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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <isin value="GB00JLVFX706"/>
          <ticker value="SFIU7"/>
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        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>ICE Futures Europe Financials</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>ICE 3 Month SONIA Rate</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>EURO-BUXL 30Y BND Jun26</title>
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          <isin value="DE000F2Y2E12"/>
          <ticker value="UBM6"/>
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        <assetCat>DIR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>Eurex</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>Euro BUXL 30 Year Bonds</issuerName>
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            <unrealizedAppr>5309.920000000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>iShares TIPS Bond ETF</name>
        <lei>549300EHD1VQKMRQ0829</lei>
        <title>iShares TIPS Bond ETF</title>
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          <isin value="US4642871762"/>
          <ticker value="TIP"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>iShares National Muni Bond ETF</name>
        <lei>549300H21FUYFQW9N157</lei>
        <title>iShares National Muni Bond ETF</title>
        <cusip>464288414</cusip>
        <identifiers>
          <isin value="US4642884146"/>
          <ticker value="MUB"/>
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        <balance>19565.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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>iShares Preferred and Income S</name>
        <lei>549300YX74JNY54XCY80</lei>
        <title>iShares Preferred and Income Securities ETF</title>
        <cusip>464288687</cusip>
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          <isin value="US4642886877"/>
          <ticker value="PFF"/>
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        <balance>41478.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CAN 10YR BOND FUT Jun26</title>
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          <ticker value="CNM6"/>
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        <balance>7.000000000000</balance>
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        <assetCat>DIR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Montreal Exchange</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>Canadian 10 Year Government Bonds</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="CORH7"/>
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        <balance>-43.000000000000</balance>
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        <assetCat>DIR</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Montreal Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
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                <issuerName>3 Month Canadian Overnight Repo Rate Average</issuerName>
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            <notionalAmt>-10455729.999999999999</notionalAmt>
            <curCd>CAD</curCd>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>3M CORRA Futures  Sep27</title>
        <cusip>N/A</cusip>
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          <ticker value="CORU7"/>
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        <balance>-33.000000000000</balance>
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        <assetCat>DIR</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Montreal Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>3 Month Canadian Overnight Repo Rate Average</issuerName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CAN 2YR BOND FUT  Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CVM6"/>
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        <balance>-51.000000000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.395550000000"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Montreal Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
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                <issuerName>Two Year Canadian Government Bonds</issuerName>
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            <expDate>2026-06-19</expDate>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>3MO EURO EURIBOR  Sep27</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00JLVCWV80"/>
          <ticker value="ERU7"/>
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        <balance>-41.000000000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt=".867900000000"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>ICE Futures Europe Financials</counterpartyName>
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                <issuerName>3 Month Euribor</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>3MO EURO EURIBOR  Sep28</title>
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          <isin value="GB00K8XLLR03"/>
          <ticker value="ERU8"/>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>ICE Futures Europe Financials</counterpartyName>
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                <issuerName>3 Month Euribor</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Euro-BTP Future   Jun26</title>
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        <identifiers>
          <isin value="DE000F2Y2EW5"/>
          <ticker value="IKM6"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Eurex</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>Euro-BTP Italian Government Bonds</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>90-DAY BANK BILL  Mar27</title>
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          <ticker value="IRH7"/>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>ASX Trade24</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>Australian 90 Day Bank Bills</issuerName>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>90-DAY BANK BILL  Sep27</title>
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          <ticker value="IRU7"/>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>ASX Trade24</counterpartyName>
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                <issuerName>Australian 90 Day Bank Bills</issuerName>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="JOAM6"/>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Osaka Exchange</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>3 Month TONA Index</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <isin value="DE000F2Y2EZ8"/>
