,400 | ||||||||
| Cheniere Energy, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (15,190) | (3,648,283) | (3,630,562) | (48,737) | ||||||||
| Comstock Resources, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (55,246) | (765,935) | (824,270) | (71,195) | ||||||||
| Crescent Energy Co., Class A | USFF -0.250% | Weekly | MS | 08/27/26 | (37,590) | (507,033) | (369,134) | 129,575 | ||||||||
| Denison Mines Corp. (Canada) | USFF -0.260% | Weekly | MS | 01/21/31 | (440,892) | (1,417,069) | (1,349,130) | 43,673 | ||||||||
| Enbridge, Inc. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (9,245) | (522,292) | (501,171) | 11,658 | ||||||||
| Enerflex Ltd. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (7,247) | (198,556) | (177,624) | 18,092 | ||||||||
| Excelerate Energy, Inc., Class A | USFF -0.250% | Weekly | MS | 07/18/30 | (15,353) | (433,371) | (583,260) | (158,533) | ||||||||
| FLEX LNG Ltd. (Bermuda) | USFF -2.230% | Weekly | MS | 01/21/31 | (4,524) | (137,255) | (126,943) | 3,010 | ||||||||
| Flowco Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (27,797) | (667,826) | (593,188) | 62,807 | ||||||||
| Helmerich & Payne, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (6,196) | (207,205) | (202,857) | (542) | ||||||||
| Kinetik Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/07/27 | (7,183) | (273,188) | (347,226) | (163,748) | ||||||||
| Liberty Energy, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (14,846) | (490,652) | (388,817) | 92,444 | ||||||||
| Magnolia Oil & Gas Corp., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (41,661) | (1,188,546) | (1,065,688) | 101,381 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Energy — (continued) | ||||||||||||||||
| Matador Resources Co. | USFF -0.250% | Weekly | MS | 07/16/29 | (65,431) | $(3,684,305) | $(3,257,155) | $336,020 | ||||||||
| NextDecade Corp. | USFF -0.530% | Weekly | MS | 01/12/29 | (119,779) | (961,093) | (903,134) | 41,681 | ||||||||
| Northern Oil & Gas, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (14,876) | (306,429) | (269,999) | 24,925 | ||||||||
| Okeanis Eco Tankers Corp. (Marshall Islands) | USFF -1.830% | Weekly | MS | 01/21/31 | (8,841) | (448,623) | (443,111) | (5,435) | ||||||||
| Ovintiv, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (60,541) | (3,465,335) | (3,187,484) | 203,402 | ||||||||
| Par Pacific Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (21,547) | (1,368,361) | (1,208,356) | 136,593 | ||||||||
| Peabody Energy Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (17,499) | (433,808) | (404,577) | 21,661 | ||||||||
| Permian Resources Corp., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (120,426) | (2,425,249) | (2,217,043) | 166,270 | ||||||||
| Phillips 66 | USFF -0.250% | Weekly | MS | 01/21/31 | (4,744) | (844,140) | (801,973) | 22,066 | ||||||||
| Precision Drilling Corp. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (5,964) | (547,188) | (457,200) | 80,960 | ||||||||
| ProPetro Holding Corp. | USFF -0.250% | Weekly | MS | 07/11/28 | (195,585) | (2,720,535) | (2,804,689) | (131,254) | ||||||||
| RPC, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (17,937) | (114,120) | (104,573) | 8,106 | ||||||||
| Sable Offshore Corp. | USFF -0.250% | Weekly | MS | 07/18/30 | (47,423) | (513,667) | (146,063) | 359,164 | ||||||||
| Seadrill Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 01/21/31 | (6,918) | (307,250) | (261,639) | 41,897 | ||||||||
| Select Water Solutions, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (29,311) | (331,556) | (585,634) | (274,007) | ||||||||
| SM Energy Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (116,801) | (3,543,153) | (3,048,506) | 416,766 | ||||||||
| Solaris Energy Infrastructure, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (6,332) | (479,208) | (509,473) | (38,589) | ||||||||
| Talos Energy, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (33,356) | (510,394) | (430,626) | 71,811 | ||||||||
| Targa Resources Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (8,402) | (2,217,226) | (2,252,912) | (73,969) | ||||||||
| TETRA Technologies, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (111,796) | (1,080,164) | (1,266,649) | (204,849) | ||||||||
| Uranium Energy Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (7,494) | (79,831) | (79,886) | (895) | ||||||||
| Valaris Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 01/21/31 | (24,942) | (2,399,826) | (1,810,789) | 549,316 | ||||||||
| Venture Global, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (9,165) | (102,668) | (102,006) | (579) | ||||||||
| Williams Cos., Inc. (The) | USFF -0.250% | Weekly | MS | 01/21/31 | (8,410) | (641,677) | (625,199) | 1,153 | ||||||||
| (2,175,151) | (48,800,345) | (45,250,408) | 2,477,966 | |||||||||||||
| Financial Services | ||||||||||||||||
| Bullish (Cayman Islands) | USFF -0.880% | Weekly | MS | 01/21/31 | (3,446) | (81,824) | (80,740) | 209 | ||||||||
| Coinbase Global, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (24,871) | (4,554,273) | (3,635,891) | 839,159 | ||||||||
| Payoneer Global, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (103,696) | (641,069) | (738,316) | (107,918) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Financial Services — (continued) | ||||||||||||||||
| Sezzle, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (3,482) | $(345,082) | $(597,616) | $(258,020) | ||||||||
| Shift4 Payments, Inc., Class A | USFF -1.180% | Weekly | MS | 01/21/31 | (976) | (47,175) | (47,473) | (566) | ||||||||
| Toast, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (4,993) | (139,355) | (138,905) | (1,433) | ||||||||
| (141,464) | (5,808,778) | (5,238,941) | 471,431 | |||||||||||||
| Food, Beverage & Tobacco | ||||||||||||||||
| Bunge Global SA (Switzerland) | USFF -0.250% | Weekly | MS | 07/16/29 | (4,816) | (559,153) | (514,012) | 30,385 | ||||||||
| Cal-Maine Foods, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,570) | (375,649) | (368,159) | (470) | ||||||||
| Celsius Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (23,840) | (1,282,857) | (698,035) | 562,907 | ||||||||
| Lamb Weston Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (14,021) | (629,188) | (605,427) | 8,534 | ||||||||
| McCormick & Co., Inc., non-voting shares | USFF -0.250% | Weekly | MS | 01/21/31 | (28,639) | (1,530,367) | (1,443,978) | 52,634 | ||||||||
| Pilgrim's Pride Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (7,379) | (318,829) | (207,424) | 106,378 | ||||||||
| Post Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (175) | (19,849) | (15,445) | 4,614 | ||||||||
| Primo Brands Corp. | USFF -0.250% | Weekly | MS | 01/17/30 | (52,088) | (1,535,507) | (1,273,031) | 213,170 | ||||||||
| Simply Good Foods Co. (The) | USFF -0.250% | Weekly | MS | 01/21/31 | (3,306) | (43,963) | (43,904) | (153) | ||||||||
| Turning Point Brands, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (8,300) | (707,107) | (703,923) | (9,202) | ||||||||
| Universal Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,169) | (115,820) | (113,157) | (551) | ||||||||
| Utz Brands, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (25,068) | (331,576) | (193,024) | 128,273 | ||||||||
| (174,371) | (7,449,865) | (6,179,519) | 1,096,519 | |||||||||||||
| Health Care Equipment & Services | ||||||||||||||||
| Abbott Laboratories | USFF -0.250% | Weekly | MS | 01/21/31 | (4,568) | (430,574) | (414,500) | 13,707 | ||||||||
| Acadia Healthcare Co., Inc. | USFF -0.250% | Weekly | MS | 01/10/28 | (9,157) | (705,257) | (270,406) | 423,054 | ||||||||
| AdaptHealth Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (38,542) | (456,225) | (401,608) | 47,183 | ||||||||
| Alphatec Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (65,509) | (518,028) | (566,653) | (57,143) | ||||||||
| Artivion, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (6,533) | (239,083) | (146,796) | 88,656 | ||||||||
| Astrana Health, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (9,382) | (299,321) | (435,419) | (140,783) | ||||||||
| Avanos Medical, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (12,150) | (300,060) | (302,292) | (6,966) | ||||||||
| Axogen, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (6,227) | (220,546) | (287,625) | (75,794) | ||||||||
| Bausch + Lomb Corp. (Canada) | USFF -0.830% | Weekly | MS | 07/18/30 | (7,875) | (118,099) | (130,410) | (14,093) | ||||||||
| Baxter International, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (26,848) | (465,409) | (572,399) | (114,852) | ||||||||
| Ceribell, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (109) | (2,116) | (2,120) | 516 | ||||||||
| Certara, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (21,330) | (124,731) | (139,711) | (16,607) | ||||||||
| DENTSPLY SIRONA, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (239,718) | (3,008,490) | (2,543,408) | 381,526 | ||||||||
| Edwards Lifesciences Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,378) | (118,419) | (124,654) | (7,751) | ||||||||
| Enovis Corp. | USFF -0.250% | Weekly | MS | 01/12/29 | (528) | (27,869) | (10,930) | 17,009 | ||||||||
| Envista Holdings Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (25,008) | (654,583) | (658,961) | (15,287) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Health Care Equipment & Services — (continued) | ||||||||||||||||
| GeneDx Holdings Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (51,362) | $(3,039,467) | $(3,526,001) | $(539,221) | ||||||||
| GoodRx Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 01/12/29 | (61,836) | (237,226) | (178,088) | 55,541 | ||||||||
| Haemonetics Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (6,451) | (465,567) | (483,825) | (27,871) | ||||||||
| Henry Schein, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (8,399) | (638,488) | (701,484) | (73,624) | ||||||||
| Hims & Hers Health, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (20,673) | (770,299) | (716,733) | 40,630 | ||||||||
| Inspire Medical Systems, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (23,482) | (1,626,460) | (1,047,532) | 550,994 | ||||||||
| Integer Holdings Corp. | USFF -0.250% | Weekly | MS | 07/18/30 | (7,150) | (698,877) | (668,167) | 18,383 | ||||||||
| Integra LifeSciences Holdings Corp. | USFF -0.250% | Weekly | MS | 07/11/28 | (51,325) | (1,274,782) | (921,797) | 329,419 | ||||||||
| Lumexa Imaging Holdings, Inc. | USFF -0.630% | Weekly | MS | 01/21/31 | (10,752) | (93,676) | (121,283) | (28,689) | ||||||||
| Merit Medical Systems, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,612) | (112,837) | (111,776) | (357) | ||||||||
| Molina Healthcare, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (3,343) | (670,329) | (764,544) | (105,400) | ||||||||
| NeoGenomics, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (35,974) | (340,975) | (524,861) | (196,269) | ||||||||
| Novocure Ltd. (Jersey) | USFF -0.250% | Weekly | MS | 01/10/28 | (40,223) | (934,794) | (609,378) | 308,743 | ||||||||
| Option Care Health, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (30,876) | (920,903) | (647,470) | 257,851 | ||||||||
| Pennant Group, Inc. (The) | USFF -0.250% | Weekly | MS | 01/21/31 | (4,387) | (142,493) | (162,100) | (21,895) | ||||||||
| Phreesia, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (48,414) | (827,663) | (498,180) | 315,896 | ||||||||
| Procept Biorobotics Corp. | USFF -0.250% | Weekly | MS | 07/18/30 | (19,798) | (616,934) | (447,039) | 159,646 | ||||||||
| QuidelOrtho Corp. | USFF -0.250% | Weekly | MS | 07/06/26 | (25,412) | (498,469) | (445,091) | 45,203 | ||||||||
| RadNet, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (15,752) | (854,318) | (971,426) | (131,516) | ||||||||
| Select Medical Holdings Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (24,413) | (400,523) | (403,059) | 389,942 | ||||||||
| Sonida Senior Living, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (16,201) | (580,609) | (661,001) | (90,004) | ||||||||
| Surgery Partners, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (5,395) | (175,625) | (90,636) | 86,864 | ||||||||
| Tandem Diabetes Care, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (42,577) | (638,539) | (642,487) | (14,576) | ||||||||
| TransMedics Group, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (5,837) | (421,621) | (387,694) | 27,100 | ||||||||
| UFP Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (184) | (47,600) | (48,784) | (1,460) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Health Care Equipment & Services — (continued) | ||||||||||||||||
| US Physical Therapy, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,170) | $(264,937) | $(286,396) | $(26,132) | ||||||||
| Zimmer Biomet Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (30,557) | (2,567,148) | (2,630,652) | (127,232) | ||||||||
| (1,071,417) | (27,549,969) | (25,705,376) | 1,724,341 | |||||||||||||
| Household & Personal Products | ||||||||||||||||
| BellRing Brands, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (39,768) | (466,953) | (514,598) | (55,267) | ||||||||
| Edgewell Personal Care Co. | USFF -0.250% | Weekly | MS | 01/17/30 | (25,443) | (699,868) | (683,399) | (14,230) | ||||||||
| elf Beauty, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (2,029) | (278,025) | (150,146) | 123,567 | ||||||||
| Oddity Tech Ltd., Class A (Israel) | USFF -2.130% | Weekly | MS | 07/18/30 | (15,978) | (296,788) | (241,747) | 50,400 | ||||||||
| WD-40 Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,138) | (277,743) | (277,262) | (4,570) | ||||||||
| (84,356) | (2,019,377) | (1,867,152) | 99,900 | |||||||||||||
| Materials | ||||||||||||||||
| Air Products and Chemicals, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,810) | (846,475) | (823,836) | 8,565 | ||||||||
| Amrize Ltd. (Switzerland) | USFF -0.250% | Weekly | MS | 01/21/31 | (11,536) | (606,157) | (614,869) | (19,589) | ||||||||
| AptarGroup, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,162) | (167,396) | (145,482) | 19,531 | ||||||||
| ASP Isotopes, Inc. | USFF -1.830% | Weekly | MS | 01/21/31 | (11,642) | (77,168) | (72,413) | 3,960 | ||||||||
| Avino Silver & Gold Mines Ltd. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (1,735) | (16,887) | (11,000) | 6,149 | ||||||||
| Axalta Coating Systems Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 01/21/31 | (8,444) | (288,489) | (288,954) | (5,023) | ||||||||
| Ball Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (41,762) | (2,352,787) | (2,605,949) | (299,685) | ||||||||
| Century Aluminum Co. | USFF -0.250% | Weekly | MS | 07/18/30 | (24,187) | (1,246,109) | (1,112,844) | 111,994 | ||||||||
| Chemours Co. (The) | USFF -0.250% | Weekly | MS | 01/21/31 | (17,278) | (466,022) | (354,545) | 105,042 | ||||||||
| Coeur Mining, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (133,733) | (2,533,160) | (2,182,523) | 308,640 | ||||||||
| Collective Mining Ltd. (Canada) | USFF -3.930% | Weekly | MS | 01/21/31 | (183) | (2,545) | (2,242) | 816 | ||||||||
| Commercial Metals Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (15,027) | (1,029,022) | (942,944) | 69,940 | ||||||||
| Crown Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (6,265) | (657,958) | (700,552) | (54,308) | ||||||||
| Dow, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (19,033) | (947,193) | (520,743) | 345,754 | ||||||||
| Eagle Materials, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (3,916) | (896,946) | (881,100) | (1,920) | ||||||||
| Ecolab, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,883) | (1,334,312) | (1,360,453) | (49,549) | ||||||||
| Element Solutions, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (47,406) | (2,048,024) | (2,263,636) | (255,704) | ||||||||
| Elemental Royalty Corp. (Canada) | USFF -9.030% | Weekly | MS | 01/21/31 | (976) | (15,485) | (17,041) | (1,296) | ||||||||
| ERO Copper Corp. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (4,198) | (117,138) | (112,296) | 3,347 | ||||||||
| Flotek Industries, Inc. | USFF -0.580% | Weekly | MS | 01/21/31 | (3,423) | (75,930) | (80,509) | (5,351) | ||||||||
| FMC Corp. | USFF -0.250% | Weekly | MS | 01/07/27 | (18,758) | (568,130) | (215,717) | 330,571 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Materials — (continued) | ||||||||||||||||
| Gold Royalty Corp. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (72,937) | $(260,822) | $(201,306) | $55,622 | ||||||||
| Graphic Packaging Holding Co. | USFF -0.250% | Weekly | MS | 07/16/29 | (23,753) | (601,761) | (251,069) | 327,872 | ||||||||
| Hawkins, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (2,011) | (322,614) | (285,763) | 30,981 | ||||||||
| HB Fuller Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,234) | (268,246) | (246,800) | 16,698 | ||||||||
| Highlander Silver Corp. (Canada) | USFF -1.736% | Weekly | MS | 01/21/31 | (418) | (1,894) | (1,948) | 471 | ||||||||
| Hycroft Mining Holding Corp., Class A | USFF -0.580% | Weekly | MS | 01/21/31 | (20,588) | (693,508) | (481,759) | 200,158 | ||||||||
| i-80 Gold Corp. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (168,743) | (252,175) | (242,990) | 5,228 | ||||||||
| Innospec, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (5,786) | (485,081) | (470,923) | (2,273) | ||||||||
| International Paper Co. | USFF -0.250% | Weekly | MS | 01/17/30 | (6,253) | (335,983) | (238,239) | 80,847 | ||||||||
| Knife River Corp. | USFF -0.250% | Weekly | MS | 01/17/30 | (3,014) | (292,811) | (252,121) | 36,118 | ||||||||
| Lithium Americas Corp. (Canada) | USFF -0.265% | Weekly | MS | 07/18/30 | (519,859) | (2,490,796) | (2,001,457) | 446,264 | ||||||||
| Louisiana-Pacific Corp. | USFF -0.250% | Weekly | MS | 07/18/30 | (8,688) | (695,784) | (683,398) | (3,900) | ||||||||
| Martin Marietta Materials, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,360) | (824,846) | (784,312) | 25,608 | ||||||||
| Materion Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,427) | (572,485) | (721,766) | (158,912) | ||||||||
| Metallus, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (746) | (14,427) | (13,943) | 789 | ||||||||
| Methanex Corp. (Canada) | USFF -0.250% | Weekly | MS | 07/18/30 | (6,414) | (342,222) | (296,006) | 38,406 | ||||||||
| Minerals Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,513) | (109,469) | (111,917) | (4,242) | ||||||||
| Mosaic Co. (The) | USFF -0.250% | Weekly | MS | 07/18/30 | (46,701) | (1,366,517) | (989,594) | 337,497 | ||||||||
| NewMarket Corp. | USFF -0.250% | Weekly | MS | 07/08/27 | (668) | (446,394) | (528,548) | (98,730) | ||||||||
| NioCorp Developments Ltd. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (40,830) | (222,400) | (196,801) | 22,266 | ||||||||
| O-I Glass, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (46,425) | (413,390) | (447,073) | (40,366) | ||||||||
| Orla Mining Ltd. (Canada) | USFF -0.250% | Weekly | MS | 07/18/30 | (11,130) | (151,788) | (108,963) | 40,522 | ||||||||
| Osisko Development Corp. (Canada) | USFF -2.130% | Weekly | MS | 01/21/31 | (748) | (1,824) | (1,840) | 510 | ||||||||
| Packaging Corp. of America | USFF -0.250% | Weekly | MS | 01/21/31 | (821) | (187,286) | (195,628) | (13,844) | ||||||||
| Perimeter Solutions, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (70,424) | (2,247,533) | (2,510,616) | (304,443) | ||||||||
| Quaker Chemical Corp. | USFF -0.250% | Weekly | MS | 07/18/30 | (1,678) | (243,701) | (266,584) | (28,636) | ||||||||
| Ramaco Resources, Inc., Class A | USFF -0.250% | Weekly | MS | 07/18/30 | (37,550) | (951,868) | (496,786) | 438,965 | ||||||||
| Royal Gold, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (15,830) | (4,164,446) | (3,159,826) | 926,827 | ||||||||
| Ryerson Holding Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (8,761) | (236,400) | (215,608) | 16,316 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Materials — (continued) | ||||||||||||||||
| Sensient Technologies Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,649) | $(491,311) | $(573,175) | $(97,350) | ||||||||
| Sherwin-Williams Co. (The) | USFF -0.250% | Weekly | MS | 01/21/31 | (4,883) | (1,654,216) | (1,681,315) | (55,518) | ||||||||
| Silgan Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (3,702) | (204,739) | (171,736) | 26,198 | ||||||||
| Skeena Resources Ltd. (Canada) | USFF -0.250% | Weekly | MS | 07/18/30 | (23,535) | (645,886) | (627,443) | 7,686 | ||||||||
| Smurfit Westrock PLC (Ireland) | USFF -0.250% | Weekly | MS | 01/21/31 | (3,587) | (164,613) | (165,935) | (4,020) | ||||||||
| Sonoco Products Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,185) | (216,163) | (235,825) | (22,891) | ||||||||
| Stepan Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,581) | (153,794) | (143,813) | 5,577 | ||||||||
| Sylvamo Corp. | USFF -0.250% | Weekly | MS | 07/18/30 | (7,663) | (333,930) | (289,661) | 33,939 | ||||||||
| TMC the metals Co., Inc. (Canada) | USFF -0.275% | Weekly | MS | 01/21/31 | (30,320) | (142,839) | (134,318) | 6,577 | ||||||||
| Tronox Holdings PLC (United Kingdom) | USFF -0.250% | Weekly | MS | 01/12/29 | (115,979) | (907,389) | (730,668) | 142,511 | ||||||||
| United States Antimony Corp. | USFF -1.730% | Weekly | MS | 07/18/30 | (72,492) | (459,626) | (526,292) | (74,160) | ||||||||
| USA Rare Earth, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (18,704) | (392,847) | (403,632) | (17,109) | ||||||||
| Vizsla Silver Corp. (Canada) | USFF -0.554% | Weekly | MS | 01/21/31 | (248,861) | (830,971) | (821,241) | (4,269) | ||||||||
| Warrior Met Coal, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (768) | (62,134) | (62,331) | (727) | ||||||||
| West Fraser Timber Co. Ltd. (Canada) | USFF -0.250% | Weekly | MS | 01/17/30 | (2,179) | (154,802) | (147,496) | 2,699 | ||||||||
| Westlake Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (22,790) | (1,935,138) | (1,663,670) | 235,807 | ||||||||
| Worthington Steel, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (5,407) | (181,261) | (181,567) | (5,503) | ||||||||
| (2,080,952) | (44,423,463) | (40,273,350) | 3,193,950 | |||||||||||||
| Media & Entertainment | ||||||||||||||||
| Cinemark Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (44,802) | (1,385,425) | (1,421,567) | (67,008) | ||||||||
| Clear Channel Outdoor Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (42,085) | (100,430) | (101,846) | (2,631) | ||||||||
| Ibotta, Inc., Class A | USFF -0.780% | Weekly | MS | 01/17/30 | (5,525) | (272,717) | (188,734) | 80,175 | ||||||||
| Live Nation Entertainment, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (3,911) | (634,932) | (716,143) | (94,204) | ||||||||
| Magnite, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (28,141) | (502,799) | (534,116) | (39,567) | ||||||||
| Nexstar Media Group, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (9,083) | (1,590,040) | (1,622,133) | (59,389) | ||||||||
| Paramount Skydance Corp., Class B | USFF -0.980% | Weekly | MS | 01/21/31 | (20,203) | (218,565) | (199,202) | 15,654 | ||||||||
| People, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (30,917) | (1,272,460) | (1,427,129) | (176,401) | ||||||||
| QuinStreet, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,283) | (31,679) | (33,446) | (1,764) | ||||||||
| ROBLOX Corp., Class A | USFF -0.250% | Weekly | MS | 07/18/30 | (22,812) | (1,344,384) | (1,240,517) | 66,446 | ||||||||
| Stubhub Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (28,803) | (213,531) | (370,695) | (166,619) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Media & Entertainment — (continued) | ||||||||||||||||
| Trade Desk, Inc. (The), Class A | USFF -0.250% | Weekly | MS | 07/18/30 | (18,012) | $(808,795) | $(325,657) | $469,527 | ||||||||
| TripAdvisor, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (36,139) | (399,923) | (495,466) | (101,991) | ||||||||
| Webtoon Entertainment, Inc. | USFF -4.330% | Weekly | MS | 07/18/30 | (11,332) | (147,657) | (129,411) | 16,217 | ||||||||
| ZoomInfo Technologies, Inc. | USFF -0.257% | Weekly | MS | 07/18/30 | (7,357) | (89,897) | (21,556) | 67,324 | ||||||||
| (311,405) | (9,013,234) | (8,827,618) | 5,769 | |||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||||||||||||
| AbCellera Biologics, Inc. (Canada) | USFF -5.480% | Weekly | MS | 07/11/28 | (22,585) | (115,872) | (177,292) | (70,033) | ||||||||
| ACADIA Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (29,338) | (648,913) | (742,251) | (104,148) | ||||||||
| ADMA Biologics, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (14,460) | (272,314) | (121,030) | 147,071 | ||||||||
| Alkermes PLC (Ireland) | USFF -0.250% | Weekly | MS | 01/21/31 | (34,437) | (1,296,588) | (1,804,327) | (529,894) | ||||||||
| Amneal Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (32,031) | (525,539) | (554,457) | (37,566) | ||||||||
| Arrowhead Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (5,586) | (435,374) | (455,315) | (30,785) | ||||||||
| Avantor, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (125,833) | (1,172,836) | (1,245,747) | (94,692) | ||||||||
| Azenta, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (897) | (22,576) | (22,891) | (143) | ||||||||
| Bio-Rad Laboratories, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (1,780) | (544,093) | (522,626) | 12,551 | ||||||||
| Bio-Techne Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,408) | (170,408) | (170,125) | (2,145) | ||||||||
| Capricor Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (176) | (4,229) | (4,238) | 474 | ||||||||
| Charles River Laboratories International, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (750) | (169,463) | (170,092) | (3,040) | ||||||||
| Corcept Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (18,669) | (1,425,760) | (1,623,270) | (241,559) | ||||||||
| Corvus Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (9,431) | (136,033) | (140,899) | (8,982) | ||||||||
| Crinetics Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (12,072) | (553,501) | (451,734) | 92,629 | ||||||||
| CytomX Therapeutics, Inc. | USFF -0.236% | Weekly | MS | 01/21/31 | (1,324) | (10,232) | (4,965) | 5,646 | ||||||||
| EyePoint, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (81,852) | (1,124,438) | (1,170,484) | (65,185) | ||||||||
| Geron Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (237,004) | (295,953) | (303,365) | (12,038) | ||||||||
| Harrow, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,747) | (176,426) | (201,605) | (27,712) | ||||||||
| Insmed, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (176) | (18,254) | (18,765) | (2,404) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences — (continued) | ||||||||||||||||
| Maze Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (10,911) | $(304,395) | $(325,584) | $(26,825) | ||||||||
| MBX Biosciences, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,146) | (65,731) | (118,459) | (59,080) | ||||||||
| Medpace Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,640) | (839,043) | (868,528) | (43,625) | ||||||||
| Mettler-Toledo International, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (651) | (796,090) | (831,659) | (48,957) | ||||||||
| Ocular Therapeutix, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (66,955) | (736,883) | (657,498) | 66,824 | ||||||||
| Olema Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (296) | (2,971) | (3,703) | (792) | ||||||||
| Organon & Co. | USFF -0.250% | Weekly | MS | 07/18/30 | (64,076) | (669,398) | (867,589) | (225,416) | ||||||||
| Pacira BioSciences, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (24,445) | (591,127) | (620,170) | (38,840) | ||||||||
| Perrigo Co. PLC (Ireland) | USFF -0.250% | Weekly | MS | 07/18/30 | (30,961) | (438,796) | (321,685) | 87,804 | ||||||||
| Personalis, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (7,669) | (74,182) | (102,765) | (30,940) | ||||||||
| Phibro Animal Health Corp., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (6,781) | (225,236) | (212,923) | 8,505 | ||||||||
| Prestige Consumer Healthcare, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,648) | (183,345) | (125,171) | 55,520 | ||||||||
| PTC Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (9,217) | (674,538) | (751,831) | (95,130) | ||||||||
| QIAGEN NV (Netherlands) | USFF -0.250% | Weekly | MS | 01/21/31 | (3,833) | (188,946) | (149,870) | 36,324 | ||||||||
| Repligen Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,817) | (244,483) | (247,911) | (7,202) | ||||||||
| Sotera Health Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (19,405) | (301,596) | (344,439) | (47,568) | ||||||||
| Stoke Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (15,885) | (544,034) | (519,757) | 15,125 | ||||||||
| Tempus AI, Inc., Class A | USFF -0.250% | Weekly | MS | 07/18/30 | (8,011) | (572,559) | (464,077) | 99,009 | ||||||||
| Vaxcyte, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (8,359) | (416,907) | (485,909) | (80,104) | ||||||||
| Vertex Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (529) | (262,282) | (262,770) | (4,525) | ||||||||
| Waters Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (7,406) | (2,577,436) | (2,777,546) | (264,236) | ||||||||
| WaVe Life Sciences Ltd. (Singapore) | USFF -0.250% | Weekly | MS | 01/21/31 | (35,371) | (321,954) | (205,505) | 111,366 | ||||||||
| Zymeworks, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,052) | (96,919) | (105,919) | (10,140) | ||||||||
| (968,620) | (20,247,653) | (21,276,746) | (1,474,858) | |||||||||||||
| Semiconductors & Semiconductor Equipment | ||||||||||||||||
| ACM Research, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (3,590) | (202,556) | (455,535) | (307,719) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Semiconductors & Semiconductor Equipment — (continued) | ||||||||||||||||
| Alpha & Omega Semiconductor Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 07/16/29 | (12,951) | $(467,490) | $(612,971) | $(153,112) | ||||||||
| Ambarella, Inc. (Cayman Islands) | USFF -0.250% | Weekly | MS | 07/18/30 | (19,942) | (1,283,583) | (1,711,024) | (449,368) | ||||||||
| Astera Labs, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,704) | (1,173,666) | (1,306,086) | (152,422) | ||||||||
| Axcelis Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,685) | (305,951) | (508,673) | (207,524) | ||||||||
| Enphase Energy, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (13,263) | (544,584) | (653,070) | (117,468) | ||||||||
| indie Semiconductor, Inc., Class A | USFF -2.008% | Weekly | MS | 01/21/31 | (11,135) | (43,234) | (49,996) | (6,962) | ||||||||
| Onto Innovation, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,019) | (608,609) | (764,091) | (165,585) | ||||||||
| Penguin Solutions, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (3,514) | (121,969) | (267,099) | (146,709) | ||||||||
| Photronics, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (7,610) | (347,732) | (247,553) | 94,645 | ||||||||
| Power Integrations, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (3,210) | (195,225) | (268,870) | (84,782) | ||||||||
| Rambus, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (5,736) | (893,432) | (761,397) | 129,130 | ||||||||
| Silicon Laboratories, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,839) | (402,118) | (401,932) | (6,300) | ||||||||
| Teradyne, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,155) | (949,082) | (1,042,675) | (109,661) | ||||||||
| Ultra Clean Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (19,253) | (1,391,148) | (2,745,285) | (1,440,661) | ||||||||
| Veeco Instruments, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (5,335) | (265,751) | (404,393) | (142,740) | ||||||||
