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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Blackrock Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BLOOM ENERGY CORP</name>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
              <name>Bloom Energy Corp.</name>
              <title>Bloom Energy Corp.</title>
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      <invstOrSec>
        <name>BOEING CO/THE</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Booking Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Boston Scientific Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BRIDGEBIO PHARMA INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Broadcom Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CMS ENERGY CORP</name>
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        <name>CSX Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CVS Health Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Capital One Financial Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Caterpillar Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CenterPoint Energy Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CENTERPOINT ENERGY INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chevron Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CIENA CORP</name>
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        <curCd>USD</curCd>
        <valUSD>71720.96000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
              <name>Ciena Corp.</name>
              <title>Ciena Corp.</title>
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            <currencyInfo convRatio="1.33930000" curCd="USD"/>
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      <invstOrSec>
        <name>Cisco Systems Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <balance>2255.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CLOUDFLARE INC</name>
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        <fairValLevel>2</fairValLevel>
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          <isContngtConvrtbl>Y</isContngtConvrtbl>
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            <dbtSecRefInstrument>
              <name>Cloudflare, Inc.</name>
              <title>Cloudflare, Inc.</title>
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            <currencyInfo convRatio="4.03760000" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>Coca-Cola Co/The</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>COGENT BIOSCIENCES INC</name>
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        <title>Cogent Biosciences Inc</title>
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        <balance>71000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
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            <dbtSecRefInstrument>
              <name>Cogent Biosciences, Inc.</name>
              <title>Cogent Biosciences, Inc.</title>
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            <currencyInfo convRatio="22.24690000" curCd="USD"/>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Costco Wholesale Corp</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>Costco Wholesale Corp</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CYBERARK SOFTWARE LTD</name>
        <lei>529900YEXNDM894PWS93</lei>
        <title>CyberArk Software Ltd</title>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>166690.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
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            <dbtSecRefInstrument>
              <name>Palo Alto Networks, Inc.</name>
              <title>Palo Alto Networks, Inc.</title>
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            <currencyInfo convRatio="4.31610000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Danaher Corp</name>
        <lei>S4BKK9OTCEWQ3YHPFM11</lei>
        <title>Danaher Corp</title>
        <cusip>235851102</cusip>
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        <balance>620.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>DATADOG INC</name>
        <lei>549300F6JNO0KRPO1K63</lei>
        <title>Datadog Inc</title>
        <cusip>23804LAD5</cusip>
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        <balance>88000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
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            <dbtSecRefInstrument>
              <name>Datadog, Inc.</name>
              <title>Datadog, Inc.</title>
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                <isin value="US23804L1035"/>
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            <currencyInfo convRatio="4.59550000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Delta Air Lines Inc</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>Delta Air Lines Inc</title>
        <cusip>247361702</cusip>
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        <balance>3000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>DIGITAL REALTY TRUST LP</name>
        <lei>CD4SPTZ3YBTHY0C1AH38</lei>
        <title>Digital Realty Trust LP</title>
        <cusip>25389JAX4</cusip>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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              <name>Digital Realty Trust, Inc.</name>
              <title>Digital Realty Trust, Inc.</title>
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      <invstOrSec>
        <name>Walt Disney Co/The</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Co/The</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Dollar General Corp</name>
        <lei>OPX52SQVOZI8IVSWYU66</lei>
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        <balance>1570.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>DOORDASH INC</name>
        <lei>549300NUQ43FGGSK5051</lei>
        <title>DoorDash Inc</title>
        <cusip>25809KAB1</cusip>
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        <balance>230000.00000000</balance>
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        <valUSD>226085.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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              <name>DoorDash, Inc.</name>
              <title>DoorDash, Inc.</title>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>EQT Corp</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp</title>
        <cusip>26884L109</cusip>
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        <balance>2475.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ETSY INC</name>
        <lei>54930089Q7XT501AEA40</lei>
        <title>Etsy Inc</title>
        <cusip>29786AAQ9</cusip>
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        <balance>155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>180300.65000000</valUSD>
        <pctVal>0.499718643065</pctVal>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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      <invstOrSec>
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        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Meta Platforms Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FEDERAL REALTY OP LP</name>