          <ticker value="OEM6"/>
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        <assetCat>DIR</assetCat>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Eurex</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>Euro-BOBL</issuerName>
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            <expDate>2026-06-08</expDate>
            <notionalAmt>-1522272.570000000000</notionalAmt>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>EURO-BUND FUTURE  Jun26</title>
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        <identifiers>
          <isin value="DE000F2Y2EY1"/>
          <ticker value="RXM6"/>
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        <currencyConditional curCd="EUR" exchangeRt=".867900000000"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Eurex</counterpartyName>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Euro-Bund</issuerName>
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                  <cusip value="N/A"/>
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            <expDate>2026-06-08</expDate>
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            <unrealizedAppr>27562.170000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>3 MONTH SOFR FUT  Sep28</title>
        <cusip>N/A</cusip>
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          <ticker value="SFRU28"/>
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        <balance>30.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-20078.100000000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>3-Month Secured Overnight Financing Rate</issuerName>
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            <expDate>2028-12-19</expDate>
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            <unrealizedAppr>-20078.100000000000</unrealizedAppr>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>3 MONTH SOFR FUT  Sep27</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SFRU7"/>
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        <balance>-25.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7393.250000000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>3-Month Secured Overnight Financing Rate</issuerName>
                <issueTitle>3-Month Secured Overnight Financing Rate</issueTitle>
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                  <cusip value="N/A"/>
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            <expDate>2027-12-14</expDate>
            <notionalAmt>-6040830.750000000000</notionalAmt>
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            <unrealizedAppr>7393.250000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>AUST 10Y BOND FUT Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XMM6"/>
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        <balance>-18.000000000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.460070000000"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ASX Trade24</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Austrailian Government 10 Year Bonds</issuerName>
                <issueTitle>Austrailian Government 10 Year Bonds</issueTitle>
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                  <cusip value="N/A"/>
                  <other otherDesc="USER DEFINED" value="XM_Comdty"/>
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            <expDate>2026-06-15</expDate>
            <notionalAmt>-1942014.446417700000</notionalAmt>
            <curCd>AUD</curCd>
            <unrealizedAppr>1545.570000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CAN 5YR BOND FUT  Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XQM6"/>
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        <balance>29.000000000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.395550000000"/>
        <valUSD>-21879.020000000000</valUSD>
        <pctVal>-0.1142721470</pctVal>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Montreal Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Canadian 5 Year Bonds</issuerName>
                <issueTitle>Canadian 5 Year Bonds</issueTitle>
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                  <cusip value="N/A"/>
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            <expDate>2026-06-19</expDate>
            <notionalAmt>3321743.270000000000</notionalAmt>
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            <unrealizedAppr>-21879.020000000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>AUST 3YR BOND FUT Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="YMM6"/>
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        <balance>-52.000000000000</balance>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ASX Trade24</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>Austrailian Government 3 Year Bonds</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US 3YR NOTE (CBT) Jun26</title>
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          <ticker value="3YM6"/>
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        <balance>-11.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-1680.660000000000</valUSD>
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              <counterpartyName>Chicago Board of Trade</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>US 3 Year Notes</issuerName>
                <issueTitle>US 3 Year Notes</issueTitle>
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            <expDate>2026-06-30</expDate>
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      <invstOrSec>
        <name>State Street SPDR Bloomberg Co</name>
        <lei>549300IXKU3G7R6DMX93</lei>
        <title>State Street SPDR Bloomberg Convertible Securities ETF</title>
        <cusip>78464A359</cusip>
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          <isin value="US78464A3591"/>
          <ticker value="CWB"/>
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        <balance>13626.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Starwood Property Trust Inc</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>Starwood Property Trust Inc</title>
        <cusip>85571B105</cusip>
        <identifiers>
          <isin value="US85571B1052"/>
          <ticker value="STWD"/>
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        <balance>-3070.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-52865.400000000000</valUSD>
        <pctVal>-0.2761112133</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vanguard Short-Term Corporate</name>
        <lei>N/A</lei>
        <title>Vanguard Short-Term Corporate Bond ETF</title>