| (116,941) | (9,196,130) | (12,200,650) | (3,267,238) | |||||||||||||
| Software & Services | ||||||||||||||||
| A10 Networks, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (10,668) | (294,749) | (398,556) | (108,845) | ||||||||
| ACI Worldwide, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (15,161) | (682,284) | (762,447) | (91,557) | ||||||||
| Adeia, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (16,587) | (415,644) | (546,210) | (138,278) | ||||||||
| Alkami Technology, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (9,610) | (207,336) | (174,133) | 30,129 | ||||||||
| Applied Digital Corp. | USFF -0.250% | Weekly | MS | 07/18/30 | (3,855) | (141,395) | (143,791) | (4,316) | ||||||||
| BlackLine, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (3,940) | (224,738) | (110,596) | 110,763 | ||||||||
| Braze, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (5,021) | (100,418) | (108,905) | (9,689) | ||||||||
| C3.ai, Inc., Class A | USFF -0.250% | Weekly | MS | 07/18/30 | (52,463) | (616,490) | (476,889) | 129,360 | ||||||||
| Cadence Design Systems, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,321) | (531,860) | (495,798) | 28,732 | ||||||||
| Circle Internet Group, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (8,067) | (1,047,869) | (505,236) | 524,834 | ||||||||
| Cloudflare, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (2,510) | (580,243) | (615,653) | (45,017) | ||||||||
| Commvault Systems, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (10,125) | (1,003,386) | (1,435,016) | (448,649) | ||||||||
| CoreWeave, Inc., Class A | USFF -0.250% | Weekly | MS | 07/18/30 | (38,637) | (4,347,345) | (3,845,927) | 425,820 | ||||||||
| DigitalOcean Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (905) | (49,582) | (142,112) | (92,840) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Software & Services — (continued) | ||||||||||||||||
| Dolby Laboratories, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (4,744) | $(272,619) | $(249,440) | $17,973 | ||||||||
| DoubleVerify Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (89,778) | (966,920) | (973,194) | (22,654) | ||||||||
| D-Wave Quantum, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (22,735) | (521,757) | (545,413) | (32,238) | ||||||||
| DXC Technology Co. | USFF -0.250% | Weekly | MS | 07/18/30 | (77,943) | (1,062,201) | (689,796) | 354,356 | ||||||||
| Dynatrace, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (14,736) | (652,603) | (647,058) | (5,329) | ||||||||
| Elastic NV (Netherlands) | USFF -0.250% | Weekly | MS | 07/18/30 | (16,172) | (1,229,275) | (922,127) | 286,171 | ||||||||
| Figma, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (28,263) | (549,411) | (511,278) | 28,543 | ||||||||
| Gitlab, Inc., Class A | USFF -0.250% | Weekly | MS | 07/18/30 | (16,098) | (676,553) | (491,472) | 173,787 | ||||||||
| Hive Digital Technologies Ltd. (Canada) | USFF -2.855% | Weekly | MS | 07/18/30 | (163,644) | (549,972) | (595,664) | (54,769) | ||||||||
| Intapp, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (41,119) | (957,078) | (1,036,610) | (97,071) | ||||||||
| Karooooo Ltd. (Singapore) | USFF -1.980% | Weekly | MS | 01/21/31 | (531) | (25,147) | (26,210) | (945) | ||||||||
| Klaviyo, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (44,500) | (620,388) | (671,950) | (61,872) | ||||||||
| Life360, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (7,950) | (348,608) | (440,112) | (97,053) | ||||||||
| Lightspeed Commerce, Inc. (Canada) | USFF -0.250% | Weekly | MS | 07/06/26 | (21,125) | (666,124) | (221,601) | 433,873 | ||||||||
| Mitek Systems, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (13,363) | (233,008) | (268,997) | (39,513) | ||||||||
| PagerDuty, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (14,746) | (140,934) | (142,299) | (3,424) | ||||||||
| Palo Alto Networks, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (7,439) | (1,986,760) | (2,536,848) | (842,287) | ||||||||
| PAR Technology Corp. | USFF -0.250% | Weekly | MS | 07/18/30 | (3,474) | (150,610) | (60,517) | 88,013 | ||||||||
| Pegasystems, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (40,876) | (1,503,372) | (1,225,054) | 260,767 | ||||||||
| Progress Software Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (944) | (31,790) | (31,700) | 91 | ||||||||
| Quantum Computing, Inc. | USFF -4.430% | Weekly | MS | 07/18/30 | (23,244) | (368,092) | (225,467) | 136,735 | ||||||||
| Red Violet, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (89) | (5,614) | (5,671) | 403 | ||||||||
| SailPoint, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (150,671) | (1,918,236) | (2,205,823) | (320,633) | ||||||||
| Shopify, Inc., Class A (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (7,083) | (845,242) | (808,737) | 22,487 | ||||||||
| SoundHound AI, Inc., Class A | USFF -10.180% | Weekly | MS | 01/21/31 | (23,331) | (151,333) | (150,952) | (1,711) | ||||||||
| SPS Commerce, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (9,161) | (1,011,965) | (523,734) | 471,061 | ||||||||
| Terawulf, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (31,187) | (384,826) | (770,319) | (391,677) | ||||||||
| Varonis Systems, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (31,558) | (1,101,702) | (1,324,174) | (256,365) | ||||||||
| Vertex, Inc., Class A | USFF -0.250% | Weekly | MS | 01/17/30 | (111,225) | (2,786,291) | (1,276,863) | 1,461,707 | ||||||||
| Whitefiber, Inc. (Cayman Islands) | USFF -3.980% | Weekly | MS | 01/21/31 | (911) | (33,573) | (35,392) | (1,849) | ||||||||
| Zscaler, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (7,267) | (1,713,591) | (1,025,737) | 658,394 | ||||||||
| (1,204,777) | (33,708,934) | (30,401,478) | 2,475,418 | |||||||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Technology Hardware & Equipment | ||||||||||||||||
| ADTRAN Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (16,046) | $(161,559) | $(223,039) | $(66,928) | ||||||||
| Advanced Energy Industries, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (6,313) | (2,217,250) | (2,353,928) | (175,291) | ||||||||
| Aeva Technologies, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (29,586) | (483,614) | (849,710) | (374,330) | ||||||||
| Applied Optoelectronics, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (5,719) | (1,020,475) | (847,327) | 155,830 | ||||||||
| Badger Meter, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (376) | (53,457) | (55,791) | (2,712) | ||||||||
| Belden, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (6,978) | (812,780) | (836,732) | (37,766) | ||||||||
| CDW Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,205) | (571,476) | (591,391) | (29,368) | ||||||||
| Coherent Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,959) | (749,177) | (772,767) | (36,155) | ||||||||
| Crane NXT Co. | USFF -0.250% | Weekly | MS | 01/21/31 | (6,013) | (258,025) | (307,625) | (54,184) | ||||||||
| Extreme Networks, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (37,460) | (732,157) | (1,212,580) | (503,380) | ||||||||
| GPGI, Inc., Class A | USFF -0.530% | Weekly | MS | 01/21/31 | (26,572) | (337,056) | (421,166) | (89,457) | ||||||||
| Insight Enterprises, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (5,387) | (613,119) | (656,137) | (54,258) | ||||||||
| Mirion Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (28,784) | (534,292) | (516,097) | 9,393 | ||||||||
| NETGEAR, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (6,060) | (168,027) | (141,501) | 24,141 | ||||||||
| OSI Systems, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,336) | (605,028) | (510,883) | 84,104 | ||||||||
| Ralliant Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (10,818) | (501,815) | (796,529) | (310,502) | ||||||||
| Super Micro Computer, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (9,000) | (264,081) | (263,970) | (3,957) | ||||||||
| TD SYNNEX Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (3,297) | (891,765) | (881,420) | (4,434) | ||||||||
| Vishay Precision Group, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,976) | (169,961) | (446,132) | (281,825) | ||||||||
| (209,885) | (11,145,114) | (12,684,725) | (1,751,079) | |||||||||||||
| Telecommunication Services | ||||||||||||||||
| Array Digital Infrastructure, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (2,264) | (162,597) | (82,093) | (21,968) | ||||||||
| AST SpaceMobile, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (7,350) | (529,650) | (653,121) | (132,191) | ||||||||
| BCE, Inc. (Canada) | USFF -0.250% | Weekly | MS | 07/18/30 | (41,264) | (1,033,012) | (887,589) | 102,828 | ||||||||
| Cogent Communications Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/11/28 | (49,079) | (1,630,253) | (681,217) | 897,300 | ||||||||
| Iridium Communications, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (11,078) | (553,088) | (607,628) | (65,509) | ||||||||
| Liberty Capital Corp. | USFF -0.680% | Weekly | MS | 01/21/31 | (176) | (3,724) | (3,854) | 362 | ||||||||
| Shenandoah Telecommunications Co. | USFF -0.250% | Weekly | MS | 07/06/26 | (13,981) | (293,376) | (210,833) | 35,026 | ||||||||
| (125,192) | (4,205,700) | (3,126,335) | 815,848 | |||||||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Transportation | ||||||||||||||||
| Alaska Air Group, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (6,712) | $(315,702) | $(350,366) | $(39,637) | ||||||||
| Canadian Pacific Kansas City Ltd. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (3,149) | (272,233) | (272,861) | (5,324) | ||||||||
| Frontier Group Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (25,702) | (174,117) | (203,303) | (32,213) | ||||||||
| JetBlue Airways Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (73,970) | (430,926) | (423,848) | 87 | ||||||||
| Lyft, Inc., Class A | USFF -0.250% | Weekly | MS | 01/21/31 | (18,940) | (270,628) | (276,713) | (10,268) | ||||||||
| SkyWest, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,755) | (167,353) | (174,324) | (9,345) | ||||||||
| TFI International, Inc. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (1,169) | (164,627) | (167,833) | (7,337) | ||||||||
| United Airlines Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (9,917) | (923,180) | (1,348,613) | (441,047) | ||||||||
| Werner Enterprises, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (25,992) | (916,914) | (1,133,511) | (238,368) | ||||||||
| (167,306) | (3,635,680) | (4,351,372) | (783,452) | |||||||||||||
| Utilities | ||||||||||||||||
| Algonquin Power & Utilities Corp. (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (29,988) | (177,650) | (175,730) | (2,583) | ||||||||
| Avista Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (5,181) | (210,015) | (211,955) | (14,221) | ||||||||
| Brookfield Infrastructure Corp., Class A (Canada) | USFF -0.250% | Weekly | MS | 01/21/31 | (11,310) | (463,930) | (435,435) | 18,482 | ||||||||
| California Water Service Group | USFF -0.250% | Weekly | MS | 01/10/28 | (26,401) | (1,221,645) | (1,284,409) | (112,252) | ||||||||
| Chesapeake Utilities Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (4,847) | (602,316) | (593,661) | (12,519) | ||||||||
| Clearway Energy, Inc., Class C | USFF -0.250% | Weekly | MS | 07/18/30 | (11,742) | (387,833) | (401,342) | (35,526) | ||||||||
| CMS Energy Corp. | USFF -0.250% | Weekly | MS | 01/17/30 | (10,432) | (775,525) | (798,048) | (45,978) | ||||||||
| Consolidated Edison, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (14,255) | (1,572,613) | (1,577,031) | (40,883) | ||||||||
| Constellation Energy Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,807) | (757,382) | (697,175) | 47,498 | ||||||||
| Dominion Energy, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (3,533) | (218,428) | (241,269) | (33,485) | ||||||||
| Exelon Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (27,130) | (1,268,291) | (1,264,801) | (30,469) | ||||||||
| H2O America | USFF -0.250% | Weekly | MS | 01/12/29 | (9,089) | (481,548) | (552,339) | (100,685) | ||||||||
| Hawaiian Electric Industries, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (23,103) | (312,136) | (312,584) | (5,358) | ||||||||
| Middlesex Water Co. | USFF -0.250% | Weekly | MS | 07/18/30 | (2,893) | (150,626) | (162,471) | (16,201) | ||||||||
| New Jersey Resources Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (3,309) | (169,144) | (185,436) | (28,439) | ||||||||
| NextEra Energy, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (6,884) | (661,973) | (604,209) | 44,068 | ||||||||
| Northwest Natural Holding Co. | USFF -0.250% | Weekly | MS | 07/06/26 | (10,754) | (508,248) | (527,591) | (81,998) | ||||||||
| Northwestern Energy Group, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (3,628) | (243,262) | (259,837) | (28,170) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Utilities — (continued) | ||||||||||||||||
| NRG Energy, Inc. | USFF -0.250% | Weekly | MS | 01/21/31 | (14,758) | $(2,352,420) | $(2,155,553) | $153,123 | ||||||||
| Oklo, Inc. | USFF -0.680% | Weekly | MS | 07/18/30 | (4,391) | (339,391) | (229,781) | 104,222 | ||||||||
| Otter Tail Corp. | USFF -0.250% | Weekly | MS | 07/08/27 | (2,341) | (205,888) | (210,643) | (8,283) | ||||||||
| Pinnacle West Capital Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (1,410) | (140,929) | (150,870) | (13,135) | ||||||||
| PPL Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (4,463) | (175,309) | (162,230) | 9,995 | ||||||||
| Sempra | USFF -0.250% | Weekly | MS | 01/21/31 | (3,082) | (292,348) | (285,732) | (169) | ||||||||
| Southwest Gas Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | (6,176) | (480,114) | (547,688) | (90,114) | ||||||||
| Spire, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (6,973) | (580,613) | (544,522) | 18,341 | ||||||||
| TransAlta Corp. (Canada) | USFF -0.250% | Weekly | MS | 07/16/29 | (14,913) | (214,737) | (206,247) | 3,059 | ||||||||
| Unitil Corp. | USFF -0.250% | Weekly | MS | 01/21/31 | (2,520) | (132,733) | (132,779) | (3,030) | ||||||||
| WaterBridge Infrastructure LLC, Class A | USFF -0.880% | Weekly | MS | 01/21/31 | (21,773) | (601,345) | (746,161) | (155,625) | ||||||||
| Xcel Energy, Inc. | USFF -0.250% | Weekly | MS | 07/18/30 | (4,905) | (392,494) | (393,871) | (11,620) | ||||||||
| (294,991) | (16,090,886) | (16,051,400) | (471,955) | |||||||||||||
| Total Reference Entity — Short | (369,061,279) | (356,666,058) | 4,664,622 | |||||||||||||
| Net Value of Reference Entity | $31,031,985 | $104,825,339 | $73,482,534 | |||||||||||||
| * | The Fund will pay or receive the total return of the reference entity depending on whether the return is positive or negative. Where the Fund has elected to receive the total return of the reference entity if positive, it will be responsible for paying the floating rate and the total return of the reference entity, if negative. If the Fund has elected to pay the total return of the reference entity if positive, it will receive the floating rate and the total return of the reference entity, if negative. |
| ** | The USFF rate as of June 30, 2026 was 3.63%. |
| *** | Includes $(310,820) related to open trades, dividends receivables/payables and swap receivables/payables activities. |
| MS | Morgan Stanley |
| USFF | U.S. Fed Funds |
| (a) | Security position is either entirely or partially designated as collateral for total return swaps. |
| (b) | Rate disclosed is the 7-day yield at June 30, 2026. |
| * | Non-income producing. |
| PLC | Public Limited Company |
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Long | ||||||||||||||||
| Automobiles & Components | ||||||||||||||||
| Adient PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/21/31 | 292 | $5,827 | $5,367 | $(241) | ||||||||
| BorgWarner, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 4 | 265 | 266 | 129 | ||||||||
| Dana, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,043 | 103,359 | 82,800 | (16,495) | ||||||||
| General Motors Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 49 | 3,778 | 3,777 | 138 | ||||||||
| Gentherm, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 6 | 204 | 205 | (1) | ||||||||
| Lear Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 521 | 70,768 | 69,845 | 2,174 | ||||||||
| Magna International, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 645 | 39,144 | 42,351 | 5,018 | ||||||||
| Phinia, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 165 | 12,473 | 13,591 | 1,650 | ||||||||
| Winnebago Industries, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 130 | 4,051 | 4,061 | 160 | ||||||||
| 4,855 | 239,869 | 222,263 | (7,468) | |||||||||||||
| Capital Goods | ||||||||||||||||
| A. O. Smith Corp. | USFF -0.250% | Weekly | MS | 09/17/29 | 401 | 24,671 | 25,151 | 1,535 | ||||||||
| AECOM | USFF +0.250% | Weekly | MS | 01/21/31 | 660 | 53,629 | 46,068 | (6,657) | ||||||||
| Allegion PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/21/31 | 364 | 54,851 | 51,138 | (1,224) | ||||||||
| AMETEK, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 255 | 55,368 | 61,695 | 8,759 | ||||||||
| API Group Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 271 | 11,222 | 11,477 | 688 | ||||||||
| Argan, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 68 | 40,346 | 54,301 | 22,395 | ||||||||
| Axon Enterprise, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 114 | 47,066 | 63,910 | 18,688 | ||||||||
| Babcock & Wilcox Enterprises, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 2,922 | 28,374 | 41,200 | 13,934 | ||||||||
| Ballard Power Systems, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 15,867 | 72,711 | 61,723 | (8,132) | ||||||||
| Bloom Energy Corp., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 127 | 32,582 | 38,443 | 9,357 | ||||||||
| Blue Bird Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 298 | 14,389 | 23,530 | 11,359 | ||||||||
| Cummins, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 169 | 108,418 | 120,532 | 16,684 | ||||||||
| Curtiss-Wright Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 8 | 6,033 | 6,062 | 257 | ||||||||
| Deere & Co. | USFF +0.250% | Weekly | MS | 07/18/30 | 7 | 3,261 | 4,440 | 1,361 | ||||||||
| Donaldson Co., Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 62 | 5,503 | 5,566 | 180 | ||||||||
| Douglas Dynamics, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 461 | 20,517 | 24,871 | 5,308 | ||||||||
| Ducommun, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 87 | 12,991 | 16,113 | 3,694 | ||||||||
| EMCOR Group, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 49 | 41,927 | 40,664 | 402 | ||||||||
| EnerSys | USFF +0.250% | Weekly | MS | 01/21/31 | 386 | 86,931 | 90,255 | 6,800 | ||||||||
| Everus Construction Group, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,112 | 168,241 | 184,536 | 22,955 | ||||||||
| General Dynamics Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 387 | 130,805 | 137,091 | 11,585 | ||||||||
| Graco, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 239 | 18,924 | 18,071 | (213) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| Helios Technologies, Inc. | USFF +0.250% | Weekly | MS | 07/06/26 | 152 | $10,231 | $13,566 | $3,812 | ||||||||
| Hexcel Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 430 | 38,012 | 43,026 | 6,405 | ||||||||
| Honeywell Aerospace, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 22 | 4,718 | 4,753 | 211 | ||||||||
| Honeywell International, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 82 | 18,564 | 18,472 | 629 | ||||||||
| Howmet Aerospace, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 111 | 29,772 | 29,843 | 1,235 | ||||||||
| Huntington Ingalls Industries, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 91 | 27,486 | 25,470 | (897) | ||||||||
| JBT Marel Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 226 | 28,464 | 32,770 | 5,458 | ||||||||
| Johnson Controls International PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/21/31 | 151 | 21,159 | 22,063 | 1,727 | ||||||||
| Kennametal, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,260 | 42,577 | 44,163 | 3,254 | ||||||||
| L3Harris Technologies, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 54 | 16,412 | 15,692 | (23) | ||||||||
| Leonardo DRS, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 616 | 26,626 | 26,285 | 714 | ||||||||
| Lockheed Martin Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 62 | 37,482 | 31,587 | (4,059) | ||||||||
| MDA Space Ltd. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 952 | 37,092 | 39,299 | 3,659 | ||||||||
| Mercury Systems, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 139 | 14,349 | 17,004 | 3,210 | ||||||||
| Middleby Corp. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 959 | 144,851 | 164,958 | 25,807 | ||||||||
| Moog, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 39 | 11,218 | 16,530 | 6,553 | ||||||||
| Mueller Industries, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 29 | 3,731 | 3,565 | (29) | ||||||||
| MYR Group, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 22 | 9,151 | 11,009 | 2,598 | ||||||||
| Nordson Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 293 | 81,455 | 88,395 | 10,658 | ||||||||
| Oshkosh Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 147 | 17,786 | 22,562 | 6,101 | ||||||||
| Otis Worldwide Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 540 | 41,962 | 38,664 | (1,415) | ||||||||
| Plug Power, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 58,591 | 129,936 | 158,782 | 35,237 | ||||||||
| Quanta Services, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 146 | 103,223 | 105,126 | 5,859 | ||||||||
| Rockwell Automation, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 15 | 6,361 | 7,426 | 1,576 | ||||||||
| Simpson Manufacturing Co., Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 490 | 91,300 | 102,582 | 15,094 | ||||||||
| SiteOne Landscape Supply, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 239 | 29,215 | 27,344 | (2,091) | ||||||||
| Snap-on, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 133 | 49,892 | 53,519 | 6,036 | ||||||||
| Standex International Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 39 | 9,663 | 13,949 | 5,185 | ||||||||
| Stanley Black & Decker, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,314 | 93,482 | 123,674 | 35,986 | ||||||||
| Stantec, Inc. (Canada) | USFF +0.250% | Weekly | MS | 07/18/30 | 552 | 48,679 | 38,038 | (8,582) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| Sterling Infrastructure, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 5 | $4,176 | $4,197 | $176 | ||||||||
| Sunrun, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,297 | 16,795 | 17,354 | 1,162 | ||||||||
| Terex Corp. | USFF +0.250% | Weekly | MS | 09/13/29 | 1,838 | 99,391 | 133,053 | 41,912 | ||||||||
| Textron, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | 627 | 50,939 | 57,515 | 8,624 | ||||||||
| Toro Co. (The) | USFF +0.250% | Weekly | MS | 07/18/30 | 1,311 | 117,497 | 127,718 | 15,401 | ||||||||
| Trex Co., Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 975 | 37,172 | 48,789 | 13,563 | ||||||||
| Tutor Perini Corp. | USFF +0.250% | Weekly | MS | 03/12/29 | 2,061 | 122,032 | 171,001 | 54,222 | ||||||||
| Vertiv Holdings Co., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 1,253 | 370,926 | 419,529 | 63,274 | ||||||||
| Watsco, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 370 | 142,359 | 154,190 | 17,421 | ||||||||
| WESCO International, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 152 | 52,478 | 52,505 | 2,108 | ||||||||
| Westinghouse Air Brake Technologies Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 125 | 32,996 | 33,700 | 2,018 | ||||||||
| Willis Lease Finance Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 21 | 4,277 | 4,805 | 686 | ||||||||
| WW Grainger, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 18 | 19,855 | 24,487 | 5,454 | ||||||||
| Xylem, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 851 | 105,850 | 100,597 | (716) | ||||||||
| Zurn Elkay Water Solutions Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 2,253 | 104,045 | 113,844 | 14,613 | ||||||||
| 105,367 | 3,544,397 | 3,930,237 | 549,541 | |||||||||||||
| Commercial & Professional Services | ||||||||||||||||
| Amentum Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 4,625 | 105,651 | 95,599 | (5,898) | ||||||||
| Booz Allen Hamilton Holding Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 762 | 48,580 | 46,231 | (444) | ||||||||
| Brink's Co. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 500 | 50,461 | 47,245 | (1,199) | ||||||||
| CBIZ, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 233 | 5,946 | 7,475 | 1,964 | ||||||||
| Copart, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,984 | 92,047 | 84,119 | (4,309) | ||||||||
| CRA International, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 23 | 3,433 | 3,273 | (70) | ||||||||
| Equifax, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 47 | 7,408 | 7,460 | 333 | ||||||||
| First Advantage Corp. | USFF -0.250% | Weekly | MS | 09/17/29 | 1,014 | 11,357 | 18,303 | 7,503 | ||||||||
| Genpact Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 01/21/31 | 643 | 18,760 | 17,683 | (268) | ||||||||
| Healthcare Services Group, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,925 | 29,949 | 47,278 | 18,652 | ||||||||
| Innodata, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 95 | 7,088 | 7,180 | 362 | ||||||||
| Jacobs Solutions, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 18 | 2,208 | 2,268 | 177 | ||||||||
| Legalzoom.com, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,074 | 12,447 | 12,714 | 734 | ||||||||
| Leidos Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 171 | 27,197 | 17,608 | (8,420) | ||||||||
| MSA Safety, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 324 | 53,527 | 56,564 | 5,239 | ||||||||
| Paychex, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 843 | 79,503 | 82,892 | 7,524 | ||||||||
| Paycom Software, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 336 | 44,873 | 42,228 | (885) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Commercial & Professional Services — (continued) | ||||||||||||||||
| Paylocity Holding Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 146 | $15,118 | $15,261 | $729 | ||||||||
| Rollins, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,360 | 62,486 | 56,766 | (3,219) | ||||||||
| Tetra Tech, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,024 | 87,944 | 87,363 | 2,835 | ||||||||
| Thomson Reuters Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,361 | 111,514 | 111,153 | 4,090 | ||||||||
| UL Solutions, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 181 | 16,686 | 18,437 | 2,442 | ||||||||
| Upwork, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 9,796 | 117,545 | 81,895 | (31,129) | ||||||||
| Veralto Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 313 | 29,064 | 27,757 | 239 | ||||||||
| Verisk Analytics, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | 565 | 94,034 | 101,434 | 11,510 | ||||||||
| Waste Management, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 82 | 18,075 | 18,276 | 1,081 | ||||||||
| Willdan Group, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 524 | 46,243 | 41,448 | (3,089) | ||||||||
| 33,969 | 1,199,144 | 1,155,910 | 6,484 | |||||||||||||
| Consumer Discretionary Distribution & Retail | ||||||||||||||||
| Academy Sports & Outdoors, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 11 | 518 | 518 | 11 | ||||||||
| Amazon.com, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 57 | 13,366 | 13,585 | 29 | ||||||||
| American Eagle Outfitters, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 4,940 | 83,414 | 84,968 | 4,639 | ||||||||
| AutoZone, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 16 | 49,350 | 51,135 | 3,720 | ||||||||
| Best Buy Co., Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 9 | 562 | 683 | 185 | ||||||||
| Bob's Discount Furniture, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 201 | 2,872 | 3,180 | 411 | ||||||||
| Burlington Stores, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 90 | 28,565 | 28,512 | 791 | ||||||||
| Camping World Holdings, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 9,122 | 66,161 | 69,601 | 5,986 | ||||||||
| Chewy, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 177 | 3,528 | 3,478 | 79 | ||||||||
| Dillard's, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 36 | 19,934 | 19,023 | (126) | ||||||||
| eBay, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 659 | 71,698 | 73,643 | 4,762 | ||||||||
| Five Below, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 332 | 63,380 | 59,690 | (1,202) | ||||||||
| Gap, Inc. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 13 | 242 | 243 | — | ||||||||
| GigaCloud Technology, Inc., Class A (Cayman Islands) | USFF +0.250% | Weekly | MS | 01/21/31 | 259 | 8,316 | 8,184 | 186 | ||||||||
| Group 1 Automotive, Inc. | USFF -0.250% | Weekly | MS | 03/12/29 | 178 | 58,762 | 51,828 | (4,514) | ||||||||
| Home Depot, Inc. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 70 | 21,674 | 24,688 | 4,053 | ||||||||
| Kohl's Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 1,284 | 17,453 | 22,752 | 6,264 | ||||||||
| Lithia Motors, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 253 | 71,896 | 73,494 | 4,514 | ||||||||
| LKQ Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 801 | 22,173 | 21,090 | (116) | ||||||||
| Lowe's Cos., Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 63 | 13,643 | 13,891 | 793 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Discretionary Distribution & Retail — (continued) | ||||||||||||||||
| Macy's, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,113 | $74,244 | $73,311 | $2,307 | ||||||||
| Murphy USA, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 51 | 26,930 | 27,482 | 1,604 | ||||||||
| Ollie's Bargain Outlet Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,072 | 92,457 | 82,415 | (6,407) | ||||||||
| O'Reilly Automotive, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 695 | 60,809 | 64,003 | 5,769 | ||||||||
| Petco Health & Wellness Co., Inc. | USFF +0.250% | Weekly | MS | 09/13/29 | 20,347 | 67,365 | 55,344 | (9,381) | ||||||||
| Ross Stores, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 274 | 60,711 | 58,321 | 53 | ||||||||
| TJX Cos., Inc. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 184 | 28,378 | 27,876 | 619 | ||||||||
| Valvoline, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 857 | 28,418 | 33,886 | 6,685 | ||||||||
| Williams-Sonoma, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 21 | 4,621 | 4,895 | 454 | ||||||||
| 45,185 | 1,061,440 | 1,051,719 | 32,168 | |||||||||||||
| Consumer Durables & Apparel | ||||||||||||||||
| Amer Sports, Inc. (Cayman Islands) | USFF +0.250% | Weekly | MS | 01/21/31 | 334 | 11,285 | 11,303 | 453 | ||||||||
| BRP, Inc., sub-voting shares (Canada) | USFF +0.250% | Weekly | MS | 07/18/30 | 794 | 49,924 | 48,450 | 724 | ||||||||
| Callaway Golf Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 5,101 | 80,845 | 95,848 | 18,180 | ||||||||
| Canada Goose Holdings, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 42 | 395 | 399 | 10 | ||||||||
| Capri Holdings Ltd. (British Virgin Islands) | USFF +0.250% | Weekly | MS | 01/21/31 | 4,384 | 83,838 | 81,411 | 868 | ||||||||
| Carter's, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 662 | 23,184 | 27,248 | 5,147 | ||||||||
