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        <name>THE OPTIONS CLEARING CORPORATION</name>
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      <invstOrSec>
        <name>Sensata Technologies BV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Garrett Motion Holdings Inc. / Garrett LX I S.a.r.l.</name>
        <lei>5493001N1N6Z0SR83G07</lei>
        <title>Garrett Motion Holdings Inc / Garrett LX I Sarl </title>
        <cusip>366504AA6</cusip>
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          <isin value="US366504AA61"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>416833.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.75000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Cullen/Frost Capital Trust II</name>
        <lei>N/A</lei>
        <title>Cullen/Frost Capital Trust II </title>
        <cusip>230000AB7</cusip>
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          <isin value="US230000AB75"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>270246.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Hillenbrand, Inc.</name>
        <lei>U246OE781574J2BUD366</lei>
        <title>Hillenbrand Inc </title>
        <cusip>431571AF5</cusip>
        <identifiers>
          <isin value="US431571AF58"/>
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        <curCd>USD</curCd>
        <valUSD>306038.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tallgrass Energy Partners, LP and Tallgrass Energy Finance Corp.</name>
        <lei>549300IQ3DN0F3VERF65</lei>
        <title>Tallgrass Energy Ptrs LP/Tallgrass Energy Fin Corp </title>
        <cusip>87470LAD3</cusip>
        <identifiers>
          <isin value="US87470LAD38"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>298415.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nike, Inc.</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>NIKE, Inc. </title>
        <cusip>654106103</cusip>
        <identifiers>
          <isin value="US6541061031"/>
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        <balance>5408.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>384184.32000000</valUSD>
        <pctVal>1.127562096307</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>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Greenbrier Companies, Inc./The Call @ 70 November 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GBX   251121C00070000"/>
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        <balance>-28.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1372.00000000</valUSD>
        <pctVal>-0.00402675256</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issueTitle>Greenbrier Companies, Inc./The</issueTitle>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>70.00000000</exercisePrice>
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            <expDt>2025-11-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>4481.01000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pool Corporation</name>
        <lei>5493005VZK1KMN6CO617</lei>
        <title>Pool Corp. </title>
        <cusip>73278L105</cusip>
        <identifiers>
          <isin value="US73278L1052"/>
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        <balance>1038.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>302556.24000000</valUSD>
        <pctVal>0.887987693577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Starbucks Corp.</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>Starbucks Corp. </title>
        <cusip>855244109</cusip>
        <identifiers>
          <isin value="US8552441094"/>
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        <balance>4685.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>429286.55000000</valUSD>
        <pctVal>1.259934924555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Greenbrier Companies, Inc.</name>
        <lei>5493001GAGGFR30BP390</lei>
        <title>Greenbrier Companies, Inc./The </title>
        <cusip>393657101</cusip>
        <identifiers>
          <isin value="US3936571013"/>
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        <balance>16411.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>755726.55000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Accenture PLC</name>
        <lei>5493000EWHDSR3MZWH98</lei>
        <title>Accenture PLC </title>
        <cusip>G1151C101</cusip>
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          <isin value="IE00B4BNMY34"/>
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        <balance>1158.00000000</balance>
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        <pctVal>1.015829397956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note </title>
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        <issuerCat>UST</issuerCat>
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      <invstOrSec>
        <name>Cimpress PLC</name>
        <lei>549300X1IFD75XISOR81</lei>
        <title>Cimpress PLC </title>
        <cusip>17186HAH5</cusip>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>286811.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
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      <invstOrSec>
        <name>Garmin Ltd</name>
        <lei>2549001E0HIPIJQ0W046</lei>
        <title>Garmin Ltd. </title>
        <cusip>H2906T109</cusip>
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          <isin value="CH0114405324"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Thermo Fisher Scientific Inc</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>Thermo Fisher Scientific, Inc. </title>
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        <balance>418.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Newmark Group Inc</name>
        <lei>N/A</lei>
        <title>Newmark Group Inc </title>
        <cusip>65158NAD4</cusip>
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          <isin value="US65158NAD49"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca PLC </title>
        <cusip>046353108</cusip>
        <identifiers>
          <isin value="US0463531089"/>
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        <balance>3477.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>242972.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Constellation Insurance Inc.</name>
        <lei>549300K609B872PZT291</lei>
        <title>Ohio National Financial Services, Inc. </title>
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        <name>Johnson &amp; Johnson</name>
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        <name>Antero Resources Corporation</name>
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        <name>Simon Property Group Inc</name>
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      <invstOrSec>
        <name>Churchill Downs Inc</name>
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          <isin value="US171484AJ78"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fidelity National Information Services Inc</name>