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          <isin value="US313747BD82"/>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
              <name>Federal Realty Investment Trust</name>
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            <currencyInfo convRatio="8.14360000" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>FLUOR CORP</name>
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          <isin value="US343412AJ13"/>
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        <fairValLevel>2</fairValLevel>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Fluor Corp.</name>
              <title>Fluor Corp.</title>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>Freeport-McMoRan Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GE Vernova Inc</name>
        <lei>254900DP080RU6OK2553</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>General Electric Co</name>
        <lei>3C7474T6CDKPR9K6YT90</lei>
        <title>General Electric Co</title>
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          <isin value="US3696043013"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gilead Sciences Inc</name>
        <lei>549300WTZWR07K8MNV44</lei>
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          <isin value="US3755581036"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Goldman Sachs Group Inc/The</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
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          <isin value="US38141G1040"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HP ENTERPRISE CO</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Home Depot Inc/The</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INDIVIOR PHARMACEUTICALS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Intel Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Intuitive Surgical Inc</name>
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        <title>Intuitive Surgical Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>IREN LTD</name>
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        <fairValLevel>2</fairValLevel>
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              <title>IREN Ltd.</title>
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        <name>JPMorgan Chase &amp; Co</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JBT MAREL CORP</name>
        <lei>5493007CT6ATBZ2L6826</lei>
        <title>JBT Marel Corp</title>
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        <balance>140000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
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              <name>JBT Marel Corp.</name>
              <title>JBT Marel Corp.</title>
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      <invstOrSec>
        <name>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson</title>
        <cusip>478160104</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Lam Research Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LIBERTY ENERGY INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LIGAND PHARMACEUTICALS I</name>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
              <name>Ligand Pharmaceuticals, Inc.</name>
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        <name>Eli Lilly &amp; Co</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIVE NATION ENTERTAINMEN</name>
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        <fairValLevel>2</fairValLevel>
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              <name>Live Nation Entertainment, Inc.</name>
              <title>Live Nation Entertainment, Inc.</title>
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        <name>Lowe's Cos Inc</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LUMENTUM HOLDINGS INC</name>
        <lei>549300JLWRRC38DWEF52</lei>
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        <fairValLevel>2</fairValLevel>
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              <title>Lumentum Holdings, Inc.</title>
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        <name>LYFT INC</name>
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        <fairValLevel>2</fairValLevel>
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              <name>Lyft, Inc.</name>
              <title>Lyft, Inc.</title>
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        <name>MKS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MACOM TECH SOLUTIONS</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Mastercard Inc</name>
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        <title>Mastercard Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>McDonald's Corp</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Merck &amp; Co Inc</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Microsoft Corp</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp</title>
        <cusip>594918104</cusip>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NEBIUS GROUP NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Netflix Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hyundai Motor Co</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Mizuho Financial Group Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>NVIDIA Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ON SEMICONDUCTOR CORP</name>
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        <name>ONTO INNOVATION INC</name>
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        <name>Oracle Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ORACLE CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PPL CAPITAL FUNDING INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Philip Morris International Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Quanta Services Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Quest Diagnostics Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>REALTY INCOME CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>REVOLUTION MEDICINES INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROBINHOOD MARKETS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>S&amp;P Global Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Salesforce Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sandisk Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sherwin-Williams Co/The</name>
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        <fairValLevel>1</fairValLevel>
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        <name>QXO INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>SOUTHERN CO</name>
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        <title>Southern Co/The</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>TJX Cos Inc/The</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tesla Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Thermo Fisher Scientific Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>UBER TECHNOLOGIES INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Visa Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vistra Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vulcan Materials Co</name>