| Champion Homes, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,051 | 79,139 | 92,614 | 16,935 | ||||||||
| Deckers Outdoor Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 780 | 72,817 | 77,446 | 7,489 | ||||||||
| Garmin Ltd. (Switzerland) | USFF +0.250% | Weekly | MS | 01/21/31 | 63 | 14,712 | 14,965 | 887 | ||||||||
| Hasbro, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 586 | 52,044 | 48,398 | (1,332) | ||||||||
| La-Z-Boy, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 270 | 9,400 | 10,832 | 1,940 | ||||||||
| Levi Strauss & Co., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 986 | 21,771 | 24,482 | 3,707 | ||||||||
| Lululemon Athletica, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,133 | 137,176 | 129,366 | (2,689) | ||||||||
| Mohawk Industries, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 208 | 20,186 | 25,237 | 6,181 | ||||||||
| NIKE, Inc., Class B | USFF +0.250% | Weekly | MS | 01/21/31 | 53 | 2,192 | 2,176 | (769) | ||||||||
| NVR, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 2 | 13,796 | 13,627 | 365 | ||||||||
| Peloton Interactive, Inc., Class A | USFF +0.250% | Weekly | MS | 03/12/29 | 19,237 | 96,513 | 113,691 | 20,973 | ||||||||
| Polaris, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 170 | 8,676 | 11,635 | 3,541 | ||||||||
| Ralph Lauren Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 81 | 29,272 | 32,514 | 4,482 | ||||||||
| Sonos, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 3,253 | 39,021 | 44,013 | 6,520 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Durables & Apparel — (continued) | ||||||||||||||||
| Tapestry, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 210 | $28,687 | $30,740 | $3,354 | ||||||||
| Wolverine World Wide, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,182 | 52,593 | 52,598 | 2,251 | ||||||||
| 42,582 | 927,466 | 988,993 | 99,217 | |||||||||||||
| Consumer Services | ||||||||||||||||
| ADT, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 14,695 | 98,940 | 95,518 | 920 | ||||||||
| American Public Education, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3 | 161 | 161 | (4) | ||||||||
| Aramark | USFF +0.250% | Weekly | MS | 01/21/31 | 366 | 19,749 | 20,825 | 1,845 | ||||||||
| Carnival Corp. Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,575 | 45,615 | 44,998 | 1,171 | ||||||||
| Chipotle Mexican Grill, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 615 | 17,645 | 20,910 | 4,152 | ||||||||
| Churchill Downs, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 554 | 48,053 | 49,661 | 3,571 | ||||||||
| Darden Restaurants, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 240 | 49,977 | 49,442 | 1,425 | ||||||||
| Domino's Pizza, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 49 | 14,711 | 14,506 | 376 | ||||||||
| DraftKings, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 617 | 15,007 | 15,585 | 1,165 | ||||||||
| Expedia Group, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 51 | 11,011 | 13,050 | 3,163 | ||||||||
| Grand Canyon Education, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 420 | 65,420 | 60,106 | (2,745) | ||||||||
| Las Vegas Sands Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 896 | 45,065 | 41,386 | (1,995) | ||||||||
| Lindblad Expeditions Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 541 | 10,880 | 15,278 | 4,896 | ||||||||
| Marriott International, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 27 | 9,986 | 10,006 | 404 | ||||||||
| McDonald's Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 273 | 79,220 | 73,795 | (2,080) | ||||||||
| Monarch Casino & Resort, Inc. | USFF -0.250% | Weekly | MS | 01/07/27 | 89 | 8,549 | 11,713 | 3,656 | ||||||||
| Penn Entertainment, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 5,510 | 79,139 | 117,694 | 42,408 | ||||||||
| Perdoceo Education Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,013 | 68,966 | 64,416 | (1,544) | ||||||||
| Planet Fitness, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 395 | 24,987 | 20,607 | (3,842) | ||||||||
| Restaurant Brands International, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 110 | 7,953 | 7,976 | 326 | ||||||||
| Six Flags Entertainment Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 4,274 | 90,105 | 91,036 | 4,473 | ||||||||
| Starbucks Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 57 | 5,419 | 5,825 | 723 | ||||||||
| Strategic Education, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 479 | 37,235 | 36,701 | 1,433 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Services — (continued) | ||||||||||||||||
| Texas Roadhouse, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 210 | $34,840 | $40,578 | $7,694 | ||||||||
| Yum! Brands, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 65 | 10,035 | 10,391 | 742 | ||||||||
| 34,124 | 898,668 | 932,164 | 72,333 | |||||||||||||
| Consumer Staples Distribution & Retail | ||||||||||||||||
| Casey's General Stores, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 102 | 80,355 | 81,069 | 3,871 | ||||||||
| Costco Wholesale Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 68 | 64,437 | 63,612 | 1,705 | ||||||||
| Ingles Markets, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 99 | 8,617 | 8,769 | 481 | ||||||||
| Kroger Co. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 51 | 3,125 | 2,832 | (267) | ||||||||
| Sysco Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 371 | 29,394 | 31,008 | 2,763 | ||||||||
| Target Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 505 | 54,933 | 65,958 | 14,291 | ||||||||
| United Natural Foods, Inc. | USFF +0.250% | Weekly | MS | 09/13/29 | 1,825 | 60,927 | 83,348 | 24,812 | ||||||||
| Walmart, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 382 | 49,830 | 43,265 | (4,372) | ||||||||
| 3,403 | 351,618 | 379,861 | 43,284 | |||||||||||||
| Energy | ||||||||||||||||
| APA Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,054 | 107,365 | 99,469 | (3,674) | ||||||||
| Archrock, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 241 | 8,119 | 9,811 | 3,137 | ||||||||
| Baker Hughes Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,863 | 248,531 | 214,397 | (24,290) | ||||||||
| Baytex Energy Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 22,983 | 95,909 | 91,932 | 80 | ||||||||
| Bristow Group, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 158 | 6,920 | 6,529 | (111) | ||||||||
| Cameco Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 2,892 | 298,510 | 294,579 | 7,691 | ||||||||
| CNX Resources Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 6,764 | 245,013 | 229,503 | (6,141) | ||||||||
| ConocoPhillips | USFF +0.250% | Weekly | MS | 01/21/31 | 1,010 | 109,594 | 105,000 | (284) | ||||||||
| Core Natural Resources, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 54 | 4,394 | 4,321 | 90 | ||||||||
| Dorian LPG Ltd. (Marshall Islands) | USFF +0.250% | Weekly | MS | 01/21/31 | 113 | 4,114 | 3,930 | (32) | ||||||||
| DT Midstream, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 245 | 34,380 | 35,951 | 3,230 | ||||||||
| Energy Fuels, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,294 | 20,690 | 18,763 | (1,445) | ||||||||
| EQT Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,026 | 54,227 | 54,552 | 2,140 | ||||||||
| Expand Energy Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,654 | 158,263 | 150,828 | (926) | ||||||||
| Exxon Mobil Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 384 | 56,626 | 52,500 | (1,848) | ||||||||
| Green Plains, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 1,849 | 26,194 | 28,438 | 3,254 | ||||||||
| Gulfport Energy Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 591 | 103,598 | 100,293 | 498 | ||||||||
| Halliburton Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,247 | 82,070 | 76,286 | (2,539) | ||||||||
| Helix Energy Solutions Group, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,162 | 31,182 | 27,636 | (2,327) | ||||||||
| HF Sinclair Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 956 | 67,416 | 66,585 | 1,962 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Energy — (continued) | ||||||||||||||||
| Innovex International, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 546 | $12,453 | $13,541 | $1,569 | ||||||||
| Kinder Morgan, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 188 | 5,814 | 6,010 | 498 | ||||||||
| Kosmos Energy Ltd. | USFF +0.250% | Weekly | MS | 01/21/31 | 44,342 | 127,397 | 93,562 | (28,823) | ||||||||
| Nabors Industries Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 01/21/31 | 793 | 80,339 | 66,620 | (10,588) | ||||||||
| Noble Corp. PLC (United Kingdom) | USFF +0.250% | Weekly | MS | 01/21/31 | 2,055 | 100,809 | 76,652 | (19,430) | ||||||||
| Nordic American Tankers Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 01/21/31 | 3,419 | 18,867 | 18,941 | 1,172 | ||||||||
| NOV, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 164 | 3,035 | 3,042 | 116 | ||||||||
| Occidental Petroleum Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 1,153 | 51,418 | 56,001 | 7,166 | ||||||||
| Oceaneering International, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,742 | 61,467 | 70,586 | 11,675 | ||||||||
| Pembina Pipeline Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,176 | 55,813 | 54,390 | 1,229 | ||||||||
| Range Resources Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 6,622 | 266,032 | 246,272 | (8,507) | ||||||||
| SFL Corp. Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 07/18/30 | 4,110 | 42,707 | 41,922 | 1,980 | ||||||||
| SLB Ltd. (Curacao) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,445 | 70,826 | 67,178 | (866) | ||||||||
| TechnipFMC PLC (United Kingdom) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,268 | 88,061 | 84,068 | (618) | ||||||||
| Tidewater, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 26 | 1,719 | 1,732 | 71 | ||||||||
| Transocean Ltd. (Switzerland) | USFF +0.250% | Weekly | MS | 01/21/31 | 12,672 | 76,442 | 61,966 | (11,976) | ||||||||
| Valero Energy Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 280 | 46,415 | 72,923 | 29,209 | ||||||||
| Vermilion Energy, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 3,569 | 42,593 | 33,442 | (7,214) | ||||||||
| Weatherford International PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/21/31 | 408 | 36,817 | 33,252 | (2,123) | ||||||||
| 140,518 | 2,952,139 | 2,773,403 | (56,995) | |||||||||||||
| Financial Services | ||||||||||||||||
| Berkshire Hathaway, Inc., Class B | USFF +0.250% | Weekly | MS | 08/31/26 | 181 | 51,335 | 90,571 | 41,249 | ||||||||
| Cboe Global Markets, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 567 | 161,280 | 137,594 | (17,339) | ||||||||
| CME Group, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 437 | 109,780 | 96,503 | (8,506) | ||||||||
| Corpay, Inc. | USFF +0.250% | Weekly | MS | 09/13/29 | 264 | 83,957 | 87,983 | 7,326 | ||||||||
| Donnelley Financial Solutions, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 272 | 12,549 | 11,410 | (698) | ||||||||
| Euronet Worldwide, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 118 | 7,714 | 8,636 | 1,302 | ||||||||
| Fidelity National Information Services, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 472 | 18,419 | 18,351 | 764 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Financial Services — (continued) | ||||||||||||||||
| Fiserv, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 752 | $39,764 | $36,886 | $(1,321) | ||||||||
| Flywire Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 3,065 | 42,991 | 53,852 | 12,640 | ||||||||
| Franklin Resources, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 792 | 17,441 | 26,350 | 13,455 | ||||||||
| Intercontinental Exchange, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 271 | 40,336 | 33,363 | (5,269) | ||||||||
| Jack Henry & Associates, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 76 | 9,553 | 10,468 | 1,369 | ||||||||
| Mastercard, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 65 | 32,268 | 33,384 | 2,254 | ||||||||
| Morningstar, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 34 | 5,276 | 5,305 | 226 | ||||||||
| MSCI, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 33 | 18,684 | 18,481 | 524 | ||||||||
| Nasdaq, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 228 | 18,329 | 17,971 | 354 | ||||||||
| NCR Atleos Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 58 | 2,500 | 2,518 | 106 | ||||||||
| Paymentus Holdings, Inc., Class A | USFF +0.250% | Weekly | MS | 01/17/30 | 2,608 | 76,422 | 63,009 | (10,672) | ||||||||
| PayPal Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 880 | 39,723 | 37,998 | (49) | ||||||||
| T Rowe Price Group, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 233 | 23,381 | 26,490 | 8,739 | ||||||||
| Visa, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 140 | 44,288 | 48,033 | 5,609 | ||||||||
| 11,546 | 855,990 | 865,156 | 52,063 | |||||||||||||
| Food, Beverage & Tobacco | ||||||||||||||||
| Altria Group, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 10 | 691 | 720 | 115 | ||||||||
| Archer-Daniels-Midland Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 97 | 6,852 | 7,411 | 901 | ||||||||
| Brown-Forman Corp., Class B | USFF +0.250% | Weekly | MS | 01/21/31 | 929 | 24,344 | 24,758 | 1,422 | ||||||||
| Darling Ingredients, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,703 | 96,837 | 93,018 | (12) | ||||||||
| Flowers Foods, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,347 | 18,154 | 18,541 | 1,233 | ||||||||
| General Mills, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 52 | 1,795 | 1,810 | 77 | ||||||||
| Hershey Co. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 288 | 51,526 | 50,530 | 1,228 | ||||||||
| Hormel Foods Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,468 | 52,655 | 61,256 | 11,259 | ||||||||
| Ingredion, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 4 | 379 | 379 | 4 | ||||||||
| J & J Snack Foods Corp. | USFF -0.250% | Weekly | MS | 09/17/29 | 164 | 13,763 | 12,046 | (881) | ||||||||
| J M Smucker Co. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 612 | 57,455 | 68,850 | 14,487 | ||||||||
| Marzetti Company (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 298 | 34,541 | 34,020 | 1,010 | ||||||||
| Molson Coors Beverage Co., Class B | USFF +0.250% | Weekly | MS | 08/31/26 | 725 | 36,093 | 28,246 | (4,780) | ||||||||
| Mondelez International, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 178 | 10,413 | 10,296 | 298 | ||||||||
| National Beverage Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 132 | 4,241 | 4,118 | 35 | ||||||||
| PepsiCo, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 402 | 57,030 | 54,431 | 694 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Food, Beverage & Tobacco — (continued) | ||||||||||||||||
| Simply Good Foods Co. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 2,532 | $38,252 | $33,625 | $(3,406) | ||||||||
| Smithfield Foods, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 176 | 4,648 | 4,270 | (151) | ||||||||
| Tyson Foods, Inc., Class A | USFF +0.250% | Weekly | MS | 07/18/30 | 193 | 10,551 | 11,049 | 991 | ||||||||
| Vita Coco Co., Inc. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 30 | 2,092 | 1,984 | (35) | ||||||||
| Westrock Coffee Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 186 | 1,585 | 1,508 | (24) | ||||||||
| 13,526 | 523,897 | 522,866 | 24,465 | |||||||||||||
| Health Care Equipment & Services | ||||||||||||||||
| Addus HomeCare Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 238 | 21,984 | 23,912 | 2,794 | ||||||||
| agilon health, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 463 | 47,928 | 49,624 | 3,576 | ||||||||
| Align Technology, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 685 | 111,999 | 115,532 | 7,939 | ||||||||
| AMN Healthcare Services, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,224 | 94,822 | 104,361 | 13,267 | ||||||||
| Becton Dickinson & Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,135 | 163,249 | 171,760 | 17,684 | ||||||||
| Boston Scientific Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 4,428 | 210,387 | 188,987 | (13,116) | ||||||||
| BrightSpring Health Services, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 4,225 | 241,528 | 294,652 | 62,634 | ||||||||
| Butterfly Network, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 21,201 | 78,269 | 178,512 | 103,319 | ||||||||
| Cencora, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 31 | 8,325 | 8,772 | 768 | ||||||||
| Centene Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 320 | 18,692 | 20,541 | 2,576 | ||||||||
| Chemed Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 18 | 7,548 | 8,383 | 2,415 | ||||||||
| CONMED Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 139 | 4,814 | 4,549 | (122) | ||||||||
| CorVel Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 36 | 2,180 | 2,251 | 129 | ||||||||
| CVS Health Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 583 | 53,496 | 60,311 | 9,062 | ||||||||
| DaVita, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 6 | 808 | 1,335 | 548 | ||||||||
| Dexcom, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 146 | 10,096 | 9,833 | 125 | ||||||||
| Elevance Health, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 7 | 2,231 | 2,707 | 598 | ||||||||
| Enovis Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 572 | 12,376 | 11,840 | (58) | ||||||||
| Ensign Group, Inc. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 236 | 37,583 | 37,831 | 1,735 | ||||||||
| Guardant Health, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 782 | 99,914 | 117,323 | 21,338 | ||||||||
| HealthEquity, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 487 | 39,097 | 43,986 | 6,450 | ||||||||
| Hinge Health, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 2 | 166 | 166 | (4) | ||||||||
| Humana, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 11 | 4,071 | 4,369 | 456 | ||||||||
| IDEXX Laboratories, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 8 | 4,199 | 4,212 | 168 | ||||||||
| Insulet Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 456 | 89,043 | 69,426 | (16,776) | ||||||||
| Labcorp Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 12 | 3,038 | 3,360 | 525 | ||||||||
| LeMaitre Vascular, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 251 | 22,679 | 24,086 | 2,328 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Health Care Equipment & Services — (continued) | ||||||||||||||||
| LifeStance Health Group, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 2,471 | $17,185 | $26,464 | $10,111 | ||||||||
| Medtronic PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,425 | 114,853 | 111,478 | 2,085 | ||||||||
| Nutex Health, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 110 | 13,824 | 18,798 | 5,615 | ||||||||
| Omnicell, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 357 | 14,067 | 14,823 | 1,300 | ||||||||
| Pediatrix Medical Group, Inc. | USFF +0.250% | Weekly | MS | 03/12/29 | 1,567 | 23,561 | 39,692 | 17,271 | ||||||||
| Penumbra, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 72 | 23,217 | 22,734 | 407 | ||||||||
| Privia Health Group, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 1,213 | 25,226 | 31,210 | 7,077 | ||||||||
| Progyny, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 3,363 | 62,905 | 96,955 | 37,019 | ||||||||
| ResMed, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 287 | 58,404 | 55,931 | (810) | ||||||||
| Schrodinger, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 650 | 7,880 | 10,563 | 3,065 | ||||||||
| Solventum Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 982 | 70,001 | 75,761 | 8,510 | ||||||||
| Teladoc Health, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 12 | 103 | 102 | (8) | ||||||||
| Teleflex, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 53 | 6,761 | 6,718 | 214 | ||||||||
| Tenet Healthcare Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 582 | 103,987 | 108,881 | 8,597 | ||||||||
| UnitedHealth Group, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 90 | 35,025 | 37,407 | 3,977 | ||||||||
| Universal Health Services, Inc., Class B | USFF +0.250% | Weekly | MS | 07/18/30 | 167 | 31,917 | 24,831 | (5,967) | ||||||||
| Veeva Systems, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 375 | 59,009 | 66,551 | 10,139 | ||||||||
| Waystar Holding Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 2,966 | 79,483 | 60,892 | (16,143) | ||||||||
| 56,444 | 2,137,930 | 2,372,412 | 322,817 | |||||||||||||
| Household & Personal Products | ||||||||||||||||
| Church & Dwight Co., Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 217 | 18,118 | 21,023 | 4,096 | ||||||||
| Colgate-Palmolive Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 765 | 69,069 | 70,135 | 4,221 | ||||||||
| Estee Lauder Cos., Inc. (The), Class A | USFF -0.250% | Weekly | MS | 01/10/28 | 1,612 | 131,784 | 127,267 | 656 | ||||||||
| Interparfums, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 19 | 1,652 | 2,125 | 655 | ||||||||
| Procter & Gamble Co. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 120 | 17,554 | 17,597 | 751 | ||||||||
| 2,733 | 238,177 | 238,147 | 10,379 | |||||||||||||
| Materials | ||||||||||||||||
| Agnico Eagle Mines Ltd. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 170 | 27,672 | 26,372 | (207) | ||||||||
| Alamos Gold, Inc., Class A (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 421 | 14,437 | 12,773 | (1,099) | ||||||||
| Albemarle Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,620 | 457,253 | 353,779 | (84,665) | ||||||||
| Alcoa Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 411 | 21,910 | 21,430 | 373 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Materials — (continued) | ||||||||||||||||
| Almonty Industries, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 868 | $16,141 | $14,374 | $(1,241) | ||||||||
| Aura Minerals, Inc. (British Virgin Islands) | USFF +0.250% | Weekly | MS | 01/21/31 | 448 | 28,208 | 28,202 | 1,096 | ||||||||
| Avery Dennison Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 3 | 483 | 487 | 83 | ||||||||
| Avino Silver & Gold Mines Ltd. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,816 | 11,534 | 11,513 | 424 | ||||||||
| Barrick Mining Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 2,943 | 118,151 | 108,096 | (5,039) | ||||||||
| CF Industries Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 162 | 18,114 | 17,538 | 128 | ||||||||
| Compass Minerals International, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 944 | 28,090 | 29,387 | 2,399 | ||||||||
| Constellium SE (France) | USFF +0.250% | Weekly | MS | 01/21/31 | 31 | 983 | 988 | 34 | ||||||||
| CRH PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/21/31 | 13 | 1,460 | 1,391 | (21) | ||||||||
| DuPont de Nemours, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 1,735 | 230,376 | 235,335 | 14,031 | ||||||||
| Eastman Chemical Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 328 | 22,974 | 21,969 | (105) | ||||||||
| Ecovyst, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 4,979 | 66,698 | 61,989 | (2,090) | ||||||||
| First Majestic Silver Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 4,816 | 93,006 | 81,679 | (7,639) | ||||||||
| Fortuna Mining Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 8,006 | 75,325 | 67,651 | (4,715) | ||||||||
| Freeport-McMoRan, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 268 | 18,202 | 16,855 | (640) | ||||||||
| Graphic Packaging Holding Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 5,391 | 55,989 | 56,983 | 3,707 | ||||||||
| Hecla Mining Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,344 | 23,586 | 20,738 | (1,924) | ||||||||
| Hudbay Minerals, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 3,568 | 83,002 | 84,240 | 4,516 | ||||||||
| Huntsman Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 382 | 4,526 | 4,057 | (301) | ||||||||
| IAMGOLD Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 7,158 | 138,951 | 113,383 | (20,181) | ||||||||
| Ingevity Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 335 | 18,864 | 25,014 | 7,047 | ||||||||
| International Flavors & Fragrances, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 602 | 44,539 | 47,690 | 5,159 | ||||||||
| International Paper Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 409 | 13,114 | 15,583 | 3,070 | ||||||||
| Kaiser Aluminum Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 177 | 31,720 | 34,627 | 4,151 | ||||||||
| Kinross Gold Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,167 | 31,652 | 27,565 | (2,828) | ||||||||
| Koppers Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 125 | 5,235 | 5,613 | 579 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Materials — (continued) | ||||||||||||||||
| Kronos Worldwide, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1 | $6 | $6 | $(10) | ||||||||
| Linde PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/21/31 | 100 | 48,403 | 51,894 | 5,598 | ||||||||
| LSB Industries, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,318 | 18,744 | 14,248 | (3,767) | ||||||||
| LyondellBasell Industries NV, Class A (Netherlands) | USFF +0.250% | Weekly | MS | 01/21/31 | 2,465 | 169,314 | 129,782 | (31,859) | ||||||||
| Newmont Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,083 | 116,402 | 101,152 | (10,493) | ||||||||
| Nucor Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 167 | 37,523 | 37,199 | 1,230 | ||||||||
| Nutrien Ltd. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 52 | 3,174 | 3,273 | 239 | ||||||||
| OceanaGold Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 44 | 1,193 | 1,104 | (53) | ||||||||
| Olin Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,788 | 43,869 | 35,438 | (6,534) | ||||||||
| Orla Mining Ltd. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 450 | 4,312 | 4,406 | 254 | ||||||||
| Pan American Silver Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 2,038 | 108,046 | 91,282 | (12,299) | ||||||||
| Reliance, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 12 | 4,494 | 4,483 | 157 | ||||||||
| Scotts Miracle-Gro Co. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 86 | 5,084 | 5,857 | 1,229 | ||||||||
| Southern Copper Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 125 | 21,437 | 21,783 | 1,216 | ||||||||
| SSR Mining, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 3,110 | 91,996 | 87,951 | (429) | ||||||||
| Steel Dynamics, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 484 | 97,731 | 111,059 | 17,621 | ||||||||
| Teck Resources Ltd., Class B (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,828 | 105,529 | 108,693 | 7,456 | ||||||||
| TriMas Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,318 | 51,576 | 59,350 | 9,823 | ||||||||
| Vulcan Materials Co. | USFF +0.250% | Weekly | MS | 01/17/30 | 53 | 14,448 | 15,636 | 1,787 | ||||||||
| Wheaton Precious Metals Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 409 | 53,638 | 45,939 | (5,541) | ||||||||
| 68,571 | 2,699,114 | 2,477,836 | (110,273) | |||||||||||||
| Media & Entertainment | ||||||||||||||||
| Alphabet, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 297 | 100,357 | 106,139 | 9,829 | ||||||||
| Cargurus, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,121 | 31,303 | 38,215 | 9,183 | ||||||||
| Charter Communications, Inc., Class A | USFF +0.250% | Weekly | MS | 07/18/30 | 330 | 58,205 | 46,929 | (8,991) | ||||||||
| EchoStar Corp., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 494 | 61,964 | 50,141 | (9,391) | ||||||||
| Electronic Arts, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 98 | 19,617 | 20,094 | 1,338 | ||||||||
| Fox Corp., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 2,008 | 106,553 | 104,737 | 2,376 | ||||||||
| Grindr, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 566 | 5,929 | 8,133 | 2,591 | ||||||||
| Liberty Media Corp.-Liberty Formula One, Class C | USFF +0.250% | Weekly | MS | 01/21/31 | 93 | 8,045 | 8,848 | 1,151 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Media & Entertainment — (continued) | ||||||||||||||||
| Meta Platforms, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 166 | $94,861 | $93,506 | $2,463 | ||||||||
| Netflix, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 521 | 38,398 | 37,199 | 305 | ||||||||
| New York Times Co. (The), Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 15 | 1,059 | 1,050 | 29 | ||||||||
| News Corp., Class A | USFF +0.250% | Weekly | MS | 07/18/30 | 422 | 10,653 | 10,478 | 262 | ||||||||
| Pinterest, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 1,362 | 27,021 | 28,643 | 2,870 | ||||||||
| Reddit, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 836 | 135,484 | 145,113 | 14,960 | ||||||||
| Roku, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 669 | 82,699 | 92,416 | 13,483 | ||||||||
| Scholastic Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 292 | 11,605 | 13,432 | 2,324 | ||||||||
| Trade Desk, Inc. (The), Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 10,240 | 202,883 | 185,139 | (9,756) | ||||||||
| Walt Disney Co. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 56 | 5,401 | 5,390 | 192 | ||||||||
| Warner Bros Discovery, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 421 | 11,370 | 11,224 | 292 | ||||||||
| Warner Music Group Corp., Class A | USFF +0.250% | Weekly | MS | 07/18/30 | 2,717 | 73,199 | 73,549 | 3,556 | ||||||||
| ZoomInfo Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,972 | 9,118 | 8,708 | (93) | ||||||||
| 25,696 | 1,095,724 | 1,089,083 | 38,973 | |||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||||||||||||
| 10X Genomics, Inc., Class A | USFF +0.250% | Weekly | MS | 07/18/30 | 3,359 | 62,455 | 128,784 | 68,949 | ||||||||
| Absci Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,283 | 18,866 | 26,460 | 8,327 | ||||||||
| Adaptive Biotechnologies Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,265 | 22,336 | 27,134 | 5,669 | ||||||||
| Agilent Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,186 | 150,120 | 157,536 | 13,611 | ||||||||
| ANI Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 170 | 13,176 | 14,073 | 1,521 | ||||||||
| Aurinia Pharmaceuticals, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 212 | 3,240 | 3,598 | 555 | ||||||||
| Beam Therapeutics, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 387 | 13,280 | 13,282 | 515 | ||||||||
| Biogen, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 129 | 25,273 | 27,872 | 3,769 | ||||||||
| CareDx, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 1,014 | 16,111 | 28,899 | 14,023 | ||||||||
| Collegium Pharmaceutical, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 1,788 | 68,072 | 64,726 | (767) | ||||||||
| CryoPort, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 236 | 3,564 | 3,705 | 271 | ||||||||
| Cytokinetics, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 94 | 7,794 | 8,008 | 511 | ||||||||
| Design Therapeutics, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 59 | 821 | 854 | 55 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences — (continued) | ||||||||||||||||
| Elanco Animal Health, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,051 | $22,457 | $25,865 | $4,283 | ||||||||
| Eton Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 305 | 9,309 | 11,041 | 2,095 | ||||||||
| Fortrea Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,502 | 38,044 | 43,535 | 6,980 | ||||||||
| Gilead Sciences, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 972 | 120,562 | 122,802 | 7,687 | ||||||||