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          <isin value="US31620M1062"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>United Parcel Service, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Bank OZK Little Rock Arkansas</name>
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      <invstOrSec>
        <name>MPLX LP</name>
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        <title>MPLX LP </title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Genuine Parts Co</name>
        <lei>549300D46DQVEU651W04</lei>
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        <cusip>372460105</cusip>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Axis Capital Holdings Ltd. Call @ 110 September 2025</title>
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      <invstOrSec>
        <name>Zoetis Inc.</name>
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        <name>AXIS Capital Holdings Limited</name>
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        <title>Axis Capital Holdings Ltd. </title>
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        <name>Bank OZK Little Rock Arkansas</name>
        <lei>549300VYK2WBD7SST478</lei>
        <title>Bank OZK </title>
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        <name>StoneX Group Inc</name>
        <lei>549300JUF07L8VF02M60</lei>
        <title>StoneX Group, Inc. </title>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
        <name>American Airlines, Inc.</name>
        <lei>IWUQB36BXD6OWD6X4T14</lei>
        <title>American Airlines, Inc. </title>
        <cusip>023771T40</cusip>
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      <invstOrSec>
        <name>Pason System Incor</name>
        <lei>984500DC6T2FLR969F65</lei>
        <title>Pason Systems, Inc. </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Winnebago Industries Inc.</name>
        <lei>549300B7OYKYJLTE3G11</lei>
        <title>Winnebago Industries, Inc. </title>
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          <isin value="US974637AC45"/>
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        <curCd>USD</curCd>
        <valUSD>300565.50000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Installed Building Products Inc</name>
        <lei>549300I95Y9P9YM5FI86</lei>
        <title>Installed Building Products Inc </title>
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          <isin value="US45780RAA95"/>
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        <curCd>USD</curCd>
        <valUSD>350347.80000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sotera Health Holdings LLC</name>
        <lei>549300OVT7MBXFLOFU20</lei>
        <title>Sotera Health Holdings LLC </title>
        <cusip>83600WAE9</cusip>
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          <isin value="US83600WAE93"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>364592.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note </title>
        <cusip>91282CLB5</cusip>
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          <isin value="US91282CLB53"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150621.09000000</valUSD>
        <pctVal>0.442065496032</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nintendo Co Ltd.</name>
        <lei>353800FEEXU6I9M0ZF27</lei>
        <title>Nintendo Co. Ltd. </title>
        <cusip>J51699106</cusip>
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          <isin value="JP3756600007"/>
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        <balance>1887.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="144.03000000"/>
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        <pctVal>0.531745179147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Medtronic PLC</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic PLC </title>
        <cusip>G5960L103</cusip>
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          <isin value="IE00BTN1Y115"/>
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        <balance>7352.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>640873.84000000</valUSD>
        <pctVal>1.880933221062</pctVal>
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        <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>
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      <invstOrSec>
        <name>Atkore Inc</name>
        <lei>52990002TI38AM4RPV48</lei>
        <title>Atkore Inc </title>
        <cusip>047649AA6</cusip>
        <identifiers>
          <isin value="US047649AA63"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>231502.55000000</valUSD>
        <pctVal>0.679448605759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Genuine Parts Co. Call @ 145 November 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GPC   251121C00145000"/>
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        <balance>-19.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-2517.50000000</valUSD>
        <pctVal>-0.00738873876</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>Genuine Parts Co.</issuerName>
                <issueTitle>Genuine Parts Co.</issueTitle>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>145.00000000</exercisePrice>
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            <delta>XXXX</delta>
            <unrealizedAppr>3094.91000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Suncor Energy, Inc. Call @ 45 December 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SU    251219C00045000"/>
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        <balance>-30.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1830.00000000</valUSD>
        <pctVal>-0.00537096005</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>Suncor Energy, Inc.</issuerName>
                <issueTitle>Suncor Energy, Inc.</issueTitle>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>45.00000000</exercisePrice>
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            <expDt>2025-12-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>3599.14000000</unrealizedAppr>
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      <invstOrSec>
        <name>Installed Building Products Inc</name>
        <lei>549300I95Y9P9YM5FI86</lei>
        <title>Installed Building Products, Inc. </title>
        <cusip>45780R101</cusip>
        <identifiers>
          <isin value="US45780R1014"/>
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        <balance>1908.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>344050.56000000</valUSD>
        <pctVal>1.009771483306</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Civitas Resources Inc</name>
        <lei>IIVIHPH28S64K95M2381</lei>
        <title>Civitas Resources Inc </title>
        <cusip>17888HAC7</cusip>
        <identifiers>
          <isin value="US17888HAC79"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>304809.90000000</valUSD>