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        <fairValLevel>1</fairValLevel>
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        <curCd>USD</curCd>
        <valUSD>232183.00000000</valUSD>
        <pctVal>0.643515005092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo &amp; Co</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>949746101</cusip>
        <identifiers>
          <isin value="US9497461015"/>
        </identifiers>
        <balance>2795.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>230978.80000000</valUSD>
        <pctVal>0.640177461994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLTOWER OP LLC</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>Welltower OP LLC</title>
        <cusip>95041AAD0</cusip>
        <identifiers>
          <isin value="US95041AAD00"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>215701.20000000</valUSD>
        <pctVal>0.597834289403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.13000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Welltower, Inc.</name>
              <title>Welltower, Inc.</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="95040Q104"/>
                <isin value="US95040Q1040"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="7.82650000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTERN DIGITAL CORP</name>
        <lei>549300QQXOOYEF89IC56</lei>
        <title>Western Digital Corp</title>
        <cusip>958102AT2</cusip>
        <identifiers>
          <isin value="US958102AT29"/>
        </identifiers>
        <balance>18000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>304789.50000000</valUSD>
        <pctVal>0.844750117987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Western Digital Corp.</name>
              <title>Western Digital Corp.</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="958102105"/>
                <isin value="US9581021055"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="26.49500000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Williams Cos Inc/The</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos Inc/The</title>
        <cusip>969457100</cusip>
        <identifiers>
          <isin value="US9694571004"/>
        </identifiers>
        <balance>2605.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>193655.70000000</valUSD>
        <pctVal>0.536733304211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WISDOMTREE INC</name>
        <lei>549300WIU8IS7UFO7871</lei>
        <title>WisdomTree Inc</title>
        <cusip>97717PAJ3</cusip>
        <identifiers>
          <isin value="US97717PAJ30"/>
        </identifiers>
        <balance>85000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101808.75000000</valUSD>
        <pctVal>0.282171641656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>WisdomTree, Inc.</name>
              <title>WisdomTree, Inc.</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="97717P104"/>
                <isin value="US97717P1049"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="52.20710000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>ISHARES MSCI EAFE ETF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01XCRJQN0"/>
        </identifiers>
        <balance>233.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>24931.00000000</valUSD>
        <pctVal>0.069098394766</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>iShares MSCI EAFE ETF</issuerName>
                <issueTitle>iShares MSCI EAFE ETF</issueTitle>
                <identifiers>
                  <cusip value="464287465"/>
                  <isin value="US4642874659"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>110.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-09-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-30955.02000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>RUSSELL 2000 INDEX</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01XC0F8R9"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>42980.00000000</valUSD>
        <pctVal>0.119122739041</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Russell 2000 Index</indexName>
                <indexIdentifier>RUT INDEX</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>2630.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-09-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>24599.41000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>NASDAQ 100 STOCK INDX</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01ZKR8MN7"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>78570.00000000</valUSD>
        <pctVal>0.217763462226</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>NASDAQ 100 Stock Index</indexName>
                <indexIdentifier>NDX Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>28800.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-09-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-46678.40000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>5493008BJIBKQ5KTIF74</lei>
        <title>State Street Navigator Securities Lending Government Money Market Portfolio</title>
        <cusip>857509301</cusip>
        <identifiers>
          <isin value="US8575093013"/>
        </identifiers>
        <balance>29140.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29140.00000000</valUSD>
        <pctVal>0.080763997572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="29140.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linde PLC</name>
        <lei>5299003QR1WT0EF88V51</lei>
        <title>Linde PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE000S9YS762"/>
        </identifiers>
        <balance>545.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>282822.30000000</valUSD>
        <pctVal>0.783866147929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Medtronic PLC</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BTN1Y115"/>
        </identifiers>
        <balance>1250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>97787.50000000</valUSD>
        <pctVal>0.271026404002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chubb Ltd</name>
        <lei>E0JAN6VLUDI1HITHT809</lei>
        <title>Chubb Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0044328745"/>
        </identifiers>
        <balance>395.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>134592.30000000</valUSD>
        <pctVal>0.373034049090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Caribbean Cruises Ltd</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="LR0008862868"/>
        </identifiers>
        <balance>315.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100021.95000000</valUSD>
        <pctVal>0.277219372924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Total returns reported in Item B.5(a) do not reflect the effect of sales loads or contingent deferred sales charges." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-29</ncom:dateSigned>
      <ncom:nameOfApplicant>CALAMOS ADVISORS TRUST/IL</ncom:nameOfApplicant>
      <ncom:signature>Stephen Atkins</ncom:signature>
      <ncom:signerName>Stephen Atkins</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