| GRAIL, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 249 | 16,756 | 16,999 | 894 | ||||||||
| Harmony Biosciences Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 156 | 4,039 | 5,680 | 1,994 | ||||||||
| ImmunityBio, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 4,635 | 37,313 | 40,579 | 4,728 | ||||||||
| Immunovant, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 852 | 30,133 | 32,828 | 3,872 | ||||||||
| Indivior Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 647 | 18,915 | 26,546 | 8,977 | ||||||||
| IQVIA Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 50 | 8,135 | 9,661 | 2,167 | ||||||||
| Kiniksa Pharmaceuticals International PLC (United Kingdom) | USFF +0.250% | Weekly | MS | 01/21/31 | 25 | 1,169 | 1,599 | 579 | ||||||||
| Kymera Therapeutics, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 13 | 1,451 | 1,491 | 87 | ||||||||
| Ligand Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3 | 626 | 948 | 444 | ||||||||
| Liquidia Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 380 | 14,089 | 30,297 | 17,782 | ||||||||
| Merck & Co., Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 359 | 39,711 | 46,132 | 8,405 | ||||||||
| Neurocrine Biosciences, Inc. | USFF -0.250% | Weekly | MS | 01/17/30 | 64 | 10,121 | 10,786 | 1,247 | ||||||||
| Nuvation Bio, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 5,600 | 28,591 | 31,808 | 4,334 | ||||||||
| Pfizer, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,426 | 58,437 | 58,418 | 2,275 | ||||||||
| Regeneron Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 255 | 159,598 | 159,003 | 4,437 | ||||||||
| Rhythm Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 21 | 2,272 | 2,332 | 139 | ||||||||
| Roivant Sciences Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 01/21/31 | 165 | 5,684 | 5,839 | 369 | ||||||||
| SELLAS Life Sciences Group, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,350 | 22,734 | 34,686 | 12,838 | ||||||||
| Septerna, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 137 | 4,734 | 4,588 | 31 | ||||||||
| Thermo Fisher Scientific, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 94 | 45,601 | 47,128 | 3,376 | ||||||||
| Viatris, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 5,097 | 82,209 | 80,940 | 2,087 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences — (continued) | ||||||||||||||||
| Xeris Biopharma Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 736 | $4,545 | $5,829 | $1,474 | ||||||||
| Zoetis, Inc. | USFF -0.250% | Weekly | MS | 07/11/28 | 457 | 53,828 | 32,840 | (18,667) | ||||||||
| 41,783 | 1,246,171 | 1,395,131 | 201,923 | |||||||||||||
| Semiconductors & Semiconductor Equipment | ||||||||||||||||
| Advanced Micro Devices, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 434 | 177,953 | 252,115 | 81,167 | ||||||||
| Analog Devices, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 72 | 22,048 | 28,596 | 7,582 | ||||||||
| Broadcom, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 500 | 198,287 | 188,875 | (1,004) | ||||||||
| Cirrus Logic, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 452 | 69,652 | 67,136 | 219 | ||||||||
| Cohu, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,313 | 123,041 | 170,954 | 52,753 | ||||||||
| Credo Technology Group Holding Ltd. (Cayman Islands) | USFF +0.250% | Weekly | MS | 01/21/31 | 180 | 39,281 | 48,951 | 12,687 | ||||||||
| First Solar, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 227 | 56,423 | 53,563 | (646) | ||||||||
| Ichor Holdings Ltd. (Cayman Islands) | USFF +0.250% | Weekly | MS | 01/21/31 | 204 | 8,423 | 22,905 | 17,616 | ||||||||
| Lam Research Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 106 | 40,126 | 45,933 | 7,379 | ||||||||
| Marvell Technology, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 640 | 159,001 | 190,650 | 37,906 | ||||||||
| MaxLinear, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 124 | 4,077 | 15,876 | 14,142 | ||||||||
| Microchip Technology, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 107 | 9,589 | 9,758 | 537 | ||||||||
| Micron Technology, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 366 | 195,006 | 422,470 | 235,184 | ||||||||
| Monolithic Power Systems, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 48 | 72,361 | 66,353 | (3,069) | ||||||||
| NVIDIA Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 1,438 | 280,900 | 287,729 | 18,267 | ||||||||
| NXP Semiconductors NV (Netherlands) | USFF +0.250% | Weekly | MS | 01/21/31 | 469 | 133,612 | 131,803 | 3,667 | ||||||||
| ON Semiconductor Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 185 | 16,754 | 17,490 | 1,386 | ||||||||
| Qnity Electronics, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 98 | 15,242 | 16,004 | 1,354 | ||||||||
| QUALCOMM, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 806 | 161,183 | 148,941 | (5,263) | ||||||||
| SiTime Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 118 | 44,331 | 87,976 | 46,356 | ||||||||
| Skyworks Solutions, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 33 | 2,337 | 2,237 | 21 | ||||||||
| Texas Instruments, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 585 | 148,408 | 174,371 | 27,576 | ||||||||
| Universal Display Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 753 | 68,994 | 65,202 | (725) | ||||||||
| 10,258 | 2,047,029 | 2,515,888 | 555,092 | |||||||||||||
| Software & Services | ||||||||||||||||
| Accenture PLC, Class A (Ireland) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,010 | 172,034 | 125,684 | (42,649) | ||||||||
| Adobe, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 212 | 43,707 | 43,464 | 1,470 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Software & Services — (continued) | ||||||||||||||||
| Akamai Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,418 | $183,928 | $167,622 | $(9,065) | ||||||||
| Alarm.com Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 128 | 5,639 | 5,980 | 557 | ||||||||
| Appian Corp., Class A | USFF +0.250% | Weekly | MS | 09/13/29 | 5,696 | 166,271 | 130,438 | (29,288) | ||||||||
| Arteris, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 370 | 15,873 | 17,978 | 2,721 | ||||||||
| Asana, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 2,300 | 18,569 | 16,100 | (1,820) | ||||||||
| Atlassian Corp., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 1,174 | 98,137 | 91,325 | (2,953) | ||||||||
| Autodesk, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 860 | 190,771 | 167,201 | (16,059) | ||||||||
| AvePoint, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,757 | 37,940 | 42,116 | 5,703 | ||||||||
| Bentley Systems, Inc., Class B | USFF +0.250% | Weekly | MS | 01/21/31 | 733 | 23,848 | 21,909 | (968) | ||||||||
| Blackbaud, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 2,235 | 100,278 | 66,201 | (31,452) | ||||||||
| Box, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 3,140 | 76,593 | 83,336 | 9,770 | ||||||||
| CCC Intelligent Solutions Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,557 | 17,109 | 18,354 | 2,009 | ||||||||
| Clear Secure, Inc., Class A | USFF +0.250% | Weekly | MS | 07/18/30 | 705 | 31,452 | 39,290 | 9,256 | ||||||||
| Cognizant Technology Solutions Corp., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 1,366 | 86,226 | 52,905 | (29,488) | ||||||||
| Descartes Systems Group, Inc. (The) (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 71 | 4,889 | 4,916 | 209 | ||||||||
| EPAM Systems, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 416 | 45,889 | 33,010 | (11,141) | ||||||||
| Five9, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,789 | 80,451 | 80,781 | 3,492 | ||||||||
| Gartner, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 83 | 11,450 | 10,758 | (250) | ||||||||
| Gen Digital, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,341 | 24,745 | 33,377 | 10,060 | ||||||||
| Globant SA (Luxembourg) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,718 | 75,060 | 49,719 | (22,393) | ||||||||
| GoDaddy, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 1,055 | 83,621 | 89,548 | 9,502 | ||||||||
| Intuit, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 8 | 2,093 | 2,088 | 81 | ||||||||
| JFrog Ltd. (Israel) | USFF +0.250% | Weekly | MS | 01/21/31 | 23 | 1,931 | 2,090 | 242 | ||||||||
| LiveRamp Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,517 | 38,421 | 57,100 | 20,184 | ||||||||
| Microsoft Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 416 | 171,633 | 155,176 | (9,371) | ||||||||
| MongoDB, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 15 | 4,762 | 5,039 | 526 | ||||||||
| nCino, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 4,723 | 79,134 | 77,221 | 1,009 | ||||||||
| NCR Voyix Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 2,167 | 18,322 | 17,704 | 6 | ||||||||
| Nutanix, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 581 | 27,588 | 29,608 | 3,150 | ||||||||
| Open Text Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 1,670 | 38,272 | 36,991 | 592 | ||||||||
| Progress Software Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 343 | 9,832 | 11,518 | 2,131 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Software & Services — (continued) | ||||||||||||||||
| PTC, Inc. | USFF -0.250% | Weekly | MS | 09/17/29 | 1,539 | $224,726 | $174,846 | $(41,031) | ||||||||
| Q2 Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 1,714 | 97,009 | 82,443 | (11,213) | ||||||||
| Qualys, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 408 | 34,615 | 56,096 | 24,182 | ||||||||
| Quantum Computing, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 696 | 8,160 | 6,751 | (1,326) | ||||||||
| Rackspace Technology, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,396 | 11,906 | 15,646 | 4,204 | ||||||||
| RingCentral, Inc., Class A | USFF +0.250% | Weekly | MS | 01/17/30 | 792 | 25,899 | 30,872 | 6,026 | ||||||||
| Roper Technologies, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 53 | 20,143 | 17,935 | (1,566) | ||||||||
| Salesforce, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 721 | 124,408 | 112,952 | (6,378) | ||||||||
| ServiceNow, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 736 | 74,802 | 73,070 | 1,206 | ||||||||
| Snowflake, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 541 | 119,358 | 137,685 | 23,021 | ||||||||
| Sprinklr, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 1,928 | 9,994 | 9,948 | 308 | ||||||||
| SPS Commerce, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 330 | 17,181 | 18,866 | 2,367 | ||||||||
| Tenable Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,056 | 21,989 | 38,945 | 19,455 | ||||||||
| Teradata Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 5,099 | 138,814 | 176,680 | 43,498 | ||||||||
| Trimble, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,092 | 63,055 | 55,889 | (4,806) | ||||||||
| Tyler Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 203 | 61,341 | 59,369 | 436 | ||||||||
| UiPath, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 23,558 | 270,638 | 256,075 | (3,904) | ||||||||
| VeriSign, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 243 | 62,917 | 61,129 | 696 | ||||||||
| Workday, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 301 | 35,187 | 36,848 | 3,039 | ||||||||
| Zoom Communications, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,623 | 144,712 | 140,081 | 1,063 | ||||||||
| 93,626 | 3,553,322 | 3,348,673 | (64,950) | |||||||||||||
| Technology Hardware & Equipment | ||||||||||||||||
| Amphenol Corp., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 151 | 24,801 | 26,624 | 2,790 | ||||||||
| Apple, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 498 | 129,491 | 144,101 | 20,355 | ||||||||
| Arrow Electronics, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 223 | 49,191 | 47,590 | 329 | ||||||||
| Avnet, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 6 | 529 | 533 | 14 | ||||||||
| Benchmark Electronics, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 309 | 16,699 | 30,489 | 15,601 | ||||||||
| Calix, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 276 | 12,857 | 10,300 | (2,203) | ||||||||
| Celestica, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 98 | 34,486 | 35,750 | 2,614 | ||||||||
| Ciena Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 506 | 219,924 | 248,223 | 40,403 | ||||||||
| Cisco Systems, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1,196 | 142,866 | 140,482 | 3,238 | ||||||||
| Daktronics, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 320 | 5,869 | 6,259 | 619 | ||||||||
| Dell Technologies, Inc., Class C | USFF +0.250% | Weekly | MS | 01/21/31 | 28 | 10,663 | 12,081 | 1,829 | ||||||||
| Diebold Nixdorf, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 727 | 50,665 | 61,810 | 13,150 | ||||||||
| F5, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3 | 1,160 | 1,248 | 124 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Technology Hardware & Equipment — (continued) | ||||||||||||||||
| Hewlett Packard Enterprise Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 4,963 | $239,067 | $223,881 | $(5,191) | ||||||||
| HP, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 587 | 14,080 | 12,879 | (575) | ||||||||
| Keysight Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 306 | 102,821 | 107,121 | 8,343 | ||||||||
| LightPath Technologies, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 2,092 | 24,634 | 34,204 | 10,743 | ||||||||
| Littelfuse, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 24 | 10,837 | 10,928 | 508 | ||||||||
| Motorola Solutions, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 75 | 30,134 | 31,147 | 2,227 | ||||||||
| Napco Security Technologies, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 493 | 19,480 | 18,724 | 85 | ||||||||
| NetApp, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 150 | 24,512 | 23,214 | (261) | ||||||||
| nLight, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 808 | 56,307 | 56,253 | 2,070 | ||||||||
| Novanta, Inc. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 122 | 18,844 | 19,793 | 1,682 | ||||||||
| PC Connection, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 5 | 356 | 365 | 13 | ||||||||
| Seagate Technology Holdings PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/21/31 | 64 | 60,408 | 61,760 | 3,723 | ||||||||
| TE Connectivity PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/21/31 | 361 | 72,658 | 72,781 | 3,266 | ||||||||
| Teledyne Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 75 | 47,749 | 50,018 | 4,182 | ||||||||
| Ubiquiti, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 18 | 10,408 | 9,613 | (396) | ||||||||
| Viavi Solutions, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 373 | 17,860 | 17,811 | 645 | ||||||||
| Vishay Intertechnology, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 2,466 | 146,911 | 132,621 | (8,329) | ||||||||
| Vistance Networks, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 8,919 | 103,693 | 113,985 | 16,814 | ||||||||
| Western Digital Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 133 | 15,988 | 84,950 | 70,161 | ||||||||
| 26,375 | 1,715,948 | 1,847,538 | 208,573 | |||||||||||||
| Telecommunication Services | ||||||||||||||||
| Anterix, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 229 | 18,522 | 23,573 | 5,771 | ||||||||
| Array Digital Infrastructure, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 36 | 1,376 | 1,305 | (27) | ||||||||
| AT&T, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,362 | 79,103 | 69,593 | (6,014) | ||||||||
| Bandwidth, Inc., Class A | USFF +0.250% | Weekly | MS | 01/21/31 | 641 | 35,064 | 40,575 | 6,687 | ||||||||
| Comcast Corp., Class A | USFF +0.250% | Weekly | MS | 07/18/30 | 2,356 | 60,631 | 57,840 | 215 | ||||||||
| IDT Corp., Class B | USFF +0.250% | Weekly | MS | 07/18/30 | 81 | 3,852 | 4,711 | 1,055 | ||||||||
| Lumen Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 3,540 | 30,154 | 27,187 | (1,823) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Telecommunication Services — (continued) | ||||||||||||||||
| Rogers Communications, Inc., Class B (Canada) | USFF +0.250% | Weekly | MS | 07/18/30 | 419 | $14,028 | $13,618 | $607 | ||||||||
| T-Mobile US, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 120 | 22,723 | 20,128 | (1,560) | ||||||||
| 10,784 | 265,453 | 258,530 | 4,911 | |||||||||||||
| Transportation | ||||||||||||||||
| Allegiant Travel Co. | USFF +0.250% | Weekly | MS | 01/17/30 | 622 | 47,684 | 73,147 | 27,333 | ||||||||
| Covenant Logistics Group, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 4 | 174 | 177 | — | ||||||||
| Delta Air Lines, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 98 | 7,581 | 9,179 | 2,368 | ||||||||
| FedEx Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 107 | 34,206 | 33,505 | 637 | ||||||||
| GXO Logistics, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 19 | 932 | 963 | 61 | ||||||||
| Heartland Express, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 124 | 1,873 | 1,887 | 79 | ||||||||
| Kirby Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 24 | 3,366 | 3,263 | 20 | ||||||||
| Norfolk Southern Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 90 | 24,696 | 28,313 | 4,942 | ||||||||
| Saia, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 1 | 414 | 421 | 13 | ||||||||
| Uber Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 227 | 15,887 | 16,380 | 1,081 | ||||||||
| Union Pacific Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 131 | 33,234 | 35,632 | 3,942 | ||||||||
| United Parcel Service, Inc., Class B | USFF +0.250% | Weekly | MS | 01/21/31 | 239 | 23,515 | 25,693 | 3,496 | ||||||||
| 1,686 | 193,562 | 228,560 | 43,972 | |||||||||||||
| Utilities | ||||||||||||||||
| Alliant Energy Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 27 | 1,982 | 2,060 | 146 | ||||||||
| American States Water Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 373 | 28,491 | 30,821 | 3,593 | ||||||||
| American Water Works Co., Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 80 | 10,025 | 10,526 | 892 | ||||||||
| Atmos Energy Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 210 | 35,063 | 36,177 | 3,036 | ||||||||
| Brookfield Renewable Corp. (Canada) | USFF +0.250% | Weekly | MS | 01/21/31 | 382 | 14,026 | 14,180 | 813 | ||||||||
| CenterPoint Energy, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 978 | 39,299 | 43,071 | 5,775 | ||||||||
| Duke Energy Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 457 | 58,407 | 57,847 | 2,214 | ||||||||
| Evergy, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 58 | 4,854 | 5,013 | 340 | ||||||||
| FirstEnergy Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 470 | 23,333 | 22,344 | (4,963) | ||||||||
| National Fuel Gas Co. | USFF +0.250% | Weekly | MS | 01/21/31 | 226 | 17,365 | 17,449 | 885 | ||||||||
| OGE Energy Corp. | USFF +0.250% | Weekly | MS | 01/21/31 | 759 | 35,875 | 36,933 | 2,481 | ||||||||
| Public Service Enterprise Group, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 415 | 33,935 | 33,681 | 1,419 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Utilities — (continued) | ||||||||||||||||
| Southern Co. (The) | USFF +0.250% | Weekly | MS | 01/21/31 | 60 | $5,623 | $5,743 | $332 | ||||||||
| WEC Energy Group, Inc. | USFF +0.250% | Weekly | MS | 01/21/31 | 173 | 19,353 | 20,201 | 1,895 | ||||||||
| 4,668 | 327,631 | 336,046 | 18,858 | |||||||||||||
| Total Reference Entity — Long | 28,074,689 | 28,930,416 | 2,045,367 | |||||||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Short | ||||||||||||||||
| Automobiles & Components | ||||||||||||||||
| Aptiv PLC (Jersey) | USFF -0.250% | Weekly | MS | 03/20/31 | (760) | $(52,942) | $(46,649) | $9,153 | ||||||||
| Dauch Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (44,288) | (280,011) | (240,041) | 39,338 | ||||||||
| Dorman Products, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (3,524) | (410,436) | (480,850) | (71,335) | ||||||||
| Fox Factory Holding Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (3,307) | (56,986) | (56,037) | 802 | ||||||||
| Harley-Davidson, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,575) | (63,883) | (62,984) | 261 | ||||||||
| Rivian Automotive, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (24,580) | (376,787) | (426,463) | (50,523) | ||||||||
| Thor Industries, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,058) | (112,590) | (79,519) | 33,308 | ||||||||
| Visteon Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (492) | (53,027) | (48,811) | 4,075 | ||||||||
| XPEL, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | (107) | (5,024) | (5,307) | (304) | ||||||||
| (80,691) | (1,411,686) | (1,446,661) | (35,225) | |||||||||||||
| Capital Goods | ||||||||||||||||
| 3M Co. | USFF -0.250% | Weekly | MS | 03/20/31 | (682) | (111,384) | (110,423) | 730 | ||||||||
| Advanced Drainage Systems, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (957) | (144,306) | (150,211) | (6,235) | ||||||||
| AeroVironment, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (656) | (156,344) | (108,286) | 46,344 | ||||||||
| Alamo Group, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,392) | (217,030) | (228,970) | (12,432) | ||||||||
| Albany International Corp., Class A | USFF -0.250% | Weekly | MS | 03/18/30 | (435) | (27,941) | (32,407) | (5,293) | ||||||||
| Allient, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,061) | (95,821) | (109,209) | (13,610) | ||||||||
| Allison Transmission Holdings, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (6,083) | (707,613) | (685,797) | 18,959 | ||||||||
| Ameresco, Inc., Class A | USFF -0.250% | Weekly | MS | 07/08/27 | (5,801) | (241,551) | (160,108) | 80,909 | ||||||||
| American Superconductor Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (3,947) | (134,005) | (163,840) | (30,495) | ||||||||
| Amprius Technologies, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (18,522) | (283,276) | (256,715) | 25,922 | ||||||||
| Archer Aviation, Inc., Class A | USFF -0.262% | Weekly | MS | 09/19/30 | (16,088) | (124,596) | (76,096) | 48,213 | ||||||||
| Array Technologies, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (14,421) | (102,149) | (106,860) | (4,947) | ||||||||
| Astec Industries, Inc. | USFF -0.250% | Weekly | MS | 07/06/26 | (1,131) | (63,911) | (69,206) | (5,686) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| Atkore, Inc. | USFF -0.250% | Weekly | MS | 09/17/29 | (2,411) | $(173,414) | $(183,332) | $(12,926) | ||||||||
| Boise Cascade Co. | USFF -0.250% | Weekly | MS | 07/16/29 | (3,152) | (266,672) | (244,690) | 19,493 | ||||||||
| Cadre Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (2,590) | (87,225) | (73,841) | 12,584 | ||||||||
| Carrier Global Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,379) | (161,384) | (174,500) | (14,509) | ||||||||
| CECO Environmental Corp. | USFF -0.530% | Weekly | MS | 09/19/30 | (1,533) | (95,418) | (139,104) | (45,825) | ||||||||
| Centuri Holdings, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (18,118) | (528,263) | (547,888) | (20,808) | ||||||||
| Chart Industries, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (185) | (38,345) | (38,654) | (499) | ||||||||
| Crane Co. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,764) | (545,205) | (616,565) | (72,581) | ||||||||
| CSW Industrials, Inc. | USFF -0.250% | Weekly | MS | 09/17/29 | (613) | (180,974) | (170,598) | 9,330 | ||||||||
| DNOW, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (46,793) | (578,377) | (606,905) | (29,822) | ||||||||
| DXP Enterprises, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (1,542) | (193,902) | (260,197) | (67,794) | ||||||||
| Eaton Corp. PLC (Ireland) | USFF -0.250% | Weekly | MS | 03/20/31 | (568) | (241,322) | (242,036) | (2,338) | ||||||||
| Enpro, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (76) | (21,884) | (28,647) | (6,848) | ||||||||
| Esab Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (807) | (100,982) | (79,594) | 21,707 | ||||||||
| Eve Holding, Inc. | USFF -0.730% | Weekly | MS | 03/18/30 | (12,570) | (49,593) | (31,551) | 17,922 | ||||||||
| Federal Signal Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,372) | (161,282) | (176,288) | (16,210) | ||||||||
| Firefly Aerospace, Inc. | USFF -0.580% | Weekly | MS | 03/20/31 | (16,451) | (558,497) | (483,659) | 73,587 | ||||||||
| Fluor Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (9,257) | (463,154) | (484,974) | (22,859) | ||||||||
| Fortune Brands Innovations, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (275) | (14,468) | (15,098) | (672) | ||||||||
| Franklin Electric Co., Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (2,432) | (242,754) | (260,686) | (19,685) | ||||||||
| GATX Corp. | USFF -0.250% | Weekly | MS | 01/12/29 | (2,700) | (463,252) | (478,413) | (19,163) | ||||||||
| GE Vernova, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (345) | (371,485) | (405,327) | (34,677) | ||||||||
| General Electric Co. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,845) | (945,259) | (1,063,262) | (122,239) | ||||||||
| Gibraltar Industries, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,425) | (53,638) | (64,267) | (10,758) | ||||||||
| Graham Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (41) | (5,012) | (5,075) | (85) | ||||||||
| Herc Holdings, Inc. | USFF -0.250% | Weekly | MS | 09/17/29 | (585) | (104,349) | (83,854) | 18,055 | ||||||||
| Hillman Solutions Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (23,850) | (200,256) | (201,294) | (1,493) | ||||||||
| Hubbell, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (254) | (132,722) | (132,893) | (589) | ||||||||
| IES Holdings, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (264) | (148,849) | (193,950) | (49,493) | ||||||||
| Ingersoll Rand, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (5,587) | (437,588) | (458,078) | (21,472) | ||||||||
| Intuitive Machines, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (3,596) | (107,107) | (76,918) | 29,940 | ||||||||
| ITT, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (4,878) | (983,452) | (964,673) | 13,735 | ||||||||
| Karman Holdings, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,321) | (100,328) | (65,944) | 34,151 | ||||||||
| Kratos Defense & Security Solutions, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (14,379) | (1,069,343) | (716,937) | 350,021 | ||||||||
| Lennox International, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (222) | (124,707) | (127,195) | (3,367) | ||||||||
| Limbach Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (1,883) | (173,364) | (144,991) | 27,978 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| Lincoln Electric Holdings, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (824) | $(232,861) | $(218,780) | $12,639 | ||||||||
| Lindsay Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | (541) | (64,297) | (66,976) | (2,831) | ||||||||
| Loar Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (288) | (21,837) | (23,216) | (1,438) | ||||||||
| LSI Industries, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,494) | (36,485) | (39,711) | (3,321) | ||||||||
| Masterbrand, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (6,111) | (50,021) | (62,882) | (12,983) | ||||||||
| Mueller Water Products, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (2,820) | (73,910) | (72,841) | 798 | ||||||||
| NANO Nuclear Energy, Inc. | USFF -1.730% | Weekly | MS | 03/20/31 | (239) | (5,401) | (5,052) | 326 | ||||||||
| NuScale Power Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (10,732) | (117,562) | (107,642) | 9,649 | ||||||||
| nVent Electric PLC (Ireland) | USFF -0.250% | Weekly | MS | 03/20/31 | (142) | (20,291) | (24,085) | (5,558) | ||||||||
| Owens Corning | USFF -0.250% | Weekly | MS | 09/19/30 | (1,875) | (229,478) | (298,050) | (69,092) | ||||||||
| Power Solutions International, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (5,306) | (407,193) | (206,350) | 201,396 | ||||||||
| Preformed Line Products Co. | USFF -0.250% | Weekly | MS | 03/20/31 | (724) | (230,122) | (297,245) | (69,406) | ||||||||
| Primoris Services Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (3,789) | (502,653) | (375,566) | 129,440 | ||||||||
| Quanex Building Products Corp. | USFF -0.250% | Weekly | MS | 09/17/29 | (4,120) | (81,917) | (76,714) | 3,973 | ||||||||
| QXO, Inc. | USFF -1.880% | Weekly | MS | 03/18/30 | (7,115) | (145,150) | (122,947) | 21,871 | ||||||||
| Regal Rexnord Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (490) | (110,284) | (116,713) | (6,894) | ||||||||
| Resideo Technologies, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (4,508) | (163,404) | (140,199) | 23,011 | ||||||||
| Shoals Technologies Group, Inc., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (52,961) | (512,494) | (524,314) | (12,968) | ||||||||
| SPX Technologies, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,788) | (409,025) | (438,364) | (32,298) | ||||||||
| StandardAero, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (9,794) | (272,049) | (292,939) | (21,504) | ||||||||
| Tennant Co. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,460) | (109,606) | (127,808) | (18,922) | ||||||||
| Transcat, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (313) | (27,789) | (29,037) | (1,320) | ||||||||
| V2X, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (312) | (26,870) | (23,263) | 3,999 | ||||||||
| Valmont Industries, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (95) | (44,211) | (54,872) | (11,630) | ||||||||
| Voyager Technologies, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (574) | (17,830) | (18,512) | (731) | ||||||||
| Watts Water Technologies, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (1,225) | (402,342) | (479,526) | (78,266) | ||||||||
| Woodward, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (341) | (147,974) | (145,075) | 2,749 | ||||||||
| Worthington Enterprises, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,451) | (81,293) | (78,006) | 2,376 | ||||||||
| X-Energy, Inc. | USFF -1.530% | Weekly | MS | 03/20/31 | (2,714) | (54,330) | (49,829) | 4,370 | ||||||||
| (385,385) | (17,132,432) | (16,816,520) | 241,605 | |||||||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Commercial & Professional Services | ||||||||||||||||
| ACV Auctions, Inc., Class A | USFF -0.250% | Weekly | MS | 09/17/29 | (36,449) | $(383,836) | $(262,068) | $120,029 | ||||||||
| Barrett Business Services, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,148) | (36,996) | (40,777) | (3,904) | ||||||||
| BlackSky Technology, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (2,189) | (57,224) | (61,117) | (4,030) | ||||||||
| Boyd Group, Inc. (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (114) | (11,467) | (10,787) | 633 | ||||||||
| Brady Corp., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (334) | (31,621) | (30,584) | 863 | ||||||||
| BrightView Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (9,714) | (130,685) | (137,647) | (7,263) | ||||||||
| CACI International, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (306) | (159,310) | (141,758) | 18,722 | ||||||||
| Clarivate PLC (Jersey) | USFF -0.630% | Weekly | MS | 07/11/28 | (10,979) | (90,998) | (23,715) | 69,877 | ||||||||
| Concentrix Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (4,042) | (106,419) | (90,561) | 15,193 | ||||||||
| CoreCivic, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (15,150) | (301,517) | (460,257) | (159,420) | ||||||||