        <pctVal>0.894602074908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH, Series J, 6.875% </title>
        <cusip>446150773</cusip>
        <identifiers>
          <isin value="US4461507737"/>
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        <balance>9318.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>230247.78000000</valUSD>
        <pctVal>0.675765917481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alphabet Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet, Inc. </title>
        <cusip>02079K305</cusip>
        <identifiers>
          <isin value="US02079K3059"/>
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        <balance>2624.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>462427.52000000</valUSD>
        <pctVal>1.357202042606</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>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc </title>
        <cusip>172967PK1</cusip>
        <identifiers>
          <isin value="US172967PK15"/>
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        <balance>319000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>329595.90000000</valUSD>
        <pctVal>0.967347766661</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12499888</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Graham Holdings Co</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>Graham Holdings Co. </title>
        <cusip>384637AA2</cusip>
        <identifiers>
          <isin value="US384637AA23"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300322.50000000</valUSD>
        <pctVal>0.881431776467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Simmons Foods Inc / Simmons Prepared Foods Inc / Simmons Pet Food Inc / Simmons Feed (Ingredients Inc)</name>
        <lei>5493002Z1TVWRIL6NM97</lei>
        <title>Simmons Foods, Inc. </title>
        <cusip>82873MAA1</cusip>
        <identifiers>
          <isin value="US82873MAA18"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>236278.65000000</valUSD>
        <pctVal>0.693466224511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Suncor Energy Inc.</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>Suncor Energy, Inc. </title>
        <cusip>867224107</cusip>
        <identifiers>
          <isin value="CA8672241079"/>
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        <balance>12072.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>452096.40000000</valUSD>
        <pctVal>1.326880713187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Suncor Energy, Inc. Call @ 42 November 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SU    251121C00042000"/>
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        <balance>-30.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-2775.00000000</valUSD>
        <pctVal>-0.00814448860</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Greystar Real Estate Partners LLC</name>
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      <invstOrSec>
        <name>Abbott Laboratories</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Six Flags Entertainment Corp.</name>
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        <title>Cedar Fair LP / Canada's Wonderland Co / Magnum Management Corp / Millennium Op</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Comcast Corporation</name>
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        <title>Comcast Corp. </title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Viking Cruises, Ltd.</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>Viking Cruises Ltd </title>
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          <isin value="US92676XAG25"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bruker Corporation</name>
        <lei>LEBZ6VLQ6I8XB1NHVY15</lei>
        <title>Bruker Corp. </title>
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          <isin value="US1167941087"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>MPLX LP Call @ 55 September 2025</title>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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        <name>M&amp;T Bank Corporation</name>
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        <title>M&amp;T Bank Corp </title>
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      <invstOrSec>
        <name>Arch Capital Group Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ford Motor Credit Company LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co LLC </title>
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        <name>First National Bank of Nebraska Inc.</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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        <name>U.S. Bancorp.</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
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        <name>AXIS Capital Holdings Limited</name>
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        <name>SBL Holdings Inc.</name>
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        <name>Papa John's International Inc.</name>
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        <name>Wabash National Corporation</name>
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        <name>TechnipFMC PLC</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>BWX Technologies Inc.</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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      <invstOrSec>
        <name>Allegiant Travel Company</name>
        <lei>549300JM9OZXOHWL2K18</lei>
        <title>Allegiant Travel Co </title>
        <cusip>01748XAD4</cusip>
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          <isin value="US01748XAD49"/>
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      <invstOrSec>
        <name>Arch Capital Group Ltd.</name>
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        <title>Arch Capital Group Ltd. </title>
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        <name>Stifel Financial Corporation</name>
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        <invCountry>US</invCountry>

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        <name>Iron Mountain Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc. </title>
        <cusip>46284VAP6</cusip>
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        <name>Pepsico Inc</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
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        <name>Victorias Secret and Co</name>
        <lei>5493006T3O70U3UWVF17</lei>
        <title>Victoria's Secret &amp; Co </title>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>Texas Instruments Incorporated</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>Texas Instruments, Inc. </title>
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        <invCountry>US</invCountry>