| GEO Group, Inc. (The) | USFF -0.250% | Weekly | MS | 03/20/31 | (1,087) | (19,943) | (32,121) | (13,436) | ||||||||
| GFL Environmental, Inc. (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (4,663) | (172,250) | (171,552) | 263 | ||||||||
| HNI Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (11,238) | (413,257) | (454,128) | (45,712) | ||||||||
| Huron Consulting Group, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (913) | (97,759) | (82,316) | 15,220 | ||||||||
| Insperity, Inc. | USFF -0.250% | Weekly | MS | 09/17/29 | (5,035) | (353,634) | (207,996) | 129,052 | ||||||||
| ManpowerGroup, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (2,317) | (104,271) | (78,245) | 22,635 | ||||||||
| Onterris, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (34) | (682) | (687) | (17) | ||||||||
| Parsons Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (3,241) | (192,242) | (169,796) | 22,589 | ||||||||
| Planet Labs PBC | USFF -0.250% | Weekly | MS | 03/20/31 | (2,400) | (65,489) | (79,512) | (14,179) | ||||||||
| RB Global, Inc. (Canada) | USFF -0.250% | Weekly | MS | 07/08/27 | (32) | (3,725) | (3,726) | (85) | ||||||||
| Resolute Holdings Management, Inc. | USFF -0.680% | Weekly | MS | 03/20/31 | (1,747) | (205,552) | (252,494) | (47,408) | ||||||||
| Robert Half, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,486) | (77,094) | (76,320) | 592 | ||||||||
| TIC Solutions, Inc. | USFF -1.080% | Weekly | MS | 09/19/30 | (19,886) | (157,022) | (160,878) | (4,217) | ||||||||
| TriNet Group, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (67) | (3,358) | (3,316) | 25 | ||||||||
| UniFirst Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (357) | (95,220) | (94,412) | 248 | ||||||||
| Verra Mobility Corp. | USFF -0.250% | Weekly | MS | 09/17/29 | (13,366) | (233,494) | (56,805) | 177,025 | ||||||||
| Vestis Corp. | USFF -0.250% | Weekly | MS | 09/17/29 | (13,589) | (132,902) | (197,312) | (66,784) | ||||||||
| (162,883) | (3,637,967) | (3,380,887) | 226,511 | |||||||||||||
| Consumer Discretionary Distribution & Retail | ||||||||||||||||
| Abercrombie & Fitch Co., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (1,562) | (137,573) | (140,596) | (3,339) | ||||||||
| Advance Auto Parts, Inc. | USFF -0.630% | Weekly | MS | 03/20/31 | (1,445) | (84,679) | (89,908) | (5,427) | ||||||||
| Arhaus, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,976) | (15,235) | (16,638) | (1,447) | ||||||||
| CarMax, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (23,448) | (936,034) | (1,240,165) | (306,219) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Discretionary Distribution & Retail — (continued) | ||||||||||||||||
| Carvana Co. | USFF -0.250% | Weekly | MS | 03/20/31 | (626) | $(48,905) | $(41,203) | $7,897 | ||||||||
| Dick's Sporting Goods, Inc. | USFF -0.250% | Weekly | MS | 09/17/29 | (1,240) | (291,180) | (281,244) | 4,004 | ||||||||
| Etsy, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (4,736) | (355,731) | (356,763) | (1,832) | ||||||||
| Gold.com, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,521) | (104,563) | (104,899) | (761) | ||||||||
| Groupon, Inc. | USFF -1.730% | Weekly | MS | 03/20/31 | (2,494) | (46,715) | (60,006) | (13,658) | ||||||||
| Pool Corp. | USFF +0.250% | Weekly | MS | 09/17/29 | (208) | (43,855) | (44,699) | (951) | ||||||||
| Savers Value Village, Inc. | USFF -0.250% | Weekly | MS | 09/17/29 | (15,986) | (175,396) | (161,299) | 13,541 | ||||||||
| Sonic Automotive, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (1,478) | (122,929) | (125,320) | (3,231) | ||||||||
| Upbound Group, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (4,647) | (112,556) | (98,609) | 6,875 | ||||||||
| Urban Outfitters, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (8,550) | (631,751) | (605,853) | 24,799 | ||||||||
| Winmark Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (78) | (31,692) | (33,000) | (1,389) | ||||||||
| (70,995) | (3,138,794) | (3,400,202) | (281,138) | |||||||||||||
| Consumer Durables & Apparel | ||||||||||||||||
| Acushnet Holdings Corp. | USFF -0.250% | Weekly | MS | 03/18/30 | (5,274) | (490,103) | (625,127) | (137,578) | ||||||||
| Brunswick Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,070) | (86,251) | (90,137) | (4,674) | ||||||||
| Cavco Industries, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (175) | (117,846) | (107,516) | 9,774 | ||||||||
| Crocs, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,319) | (273,151) | (279,764) | (7,230) | ||||||||
| Gildan Activewear, Inc. (Canada) | USFF -0.250% | Weekly | MS | 09/19/30 | (16,004) | (1,038,548) | (825,806) | 203,446 | ||||||||
| KB Home | USFF -0.250% | Weekly | MS | 09/19/30 | (1,311) | (76,822) | (82,055) | (6,500) | ||||||||
| Kontoor Brands, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (2,623) | (209,139) | (218,601) | (11,321) | ||||||||
| Latham Group, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (151) | (962) | (977) | (27) | ||||||||
| Leggett & Platt, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,062) | (23,009) | (24,146) | (1,202) | ||||||||
| LGI Homes, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (965) | (39,909) | (61,451) | (22,093) | ||||||||
| Mattel, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (6,374) | (132,287) | (88,471) | 45,774 | ||||||||
| SharkNinja, Inc. (Cayman Islands) | USFF -0.250% | Weekly | MS | 03/20/31 | (808) | (100,246) | (123,034) | (23,021) | ||||||||
| Steven Madden Ltd. | USFF -0.250% | Weekly | MS | 09/19/30 | (9,259) | (341,128) | (389,804) | (53,745) | ||||||||
| Under Armour, Inc., Class C | USFF -0.250% | Weekly | MS | 03/20/31 | (568) | (3,464) | (3,533) | (87) | ||||||||
| VF Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (25,846) | (436,373) | (431,111) | 1,644 | ||||||||
| Whirlpool Corp. | USFF -0.530% | Weekly | MS | 03/20/31 | (2,248) | (96,264) | (88,616) | 7,507 | ||||||||
| (77,057) | (3,465,502) | (3,440,149) | 667 | |||||||||||||
| Consumer Services | ||||||||||||||||
| Boyd Gaming Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,336) | (202,703) | (206,339) | (4,582) | ||||||||
| Cheesecake Factory, Inc. (The) | USFF -0.250% | Weekly | MS | 03/20/31 | (1,392) | (93,544) | (110,720) | (17,393) | ||||||||
| Choice Hotels International, Inc. | USFF -1.080% | Weekly | MS | 03/20/31 | (589) | (69,125) | (64,949) | 4,013 | ||||||||
| Coursera, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (28,967) | (279,210) | (163,374) | 115,206 | ||||||||
| Cracker Barrel Old Country Store, Inc. | USFF -1.180% | Weekly | MS | 09/19/30 | (2,115) | (64,741) | (112,729) | (51,029) | ||||||||
| Duolingo, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (342) | (42,849) | (39,337) | 3,668 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Services — (continued) | ||||||||||||||||
| First Watch Restaurant Group, Inc. | USFF -0.250% | Weekly | MS | 07/11/28 | (14,213) | $(236,598) | $(183,206) | $52,682 | ||||||||
| Flutter Entertainment PLC (Ireland) | USFF -0.250% | Weekly | MS | 03/20/31 | (929) | (104,372) | (94,916) | 9,214 | ||||||||
| Graham Holdings Co., Class B | USFF -0.250% | Weekly | MS | 09/19/30 | (162) | (180,982) | (184,910) | (4,424) | ||||||||
| Kura Sushi USA, Inc., Class A | USFF -0.250% | Weekly | MS | 03/18/30 | (1,173) | (94,304) | (67,518) | 27,300 | ||||||||
| Life Time Group Holdings, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (10,304) | (325,835) | (420,815) | (95,714) | ||||||||
| MGM Resorts International | USFF +0.250% | Weekly | MS | 01/21/31 | (4,884) | (238,143) | (233,504) | 3,859 | ||||||||
| Norwegian Cruise Line Holdings Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 03/18/30 | (2,251) | (53,612) | (47,519) | 5,964 | ||||||||
| OneSpaWorld Holdings Ltd. (Bahamas) | USFF -0.250% | Weekly | MS | 03/18/30 | (9,508) | (223,420) | (268,506) | (46,310) | ||||||||
| Red Rock Resorts, Inc., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (3,127) | (193,809) | (203,443) | (13,384) | ||||||||
| Service Corp. International | USFF -0.250% | Weekly | MS | 09/19/30 | (334) | (28,644) | (25,371) | 3,135 | ||||||||
| Shake Shack, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (10,436) | (631,258) | (584,625) | 45,222 | ||||||||
| Sweetgreen, Inc., Class A | USFF -0.250% | Weekly | MS | 03/18/30 | (3,242) | (48,641) | (28,562) | 21,437 | ||||||||
| United Parks & Resorts, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (755) | (32,363) | (36,044) | (3,763) | ||||||||
| Universal Technical Institute, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (4,706) | (169,879) | (201,276) | (31,784) | ||||||||
| Vail Resorts, Inc. | USFF -0.730% | Weekly | MS | 03/20/31 | (222) | (30,129) | (30,225) | (1,176) | ||||||||
| Viking Holdings Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 03/20/31 | (3,005) | (269,221) | (314,533) | (45,920) | ||||||||
| Wendy's Co. (The) | USFF -9.930% | Weekly | MS | 09/19/30 | (14,221) | (104,156) | (117,892) | (16,799) | ||||||||
| Wingstop, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (552) | (86,320) | (95,722) | (9,604) | ||||||||
| Wyndham Hotels & Resorts, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,361) | (202,363) | (198,820) | 3,084 | ||||||||
| (122,126) | (4,006,221) | (4,034,855) | (47,098) | |||||||||||||
| Consumer Staples Distribution & Retail | ||||||||||||||||
| BJ's Wholesale Club Holdings, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (7,042) | (671,327) | (614,203) | 55,453 | ||||||||
| Chefs' Warehouse, Inc. (The) | USFF -0.250% | Weekly | MS | 09/19/30 | (993) | (66,724) | (95,427) | (30,334) | ||||||||
| Grocery Outlet Holding Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (10,086) | (77,276) | (100,658) | (23,574) | ||||||||
| Maplebear, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (16,516) | (708,452) | (782,033) | (75,164) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Staples Distribution & Retail — (continued) | ||||||||||||||||
| Natural Grocers by Vitamin Cottage, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (61) | $(1,946) | $(1,892) | $39 | ||||||||
| PriceSmart, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,023) | (157,961) | (199,833) | (42,810) | ||||||||
| US Foods Holding Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,059) | (98,641) | (108,283) | (9,871) | ||||||||
| (36,780) | (1,782,327) | (1,902,329) | (126,261) | |||||||||||||
| Energy | ||||||||||||||||
| Antero Resources Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (10,511) | (409,580) | (369,357) | 40,185 | ||||||||
| Atlas Energy Solutions, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (5,710) | (125,080) | (94,843) | 22,874 | ||||||||
| BKV Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (7,153) | (191,731) | (195,706) | (4,411) | ||||||||
| Borr Drilling Ltd. (Bermuda) | USFF -0.265% | Weekly | MS | 03/20/31 | (23,257) | (102,303) | (96,051) | 6,014 | ||||||||
| BW LPG Ltd. (Singapore) | USFF -0.780% | Weekly | MS | 09/17/29 | (2,935) | (41,052) | (51,157) | (16,183) | ||||||||
| Cactus, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (8,436) | (489,247) | (432,176) | 55,219 | ||||||||
| California Resources Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (10,096) | (596,697) | (533,776) | 59,586 | ||||||||
| Canadian Natural Resources Ltd. (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (6,444) | (309,939) | (254,538) | 56,321 | ||||||||
| Cenovus Energy, Inc. (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (5,311) | (139,147) | (131,766) | 6,784 | ||||||||
| Centrus Energy Corp., Class A | USFF -0.930% | Weekly | MS | 09/19/30 | (145) | (30,694) | (24,341) | 6,710 | ||||||||
| Cheniere Energy, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (4,688) | (1,122,274) | (1,120,479) | (1,291) | ||||||||
| Chevron Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,426) | (242,917) | (236,374) | 5,994 | ||||||||
| Chord Energy Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (615) | (90,119) | (70,294) | 20,777 | ||||||||
| Comstock Resources, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (18,493) | (259,709) | (275,916) | (16,793) | ||||||||
| Crescent Energy Co., Class A | USFF -0.250% | Weekly | MS | 08/31/26 | (7,272) | (98,132) | (71,411) | 25,974 | ||||||||
| CVR Energy, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | (2,569) | (87,893) | (70,750) | 17,320 | ||||||||
| Denison Mines Corp. (Canada) | USFF -0.260% | Weekly | MS | 03/20/31 | (145,247) | (466,360) | (444,456) | 20,859 | ||||||||
| DHT Holdings, Inc. (Marshall Islands) | USFF -0.250% | Weekly | MS | 03/20/31 | (11,854) | (215,980) | (195,947) | 14,723 | ||||||||
| Enbridge, Inc. (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (3,111) | (175,041) | (168,647) | 5,604 | ||||||||
| Enerflex Ltd. (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (1,739) | (47,521) | (42,623) | 4,758 | ||||||||
| Excelerate Energy, Inc., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (3,994) | (114,022) | (151,732) | (38,661) | ||||||||
| FLEX LNG Ltd. (Bermuda) | USFF -2.230% | Weekly | MS | 09/19/30 | (1,435) | (43,439) | (40,266) | 1,415 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Energy — (continued) | ||||||||||||||||
| Flowco Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (6,406) | $(154,274) | $(136,704) | $17,068 | ||||||||
| Helmerich & Payne, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,503) | (51,133) | (49,208) | 1,176 | ||||||||
| Kinetik Holdings, Inc. | USFF -0.250% | Weekly | MS | 01/07/27 | (2,575) | (97,246) | (124,475) | (58,184) | ||||||||
| Liberty Energy, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (3,589) | (119,100) | (93,996) | 24,502 | ||||||||
| Magnolia Oil & Gas Corp., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (13,782) | (394,166) | (352,544) | 40,197 | ||||||||
| Matador Resources Co. | USFF -0.250% | Weekly | MS | 07/16/29 | (20,889) | (1,198,386) | (1,039,854) | 147,104 | ||||||||
| NextDecade Corp. | USFF -0.530% | Weekly | MS | 01/12/29 | (30,982) | (268,515) | (233,604) | 34,304 | ||||||||
| Northern Oil & Gas, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,613) | (51,867) | (47,426) | 3,154 | ||||||||
| Okeanis Eco Tankers Corp. (Marshall Islands) | USFF -1.830% | Weekly | MS | 03/20/31 | (2,528) | (128,862) | (126,703) | 713 | ||||||||
| Ovintiv, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (19,423) | (1,111,964) | (1,022,621) | 82,275 | ||||||||
| Par Pacific Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (6,406) | (406,786) | (359,248) | 46,624 | ||||||||
| Peabody Energy Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (5,416) | (139,056) | (125,218) | 13,519 | ||||||||
| Permian Resources Corp., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (37,276) | (752,845) | (686,251) | 57,303 | ||||||||
| Phillips 66 | USFF -0.250% | Weekly | MS | 03/20/31 | (1,044) | (185,938) | (176,488) | 7,879 | ||||||||
| Precision Drilling Corp. (Canada) | USFF -0.250% | Weekly | MS | 09/19/30 | (1,196) | (110,583) | (91,685) | 18,642 | ||||||||
| ProPetro Holding Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (59,066) | (842,559) | (847,006) | (6,328) | ||||||||
| RPC, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (7,828) | (51,934) | (45,637) | 6,171 | ||||||||
| Sable Offshore Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (9,834) | (97,903) | (30,289) | 67,782 | ||||||||
| Seadrill Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 09/19/30 | (1,549) | (69,139) | (58,583) | 10,641 | ||||||||
| Select Water Solutions, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (8,293) | (93,969) | (165,694) | (76,734) | ||||||||
| SM Energy Co. | USFF -0.250% | Weekly | MS | 03/20/31 | (37,474) | (1,136,733) | (978,071) | 150,882 | ||||||||
| Solaris Energy Infrastructure, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,404) | (104,858) | (112,966) | (8,494) | ||||||||
| Talos Energy, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (6,321) | (101,042) | (81,604) | 19,588 | ||||||||
| Targa Resources Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,603) | (687,776) | (697,968) | (11,730) | ||||||||
| TETRA Technologies, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (26,791) | (265,557) | (303,542) | (38,585) | ||||||||
| Uranium Energy Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,966) | (30,707) | (31,618) | (989) | ||||||||
| Valaris Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 09/19/30 | (7,936) | (767,156) | (576,154) | 190,099 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Energy — (continued) | ||||||||||||||||
| Venture Global, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (5,985) | $(68,951) | $(66,613) | $2,175 | ||||||||
| Williams Cos., Inc. (The) | USFF -0.250% | Weekly | MS | 03/20/31 | (2,176) | (166,815) | (161,764) | 3,511 | ||||||||
| (618,295) | (15,054,697) | (13,896,140) | 1,038,043 | |||||||||||||
| Financial Services | ||||||||||||||||
| Bullish (Cayman Islands) | USFF -0.880% | Weekly | MS | 03/20/31 | (1,374) | (37,424) | (32,193) | 5,138 | ||||||||
| Coinbase Global, Inc., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (7,413) | (1,356,888) | (1,083,706) | 270,159 | ||||||||
| Payoneer Global, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (27,811) | (167,117) | (198,014) | (31,279) | ||||||||
| Sezzle, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (905) | (72,299) | (155,325) | (83,196) | ||||||||
| Shift4 Payments, Inc., Class A | USFF -1.180% | Weekly | MS | 03/20/31 | (162) | (7,829) | (7,880) | (78) | ||||||||
| Toast, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (1,475) | (41,167) | (41,034) | 31 | ||||||||
| (39,140) | (1,682,724) | (1,518,152) | 160,775 | |||||||||||||
| Food, Beverage & Tobacco | ||||||||||||||||
| Bunge Global SA (Switzerland) | USFF -0.250% | Weekly | MS | 09/19/30 | (1,573) | (179,303) | (167,886) | 9,959 | ||||||||
| Cal-Maine Foods, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,216) | (99,909) | (97,961) | 1,225 | ||||||||
| JBS NV, Class A (Netherlands) | USFF -0.250% | Weekly | MS | 03/20/31 | (3,488) | (44,086) | (41,333) | 2,645 | ||||||||
| Lamb Weston Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (4,263) | (191,474) | (184,076) | 5,536 | ||||||||
| McCormick & Co., Inc., non-voting shares | USFF -0.250% | Weekly | MS | 03/20/31 | (9,986) | (532,929) | (503,494) | 25,285 | ||||||||
| Pilgrim's Pride Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (2,164) | (93,591) | (60,830) | 33,209 | ||||||||
| Turning Point Brands, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,364) | (201,693) | (200,491) | 588 | ||||||||
| Universal Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (743) | (39,586) | (38,762) | 132 | ||||||||
| Utz Brands, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (3,185) | (43,504) | (24,525) | 18,203 | ||||||||
| (28,982) | (1,426,075) | (1,319,358) | 96,782 | |||||||||||||
| Health Care Equipment & Services | ||||||||||||||||
| Abbott Laboratories | USFF -0.250% | Weekly | MS | 03/20/31 | (1,819) | (170,798) | (165,056) | 5,624 | ||||||||
| Acadia Healthcare Co., Inc. | USFF -0.250% | Weekly | MS | 07/11/28 | (1,973) | (151,846) | (58,263) | 93,236 | ||||||||
| AdaptHealth Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (10,087) | (118,587) | (105,107) | 13,207 | ||||||||
| Alphatec Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (17,912) | (142,010) | (154,939) | (13,254) | ||||||||
| Ardent Health, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (7) | (69) | (69) | (10) | ||||||||
| Artivion, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,545) | (56,467) | (34,716) | 21,822 | ||||||||
| Astrana Health, Inc. | USFF -0.250% | Weekly | MS | 09/17/29 | (2,458) | (78,991) | (114,076) | (35,286) | ||||||||
| Avanos Medical, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (3,153) | (77,891) | (78,447) | (751) | ||||||||
| Axogen, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (3,082) | (105,977) | (142,358) | (38,234) | ||||||||
| Bausch + Lomb Corp. (Canada) | USFF -0.830% | Weekly | MS | 03/18/30 | (3,224) | (47,737) | (53,389) | (5,855) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Health Care Equipment & Services — (continued) | ||||||||||||||||
| Baxter International, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (6,056) | $(105,029) | $(129,114) | $(24,389) | ||||||||
| Ceribell, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (21) | (408) | (408) | (12) | ||||||||
| Certara, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (10,876) | (61,645) | (71,238) | (9,739) | ||||||||
| DENTSPLY SIRONA, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (57,396) | (754,371) | (608,972) | 136,526 | ||||||||
| Edwards Lifesciences Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (441) | (37,898) | (39,893) | (2,090) | ||||||||
| Envista Holdings Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (9,589) | (247,527) | (252,670) | (5,703) | ||||||||
| GeneDx Holdings Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (15,246) | (928,544) | (1,046,638) | (120,166) | ||||||||
| GoodRx Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (11,480) | (25,847) | (33,062) | (7,283) | ||||||||
| Guardian Pharmacy Services, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (161) | (6,652) | (6,741) | (114) | ||||||||
| Haemonetics Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,336) | (101,840) | (100,200) | 1,179 | ||||||||
| Henry Schein, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,636) | (199,359) | (220,159) | (21,253) | ||||||||
| Hims & Hers Health, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (2,456) | (103,274) | (85,150) | 17,727 | ||||||||
| Innovage Holding Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (6) | (73) | (71) | (8) | ||||||||
| Inspire Medical Systems, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (6,876) | (434,548) | (306,738) | 126,835 | ||||||||
| Integer Holdings Corp. | USFF -0.250% | Weekly | MS | 07/06/26 | (1,371) | (140,843) | (128,120) | 12,233 | ||||||||
| Integra LifeSciences Holdings Corp. | USFF -0.250% | Weekly | MS | 07/11/28 | (14,646) | (392,484) | (263,042) | 128,113 | ||||||||
| LivaNova PLC (United Kingdom) | USFF -0.250% | Weekly | MS | 09/19/30 | (306) | (21,585) | (25,162) | (3,635) | ||||||||
| Lumexa Imaging Holdings, Inc. | USFF -0.630% | Weekly | MS | 03/20/31 | (2,398) | (20,859) | (27,049) | (6,247) | ||||||||
| Merit Medical Systems, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (529) | (36,988) | (36,681) | 215 | ||||||||
| Molina Healthcare, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,207) | (239,838) | (276,041) | (36,746) | ||||||||
| NeoGenomics, Inc. | USFF -0.250% | Weekly | MS | 01/05/27 | (12,064) | (116,891) | (176,014) | (61,194) | ||||||||
| Novocure Ltd. (Jersey) | USFF -0.250% | Weekly | MS | 01/10/28 | (11,801) | (334,416) | (178,785) | 154,684 | ||||||||
| Option Care Health, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (8,963) | (264,787) | (187,954) | 76,299 | ||||||||
| Pennant Group, Inc. (The) | USFF -0.250% | Weekly | MS | 09/19/30 | (1,155) | (37,477) | (42,677) | (5,364) | ||||||||
| Phreesia, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (12,049) | (230,861) | (123,984) | 106,560 | ||||||||
| Procept Biorobotics Corp. | USFF +0.250% | Weekly | MS | 01/12/29 | (4,376) | (150,001) | (98,810) | 50,848 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Health Care Equipment & Services — (continued) | ||||||||||||||||
| QuidelOrtho Corp. | USFF +0.250% | Weekly | MS | 07/06/26 | (3,454) | $(44,711) | $(60,497) | $(15,895) | ||||||||
| RadNet, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (3,495) | (190,998) | (215,537) | (24,973) | ||||||||
| Select Medical Holdings Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (4,223) | (69,389) | (69,722) | 68,615 | ||||||||
| Sonida Senior Living, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (4,706) | (169,167) | (192,005) | (23,224) | ||||||||
| Tandem Diabetes Care, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (13,179) | (198,113) | (198,871) | (1,208) | ||||||||
| TransMedics Group, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (879) | (65,701) | (58,383) | 7,162 | ||||||||
| UFP Technologies, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (37) | (9,576) | (9,810) | (266) | ||||||||
| US Physical Therapy, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (969) | (61,589) | (66,551) | (5,254) | ||||||||
| Zimmer Biomet Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (9,867) | (830,242) | (849,450) | (26,609) | ||||||||
| (281,510) | (7,583,904) | (7,092,619) | 526,123 | |||||||||||||
| Household & Personal Products | ||||||||||||||||
| BellRing Brands, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (13,005) | (152,542) | (168,285) | (16,091) | ||||||||
| Coty, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (14,088) | (34,604) | (30,430) | 4,155 | ||||||||
| Edgewell Personal Care Co. | USFF -0.250% | Weekly | MS | 03/18/30 | (6,603) | (175,282) | (177,357) | (6,897) | ||||||||
| Oddity Tech Ltd., Class A (Israel) | USFF -2.130% | Weekly | MS | 03/20/31 | (560) | (7,637) | (8,473) | (863) | ||||||||
| WD-40 Co. | USFF -0.250% | Weekly | MS | 09/19/30 | (375) | (91,259) | (91,365) | (557) | ||||||||
| (34,631) | (461,324) | (475,910) | (20,253) | |||||||||||||
| Materials | ||||||||||||||||
| Air Products and Chemicals, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (734) | (221,482) | (215,194) | 5,862 | ||||||||
| Amrize Ltd. (Switzerland) | USFF -0.250% | Weekly | MS | 03/20/31 | (2,509) | (135,722) | (133,730) | 1,565 | ||||||||
| AptarGroup, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (649) | (93,050) | (81,255) | 11,480 | ||||||||
| ASP Isotopes, Inc. | USFF -1.830% | Weekly | MS | 03/20/31 | (1,544) | (10,319) | (9,604) | 682 | ||||||||
| Axalta Coating Systems Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 03/20/31 | (2,571) | (87,873) | (87,980) | (341) | ||||||||
| Ball Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (11,855) | (662,901) | (739,752) | (79,822) | ||||||||
| Century Aluminum Co. | USFF -0.250% | Weekly | MS | 09/19/30 | (6,997) | (362,261) | (321,932) | 39,515 | ||||||||
| Chemours Co. (The) | USFF -0.250% | Weekly | MS | 03/20/31 | (5,513) | (148,534) | (113,127) | 35,409 | ||||||||
| Coeur Mining, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (38,901) | (741,021) | (634,864) | 106,057 | ||||||||
| Collective Mining Ltd. (Canada) | USFF -3.930% | Weekly | MS | 03/20/31 | (25) | (346) | (306) | 28 | ||||||||
| Commercial Metals Co. | USFF -0.250% | Weekly | MS | 03/20/31 | (4,363) | (300,218) | (273,778) | 26,299 | ||||||||
| Crown Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,706) | (178,352) | (190,765) | (13,084) | ||||||||
| Dow, Inc. | USFF -0.250% | Weekly | MS | 09/17/29 | (4,244) | (206,626) | (116,116) | 77,471 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Materials — (continued) | ||||||||||||||||
| Eagle Materials, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (800) | $(181,948) | $(180,000) | $979 | ||||||||
| Ecolab, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,587) | (433,081) | (442,154) | (10,241) | ||||||||
| Element Solutions, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (14,897) | (633,315) | (711,332) | (82,494) | ||||||||
| Elemental Royalty Corp. (Canada) | USFF -9.030% | Weekly | MS | 03/20/31 | (194) | (3,056) | (3,387) | (354) | ||||||||
| ERO Copper Corp. (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (1,199) | (33,260) | (32,073) | 1,100 | ||||||||
| Flotek Industries, Inc. | USFF -0.580% | Weekly | MS | 03/20/31 | (710) | (15,738) | (16,699) | (1,006) | ||||||||
| FMC Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (3,022) | (48,807) | (34,753) | 14,393 | ||||||||
| Gold Royalty Corp. (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (16,961) | (60,694) | (46,812) | 13,778 | ||||||||
| Hawkins, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (536) | (85,448) | (76,166) | 8,949 | ||||||||
| HB Fuller Co. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,389) | (87,830) | (80,965) | 6,363 | ||||||||
| Highlander Silver Corp. (Canada) | USFF -1.736% | Weekly | MS | 03/20/31 | (42) | (190) | (196) | (17) | ||||||||
| Hycroft Mining Holding Corp., Class A | USFF -0.580% | Weekly | MS | 03/20/31 | (4,250) | (144,949) | (99,450) | 45,167 | ||||||||
| i-80 Gold Corp. (Canada) | USFF -0.250% | Weekly | MS | 09/19/30 | (43,489) | (65,302) | (62,624) | 2,478 | ||||||||
| Innospec, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (1,640) | (141,105) | (133,480) | 4,506 | ||||||||
| Lithium Americas Corp. (Canada) | USFF -0.265% | Weekly | MS | 09/19/30 | (164,102) | (785,041) | (631,793) | 151,495 | ||||||||
| Louisiana-Pacific Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (2,329) | (188,609) | (183,199) | 3,652 | ||||||||
| Martin Marietta Materials, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (327) | (199,457) | (188,581) | 10,258 | ||||||||
| Materion Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (820) | (179,221) | (243,860) | (65,122) | ||||||||
| Metallus, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (207) | (4,013) | (3,869) | 125 | ||||||||
| Methanex Corp. (Canada) | USFF -0.250% | Weekly | MS | 09/19/30 | (1,501) | (93,236) | (69,271) | 23,432 | ||||||||
| Minerals Technologies, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (426) | (30,732) | (31,511) | (973) | ||||||||
| Mosaic Co. (The) | USFF -0.250% | Weekly | MS | 09/19/30 | (8,796) | (252,631) | (186,387) | 63,772 | ||||||||
| NewMarket Corp. | USFF +0.250% | Weekly | MS | 09/13/29 | (185) | (129,546) | (146,379) | (19,357) | ||||||||
| NioCorp Developments Ltd. (Canada) | USFF -0.250% | Weekly | MS | 09/19/30 | (11,957) | (65,553) | (57,633) | 7,769 | ||||||||
| O-I Glass, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (10,911) | (97,012) | (105,073) | (8,286) | ||||||||
| Osisko Development Corp. (Canada) | USFF -2.130% | Weekly | MS | 03/20/31 | (123) | (300) | (303) | (13) | ||||||||
| Packaging Corp. of America | USFF -0.250% | Weekly | MS | 09/19/30 | (309) | (70,957) | (73,629) | (3,946) | ||||||||
| Perimeter Solutions, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (18,446) | (598,787) | (657,600) | (60,638) | ||||||||
| Quaker Chemical Corp. | USFF -0.250% | Weekly | MS | 03/18/30 | (453) | (64,028) | (71,968) | (8,741) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Materials — (continued) | ||||||||||||||||
| Ramaco Resources, Inc., Class A | USFF -0.250% | Weekly | MS | 03/18/30 | (9,080) | $(244,180) | $(120,128) | $123,499 | ||||||||
| Royal Gold, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (4,986) | (1,314,277) | (995,255) | 314,399 | ||||||||
| Ryerson Holding Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,112) | (57,173) | (51,976) | 4,844 | ||||||||
| Sensient Technologies Corp. | USFF -0.250% | Weekly | MS | 03/18/30 | (1,619) | (173,182) | (199,607) | (29,365) | ||||||||
| Sherwin-Williams Co. (The) | USFF -0.250% | Weekly | MS | 03/20/31 | (1,574) | (532,744) | (541,960) | (10,409) | ||||||||
| Skeena Resources Ltd. (Canada) | USFF -0.250% | Weekly | MS | 09/19/30 | (5,845) | (160,145) | (155,828) | 3,952 | ||||||||
| Smurfit Westrock PLC (Ireland) | USFF -0.250% | Weekly | MS | 03/20/31 | (1,064) | (48,799) | (49,221) | (786) | ||||||||
| Sonoco Products Co. | USFF -0.250% | Weekly | MS | 03/20/31 | (463) | (24,793) | (26,090) | (1,362) | ||||||||
| Stepan Co. | USFF -0.250% | Weekly | MS | 09/19/30 | (722) | (42,647) | (40,230) | 1,693 | ||||||||
| Sylvamo Corp. | USFF -0.250% | Weekly | MS | 03/18/30 | (2,079) | (91,162) | (78,586) | 10,842 | ||||||||
| TMC the metals Co., Inc. (Canada) | USFF -0.275% | Weekly | MS | 09/19/30 | (10,320) | (49,230) | (45,718) | 3,393 | ||||||||
| Tronox Holdings PLC (United Kingdom) | USFF -0.250% | Weekly | MS | 03/18/30 | (33,807) | (218,377) | (212,984) | 2,311 | ||||||||
| United States Antimony Corp. | USFF -1.730% | Weekly | MS | 09/19/30 | (17,758) | (112,509) | (128,923) | (16,674) | ||||||||
| United States Lime & Minerals, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (346) | (45,370) | (36,216) | 9,177 | ||||||||
| USA Rare Earth, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,591) | (54,403) | (55,914) | (1,642) | ||||||||
| Vizsla Silver Corp. (Canada) | USFF -0.554% | Weekly | MS | 09/19/30 | (74,381) | (247,688) | (245,457) | 1,670 | ||||||||
| Warrior Met Coal, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (263) | (21,282) | (21,345) | (120) | ||||||||
| West Fraser Timber Co. Ltd. (Canada) | USFF -0.250% | Weekly | MS | 03/18/30 | (624) | (44,485) | (42,239) | 1,384 | ||||||||
| Westlake Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (7,244) | (614,358) | (528,812) | 83,461 | ||||||||
| Worthington Steel, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,534) | (51,496) | (51,512) | (869) | ||||||||
| (571,631) | (11,990,851) | (11,117,551) | 807,547 | |||||||||||||
| Media & Entertainment | ||||||||||||||||
| Cinemark Holdings, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (14,639) | (451,284) | (464,495) | (16,605) | ||||||||
| Clear Channel Outdoor Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (11,874) | (28,335) | (28,735) | (477) | ||||||||
| Ibotta, Inc., Class A | USFF -0.780% | Weekly | MS | 03/18/30 | (1,397) | (71,101) | (47,722) | 23,569 | ||||||||
| Live Nation Entertainment, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (599) | (98,417) | (109,683) | (11,495) | ||||||||
| Madison Square Garden Entertainment Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (968) | (67,828) | (78,302) | (10,634) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Media & Entertainment — (continued) | ||||||||||||||||
| Madison Square Garden Sports Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (132) | $(44,650) | $(53,043) | $(9,302) | ||||||||
| Magnite, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (8,412) | (150,455) | (159,660) | (9,549) | ||||||||
| Nexstar Media Group, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,715) | (473,576) | (484,872) | (12,357) | ||||||||
| Paramount Skydance Corp., Class B | USFF -0.980% | Weekly | MS | 03/20/31 | (6,012) | (65,072) | (59,278) | 5,488 | ||||||||
| People, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (9,317) | (388,875) | (430,073) | (42,071) | ||||||||
| QuinStreet, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (546) | (7,561) | (7,999) | (465) | ||||||||
| ROBLOX Corp., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (4,209) | (234,352) | (228,885) | (1,953) | ||||||||
| Stubhub Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (9,534) | (70,543) | (122,703) | (54,936) | ||||||||
| TripAdvisor, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (7,343) | (80,967) | (100,673) | (19,895) | ||||||||
| Webtoon Entertainment, Inc. | USFF -4.330% | Weekly | MS | 09/19/30 | (2,926) | (38,392) | (33,415) | 4,879 | ||||||||
| Ziff Davis, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,003) | (46,382) | (52,527) | (6,259) | ||||||||
| (81,626) | (2,317,790) | (2,462,065) | (162,062) | |||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||||||||||||
| AbCellera Biologics, Inc. (Canada) | USFF -5.480% | Weekly | MS | 07/11/28 | (5,374) | (29,153) | (42,186) | (15,170) | ||||||||
| ACADIA Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (9,044) | (200,197) | (228,813) | (29,071) | ||||||||
| Alkermes PLC (Ireland) | USFF -0.250% | Weekly | MS | 03/20/31 | (11,039) | (416,227) | (578,388) | (163,217) | ||||||||
| Amneal Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (14,104) | (202,938) | (244,140) | (41,663) | ||||||||
| Arrowhead Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,334) | (104,398) | (108,734) | (5,729) | ||||||||
| Avantor, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (35,854) | (335,425) | (354,955) | (20,980) | ||||||||
| Bio-Rad Laboratories, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (428) | (132,380) | (125,665) | 6,435 | ||||||||
| Bio-Techne Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (354) | (25,086) | (25,010) | 10 | ||||||||
| Capricor Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (51) | (1,223) | (1,228) | (18) | ||||||||
| Charles River Laboratories International, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (221) | (49,935) | (50,121) | (306) | ||||||||
| Corcept Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (4,624) | (236,900) | (402,057) | (172,747) | ||||||||
| Corvus Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,754) | (26,230) | (26,205) | (486) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences — (continued) | ||||||||||||||||
| Crinetics Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (2,755) | $(126,696) | $(103,092) | $23,313 | ||||||||
| EyePoint, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (21,396) | (296,623) | (305,963) | (10,008) | ||||||||
| Geron Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (62,536) | (83,494) | (80,046) | 3,252 | ||||||||
| Harrow, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (354) | (14,768) | (15,034) | (309) | ||||||||
| Insmed, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (166) | (17,513) | (17,699) | (1,089) | ||||||||
| Maze Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,851) | (79,535) | (85,074) | (5,940) | ||||||||
| MBX Biosciences, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (899) | (26,792) | (49,625) | (24,560) | ||||||||
| Medpace Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (505) | (258,175) | (267,443) | (9,851) | ||||||||
| Mettler-Toledo International, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (195) | (238,626) | (249,114) | (11,028) | ||||||||
| Ocular Therapeutix, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (17,341) | (194,748) | (170,289) | 24,079 | ||||||||
| Organon & Co. | USFF -0.250% | Weekly | MS | 09/19/30 | (20,319) | (192,688) | (275,119) | (87,696) | ||||||||
| Pacira BioSciences, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (8,291) | (216,220) | (210,343) | 5,300 | ||||||||
| Perrigo Co. PLC (Ireland) | USFF -0.250% | Weekly | MS | 09/19/30 | (3,597) | (52,957) | (37,373) | 12,551 | ||||||||
| Phibro Animal Health Corp., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (1,652) | (55,477) | (51,873) | 3,369 | ||||||||
| PTC Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,876) | (210,490) | (234,595) | (26,775) | ||||||||
| QIAGEN NV (Netherlands) | USFF -0.250% | Weekly | MS | 03/20/31 | (94) | (3,703) | (3,675) | 10 | ||||||||
| Repligen Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (372) | (50,530) | (50,756) | (385) | ||||||||
| Sotera Health Co. | USFF -0.250% | Weekly | MS | 03/20/31 | (5,734) | (89,162) | (101,778) | (12,825) | ||||||||
| Stoke Therapeutics, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (3,210) | (109,253) | (105,031) | 3,926 | ||||||||
| Supernus Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (2,266) | (116,719) | (105,392) | 11,413 | ||||||||
| Vaxcyte, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,609) | (129,888) | (151,661) | (23,672) | ||||||||
| Vertex Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (181) | (89,729) | (89,908) | (389) | ||||||||
| Waters Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,227) | (776,077) | (835,214) | (67,310) | ||||||||
| WaVe Life Sciences Ltd. (Singapore) | USFF -0.250% | Weekly | MS | 09/19/30 | (10,416) | (102,522) | (60,517) | 41,767 | ||||||||
| Zymeworks, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (355) | (8,541) | (9,280) | (768) | ||||||||
| (257,378) | (5,301,018) | (5,853,396) | (596,567) | |||||||||||||
| Semiconductors & Semiconductor Equipment | ||||||||||||||||
| ACM Research, Inc., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (1,512) | (84,709) | (191,858) | (128,427) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Semiconductors & Semiconductor Equipment — (continued) | ||||||||||||||||
| Alpha & Omega Semiconductor Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 03/20/31 | (2,224) | $(94,393) | $(105,262) | $(11,088) | ||||||||
| Ambarella, Inc. (Cayman Islands) | USFF -0.250% | Weekly | MS | 09/19/30 | (6,049) | (396,172) | (519,004) | (123,722) | ||||||||
| Applied Materials, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (283) | (146,120) | (204,609) | (74,615) | ||||||||
| Astera Labs, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (631) | (281,336) | (304,786) | (24,084) | ||||||||
| Axcelis Technologies, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (519) | (57,471) | (98,325) | (41,262) | ||||||||
| Enphase Energy, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,923) | (100,778) | (143,929) | (43,384) | ||||||||
| indie Semiconductor, Inc., Class A | USFF -2.008% | Weekly | MS | 03/20/31 | (2,009) | (7,789) | (9,020) | (1,259) | ||||||||
| KLA Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,188) | (461,695) | (660,141) | (223,567) | ||||||||
| Onto Innovation, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | (379) | (115,834) | (143,433) | (27,866) | ||||||||
| PDF Solutions, Inc. | USFF -0.250% | Weekly | MS | 09/17/29 | (1,098) | (30,532) | (77,727) | (49,867) | ||||||||
| Photronics, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,147) | (97,184) | (69,842) | 27,663 | ||||||||
| Power Integrations, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (472) | (34,531) | (39,535) | (7,665) | ||||||||
| Rambus, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,329) | (209,469) | (176,411) | 38,157 | ||||||||
| Semtech Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,009) | (147,805) | (163,307) | (21,932) | ||||||||
| Silicon Laboratories, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (380) | (83,178) | (83,053) | (69) | ||||||||
| Teradyne, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (403) | (177,846) | (194,988) | (17,547) | ||||||||
| Ultra Clean Holdings, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (5,253) | (400,504) | (749,025) | (371,844) | ||||||||
| Veeco Instruments, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,462) | (61,118) | (110,820) | (50,858) | ||||||||
| (32,270) | (2,988,464) | (4,045,075) | (1,153,236) | |||||||||||||
| Software & Services | ||||||||||||||||
| A10 Networks, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (3,381) | (92,761) | (126,314) | (33,907) | ||||||||
| ACI Worldwide, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (4,921) | (221,234) | (247,477) | (26,744) | ||||||||
| Adeia, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (4,303) | (110,661) | (141,698) | (31,529) | ||||||||
| BigBear.ai Holdings, Inc. | USFF -2.219% | Weekly | MS | 03/20/31 | (3,286) | (11,409) | (12,060) | (686) | ||||||||
| Braze, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (1,288) | (25,816) | (27,937) | (2,188) | ||||||||
| C3.ai, Inc., Class A | USFF -0.250% | Weekly | MS | 03/18/30 | (10,648) | (123,300) | (96,790) | 26,226 | ||||||||
| Cadence Design Systems, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (286) | (116,735) | (107,342) | 10,860 | ||||||||
| Cloudflare, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (591) | (136,297) | (144,960) | (8,976) | ||||||||
| Commvault Systems, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,980) | (300,656) | (422,355) | (122,377) | ||||||||
| CoreWeave, Inc., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (11,806) | (1,315,704) | (1,175,169) | 137,604 | ||||||||
| DoubleVerify Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (28,444) | (311,832) | (308,333) | 2,796 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Software & Services — (continued) | ||||||||||||||||
| D-Wave Quantum, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (4,806) | $(110,592) | $(115,296) | $(4,959) | ||||||||
| DXC Technology Co. | USFF -0.250% | Weekly | MS | 09/19/30 | (10,839) | (152,427) | (95,925) | 58,214 | ||||||||
| Dynatrace, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (5,109) | (225,981) | (224,336) | 1,133 | ||||||||
| Fastly, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (22,669) | (398,090) | (416,203) | (19,733) | ||||||||
| Figma, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (7,726) | (148,573) | (139,763) | 7,948 | ||||||||
| Hive Digital Technologies Ltd. (Canada) | USFF -2.855% | Weekly | MS | 09/19/30 | (30,255) | (105,103) | (110,128) | (5,269) | ||||||||
| Intapp, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (11,753) | (277,817) | (296,293) | (19,484) | ||||||||
| Karooooo Ltd. (Singapore) | USFF -1.980% | Weekly | MS | 03/20/31 | (107) | (5,057) | (5,282) | (246) | ||||||||
| Klaviyo, Inc., Class A | USFF -0.250% | Weekly | MS | 03/20/31 | (14,777) | (206,314) | (223,133) | (17,286) | ||||||||
| Life360, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,467) | (63,706) | (81,213) | (17,659) | ||||||||
| Lightspeed Commerce, Inc. (Canada) | USFF -0.250% | Weekly | MS | 07/06/26 | (8,889) | (299,280) | (93,246) | 205,552 | ||||||||
| Mitek Systems, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,935) | (51,028) | (59,082) | (8,177) | ||||||||
| Oracle Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,784) | (516,127) | (407,995) | 111,982 | ||||||||
| PagerDuty, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (4,186) | (40,181) | (40,395) | (355) | ||||||||
| Palo Alto Networks, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,990) | (738,031) | (1,019,650) | (367,471) | ||||||||
| Pegasystems, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (13,144) | (483,115) | (393,926) | 90,549 | ||||||||
| Red Violet, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (25) | (1,577) | (1,593) | (30) | ||||||||
| SailPoint, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (44,206) | (566,311) | (647,176) | (82,132) | ||||||||
| Shopify, Inc., Class A (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (1,602) | (190,179) | (182,916) | 7,057 | ||||||||
| SoundHound AI, Inc., Class A | USFF -10.180% | Weekly | MS | 03/20/31 | (3,809) | (24,724) | (24,644) | 14 | ||||||||
| Terawulf, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (5,599) | (70,328) | (138,295) | (68,134) | ||||||||
| Varonis Systems, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (11,255) | (392,570) | (472,260) | (85,127) | ||||||||
| Vertex, Inc., Class A | USFF -0.250% | Weekly | MS | 09/17/29 | (24,754) | (705,001) | (284,176) | 419,514 | ||||||||
| Whitefiber, Inc. (Cayman Islands) | USFF -3.830% | Weekly | MS | 03/20/31 | (213) | (7,880) | (8,275) | (423) | ||||||||
| (307,833) | (8,546,397) | (8,291,636) | 156,557 | |||||||||||||
| Technology Hardware & Equipment | ||||||||||||||||
| ADTRAN Holdings, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (4,222) | (43,167) | (58,686) | (16,529) | ||||||||
| Advanced Energy Industries, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,918) | (674,088) | (715,165) | (42,685) | ||||||||
| Aeva Technologies, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (5,708) | (98,061) | (163,934) | (67,287) | ||||||||
| Applied Optoelectronics, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,263) | (232,653) | (187,126) | 45,001 | ||||||||
| Badger Meter, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (262) | (35,589) | (38,876) | (3,376) | ||||||||
| Belden, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (2,469) | (296,280) | (296,058) | (523) | ||||||||
| CDW Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,022) | (275,224) | (284,374) | (9,771) | ||||||||
| Coherent Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (314) | (125,461) | (123,864) | 1,292 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Technology Hardware & Equipment — (continued) | ||||||||||||||||
| Crane NXT Co. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,278) | $(54,522) | $(65,382) | $(11,137) | ||||||||
| ePlus, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (543) | (42,513) | (45,194) | (2,925) | ||||||||
| Extreme Networks, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (11,117) | (219,622) | (359,857) | (145,087) | ||||||||
| GPGI, Inc., Class A | USFF -0.530% | Weekly | MS | 09/19/30 | (9,345) | (166,336) | (148,118) | 17,813 | ||||||||
| Insight Enterprises, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (743) | (68,566) | (90,497) | (22,650) | ||||||||
| Mirion Technologies, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (6,082) | (112,713) | (109,050) | 3,402 | ||||||||
| NETGEAR, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (1,940) | (54,597) | (45,299) | 9,208 | ||||||||
| OSI Systems, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (521) | (138,448) | (113,943) | 24,188 | ||||||||
| Plexus Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (200) | (45,255) | (60,134) | (17,061) | ||||||||
| Ralliant Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (2,996) | (139,162) | (220,595) | (84,727) | ||||||||
| Super Micro Computer, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (3,756) | (143,630) | (110,163) | 33,137 | ||||||||
| TD SYNNEX Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,016) | (274,668) | (271,617) | 2,431 | ||||||||
| Viasat, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (8,371) | (455,575) | (751,800) | (297,246) | ||||||||
| Vishay Precision Group, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (557) | (32,360) | (83,500) | (53,261) | ||||||||
| (66,643) | (3,728,490) | (4,343,232) | (637,793) | |||||||||||||
| Telecommunication Services | ||||||||||||||||
| AST SpaceMobile, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,584) | (119,397) | (140,754) | (21,632) | ||||||||
| BCE, Inc. (Canada) | USFF -0.250% | Weekly | MS | 09/19/30 | (12,901) | (326,765) | (277,501) | 42,465 | ||||||||
| Cogent Communications Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/11/28 | (11,200) | (427,406) | (155,456) | 264,806 | ||||||||
| Iridium Communications, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (3,743) | (186,419) | (205,304) | (19,915) | ||||||||
| Liberty Capital Corp. | USFF -0.680% | Weekly | MS | 03/20/31 | (39) | (822) | (854) | (44) | ||||||||
| Shenandoah Telecommunications Co. | USFF -0.250% | Weekly | MS | 07/06/26 | (3,790) | (74,065) | (57,153) | 8,938 | ||||||||
| Verizon Communications, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (786) | (37,800) | (33,279) | 6,311 | ||||||||
| (34,043) | (1,172,674) | (870,301) | 280,929 | |||||||||||||
| Transportation | ||||||||||||||||
| Alaska Air Group, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,137) | (44,631) | (59,351) | (14,830) | ||||||||
| Canadian National Railway Co. (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (277) | (33,390) | (33,029) | (288) | ||||||||
| Canadian Pacific Kansas City Ltd. (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (1,057) | (91,376) | (91,589) | (840) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Transportation — (continued) | ||||||||||||||||
| Frontier Group Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (10,121) | $(49,889) | $(80,057) | $(30,859) | ||||||||
| JetBlue Airways Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (16,439) | (94,340) | (94,195) | (75) | ||||||||
| Lyft, Inc., Class A | USFF -0.250% | Weekly | MS | 09/19/30 | (4,283) | (60,517) | (62,575) | (2,202) | ||||||||
| Matson, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (129) | (22,680) | (24,798) | (2,588) | ||||||||
| SkyWest, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (400) | (38,751) | (39,732) | (1,078) | ||||||||
| TFI International, Inc. (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (315) | (44,483) | (45,225) | (1,306) | ||||||||
| United Airlines Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (2,954) | (282,052) | (401,714) | (120,299) | ||||||||
| Werner Enterprises, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (7,826) | (276,268) | (341,292) | (67,610) | ||||||||
| (44,938) | (1,038,377) | (1,273,557) | (241,975) | |||||||||||||
| Utilities | ||||||||||||||||
| AES Corp. (The) | USFF -0.250% | Weekly | MS | 07/11/28 | (1,471) | (31,626) | (21,565) | 5,427 | ||||||||
| Algonquin Power & Utilities Corp. (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (4,129) | (24,544) | (24,196) | (111) | ||||||||
| Avista Corp. | USFF -0.250% | Weekly | MS | 03/18/30 | (1,524) | (62,650) | (62,347) | (2,129) | ||||||||
| Brookfield Infrastructure Corp., Class A (Canada) | USFF -0.250% | Weekly | MS | 03/20/31 | (3,545) | (145,417) | (136,482) | 7,919 | ||||||||
| California Water Service Group | USFF -0.250% | Weekly | MS | 01/10/28 | (7,875) | (369,048) | (383,119) | (24,308) | ||||||||
| Chesapeake Utilities Corp. | USFF -0.250% | Weekly | MS | 09/17/29 | (1,473) | (183,285) | (180,413) | (980) | ||||||||
| Clearway Energy, Inc., Class C | USFF -0.250% | Weekly | MS | 03/18/30 | (3,317) | (109,478) | (113,375) | (8,539) | ||||||||
| CMS Energy Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (2,817) | (210,804) | (215,500) | (7,542) | ||||||||
| Consolidated Edison, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (4,427) | (486,965) | (489,759) | (6,575) | ||||||||
| Constellation Energy Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (855) | (227,382) | (212,356) | 14,443 | ||||||||
| Dominion Energy, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (997) | (61,691) | (68,085) | (8,739) | ||||||||
| Eversource Energy | USFF -0.250% | Weekly | MS | 09/19/30 | (2,471) | (185,834) | (178,579) | 2,761 | ||||||||
| Exelon Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (8,526) | (395,359) | (397,482) | (6,499) | ||||||||
| H2O America | USFF -0.250% | Weekly | MS | 01/12/29 | (2,712) | (144,042) | (164,808) | (27,730) | ||||||||
| Hawaiian Electric Industries, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (7,187) | (97,109) | (97,240) | (357) | ||||||||
| MDU Resources Group, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (3,361) | (69,783) | (71,287) | (2,203) | ||||||||
| Middlesex Water Co. | USFF -0.250% | Weekly | MS | 09/19/30 | (761) | (39,603) | (42,738) | (3,821) | ||||||||
| New Jersey Resources Corp. | USFF -0.250% | Weekly | MS | 09/17/29 | (1,561) | (78,923) | (87,478) | (12,501) | ||||||||
| NextEra Energy, Inc. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,580) | (152,123) | (138,677) | 11,997 | ||||||||
| Northwest Natural Holding Co. | USFF -0.250% | Weekly | MS | 07/06/26 | (3,203) | (147,488) | (157,139) | (24,966) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Utilities — (continued) | ||||||||||||||||
| Northwestern Energy Group, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,100) | $(74,000) | $(78,782) | $(7,244) | ||||||||
| NRG Energy, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (4,432) | (697,425) | (647,338) | 47,245 | ||||||||
| Otter Tail Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (895) | (78,892) | (80,532) | (2,155) | ||||||||
| Pinnacle West Capital Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (335) | (33,546) | (35,845) | (2,689) | ||||||||
| Portland General Electric Co. | USFF -0.250% | Weekly | MS | 03/20/31 | (498) | (24,473) | (25,811) | (1,795) | ||||||||
| PPL Corp. | USFF -0.250% | Weekly | MS | 03/20/31 | (1,524) | (59,918) | (55,397) | 3,924 | ||||||||
| Sempra | USFF -0.250% | Weekly | MS | 03/20/31 | (911) | (86,801) | (84,459) | 1,485 | ||||||||
| Southwest Gas Holdings, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (1,840) | (144,701) | (163,171) | (23,369) | ||||||||
| Spire, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (2,440) | (202,788) | (190,540) | 8,140 | ||||||||
| TransAlta Corp. (Canada) | USFF -0.250% | Weekly | MS | 09/17/29 | (6,108) | (87,420) | (84,474) | 1,654 | ||||||||
| TXNM Energy, Inc. | USFF -0.250% | Weekly | MS | 03/18/30 | (477) | (27,171) | (27,084) | (783) | ||||||||
| Unitil Corp. | USFF -0.250% | Weekly | MS | 09/19/30 | (605) | (31,839) | (31,877) | (415) | ||||||||
| WaterBridge Infrastructure LLC, Class A | USFF -0.880% | Weekly | MS | 09/19/30 | (5,987) | (168,748) | (205,174) | (37,018) | ||||||||
| Xcel Energy, Inc. | USFF -0.250% | Weekly | MS | 09/19/30 | (1,324) | (106,936) | (106,317) | (1,438) | ||||||||
| (92,268) | (5,047,812) | (5,059,426) | (108,911) | |||||||||||||
| Total Reference Entity — Short | (102,915,526) | (102,040,021) | 125,020 | |||||||||||||
| Net Value of Reference Entity | $(74,840,837) | $(73,109,605) | $2,170,387 | |||||||||||||
| * | The Fund will pay or receive the total return of the reference entity depending on whether the return is positive or negative. Where the Fund has elected to receive the total return of the reference entity if positive, it will be responsible for paying the floating rate and the total return of the reference entity, if negative. If the Fund has elected to pay the total return of the reference entity if positive, it will receive the floating rate and the total return of the reference entity, if negative. |
| ** | The USFF rate as of June 30, 2026 was 3.63%. |
| *** | Includes $439,155 related to open trades, dividends receivables/payables and swap receivables/payables activities. |
| MS | Morgan Stanley |
| USFF | U.S. Fed Funds |
| ETF | Exchange-Traded Fund |
| PLC | Public Limited Company |
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Long | ||||||||||||||||
| Automobiles & Components | ||||||||||||||||
| Aptiv PLC (Jersey) | USFF +0.250% | Weekly | MS | 01/17/30 | 32,028 | $1,913,057 | $1,965,879 | $94,371 | ||||||||
| Ford Motor Co. | USFF +0.250% | Weekly | MS | 07/29/30 | 199,694 | 2,172,219 | 2,775,747 | 765,946 | ||||||||
| General Motors Co. | USFF +0.250% | Weekly | MS | 07/11/28 | 54,777 | 4,027,413 | 4,222,211 | 297,708 | ||||||||
| 286,499 | 8,112,689 | 8,963,837 | 1,158,025 | |||||||||||||
| Banks | ||||||||||||||||
| Bank of America Corp. | USFF +0.250% | Weekly | MS | 01/07/27 | 45,199 | 1,697,256 | 2,575,439 | 1,047,715 | ||||||||
| Citigroup, Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 13,265 | 834,014 | 1,856,569 | 1,106,188 | ||||||||
| Citizens Financial Group, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 2,306 | 66,252 | 161,581 | 110,755 | ||||||||
| Fifth Third Bancorp | USFF +0.250% | Weekly | MS | 07/16/29 | 9,063 | 411,529 | 510,881 | 129,525 | ||||||||
| Huntington Bancshares, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 13,897 | 233,931 | 246,394 | 31,632 | ||||||||
| JPMorgan Chase & Co. | USFF +0.250% | Weekly | MS | 01/07/27 | 18,180 | 2,517,841 | 5,950,859 | 3,818,522 | ||||||||
| KeyCorp. | USFF +0.250% | Weekly | MS | 11/04/30 | 773 | 17,079 | 17,818 | 2,583 | ||||||||
| M&T Bank Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 848 | 179,213 | 201,832 | 36,038 | ||||||||
| PNC Financial Services Group, Inc. (The) | USFF +0.250% | Weekly | MS | 01/10/28 | 2,855 | 516,030 | 702,958 | 227,743 | ||||||||
| Regions Financial Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 5,067 | 145,055 | 153,023 | 15,031 | ||||||||
| Truist Financial Corp. | USFF +0.250% | Weekly | MS | 01/10/28 | 6,613 | 238,796 | 329,460 | 134,107 | ||||||||
| US Bancorp | USFF +0.250% | Weekly | MS | 01/10/28 | 8,621 | 352,352 | 520,708 | 221,281 | ||||||||
| Wells Fargo & Co. | USFF +0.250% | Weekly | MS | 01/12/29 | 15,014 | 853,519 | 1,240,757 | 462,436 | ||||||||
| 141,701 | 8,062,867 | 14,468,279 | 7,343,556 | |||||||||||||
| Capital Goods | ||||||||||||||||
| A. O. Smith Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 177,331 | 11,055,173 | 11,122,200 | 464,411 | ||||||||
| Allegion PLC (Ireland) | USFF +0.250% | Weekly | MS | 07/16/29 | 76,960 | 10,664,169 | 10,812,110 | 499,304 | ||||||||
| AMETEK, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 30,834 | 6,229,489 | 7,459,978 | 1,414,858 | ||||||||
| Caterpillar, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 7,036 | 4,357,939 | 7,492,636 | 3,276,256 | ||||||||
| Cummins, Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 6,327 | 2,859,221 | 4,512,480 | 1,781,172 | ||||||||
| Deere & Co. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,688 | 959,613 | 1,070,749 | 137,969 | ||||||||
| Dover Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 14,992 | 3,150,895 | 3,362,406 | 286,394 | ||||||||
| EMCOR Group, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 7,431 | 4,671,784 | 6,166,838 | 1,601,758 | ||||||||
| Fortive Corp. | USFF +0.250% | Weekly | MS | 07/29/30 | 21,721 | 1,014,630 | 1,326,936 | 340,179 | ||||||||
| GE Vernova, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,595 | 1,589,649 | 1,873,902 | 319,578 | ||||||||
| General Dynamics Corp. | USFF +0.250% | Weekly | MS | 01/10/28 | 31,291 | 9,996,621 | 11,084,524 | 1,447,380 | ||||||||
| General Electric Co. | USFF +0.250% | Weekly | MS | 01/07/27 | 1 | 231 | 374 | 5,360 | ||||||||
| Honeywell Aerospace, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 10,739 | 2,120,029 | 2,374,178 | 300,049 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Capital Goods — (continued) | ||||||||||||||||
| Honeywell International, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 34,270 | $7,474,976 | $7,673,053 | $356,565 | ||||||||
| Huntington Ingalls Industries, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 14,770 | 4,304,470 | 4,133,975 | (79,613) | ||||||||
| Illinois Tool Works, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 4,538 | 1,165,629 | 1,227,393 | 175,633 | ||||||||
| Johnson Controls International PLC (Ireland) | USFF +0.250% | Weekly | MS | 07/11/28 | 33,764 | 3,652,336 | 4,933,258 | 1,440,076 | ||||||||
| L3Harris Technologies, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 10,966 | 3,335,275 | 3,186,610 | (73,286) | ||||||||
| Lockheed Martin Corp. | USFF +0.250% | Weekly | MS | 07/06/26 | 14,118 | 7,681,751 | 7,192,556 | (186,674) | ||||||||
| Masco Corp. | USFF +0.250% | Weekly | MS | 07/08/27 | 38,599 | 2,414,566 | 3,140,801 | 805,821 | ||||||||
| Nordson Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 13,314 | 3,184,987 | 4,016,701 | 924,919 | ||||||||
| Northrop Grumman Corp. | USFF +0.250% | Weekly | MS | 07/06/26 | 6,102 | 3,368,194 | 3,107,810 | (145,573) | ||||||||
| Otis Worldwide Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 99,211 | 7,793,563 | 7,103,508 | (485,419) | ||||||||
| Rockwell Automation, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 10,169 | 3,378,182 | 5,034,469 | 1,784,061 | ||||||||
| RTX Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 9,387 | 1,565,529 | 1,780,996 | 307,705 | ||||||||
| Snap-on, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 15,574 | 5,565,319 | 6,266,978 | 952,776 | ||||||||
| Stanley Black & Decker, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 63,355 | 4,040,210 | 5,962,973 | 2,246,176 | ||||||||
| Textron, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 24,240 | 1,932,673 | 2,223,535 | 335,451 | ||||||||
| United Rentals, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,317 | 1,042,353 | 1,492,016 | 484,069 | ||||||||
| Vertiv Holdings Co., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 15,731 | 5,253,709 | 5,267,053 | 125,948 | ||||||||
| Westinghouse Air Brake Technologies Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 7,011 | 1,777,899 | 1,890,166 | 151,063 | ||||||||
| WW Grainger, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 3,700 | 4,658,356 | 5,033,480 | 474,393 | ||||||||