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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Sysco Corporation</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>Sysco Corp. </title>
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        <name>First Busey Corporation</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>Federal Agricultural Mortgage Corporation</name>
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        <name>XPO Inc</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>Nexstar Escrow Inc</name>
        <lei>5493006PK6I4I2OOT688</lei>
        <title>Nexstar Media Inc </title>
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      <invstOrSec>
        <name>Wendy's International Inc.</name>
        <lei>N/A</lei>
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        <name>Cleveland-Cliffs Inc</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>Cleveland-Cliffs, Inc. </title>
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          <isin value="US185899AQ45"/>
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        <name>Oaktree Strategic Credit Fund</name>
        <lei>2549006RRE0JC7G43241</lei>
        <title>Oaktree Strategic Credit Fund </title>
        <cusip>67403AAA7</cusip>
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          <isin value="US67403AAA79"/>
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      <invstOrSec>
        <name>American Electric Power Co, Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co., Inc. </title>
        <cusip>025537AZ4</cusip>
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        <balance>350000.00000000</balance>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>Copa Holdings SA</name>
        <lei>529900BB9UQJV6QQHA59</lei>
        <title>Copa Holdings SA </title>
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        <issuerCat>CORP</issuerCat>
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        <name>Worthington Enterprises Inc</name>
        <lei>1WRCIANKYOIK6KYE5E82</lei>
        <title>Worthington Industries, Inc. </title>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc. </title>
        <cusip>693475BC8</cusip>
        <identifiers>
          <isin value="US693475BC86"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>289674.60000000</valUSD>
        <pctVal>0.850180713317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.39999984</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Zoetis, Inc. Call @ 200 July 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ZTS   250718C00200000"/>
        </identifiers>
        <balance>-5.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-10.00000000</valUSD>
        <pctVal>-0.00002934950</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Zoetis, Inc.</issuerName>
                <issueTitle>Zoetis, Inc.</issueTitle>
                <identifiers>
                  <cusip value="98978V103"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>200.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-07-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1279.82000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mondelez International, Inc.</name>
        <lei>549300DV9GIB88LZ5P30</lei>
        <title>Mondelez International, Inc. </title>
        <cusip>609207105</cusip>
        <identifiers>
          <isin value="US6092071058"/>
        </identifiers>
        <balance>4643.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>313123.92000000</valUSD>
        <pctVal>0.919003314969</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>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>KKR &amp; Co. LP Call @ 150 December 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KKR   251219C00150000"/>
        </identifiers>
        <balance>-7.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-4795.00000000</valUSD>
        <pctVal>-0.01407308932</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>KKR &amp; Co. LP</issuerName>
                <issueTitle>KKR &amp; Co. LP</issueTitle>
                <identifiers>
                  <cusip value="48251W104"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>150.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-12-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>304.80000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saturn Oil &amp; Gas Inc</name>
        <lei>549300G6BWJ7K6PIIY73</lei>
        <title>Saturn Oil &amp; Gas, Inc. </title>
        <cusip>80412LAA5</cusip>
        <identifiers>
          <isin value="US80412LAA52"/>
        </identifiers>
        <balance>319000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>317032.35000000</valUSD>
        <pctVal>0.930474364917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enstar Group Ltd</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>Enstar Group Ltd., Series D, 7.00% </title>
        <cusip>29359U109</cusip>
        <identifiers>
          <isin value="US29359U1097"/>
        </identifiers>
        <balance>18916.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>380400.76000000</valUSD>
        <pctVal>1.116457533671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>Mondelez International, Inc. Call @ 70 September 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MDLZ  250919C00070000"/>
        </identifiers>
        <balance>-42.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-7350.00000000</valUSD>
        <pctVal>-0.02157188874</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Mondelez International, Inc.</issuerName>
                <issueTitle>Mondelez International, Inc.</issueTitle>
                <identifiers>
                  <cusip value="609207105"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>70.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-09-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>576.67000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KKR &amp; Co Inc.</name>
        <lei>54930013V5I303TF9571</lei>
        <title>KKR &amp; Co. LP </title>
        <cusip>48251W104</cusip>
        <identifiers>
          <isin value="US48251W1045"/>
        </identifiers>
        <balance>1919.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>255284.57000000</valUSD>
        <pctVal>0.749247665558</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>Vail Resorts, Inc.</name>
        <lei>529900PSZHRNU9HKH870</lei>
        <title>Vail Resorts, Inc. </title>
        <cusip>91879Q109</cusip>
        <identifiers>
          <isin value="US91879Q1094"/>
        </identifiers>
        <balance>2844.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>446877.72000000</valUSD>
        <pctVal>1.311564143889</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>VELA Funds</ncom:nameOfApplicant>
      <ncom:signature>Gregory Knoth</ncom:signature>
      <ncom:signerName>Gregory Knoth</ncom:signerName>
      <ncom:title>SVP, Mutual Fund Controller</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