| Xylem, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 37,750 | 4,253,454 | 4,462,427 | 316,417 | ||||||||
| 845,832 | 136,512,874 | 153,789,069 | 21,785,176 | |||||||||||||
| Commercial & Professional Services | ||||||||||||||||
| Automatic Data Processing, Inc. | USFF +0.250% | Weekly | MS | 01/05/27 | 9,658 | 2,249,783 | 2,162,909 | 61,585 | ||||||||
| Broadridge Financial Solutions, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 16,123 | 2,492,988 | 2,208,045 | (212,012) | ||||||||
| Copart, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 244,947 | 7,924,567 | 6,905,056 | (851,570) | ||||||||
| Jacobs Solutions, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 36,926 | 4,202,403 | 4,652,676 | 596,762 | ||||||||
| Leidos Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 58,437 | 7,375,110 | 6,017,258 | (1,110,647) | ||||||||
| Paychex, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 31,469 | 3,241,568 | 3,094,347 | (21,333) | ||||||||
| Veralto Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 83,545 | 7,615,596 | 7,408,771 | (4,184) | ||||||||
| 481,105 | 35,102,015 | 32,449,062 | (1,541,399) | |||||||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Discretionary Distribution & Retail | ||||||||||||||||
| Amazon.com, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 104,622 | $17,239,657 | $24,935,607 | $8,059,254 | ||||||||
| AutoZone, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 1,191 | 3,587,017 | 3,806,365 | 303,053 | ||||||||
| Best Buy Co., Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 25,686 | 1,608,598 | 1,949,054 | 428,190 | ||||||||
| Genuine Parts Co. | USFF +0.250% | Weekly | MS | 11/04/30 | 22,793 | 2,294,828 | 2,689,118 | 471,393 | ||||||||
| Lowe's Cos., Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 24,254 | 5,295,257 | 5,347,764 | 209,230 | ||||||||
| Ross Stores, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 19,644 | 4,306,381 | 4,181,225 | (25,693) | ||||||||
| TJX Cos., Inc. (The) | USFF +0.250% | Weekly | MS | 01/10/28 | 3,794 | 475,272 | 574,791 | 132,643 | ||||||||
| Ulta Beauty, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 15,860 | 6,674,694 | 7,152,543 | 619,512 | ||||||||
| Williams-Sonoma, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 1,510 | 262,038 | 351,981 | 96,810 | ||||||||
| 219,354 | 41,743,742 | 50,988,448 | 10,294,392 | |||||||||||||
| Consumer Durables & Apparel | ||||||||||||||||
| Deckers Outdoor Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 67,115 | 6,341,472 | 6,663,848 | 457,033 | ||||||||
| Garmin Ltd. (Switzerland) | USFF +0.250% | Weekly | MS | 07/11/28 | 3,212 | 742,676 | 762,978 | 40,794 | ||||||||
| Hasbro, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 31,304 | 2,213,775 | 2,585,397 | 507,451 | ||||||||
| Lululemon Athletica, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 49,923 | 6,695,017 | 5,700,208 | (858,523) | ||||||||
| Tapestry, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 40,704 | 4,978,131 | 5,958,252 | 1,192,022 | ||||||||
| 192,258 | 20,971,071 | 21,670,683 | 1,338,777 | |||||||||||||
| Consumer Services | ||||||||||||||||
| Booking Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 36,693 | 5,779,971 | 6,540,160 | 954,736 | ||||||||
| Carnival Corp. Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 05/05/31 | 78,690 | 2,279,321 | 2,248,173 | 18,102 | ||||||||
| Expedia Group, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 26,430 | 5,506,419 | 6,762,908 | 1,419,667 | ||||||||
| Las Vegas Sands Corp. | USFF +0.250% | Weekly | MS | 07/29/30 | 70,580 | 4,004,508 | 3,260,090 | (610,699) | ||||||||
| Marriott International, Inc., Class A | USFF +0.250% | Weekly | MS | 07/29/30 | 13,688 | 4,344,452 | 5,072,636 | 841,150 | ||||||||
| McDonald's Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 35,923 | 11,029,180 | 9,710,346 | (895,265) | ||||||||
| Yum! Brands, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 16,444 | 2,412,289 | 2,628,738 | 358,807 | ||||||||
| 278,448 | 35,356,140 | 36,223,051 | 2,086,498 | |||||||||||||
| Consumer Staples Distribution & Retail | ||||||||||||||||
| Dollar General Corp. | USFF +0.250% | Weekly | MS | 07/29/30 | 54,427 | 5,833,561 | 6,265,092 | 616,946 | ||||||||
| Dollar Tree, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 65,205 | 6,116,627 | 7,886,545 | 1,899,846 | ||||||||
| Kroger Co. (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 30,734 | 1,893,722 | 1,706,659 | (142,083) | ||||||||
| Sysco Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 17,607 | 1,290,014 | 1,471,593 | 234,251 | ||||||||
| Target Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 37,431 | 3,671,120 | 4,888,863 | 1,396,149 | ||||||||
| 205,404 | 18,805,044 | 22,218,752 | 4,005,109 | |||||||||||||
| Energy | ||||||||||||||||
| APA Corp. | USFF +0.250% | Weekly | MS | 07/29/30 | 509,117 | 11,586,285 | 16,581,941 | 5,609,685 | ||||||||
| Baker Hughes Co. | USFF +0.250% | Weekly | MS | 01/12/29 | 64,232 | 4,022,357 | 3,564,876 | (342,681) | ||||||||
| ConocoPhillips | USFF +0.250% | Weekly | MS | 11/04/30 | 30,770 | 3,292,888 | 3,198,849 | 20,945 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Energy — (continued) | ||||||||||||||||
| Devon Energy Corp. | USFF +0.250% | Weekly | MS | 07/29/30 | 134,688 | $4,390,068 | $5,565,308 | $1,467,605 | ||||||||
| EQT Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 106,499 | 6,075,757 | 5,662,552 | (272,434) | ||||||||
| Expand Energy Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 90,177 | 8,790,178 | 8,223,241 | (324,981) | ||||||||
| Exxon Mobil Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 1,549 | 184,289 | 211,779 | 43,646 | ||||||||
| Halliburton Co. | USFF +0.250% | Weekly | MS | 01/17/30 | 157,379 | 3,464,486 | 5,343,017 | 2,060,837 | ||||||||
| Kinder Morgan, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 250,442 | 7,640,580 | 8,006,631 | 791,939 | ||||||||
| Occidental Petroleum Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 160,236 | 6,809,700 | 7,782,663 | 1,212,757 | ||||||||
| ONEOK, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 49,816 | 4,276,796 | 4,331,003 | 186,966 | ||||||||
| Valero Energy Corp. | USFF +0.250% | Weekly | MS | 07/29/30 | 44,668 | 6,924,942 | 11,633,334 | 5,005,594 | ||||||||
| 1,599,573 | 67,458,326 | 80,105,194 | 15,459,878 | |||||||||||||
| Equity Real Estate Investment Trusts (REITs) | ||||||||||||||||
| American Tower Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 14,351 | 2,588,250 | 2,347,393 | (146,032) | ||||||||
| AvalonBay Communities, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 15,888 | 2,841,204 | 2,997,907 | 272,274 | ||||||||
| Digital Realty Trust, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 37,155 | 6,435,243 | 6,672,295 | 595,186 | ||||||||
| Equity Residential | USFF +0.250% | Weekly | MS | 07/29/30 | 16,530 | 1,090,623 | 1,122,883 | 64,860 | ||||||||
| Federal Realty Investment Trust | USFF +0.250% | Weekly | MS | 05/05/31 | 26,808 | 3,232,966 | 3,309,180 | 145,514 | ||||||||
| Host Hotels & Resorts, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 59,684 | 1,198,971 | 1,415,108 | 304,751 | ||||||||
| Mid-America Apartment Communities, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 27,882 | 3,483,795 | 3,873,925 | 488,171 | ||||||||
| Prologis, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 17,100 | 2,219,600 | 2,316,537 | 198,040 | ||||||||
| Public Storage | USFF +0.250% | Weekly | MS | 05/05/31 | 6,638 | 2,110,837 | 2,112,942 | 47,813 | ||||||||
| Realty Income Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 48,852 | 2,763,945 | 3,026,870 | 510,888 | ||||||||
| Simon Property Group, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 14,564 | 2,659,496 | 3,257,239 | 733,366 | ||||||||
| Ventas, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 56,031 | 4,249,123 | 4,975,553 | 943,963 | ||||||||
| VICI Properties, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 143,767 | 4,144,809 | 3,817,014 | 32,121 | ||||||||
| Welltower, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 31,057 | 4,855,092 | 7,049,007 | 2,465,510 | ||||||||
| 516,307 | 43,873,954 | 48,293,853 | 6,656,425 | |||||||||||||
| Financial Services | ||||||||||||||||
| American Express Co. | USFF +0.250% | Weekly | MS | 01/07/27 | 6,121 | 1,008,245 | 2,070,428 | 1,141,582 | ||||||||
| Ameriprise Financial, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 670 | 278,087 | 307,369 | 45,770 | ||||||||
| Apollo Global Management, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 5,234 | 898,168 | 619,235 | (242,680) | ||||||||
| Bank of New York Mellon Corp. (The) | USFF +0.250% | Weekly | MS | 01/12/29 | 4,233 | 274,007 | 612,134 | 361,230 | ||||||||
| Berkshire Hathaway, Inc., Class B | USFF +0.250% | Weekly | MS | 01/07/27 | 19,481 | 8,455,414 | 9,748,098 | 1,471,786 | ||||||||
| Blackrock, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 2,188 | 2,138,109 | 2,103,893 | 62,815 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Financial Services — (continued) | ||||||||||||||||
| Blackstone, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 7,355 | $999,831 | $865,463 | $(42,512) | ||||||||
| Capital One Financial Corp. | USFF +0.250% | Weekly | MS | 07/08/27 | 4,303 | 530,296 | 863,268 | 372,147 | ||||||||
| Cboe Global Markets, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 19,675 | 4,912,813 | 4,774,532 | 12,749 | ||||||||
| Charles Schwab Corp. (The) | USFF +0.250% | Weekly | MS | 01/07/27 | 10,717 | 792,818 | 988,858 | 247,534 | ||||||||
| CME Group, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 27,162 | 6,115,252 | 5,998,184 | 14,975 | ||||||||
| Corpay, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 15,503 | 4,085,196 | 5,166,685 | 1,168,707 | ||||||||
| FactSet Research Systems, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 27,581 | 6,849,653 | 6,345,836 | (427,473) | ||||||||
| Fiserv, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 143,588 | 9,928,361 | 7,042,991 | (2,675,299) | ||||||||
| Franklin Resources, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 79,070 | 2,063,174 | 2,630,659 | 919,353 | ||||||||
| Goldman Sachs Group, Inc. (The) | USFF +0.250% | Weekly | MS | 07/08/27 | 2,513 | 873,664 | 2,541,573 | 1,800,179 | ||||||||
| Interactive Brokers Group, Inc., Class A | USFF +0.250% | Weekly | MS | 07/29/30 | 4,588 | 287,643 | 399,340 | 120,555 | ||||||||
| Intercontinental Exchange, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 79,534 | 11,797,737 | 9,791,431 | (1,716,080) | ||||||||
| Invesco Ltd. (Bermuda) | USFF +0.250% | Weekly | MS | 01/17/30 | 3,552 | 70,627 | 93,737 | 28,869 | ||||||||
| KKR & Co., Inc. | USFF +0.250% | Weekly | MS | 01/12/29 | 4,203 | 463,061 | 385,751 | (60,190) | ||||||||
| Mastercard, Inc., Class A | USFF +0.250% | Weekly | MS | 01/07/27 | 8,112 | 4,050,341 | 4,166,323 | 226,814 | ||||||||
| Northern Trust Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 1,562 | 133,103 | 271,538 | 153,993 | ||||||||
| PayPal Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 252,104 | 12,838,670 | 10,885,851 | (1,614,498) | ||||||||
| Raymond James Financial, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 964 | 99,994 | 146,557 | 56,302 | ||||||||
| Robinhood Markets, Inc., Class A | USFF +0.250% | Weekly | MS | 07/29/30 | 5,686 | 613,459 | 570,192 | (29,042) | ||||||||
| State Street Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 1,570 | 153,501 | 266,272 | 124,394 | ||||||||
| Synchrony Financial | USFF +0.250% | Weekly | MS | 07/16/29 | 1,696 | 87,138 | 128,981 | 48,807 | ||||||||
| T Rowe Price Group, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 13,275 | 1,364,105 | 1,509,235 | 323,963 | ||||||||
| Visa, Inc., Class A | USFF +0.250% | Weekly | MS | 07/08/27 | 15,502 | 4,670,883 | 5,318,581 | 804,728 | ||||||||
| 767,742 | 86,833,350 | 86,612,995 | 2,699,478 | |||||||||||||
| Food, Beverage & Tobacco | ||||||||||||||||
| Altria Group, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 125,971 | 8,260,397 | 9,063,613 | 1,358,371 | ||||||||
| Brown-Forman Corp., Class B | USFF +0.250% | Weekly | MS | 05/05/31 | 123,148 | 3,177,161 | 3,281,894 | 198,112 | ||||||||
| Coca-Cola Co. (The) | USFF +0.250% | Weekly | MS | 07/16/29 | 87,388 | 6,641,009 | 7,102,023 | 722,859 | ||||||||
| General Mills, Inc. | USFF +0.250% | Weekly | MS | 01/05/27 | 138,537 | 5,754,057 | 4,821,088 | (664,221) | ||||||||
| Hershey Co. (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 13,899 | 2,561,995 | 2,438,580 | (52,502) | ||||||||
| Kraft Heinz Co. (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 102,341 | 2,587,133 | 2,417,294 | (45,462) | ||||||||
| Molson Coors Beverage Co., Class B | USFF +0.250% | Weekly | MS | 07/29/30 | 25,368 | 1,072,851 | 988,337 | (45,622) | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Food, Beverage & Tobacco — (continued) | ||||||||||||||||
| PepsiCo, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 38,563 | $5,628,647 | $5,221,430 | $(168,974) | ||||||||
| Tyson Foods, Inc., Class A | USFF +0.250% | Weekly | MS | 01/17/30 | 80,071 | 4,342,391 | 4,584,065 | 461,118 | ||||||||
| 735,286 | 40,025,641 | 39,918,324 | 1,763,679 | |||||||||||||
| Health Care Equipment & Services | ||||||||||||||||
| Abbott Laboratories | USFF +0.250% | Weekly | MS | 07/11/28 | 47,708 | 4,334,696 | 4,329,024 | 88,320 | ||||||||
| Align Technology, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 66,757 | 11,399,362 | 11,259,236 | 100,872 | ||||||||
| Becton Dickinson & Co. | USFF +0.250% | Weekly | MS | 11/04/30 | 65,125 | 9,759,828 | 9,855,366 | 371,036 | ||||||||
| Cardinal Health, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 12,060 | 1,956,019 | 2,864,974 | 965,439 | ||||||||
| Cencora, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 11,694 | 3,117,529 | 3,309,168 | 260,158 | ||||||||
| Centene Corp. | USFF +0.250% | Weekly | MS | 07/18/30 | 22,485 | 580,233 | 1,443,312 | 876,606 | ||||||||
| Cigna Group (The) | USFF +0.250% | Weekly | MS | 07/06/26 | 16,378 | 4,485,425 | 4,515,087 | 217,121 | ||||||||
| CVS Health Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 75,926 | 6,050,738 | 7,854,545 | 2,033,829 | ||||||||
| DaVita, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 42,727 | 5,013,637 | 9,505,903 | 4,599,005 | ||||||||
| Elevance Health, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 3,921 | 1,104,948 | 1,516,368 | 459,225 | ||||||||
| GE HealthCare Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 155,438 | 9,506,608 | 9,949,586 | 657,626 | ||||||||
| McKesson Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 6,279 | 4,315,858 | 4,744,412 | 540,973 | ||||||||
| Medtronic PLC (Ireland) | USFF +0.250% | Weekly | MS | 07/16/29 | 141,898 | 11,878,549 | 11,100,681 | (336,429) | ||||||||
| ResMed, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 40,802 | 9,806,865 | 7,951,494 | (1,604,450) | ||||||||
| Stryker Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 9,192 | 2,706,380 | 2,894,009 | 249,704 | ||||||||
| UnitedHealth Group, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 28,456 | 7,839,042 | 11,827,167 | 4,289,979 | ||||||||
| Universal Health Services, Inc., Class B | USFF +0.250% | Weekly | MS | 01/17/30 | 43,086 | 7,139,352 | 6,406,457 | (563,758) | ||||||||
| Veeva Systems, Inc., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 5,349 | 841,997 | 949,287 | 126,320 | ||||||||
| 795,281 | 101,837,066 | 112,276,076 | 13,331,576 | |||||||||||||
| Household & Personal Products | ||||||||||||||||
| Clorox Co. (The) | USFF +0.250% | Weekly | MS | 11/04/30 | 13,814 | 1,198,292 | 1,318,408 | 146,637 | ||||||||
| Colgate-Palmolive Co. | USFF +0.250% | Weekly | MS | 07/11/28 | 39,000 | 3,271,923 | 3,575,520 | 407,989 | ||||||||
| Kenvue, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 169,682 | 2,544,825 | 3,242,623 | 858,257 | ||||||||
| Kimberly-Clark Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 41,602 | 4,118,686 | 4,566,652 | 627,931 | ||||||||
| Procter & Gamble Co. (The) | USFF +0.250% | Weekly | MS | 07/08/27 | 18,876 | 2,694,711 | 2,767,977 | 183,644 | ||||||||
| 282,974 | 13,828,437 | 15,471,180 | 2,224,458 | |||||||||||||
| Insurance | ||||||||||||||||
| Aflac, Inc. | USFF +0.250% | Weekly | MS | 07/06/26 | 7,776 | 792,919 | 911,736 | 192,773 | ||||||||
| Assurant, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 26,568 | 6,777,747 | 7,134,305 | 524,764 | ||||||||
| Brown & Brown, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 133,877 | 9,802,643 | 8,588,210 | (950,055) | ||||||||
| Chubb Ltd. (Switzerland) | USFF +0.250% | Weekly | MS | 01/10/28 | 19,838 | 6,209,187 | 6,759,600 | 761,679 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Insurance — (continued) | ||||||||||||||||
| Cincinnati Financial Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 23,850 | $3,909,440 | $4,415,589 | $655,963 | ||||||||
| Erie Indemnity Co., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 27,784 | 6,772,186 | 6,661,214 | 45,122 | ||||||||
| Globe Life, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 22,199 | 3,369,825 | 3,966,517 | 674,476 | ||||||||
| Hartford Insurance Group, Inc. (The) | USFF +0.250% | Weekly | MS | 01/12/29 | 23,138 | 2,930,011 | 3,066,248 | 292,544 | ||||||||
| Loews Corp. | USFF +0.250% | Weekly | MS | 07/06/26 | 44,100 | 4,170,746 | 4,992,561 | 952,879 | ||||||||
| Marsh & McLennan Cos., Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 21,974 | 3,787,511 | 3,662,407 | (38,568) | ||||||||
| Principal Financial Group, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 35,934 | 3,520,680 | 3,872,967 | 457,245 | ||||||||
| Willis Towers Watson PLC (Ireland) | USFF +0.250% | Weekly | MS | 11/04/30 | 13,482 | 3,558,365 | 3,523,790 | 56,148 | ||||||||
| 400,520 | 55,601,260 | 57,555,144 | 3,624,970 | |||||||||||||
| Materials | ||||||||||||||||
| Albemarle Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 91,177 | 16,409,264 | 12,311,630 | (3,731,339) | ||||||||
| Avery Dennison Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 42,095 | 6,955,042 | 6,834,123 | 128,307 | ||||||||
| CF Industries Holdings, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 49,772 | 4,089,137 | 5,388,317 | 1,478,398 | ||||||||
| Corteva, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 122,707 | 8,762,712 | 10,392,056 | 1,887,709 | ||||||||
| CRH PLC (Ireland) | USFF +0.250% | Weekly | MS | 11/04/30 | 24,817 | 2,794,736 | 2,655,419 | (70,981) | ||||||||
| DuPont de Nemours, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 96,500 | 11,262,415 | 13,089,260 | 2,064,964 | ||||||||
| Linde PLC (Ireland) | USFF +0.250% | Weekly | MS | 01/10/28 | 15,445 | 7,231,628 | 8,015,028 | 1,006,725 | ||||||||
| LyondellBasell Industries NV, Class A (Netherlands) | USFF +0.250% | Weekly | MS | 07/29/30 | 78,390 | 3,425,653 | 4,127,233 | 902,175 | ||||||||
| Newmont Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 43,775 | 3,186,978 | 4,088,585 | 1,006,695 | ||||||||
| PPG Industries, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 29,388 | 2,848,466 | 3,564,471 | 831,733 | ||||||||
| Smurfit Westrock PLC (Ireland) | USFF +0.250% | Weekly | MS | 11/04/30 | 81,097 | 2,734,780 | 3,751,547 | 1,148,522 | ||||||||
| Steel Dynamics, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 10,375 | 2,454,129 | 2,380,647 | (17,613) | ||||||||
| 685,538 | 72,154,940 | 76,598,316 | 6,635,295 | |||||||||||||
| Media & Entertainment | ||||||||||||||||
| Alphabet, Inc., Class A | USFF +0.250% | Weekly | MS | 07/11/28 | 103,410 | 21,779,794 | 36,955,632 | 15,732,564 | ||||||||
| Charter Communications, Inc., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 29,087 | 4,962,263 | 4,136,462 | (720,142) | ||||||||
| Electronic Arts, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 5,113 | 880,987 | 1,048,370 | 190,357 | ||||||||
| Fox Corp., Class A | USFF +0.250% | Weekly | MS | 07/16/29 | 71,394 | 3,982,898 | 3,723,911 | (138,043) | ||||||||
| Meta Platforms, Inc., Class A | USFF +0.250% | Weekly | MS | 01/07/27 | 18,596 | 5,919,382 | 10,474,941 | 4,755,557 | ||||||||
| Netflix, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 51,675 | 4,030,316 | 3,689,595 | (254,657) | ||||||||
| News Corp., Class A | USFF +0.250% | Weekly | MS | 07/29/30 | 93,215 | 2,419,457 | 2,314,528 | (42,673) | ||||||||
| Omnicom Group, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 71,537 | 5,087,426 | 5,210,040 | 453,728 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Media & Entertainment — (continued) | ||||||||||||||||
| Take-Two Interactive Software, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 1,253 | $209,461 | $313,225 | $109,495 | ||||||||
| Walt Disney Co. (The) | USFF +0.250% | Weekly | MS | 07/11/28 | 63,002 | 6,088,720 | 6,063,942 | 234,080 | ||||||||
| Warner Bros Discovery, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 12,301 | 344,876 | 327,945 | (8,451) | ||||||||
| 520,583 | 55,705,580 | 74,258,591 | 20,311,815 | |||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||||||||||||
| Amgen, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 4,628 | 1,625,066 | 1,675,891 | 87,327 | ||||||||
| Biogen, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 19,148 | 2,645,542 | 4,137,117 | 1,548,524 | ||||||||
| Bristol-Myers Squibb Co. | USFF +0.250% | Weekly | MS | 01/12/29 | 106,339 | 4,773,676 | 6,127,253 | 1,723,754 | ||||||||
| Charles River Laboratories International, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 35,506 | 5,349,188 | 8,052,406 | 2,817,012 | ||||||||
| Danaher Corp. | USFF +0.250% | Weekly | MS | 07/29/30 | 7,112 | 1,221,248 | 1,354,694 | 176,158 | ||||||||
| Gilead Sciences, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 32,453 | 3,736,963 | 4,100,112 | 620,942 | ||||||||
| Incyte Corp. | USFF +0.250% | Weekly | MS | 07/11/28 | 84,372 | 6,611,753 | 9,564,410 | 3,092,996 | ||||||||
| IQVIA Holdings, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 29,180 | 4,723,781 | 5,638,160 | 1,028,493 | ||||||||
| Johnson & Johnson | USFF +0.250% | Weekly | MS | 01/17/30 | 18,581 | 3,288,391 | 4,719,017 | 1,613,419 | ||||||||
| Merck & Co., Inc. | USFF +0.250% | Weekly | MS | 07/06/26 | 50,373 | 5,223,682 | 6,472,930 | 1,518,221 | ||||||||
| Pfizer, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 190,335 | 4,299,668 | 4,583,267 | 728,930 | ||||||||
| Regeneron Pharmaceuticals, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 8,159 | 4,574,110 | 5,087,463 | 634,805 | ||||||||
| Thermo Fisher Scientific, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 6,699 | 3,121,950 | 3,358,611 | 319,721 | ||||||||
| Viatris, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 267,570 | 4,453,832 | 4,249,012 | (85,616) | ||||||||
| 860,455 | 55,648,850 | 69,120,343 | 15,824,686 | |||||||||||||
| Real Estate Management & Development | ||||||||||||||||
| CBRE Group, Inc., Class A | USFF +0.250% | Weekly | MS | 01/12/29 | 30,263 | 4,026,411 | 4,076,123 | 135,695 | ||||||||
| Semiconductors & Semiconductor Equipment | ||||||||||||||||
| Advanced Micro Devices, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 13,671 | 5,804,453 | 7,941,621 | 2,260,533 | ||||||||
| Analog Devices, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 9,641 | 2,761,689 | 3,829,116 | 1,145,818 | ||||||||
| Applied Materials, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 2 | 256 | 1,446 | 3,052 | ||||||||
| Broadcom, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 22,884 | 5,928,057 | 8,644,431 | 3,007,958 | ||||||||
| First Solar, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 42,740 | 9,330,475 | 10,084,930 | 951,955 | ||||||||
| Lam Research Corp. | USFF +0.250% | Weekly | MS | 07/29/30 | 72,103 | 6,831,115 | 31,244,393 | 26,031,496 | ||||||||
| Marvell Technology, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 3,039 | 836,878 | 905,288 | 87,332 | ||||||||
| Micron Technology, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 15,353 | 3,781,247 | 17,721,814 | 14,005,078 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Semiconductors & Semiconductor Equipment — (continued) | ||||||||||||||||
| NVIDIA Corp. | USFF +0.250% | Weekly | MS | 01/10/28 | 159,391 | $18,939,501 | $31,892,545 | $13,405,166 | ||||||||
| NXP Semiconductors NV (Netherlands) | USFF +0.250% | Weekly | MS | 11/04/30 | 22,605 | 6,018,678 | 6,352,683 | 484,016 | ||||||||
| ON Semiconductor Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 46,496 | 4,801,047 | 4,395,732 | (303,046) | ||||||||
| QUALCOMM, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 45,801 | 6,201,266 | 8,463,567 | 2,533,039 | ||||||||
| Skyworks Solutions, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 6,458 | 411,410 | 437,852 | 38,037 | ||||||||
| 460,184 | 71,646,072 | 131,915,418 | 63,650,434 | |||||||||||||
| Software & Services | ||||||||||||||||
| Accenture PLC, Class A (Ireland) | USFF +0.250% | Weekly | MS | 01/12/29 | 40,541 | 7,861,451 | 5,044,922 | (2,594,010) | ||||||||
| Adobe, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 64,518 | 15,864,646 | 13,227,480 | (2,302,285) | ||||||||
| AppLovin Corp., Class A | USFF +0.250% | Weekly | MS | 05/05/31 | 4,571 | 2,070,286 | 2,355,116 | 329,685 | ||||||||
| Cognizant Technology Solutions Corp., Class A | USFF +0.250% | Weekly | MS | 07/08/27 | 144,233 | 7,883,095 | 5,586,144 | (2,089,854) | ||||||||
| Gartner, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 42,468 | 6,567,254 | 5,504,702 | (923,149) | ||||||||
| Gen Digital, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 666,464 | 14,800,836 | 16,588,289 | 2,424,657 | ||||||||
| GoDaddy, Inc., Class A | USFF +0.250% | Weekly | MS | 01/12/29 | 105,550 | 9,914,848 | 8,959,084 | (761,861) | ||||||||
| Microsoft Corp. | USFF +0.250% | Weekly | MS | 01/05/27 | 61,321 | 20,531,635 | 22,873,959 | 3,155,887 | ||||||||
| PTC, Inc. | USFF +0.250% | Weekly | MS | 11/04/30 | 109,904 | 16,092,016 | 12,486,193 | (3,266,162) | ||||||||
| Roper Technologies, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 26,559 | 9,916,067 | 8,987,300 | (683,425) | ||||||||
| Salesforce, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 36,910 | 6,225,083 | 5,782,321 | (314,915) | ||||||||
| 1,303,039 | 117,727,217 | 107,395,510 | (7,025,432) | |||||||||||||
| Technology Hardware & Equipment | ||||||||||||||||
| Amphenol Corp., Class A | USFF +0.250% | Weekly | MS | 07/18/30 | 18,363 | 1,958,486 | 3,237,764 | 1,338,512 | ||||||||
| Apple, Inc. | USFF +0.250% | Weekly | MS | 07/08/27 | 149,689 | 32,991,688 | 43,314,009 | 11,164,376 | ||||||||
| CDW Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 17,063 | 1,860,651 | 2,399,740 | 591,660 | ||||||||
| Cisco Systems, Inc. | USFF +0.250% | Weekly | MS | 01/07/27 | 93,584 | 6,612,174 | 10,992,377 | 4,733,036 | ||||||||
| Corning, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 12,590 | 2,258,105 | 3,215,864 | 1,009,061 | ||||||||
| Dell Technologies, Inc., Class C | USFF +0.250% | Weekly | MS | 01/17/30 | 15,809 | 4,881,938 | 6,820,951 | 2,086,358 | ||||||||
| F5, Inc. | USFF +0.250% | Weekly | MS | 01/10/28 | 13,794 | 3,362,873 | 5,737,752 | 2,446,911 | ||||||||
| Flex Ltd. (Singapore) | USFF +0.250% | Weekly | MS | 05/05/31 | 10,245 | 1,587,573 | 1,660,407 | 107,540 | ||||||||
| Hewlett Packard Enterprise Co. | USFF +0.250% | Weekly | MS | 05/05/31 | 147,928 | 6,900,911 | 6,673,032 | (76,210) | ||||||||
| HP, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 103,291 | 2,304,758 | 2,266,205 | 14,570 | ||||||||
| Jabil, Inc. | USFF +0.250% | Weekly | MS | 07/16/29 | 2,355 | 470,693 | 907,805 | 449,810 | ||||||||
| Keysight Technologies, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | 13,173 | 3,374,209 | 4,611,472 | 1,309,532 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Technology Hardware & Equipment — (continued) | ||||||||||||||||
| Motorola Solutions, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 2,867 | $1,149,181 | $1,190,636 | $70,631 | ||||||||
| NetApp, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 11,869 | 1,835,929 | 1,836,846 | 42,212 | ||||||||
| Sandisk Corp. | USFF +0.250% | Weekly | MS | 05/05/31 | 474 | 949,891 | 1,077,748 | 149,155 | ||||||||
| Seagate Technology Holdings PLC (Ireland) | USFF +0.250% | Weekly | MS | 07/29/30 | 2 | 213 | 1,930 | 3,055 | ||||||||
| TE Connectivity PLC (Ireland) | USFF +0.250% | Weekly | MS | 11/04/30 | 10,764 | 2,185,330 | 2,170,130 | 38,592 | ||||||||
| Zebra Technologies Corp., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 11,581 | 2,446,987 | 3,048,814 | 654,627 | ||||||||
| 635,441 | 77,131,590 | 101,163,482 | 26,133,428 | |||||||||||||
| Telecommunication Services | ||||||||||||||||
| AT&T, Inc. | USFF +0.250% | Weekly | MS | 05/05/31 | 165,649 | 3,966,208 | 3,428,934 | (433,421) | ||||||||
| Comcast Corp., Class A | USFF +0.250% | Weekly | MS | 11/04/30 | 303,731 | 8,098,263 | 7,456,596 | (464,905) | ||||||||
| T-Mobile US, Inc. | USFF +0.250% | Weekly | MS | 07/06/26 | 13,359 | 2,507,873 | 2,240,705 | (168,400) | ||||||||
| 482,739 | 14,572,344 | 13,126,235 | (1,066,726) | |||||||||||||
| Transportation | ||||||||||||||||
| CSX Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 46,504 | 2,068,430 | 2,210,335 | 203,913 | ||||||||
| Delta Air Lines, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 89,704 | 4,902,191 | 8,401,677 | 3,704,934 | ||||||||
| Expeditors International of Washington, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 18,700 | 2,586,047 | 3,047,726 | 535,746 | ||||||||
| FedEx Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 26,878 | 7,447,696 | 8,416,308 | 1,128,503 | ||||||||
| Fedex Freight Holding Co., Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 1,377 | 147,253 | 207,927 | 65,041 | ||||||||
| JB Hunt Transport Services, Inc. | USFF +0.250% | Weekly | MS | 07/18/30 | 34,425 | 5,740,854 | 9,963,628 | 4,385,103 | ||||||||
| Uber Technologies, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 12,625 | 895,888 | 911,020 | 35,295 | ||||||||
| Union Pacific Corp. | USFF +0.250% | Weekly | MS | 01/17/30 | 13,324 | 3,356,230 | 3,624,128 | 370,153 | ||||||||
| United Parcel Service, Inc., Class B | USFF +0.250% | Weekly | MS | 01/17/30 | 36,444 | 3,375,794 | 3,917,730 | 732,182 | ||||||||
| 279,981 | 30,520,383 | 40,700,479 | 11,160,870 | |||||||||||||
| Utilities | ||||||||||||||||
| Constellation Energy Corp. | USFF +0.250% | Weekly | MS | 01/05/27 | 17,660 | 4,734,962 | 4,386,214 | (222,117) | ||||||||
| DTE Energy Co. | USFF +0.250% | Weekly | MS | 01/17/30 | 24,462 | 3,355,075 | 3,727,275 | 526,342 | ||||||||
| Duke Energy Corp. | USFF +0.250% | Weekly | MS | 11/04/30 | 21,297 | 2,565,569 | 2,695,774 | 235,212 | ||||||||
| Edison International | USFF +0.250% | Weekly | MS | 11/04/30 | 36,676 | 2,576,954 | 2,730,528 | 216,402 | ||||||||
| Evergy, Inc. | USFF +0.250% | Weekly | MS | 01/17/30 | 9,381 | 714,026 | 810,800 | 145,093 | ||||||||
| NRG Energy, Inc. | USFF +0.250% | Weekly | MS | 07/11/28 | 17,116 | 2,332,812 | 2,499,963 | 235,959 | ||||||||
| Reference Entity | Pay*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts Long | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Utilities — (continued) | ||||||||||||||||
| PG&E Corp. | USFF +0.250% | Weekly | MS | 07/08/27 | 14,476 | $204,932 | $243,486 | $47,571 | ||||||||
| Vistra Corp. | USFF +0.250% | Weekly | MS | 07/16/29 | 14,731 | 1,963,810 | 2,336,779 | 431,243 | ||||||||
| 155,799 | 18,448,140 | 19,430,819 | 1,615,705 | |||||||||||||
| Total Reference Entity — Long | 1,231,706,003 | 1,418,789,263 | 229,606,368 | |||||||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Short | ||||||||||||||||
| Capital Goods | ||||||||||||||||
| 3M Co. | USFF -0.250% | Weekly | MS | 11/04/30 | (45,149) | $(6,823,576) | $(7,310,075) | $(709,004) | ||||||||
| Axon Enterprise, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (17,550) | (11,990,192) | (9,838,706) | 1,842,488 | ||||||||
| Boeing Co. (The) | USFF -0.250% | Weekly | MS | 07/11/28 | (42,021) | (9,595,082) | (9,096,286) | 223,058 | ||||||||
| Builders FirstSource, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (75,630) | (9,191,609) | (6,767,372) | 2,160,150 | ||||||||
| Carrier Global Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (127,652) | (8,746,931) | (9,363,274) | (932,174) | ||||||||
| Eaton Corp. PLC (Ireland) | USFF -0.250% | Weekly | MS | 07/23/30 | (10,665) | (4,297,021) | (4,544,570) | (403,764) | ||||||||
| Emerson Electric Co. | USFF -0.250% | Weekly | MS | 05/05/31 | (49,885) | (7,092,079) | (7,141,038) | (273,496) | ||||||||
| Fastenal Co. | USFF -0.250% | Weekly | MS | 07/29/30 | (159,663) | (7,299,365) | (7,668,614) | (609,205) | ||||||||
| Generac Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (15,376) | (3,135,673) | (4,502,247) | (1,455,791) | ||||||||
| Howmet Aerospace, Inc. | USFF -0.250% | Weekly | MS | 05/05/31 | (22,421) | (5,978,735) | (6,028,110) | (226,706) | ||||||||
| Hubbell, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (10,283) | (5,375,453) | (5,380,066) | (158,644) | ||||||||
| IDEX Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (28,278) | (6,052,453) | (6,417,692) | (571,075) | ||||||||
| Ingersoll Rand, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (99,200) | (8,233,980) | (8,133,408) | (137,800) | ||||||||
| Lennox International, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (18,265) | (10,618,876) | (10,464,932) | (269,407) | ||||||||
| PACCAR, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (65,118) | (7,898,276) | (7,821,974) | (210,607) | ||||||||
| Parker-Hannifin Corp. | USFF -0.250% | Weekly | MS | 11/04/30 | (5,438) | (5,179,274) | (5,319,017) | (292,527) | ||||||||
| Pentair PLC (Ireland) | USFF -0.250% | Weekly | MS | 11/04/30 | (70,333) | (6,806,994) | (5,391,728) | 1,207,805 | ||||||||
| Quanta Services, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (8,577) | (4,790,260) | (6,175,783) | (1,523,456) | ||||||||
| Trane Technologies PLC (Ireland) | USFF -0.250% | Weekly | MS | 07/29/30 | (17,060) | (8,076,470) | (8,379,190) | (561,126) | ||||||||
| TransDigm Group, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (4,003) | (5,492,804) | (5,332,156) | (220,246) | ||||||||
| (892,567) | (142,675,103) | (141,076,238) | (3,121,527) | |||||||||||||
| Commercial & Professional Services | ||||||||||||||||
| Cintas Corp. | USFF -0.250% | Weekly | MS | 05/05/31 | (32,420) | (5,601,659) | (5,513,994) | (72,759) | ||||||||
| Equifax, Inc. | USFF -0.250% | Weekly | MS | 07/06/26 | (31,035) | (8,011,717) | (4,925,875) | 2,782,821 | ||||||||
| Republic Services, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (25,856) | (5,698,704) | (5,509,396) | 24,882 | ||||||||
| Rollins, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (39,097) | (2,364,317) | (1,631,909) | 651,485 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Commercial & Professional Services — (continued) | ||||||||||||||||
| Verisk Analytics, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (13,422) | $(2,890,606) | $(2,409,652) | $385,429 | ||||||||
| Waste Management, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (20,357) | (4,578,737) | (4,537,168) | (121,133) | ||||||||
| (162,187) | (29,145,740) | (24,527,994) | 3,650,725 | |||||||||||||
| Consumer Discretionary Distribution & Retail | ||||||||||||||||
| Carvana Co. | USFF -0.250% | Weekly | MS | 11/04/30 | (15,411) | (1,368,022) | (1,014,352) | 315,494 | ||||||||
| eBay, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (20,838) | (2,219,150) | (2,328,647) | (175,862) | ||||||||
| Home Depot, Inc. (The) | USFF -0.250% | Weekly | MS | 07/29/30 | (151) | (63,246) | (53,255) | 8,457 | ||||||||
| O'Reilly Automotive, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (59,434) | (5,704,015) | (5,473,277) | 67,358 | ||||||||
| Tractor Supply Co. | USFF -0.250% | Weekly | MS | 07/16/29 | (201,112) | (11,106,196) | (6,357,150) | 4,314,321 | ||||||||
| (296,946) | (20,460,629) | (15,226,681) | 4,529,768 | |||||||||||||
| Consumer Durables & Apparel | ||||||||||||||||
| DR Horton, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (15,045) | (2,515,288) | (2,450,530) | (14,170) | ||||||||
| Lennar Corp., Class A | USFF -0.250% | Weekly | MS | 11/04/30 | (27,275) | (3,289,153) | (2,468,115) | 713,754 | ||||||||
| NIKE, Inc., Class B | USFF -0.250% | Weekly | MS | 01/22/30 | (161,326) | (11,485,279) | (6,622,432) | 4,325,494 | ||||||||
| NVR, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (22) | (177,181) | (149,895) | 23,497 | ||||||||
| PulteGroup, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (23,571) | (3,101,636) | (3,234,177) | (226,577) | ||||||||
| Ralph Lauren Corp. | USFF -0.250% | Weekly | MS | 05/05/31 | (11,100) | (4,278,973) | (4,455,651) | (309,592) | ||||||||
| (238,339) | (24,847,510) | (19,380,800) | 4,512,406 | |||||||||||||
| Consumer Services | ||||||||||||||||
| Airbnb, Inc., Class A | USFF -0.250% | Weekly | MS | 01/12/29 | (55,533) | (7,757,252) | (7,946,772) | (412,189) | ||||||||
| Chipotle Mexican Grill, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (28,211) | (1,294,023) | (959,174) | 298,810 | ||||||||
| Darden Restaurants, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (14,435) | (3,099,289) | (2,973,754) | (1,091) | ||||||||
| Domino's Pizza, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (1,438) | (750,022) | (425,706) | 292,608 | ||||||||
| DoorDash, Inc., Class A | USFF -0.250% | Weekly | MS | 07/29/30 | (31,564) | (7,556,934) | (5,824,505) | 1,515,545 | ||||||||
| Hilton Worldwide Holdings, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (12,033) | (3,957,640) | (3,976,425) | (132,977) | ||||||||
| MGM Resorts International | USFF -0.250% | Weekly | MS | 01/22/30 | (29,257) | (1,174,146) | (1,398,777) | (320,618) | ||||||||
| Norwegian Cruise Line Holdings Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 01/05/27 | (114,858) | (3,212,302) | (2,424,652) | 696,219 | ||||||||
| Royal Caribbean Cruises Ltd. (Liberia) | USFF -0.250% | Weekly | MS | 11/04/30 | (21,990) | (6,165,658) | (6,982,485) | (1,021,186) | ||||||||
| Starbucks Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (45,155) | (4,637,145) | (4,614,389) | (202,430) | ||||||||
| Wynn Resorts Ltd. | USFF -0.250% | Weekly | MS | 05/05/31 | (29,763) | (2,962,775) | (2,889,690) | (11,140) | ||||||||
| (384,237) | (42,567,186) | (40,416,329) | 701,551 | |||||||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Consumer Staples Distribution & Retail | ||||||||||||||||
| Casey's General Stores, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (4,379) | $(3,437,181) | $(3,480,385) | $(142,698) | ||||||||
| Costco Wholesale Corp. | USFF -0.250% | Weekly | MS | 01/22/30 | (7,088) | (7,124,566) | (6,630,611) | 275,132 | ||||||||
| Walmart, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (15,538) | (1,946,389) | (1,759,834) | 130,202 | ||||||||
| (27,005) | (12,508,136) | (11,870,830) | 262,636 | |||||||||||||
| Energy | ||||||||||||||||
| Chevron Corp. | USFF -0.250% | Weekly | MS | 11/04/30 | (28,799) | (5,431,422) | (4,773,722) | 460,854 | ||||||||
| Diamondback Energy, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (69,939) | (13,022,105) | (12,293,877) | 110,038 | ||||||||
| EOG Resources, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (67,881) | (8,950,763) | (8,806,202) | (139,077) | ||||||||
| Marathon Petroleum Corp. | USFF -0.250% | Weekly | MS | 07/29/30 | (24,223) | (5,195,354) | (6,193,094) | (1,191,529) | ||||||||
| Phillips 66 | USFF -0.250% | Weekly | MS | 11/04/30 | (83,937) | (13,618,291) | (14,189,550) | (1,063,961) | ||||||||
| SLB Ltd. (Curacao) | USFF -0.250% | Weekly | MS | 11/04/30 | (46,767) | (2,547,128) | (2,174,198) | 284,655 | ||||||||
| Targa Resources Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (33,789) | (8,161,266) | (9,060,182) | (1,264,170) | ||||||||
| Texas Pacific Land Corp. | USFF -0.250% | Weekly | MS | 11/04/30 | (35,707) | (16,277,185) | (15,626,811) | 85,549 | ||||||||
| Williams Cos., Inc. (The) | USFF -0.250% | Weekly | MS | 11/04/30 | (138,710) | (10,246,549) | (10,311,701) | (434,657) | ||||||||
| (529,752) | (83,450,063) | (83,429,337) | (3,152,298) | |||||||||||||
| Equity Real Estate Investment Trusts (REITs) | ||||||||||||||||
| Alexandria Real Estate Equities, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (119,327) | (8,978,497) | (6,306,432) | 1,967,751 | ||||||||
| BXP, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (19,090) | (1,478,609) | (1,265,858) | 82,655 | ||||||||
| Camden Property Trust | USFF -0.250% | Weekly | MS | 01/22/30 | (43,245) | (4,728,770) | (4,951,120) | (463,196) | ||||||||
| Crown Castle, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (86,019) | (8,042,752) | (6,514,219) | 1,070,887 | ||||||||
| Equinix, Inc. | USFF -0.250% | Weekly | MS | 07/06/26 | (7,549) | (7,037,305) | (7,869,002) | (1,218,274) | ||||||||
| Essex Property Trust, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (15,928) | (4,500,224) | (4,644,446) | (510,565) | ||||||||
| Extra Space Storage, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (36,548) | (5,271,950) | (5,310,424) | (222,797) | ||||||||
| Healthpeak Properties, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (248,724) | (4,914,046) | (5,322,694) | (943,967) | ||||||||
| Invitation Homes, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (15,770) | (502,106) | (476,412) | 5,655 | ||||||||
| Iron Mountain, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (40,635) | (4,598,979) | (5,132,607) | (895,192) | ||||||||
| Kimco Realty Corp. | USFF -0.250% | Weekly | MS | 11/04/30 | (157,084) | (3,454,110) | (3,982,079) | (688,481) | ||||||||
| Regency Centers Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (52,724) | (4,091,591) | (4,204,212) | (274,007) | ||||||||
| SBA Communications Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (15,117) | (3,408,751) | (2,667,546) | 584,725 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Equity Real Estate Investment Trusts (REITs) — (continued) | ||||||||||||||||
| UDR, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (116,488) | $(4,352,602) | $(4,650,201) | $(457,481) | ||||||||
| Weyerhaeuser Co. | USFF -0.250% | Weekly | MS | 01/10/28 | (160,469) | (4,621,234) | (3,841,628) | 487,122 | ||||||||
| (1,134,717) | (69,981,526) | (67,138,880) | (1,475,165) | |||||||||||||
| Exchange Traded Funds | ||||||||||||||||
| State Street SPDR S&P 500 ETF Trust | USFF -0.250% | Weekly | MS | 05/05/31 | (8,293) | (6,161,808) | (6,192,964) | (214,294) | ||||||||
| Financial Services | ||||||||||||||||
| Block, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (100,671) | (7,504,174) | (7,650,996) | (362,183) | ||||||||
| Coinbase Global, Inc., Class A | USFF -0.250% | Weekly | MS | 07/29/30 | (49,803) | (9,937,296) | (7,280,701) | 2,370,977 | ||||||||
| Fidelity National Information Services, Inc. | USFF -0.250% | Weekly | MS | 07/06/26 | (47,356) | (4,894,315) | (1,841,201) | 2,760,065 | ||||||||
| Global Payments, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (16,558) | (1,306,641) | (1,201,448) | 61,974 | ||||||||
| Jack Henry & Associates, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (19,977) | (3,597,348) | (2,751,632) | 715,056 | ||||||||
| Moody's Corp. | USFF -0.250% | Weekly | MS | 07/29/30 | (15,637) | (7,259,186) | (7,082,310) | (42,464) | ||||||||
| MSCI, Inc. | USFF -0.250% | Weekly | MS | 07/06/26 | (19,921) | (11,709,024) | (11,156,557) | 30,746 | ||||||||
| S&P Global, Inc. | USFF -0.250% | Weekly | MS | 07/06/26 | (1,216) | (497,553) | (495,228) | (10,716) | ||||||||
| (271,139) | (46,705,537) | (39,460,073) | 5,523,455 | |||||||||||||
| Food, Beverage & Tobacco | ||||||||||||||||
| Archer-Daniels-Midland Co. | USFF -0.250% | Weekly | MS | 11/04/30 | (36,860) | (2,856,095) | (2,816,104) | (51,985) | ||||||||
| Bunge Global SA (Switzerland) | USFF -0.250% | Weekly | MS | 11/04/30 | (22,306) | (2,753,797) | (2,380,719) | 286,724 | ||||||||
| Constellation Brands, Inc., Class A | USFF -0.250% | Weekly | MS | 05/05/31 | (53,300) | (7,386,776) | (7,413,497) | (238,692) | ||||||||
| Hormel Foods Corp. | USFF -0.250% | Weekly | MS | 01/22/30 | (4,929) | (145,355) | (122,338) | 17,011 | ||||||||
| J M Smucker Co. (The) | USFF -0.250% | Weekly | MS | 01/12/29 | (26,304) | (2,835,723) | (2,959,200) | (347,549) | ||||||||
| Keurig Dr Pepper, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (49,517) | (1,487,404) | (1,620,691) | (204,740) | ||||||||
| McCormick & Co., Inc., non-voting shares | USFF -0.250% | Weekly | MS | 01/22/30 | (68,587) | (4,707,526) | (3,458,157) | 1,020,975 | ||||||||
| Mondelez International, Inc., Class A | USFF -0.250% | Weekly | MS | 07/29/30 | (97,827) | (5,889,008) | (5,658,314) | (36,363) | ||||||||
| Monster Beverage Corp. | USFF -0.250% | Weekly | MS | 05/05/31 | (37,437) | (3,483,006) | (3,598,444) | (214,686) | ||||||||
| Philip Morris International, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (41,351) | (6,796,538) | (7,480,809) | (972,330) | ||||||||
| (438,418) | (38,341,228) | (37,508,273) | (741,635) | |||||||||||||
| Health Care Equipment & Services | ||||||||||||||||
| Baxter International, Inc. | USFF -0.250% | Weekly | MS | 05/05/31 | (71,013) | (1,246,325) | (1,513,997) | (303,044) | ||||||||
| Boston Scientific Corp. | USFF -0.250% | Weekly | MS | 07/29/30 | (57,160) | (5,594,945) | (2,439,589) | 2,995,126 | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Health Care Equipment & Services — (continued) | ||||||||||||||||
| Cooper Cos., Inc. (The) | USFF -0.250% | Weekly | MS | 07/06/26 | (155,518) | $(12,799,658) | $(11,152,196) | $1,279,191 | ||||||||
| Dexcom, Inc. | USFF -0.250% | Weekly | MS | 07/06/26 | (101,327) | (10,252,067) | (6,824,373) | 3,132,985 | ||||||||
| Edwards Lifesciences Corp. | USFF -0.250% | Weekly | MS | 07/06/26 | (134,073) | (11,584,298) | (12,128,244) | (877,123) | ||||||||
| HCA Healthcare, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (11,240) | (4,704,350) | (4,382,364) | 180,935 | ||||||||
| Henry Schein, Inc. | USFF -0.250% | Weekly | MS | 01/07/27 | (140,562) | (10,545,711) | (11,739,738) | (1,559,394) | ||||||||
| Humana, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (6,263) | (1,866,249) | (2,487,789) | (696,892) | ||||||||
| IDEXX Laboratories, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (10,998) | (5,999,563) | (5,789,787) | 37,862 | ||||||||
| Insulet Corp. | USFF -0.250% | Weekly | MS | 01/10/28 | (19,633) | (6,326,948) | (2,989,124) | 3,156,456 | ||||||||
| Intuitive Surgical, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (18,701) | (9,696,751) | (7,437,014) | 1,981,064 | ||||||||
| Labcorp Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (34,826) | (9,256,344) | (9,751,280) | (793,084) | ||||||||
| Quest Diagnostics, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (34,770) | (6,964,905) | (7,369,502) | (607,965) | ||||||||
| Solventum Corp. | USFF -0.250% | Weekly | MS | 05/05/31 | (25,920) | (1,983,916) | (1,999,728) | (73,781) | ||||||||
| STERIS PLC (Ireland) | USFF -0.250% | Weekly | MS | 11/04/30 | (9,745) | (2,458,197) | (2,052,005) | 325,926 | ||||||||
| Zimmer Biomet Holdings, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (80,913) | (7,485,798) | (6,965,800) | 270,409 | ||||||||
| (912,662) | (108,766,025) | (97,022,530) | 8,448,671 | |||||||||||||
| Household & Personal Products | ||||||||||||||||
| Church & Dwight Co., Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (54,263) | (5,453,096) | (5,256,999) | 13,948 | ||||||||
| Estee Lauder Cos., Inc. (The), Class A | USFF -0.250% | Weekly | MS | 07/08/27 | (30,757) | (3,558,291) | (2,428,265) | 990,966 | ||||||||
| (85,020) | (9,011,387) | (7,685,264) | 1,004,914 | |||||||||||||
| Insurance | ||||||||||||||||
| Allstate Corp. (The) | USFF -0.250% | Weekly | MS | 07/16/29 | (32,798) | (6,916,154) | (7,803,956) | (1,305,171) | ||||||||
| American International Group, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (109,275) | (8,703,215) | (8,144,266) | 172,516 | ||||||||
| Aon PLC, Class A (Ireland) | USFF -0.250% | Weekly | MS | 07/29/30 | (25,256) | (8,516,506) | (8,377,163) | (131,631) | ||||||||
| Arch Capital Group Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 01/12/29 | (99,179) | (9,400,381) | (9,626,314) | (527,510) | ||||||||
| Arthur J Gallagher & Co. | USFF -0.250% | Weekly | MS | 07/29/30 | (8,187) | (2,296,955) | (1,879,490) | 335,734 | ||||||||
| Everest Group Ltd. (Bermuda) | USFF -0.250% | Weekly | MS | 07/11/28 | (8,829) | (3,165,103) | (3,153,984) | (172,016) | ||||||||
| MetLife, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (65,113) | (5,235,687) | (5,509,211) | (490,511) | ||||||||
| Progressive Corp. (The) | USFF -0.250% | Weekly | MS | 05/05/31 | (22,601) | (5,000,180) | (4,937,188) | (84,374) | ||||||||
| Prudential Financial, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (28,156) | (3,116,117) | (3,038,877) | (43,328) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Insurance — (continued) | ||||||||||||||||
| Travelers Cos., Inc. (The) | USFF -0.250% | Weekly | MS | 11/04/30 | (2,171) | $(670,836) | $(716,691) | $(112,908) | ||||||||
| W R Berkley Corp. | USFF -0.250% | Weekly | MS | 11/04/30 | (127,494) | (8,780,858) | (8,992,152) | (509,180) | ||||||||
| (529,059) | (61,801,992) | (62,179,292) | (2,868,379) | |||||||||||||
| Materials | ||||||||||||||||
| Air Products and Chemicals, Inc. | USFF -0.250% | Weekly | MS | 01/10/28 | (30,710) | (9,185,698) | (9,003,558) | (264,173) | ||||||||
| Amcor PLC (Jersey) | USFF -0.250% | Weekly | MS | 07/29/30 | (38,750) | (1,667,197) | (1,679,813) | (113,579) | ||||||||
| Ball Corp. | USFF -0.250% | Weekly | MS | 05/05/31 | (31,381) | (1,751,773) | (1,958,174) | (262,172) | ||||||||
| Dow, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (376,806) | (16,881,017) | (10,309,412) | 5,170,325 | ||||||||
| Ecolab, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (34,174) | (9,064,671) | (9,521,218) | (745,299) | ||||||||
| Freeport-McMoRan, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (5,525) | (375,922) | (347,467) | 16,891 | ||||||||
| International Flavors & Fragrances, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (66,400) | (4,810,338) | (5,260,208) | (630,330) | ||||||||
| International Paper Co. | USFF -0.250% | Weekly | MS | 01/22/30 | (16,702) | (849,157) | (636,346) | 164,134 | ||||||||
| Martin Marietta Materials, Inc. | USFF +0.250% | Weekly | MS | 07/29/30 | (7,584) | (4,958,649) | (4,373,693) | 431,979 | ||||||||
| Mosaic Co. (The) | USFF -0.250% | Weekly | MS | 01/22/30 | (645,177) | (19,224,626) | (13,671,301) | 4,572,132 | ||||||||
| Nucor Corp. | USFF -0.250% | Weekly | MS | 01/12/29 | (14,924) | (3,165,985) | (3,324,321) | (283,763) | ||||||||
| Packaging Corp. of America | USFF -0.250% | Weekly | MS | 11/04/30 | (39,150) | (8,273,588) | (9,328,662) | (1,401,273) | ||||||||
| Sherwin-Williams Co. (The) | USFF -0.250% | Weekly | MS | 07/16/29 | (39,395) | (14,089,338) | (13,564,486) | 13,337 | ||||||||
| Vulcan Materials Co. | USFF -0.250% | Weekly | MS | 11/04/30 | (14,107) | (4,187,348) | (4,161,706) | (101,364) | ||||||||
| (1,360,785) | (98,485,307) | (87,140,365) | 6,566,845 | |||||||||||||
| Media & Entertainment | ||||||||||||||||
| EchoStar Corp., Class A | USFF -0.630% | Weekly | MS | 11/04/30 | (16,979) | (1,871,411) | (1,723,369) | 95,331 | ||||||||
| Live Nation Entertainment, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (13,506) | (2,228,383) | (2,473,084) | (311,716) | ||||||||
| Paramount Skydance Corp., Class B | USFF -0.980% | Weekly | MS | 07/29/30 | (226,584) | (3,361,252) | (2,234,118) | 994,492 | ||||||||
| TKO Group Holdings, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (11,271) | (2,305,730) | (2,268,965) | (45,793) | ||||||||
| Trade Desk, Inc. (The), Class A | USFF -0.250% | Weekly | MS | 01/22/30 | (240,075) | (13,688,888) | (4,340,556) | 8,954,384 | ||||||||
| (508,415) | (23,455,664) | (13,040,092) | 9,686,698 | |||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||||||||||||
| AbbVie, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (15,789) | (3,544,602) | (3,973,144) | (547,984) | ||||||||
| Agilent Technologies, Inc. | USFF -0.250% | Weekly | MS | 05/05/31 | (26,111) | (3,566,233) | (3,468,324) | (11,453) | ||||||||
| Bio-Techne Corp. | USFF -0.250% | Weekly | MS | 07/06/26 | (34,346) | (3,410,879) | (2,426,545) | 849,094 | ||||||||
| Eli Lilly & Co. | USFF -0.250% | Weekly | MS | 05/05/31 | (768) | (854,914) | (921,162) | (90,563) | ||||||||
| Mettler-Toledo International, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (4,389) | (5,657,209) | (5,606,991) | (111,811) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences — (continued) | ||||||||||||||||
| Moderna, Inc. | USFF -0.250% | Weekly | MS | 07/11/28 | (34,410) | $(4,420,292) | $(2,409,732) | $1,944,547 | ||||||||
| Revvity, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (15,798) | (1,935,340) | (1,757,685) | 116,975 | ||||||||
| Vertex Pharmaceuticals, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (22,220) | (10,738,420) | (11,037,341) | (607,673) | ||||||||
| Waters Corp. | USFF -0.250% | Weekly | MS | 07/16/29 | (22,033) | (8,190,491) | (8,263,256) | (307,944) | ||||||||
| West Pharmaceutical Services, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (16,467) | (5,808,486) | (5,911,653) | (302,659) | ||||||||
| Zoetis, Inc. | USFF -0.250% | Weekly | MS | 07/06/26 | (5,653) | (1,208,413) | (406,225) | 736,749 | ||||||||
| (197,984) | (49,335,279) | (46,182,058) | 1,667,278 | |||||||||||||
| Real Estate Management & Development | ||||||||||||||||
| CoStar Group, Inc. | USFF -0.250% | Weekly | MS | 07/08/27 | (216,839) | (11,664,068) | (6,140,880) | 5,187,707 | ||||||||
| Semiconductors & Semiconductor Equipment | ||||||||||||||||
| Intel Corp. | USFF -0.250% | Weekly | MS | 05/05/31 | (16,256) | (2,022,613) | (2,269,825) | (383,917) | ||||||||
| KLA Corp. | USFF -0.250% | Weekly | MS | 05/05/31 | (7,176) | (1,406,805) | (2,165,071) | (1,023,446) | ||||||||
| Microchip Technology, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (75,297) | (6,074,090) | (6,867,086) | (1,151,929) | ||||||||
| Monolithic Power Systems, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (3,077) | (4,160,268) | (4,253,522) | (224,959) | ||||||||
| Qnity Electronics, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (16,013) | (2,325,391) | (2,615,083) | (356,459) | ||||||||
| Teradyne, Inc. | USFF -0.250% | Weekly | MS | 01/12/29 | (8,011) | (2,566,094) | (3,876,042) | (1,422,917) | ||||||||
| Texas Instruments, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (9,164) | (2,599,892) | (2,731,513) | (210,141) | ||||||||
| (134,994) | (21,155,153) | (24,778,142) | (4,773,768) | |||||||||||||
| Software & Services | ||||||||||||||||
| Akamai Technologies, Inc. | USFF -0.250% | Weekly | MS | 07/11/28 | (16,099) | (1,949,094) | (1,903,063) | (8,923) | ||||||||
| Autodesk, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (11,012) | (3,396,772) | (2,140,953) | 1,159,062 | ||||||||
| Cadence Design Systems, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (15,983) | (5,593,353) | (5,998,740) | (565,571) | ||||||||
| Crowdstrike Holdings, Inc., Class A | USFF -0.250% | Weekly | MS | 01/22/30 | (5,774) | (2,929,593) | (4,406,370) | (1,560,045) | ||||||||
| Datadog, Inc., Class A | USFF -0.250% | Weekly | MS | 01/22/30 | (31,504) | (5,465,626) | (8,202,381) | (2,994,445) | ||||||||
| Fair Isaac Corp. | USFF -0.250% | Weekly | MS | 01/22/30 | (2,047) | (3,680,363) | (2,445,715) | 1,129,702 | ||||||||
| Fortinet, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (28,553) | (2,478,085) | (4,386,312) | (1,978,457) | ||||||||
| International Business Machines Corp. | USFF -0.250% | Weekly | MS | 07/29/30 | (34,551) | (9,944,773) | (9,716,087) | (161,186) | ||||||||
| Intuit, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (3,511) | (2,344,863) | (916,371) | 1,353,683 | ||||||||
| Oracle Corp. | USFF -0.250% | Weekly | MS | 05/05/31 | (12,292) | (2,066,598) | (1,801,393) | 205,336 | ||||||||
| Palantir Technologies, Inc., Class A | USFF -0.250% | Weekly | MS | 11/04/30 | (35,265) | (4,773,387) | (4,114,368) | 522,512 | ||||||||
| Palo Alto Networks, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (8,495) | (1,725,664) | (2,896,965) | (1,686,679) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Software & Services — (continued) | ||||||||||||||||
| ServiceNow, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (54,026) | $(7,633,218) | $(5,363,701) | $2,050,429 | ||||||||
| Synopsys, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (13,765) | (7,006,565) | (6,140,154) | 665,420 | ||||||||
| Trimble, Inc. | USFF -0.250% | Weekly | MS | 07/06/26 | (33,115) | (2,790,412) | (1,694,826) | 1,016,339 | ||||||||
| Tyler Technologies, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (25,268) | (10,903,138) | (7,389,879) | 3,199,751 | ||||||||
| VeriSign, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (26,852) | (7,635,910) | (6,754,889) | 651,636 | ||||||||
| Workday, Inc., Class A | USFF -0.250% | Weekly | MS | 07/16/29 | (38,920) | (7,983,910) | (4,764,586) | 2,990,110 | ||||||||
| (397,032) | (90,301,324) | (81,036,753) | 5,988,674 | |||||||||||||
| Technology Hardware & Equipment | ||||||||||||||||
| Arista Networks, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (21,321) | (3,458,421) | (3,622,011) | (262,127) | ||||||||
| Ciena Corp. | USFF -0.250% | Weekly | MS | 11/04/30 | (7,248) | (3,244,257) | (3,555,579) | (403,675) | ||||||||
| Coherent Corp. | USFF -0.250% | Weekly | MS | 11/04/30 | (3,998) | (1,332,676) | (1,577,091) | (281,570) | ||||||||
| Lumentum Holdings, Inc. | USFF -0.250% | Weekly | MS | 05/05/31 | (3,995) | (3,594,847) | (3,427,950) | 53,352 | ||||||||
| Super Micro Computer, Inc. | USFF -0.250% | Weekly | MS | 01/22/30 | (49,562) | (1,818,088) | (1,453,653) | 313,263 | ||||||||
| Teledyne Technologies, Inc. | USFF -0.250% | Weekly | MS | 01/07/27 | (9,259) | (5,804,838) | (6,174,827) | (536,281) | ||||||||
| Western Digital Corp. | USFF -0.250% | Weekly | MS | 05/05/31 | (8,079) | (5,181,550) | (5,160,219) | (125,724) | ||||||||
| (103,462) | (24,434,677) | (24,971,330) | (1,242,762) | |||||||||||||
| Telecommunication Services | ||||||||||||||||
| Verizon Communications, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (205,902) | (9,659,278) | (8,717,891) | 663,796 | ||||||||
| Transportation | ||||||||||||||||
| CH Robinson Worldwide, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (48,130) | (8,689,615) | (9,064,804) | (653,684) | ||||||||
| Norfolk Southern Corp. | USFF -0.250% | Weekly | MS | 11/04/30 | (12,568) | (3,952,348) | (3,953,767) | (121,807) | ||||||||
| Old Dominion Freight Line, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (41,885) | (8,270,327) | (9,072,291) | (1,079,564) | ||||||||
| Southwest Airlines Co. | USFF -0.250% | Weekly | MS | 07/06/26 | (131,096) | (5,839,744) | (6,740,956) | (1,233,880) | ||||||||
| United Airlines Holdings, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (22,586) | (2,544,509) | (3,071,470) | (599,109) | ||||||||
| (256,265) | (29,296,543) | (31,903,288) | (3,688,044) | |||||||||||||
| Utilities | ||||||||||||||||
| AES Corp. (The) | USFF -0.250% | Weekly | MS | 01/10/28 | (404,370) | (7,483,336) | (5,928,064) | 865,025 | ||||||||
| Alliant Energy Corp. | USFF -0.250% | Weekly | MS | 11/04/30 | (31,677) | (2,310,453) | (2,416,638) | (183,867) | ||||||||
| Ameren Corp. | USFF -0.250% | Weekly | MS | 11/04/30 | (34,361) | (3,800,842) | (3,884,167) | (239,048) | ||||||||
| American Electric Power Co., Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (28,001) | (3,630,449) | (3,830,817) | (327,822) | ||||||||
| American Water Works Co., Inc. | USFF -0.250% | Weekly | MS | 07/06/26 | (36,878) | (5,351,561) | (4,852,407) | 171,813 | ||||||||
| Atmos Energy Corp. | USFF -0.250% | Weekly | MS | 07/29/30 | (19,477) | (3,466,837) | (3,355,303) | (14,447) | ||||||||
| CenterPoint Energy, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (119,756) | (5,077,294) | (5,274,054) | (372,739) | ||||||||
| Reference Entity | Receive*,** | Payment Frequency | Counter- party | Maturity Date | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation)*** | ||||||||
| Utilities — (continued) | ||||||||||||||||
| CMS Energy Corp. | USFF -0.250% | Weekly | MS | 01/07/27 | (38,654) | $(2,869,009) | $(2,957,031) | $(274,491) | ||||||||
| Consolidated Edison, Inc. | USFF -0.250% | Weekly | MS | 07/16/29 | (60,457) | (6,631,852) | (6,688,358) | (320,731) | ||||||||
| Dominion Energy, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (36,070) | (2,350,709) | (2,463,220) | (193,752) | ||||||||
| Entergy Corp. | USFF -0.250% | Weekly | MS | 07/29/30 | (21,268) | (2,175,562) | (2,442,842) | (351,494) | ||||||||
| Eversource Energy | USFF -0.250% | Weekly | MS | 11/04/30 | (111,796) | (7,634,457) | (8,079,497) | (747,879) | ||||||||
| Exelon Corp. | USFF -0.250% | Weekly | MS | 01/22/30 | (165,761) | (7,918,133) | (7,727,778) | (164,262) | ||||||||
| FirstEnergy Corp. | USFF -0.250% | Weekly | MS | 01/07/27 | (50,243) | (2,438,427) | (2,388,552) | (83,851) | ||||||||
| NextEra Energy, Inc. | USFF -0.250% | Weekly | MS | 07/06/26 | (57,296) | (5,294,693) | (5,028,870) | 58,140 | ||||||||
| NiSource, Inc. | USFF -0.250% | Weekly | MS | 11/04/30 | (70,485) | (3,327,710) | (3,351,562) | (127,193) | ||||||||
| Pinnacle West Capital Corp. | USFF -0.250% | Weekly | MS | 01/22/30 | (22,541) | (2,179,431) | (2,411,887) | (329,201) | ||||||||
| PPL Corp. | USFF -0.250% | Weekly | MS | 07/29/30 | (128,232) | (4,802,706) | (4,661,233) | (77,639) | ||||||||
| Public Service Enterprise Group, Inc. | USFF -0.250% | Weekly | MS | 07/23/30 | (10,913) | (968,491) | (885,699) | 28,377 | ||||||||
| Sempra | USFF -0.250% | Weekly | MS | 07/29/30 | (54,201) | (5,142,457) | (5,024,975) | (93,559) | ||||||||
| Southern Co. (The) | USFF -0.250% | Weekly | MS | 07/23/30 | (44,749) | (4,265,235) | (4,282,927) | (202,089) | ||||||||
| WEC Energy Group, Inc. | USFF -0.250% | Weekly | MS | 07/29/30 | (18,569) | (2,129,392) | (2,168,302) | (126,806) | ||||||||
| Xcel Energy, Inc. | USFF -0.250% | Weekly | MS | 01/07/27 | (106,947) | (8,559,695) | (8,587,844) | (400,618) | ||||||||
| (1,672,702) | (99,808,731) | (98,692,027) | (3,508,133) | |||||||||||||
| Total Reference Entity — Short | (1,154,019,894) | (1,075,718,311) | 33,609,119 | |||||||||||||
| Net Value of Reference Entity | $77,686,109 | $343,070,952 | $263,215,487 | |||||||||||||
| * | The Fund will pay or receive the total return of the reference entity depending on whether the return is positive or negative. Where the Fund has elected to receive the total return of the reference entity if positive, it will be responsible for paying the floating rate and the total return of the reference entity, if negative. If the Fund has elected to pay the total return of the reference entity if positive, it will receive the floating rate and the total return of the reference entity, if negative. |
| ** | The USFF rate as of June 30, 2026 was 3.63%. |
| *** | Includes $(2,169,356) related to open trades, dividends receivables/payables and swap receivables/payables activities. |
| MS | Morgan Stanley |
| USFF | U.S. Fed Funds |