        <cusip>92206C409</cusip>
        <identifiers>
          <isin value="US92206C4096"/>
          <ticker value="VCSH"/>
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        <balance>21212.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1681475.240000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Intermediate-Term Cor</name>
        <lei>N/A</lei>
        <title>Vanguard Intermediate-Term Corporate Bond ETF</title>
        <cusip>92206C870</cusip>
        <identifiers>
          <isin value="US92206C8709"/>
          <ticker value="VCIT"/>
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        <balance>10530.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Short Euro-BTP Fu Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000F2Y2EX3"/>
          <ticker value="BTSM6"/>
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        <balance>-46.000000000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt=".867900000000"/>
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        <assetCat>DIR</assetCat>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Eurex</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>Short-term Euro-BTP</issuerName>
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            <expDate>2026-06-08</expDate>
            <notionalAmt>-4897472.436875000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>32690.900000000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US 5YR NOTE (CBT) Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FVM6"/>
        </identifiers>
        <balance>-15.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2750.370000000000</valUSD>
        <pctVal>-0.0143649343</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>U.S. Treasury 5 Year Note</issuerName>
                <issueTitle>U.S. Treasury 5 Year Note</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="USER DEFINED" value="FV_Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-30</expDate>
            <notionalAmt>-1619944.950000000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-2750.370000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LONG GILT FUTURE  Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00N10S2350"/>
          <ticker value="G M6"/>
        </identifiers>
        <balance>-4.000000000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt=".758320000000"/>
        <valUSD>2244.680000000000</valUSD>
        <pctVal>0.0117237611</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures Europe Financials</counterpartyName>
              <counterpartyLei>549300UF4R84F48NCH34</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Long Gilt</issuerName>
                <issueTitle>Long Gilt</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="USER DEFINED" value="G_Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-26</expDate>
            <notionalAmt>-352862.190000000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>2244.680000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>JPN 10Y BOND(OSE) Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="JBM6"/>
        </identifiers>
        <balance>-3.000000000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="159.090000000000"/>
        <valUSD>27518.880000000000</valUSD>
        <pctVal>0.1437286268</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Osaka Exchange</counterpartyName>
              <counterpartyLei>3538001249AILNPRUX57</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Japanese 10 Year Government Bonds</issuerName>
                <issueTitle>Japanese 10 Year Government Bonds</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="USER DEFINED" value="JB_Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-15</expDate>
            <notionalAmt>-395307978.999999999992</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>27518.880000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>ICE 3MTH SONIA FU Sep28</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00K8XP6N37"/>
          <ticker value="SFIU8"/>
        </identifiers>
        <balance>-6.000000000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt=".758320000000"/>
        <valUSD>1362.210000000000</valUSD>
        <pctVal>0.0071146999</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures Europe Financials</counterpartyName>
              <counterpartyLei>549300UF4R84F48NCH34</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ICE 3 Month SONIA Rate</issuerName>
                <issueTitle>ICE 3 Month SONIA Rate</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="USER DEFINED" value="SFI_Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2028-12-19</expDate>
            <notionalAmt>-1439907.990000000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>1362.210000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Three-Month SARON Mar27</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00KKVMNS41"/>
          <ticker value="SSYH7"/>
        </identifiers>
        <balance>-38.000000000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CHF" exchangeRt=".803550000000"/>
        <valUSD>10656.460000000000</valUSD>
        <pctVal>0.0556577289</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures Europe Financials</counterpartyName>
              <counterpartyLei>549300UF4R84F48NCH34</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>3 Month Swiss Average Overnight Rate</issuerName>
                <issueTitle>3 Month Swiss Average Overnight Rate</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="USER DEFINED" value="SSY_Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2027-06-15</expDate>
            <notionalAmt>-9481962.999615384616</notionalAmt>
            <curCd>CHF</curCd>
            <unrealizedAppr>10656.460000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Three-Month SARON Sep27</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00KKYR3M02"/>
          <ticker value="SSYU7"/>
        </identifiers>
        <balance>-31.000000000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CHF" exchangeRt=".803550000000"/>
        <valUSD>-1125.320000000000</valUSD>
        <pctVal>-0.0058774448</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures Europe Financials</counterpartyName>
              <counterpartyLei>549300UF4R84F48NCH34</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>3 Month Swiss Average Overnight Rate</issuerName>
                <issueTitle>3 Month Swiss Average Overnight Rate</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="USER DEFINED" value="SSY_Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2027-12-14</expDate>
            <notionalAmt>-7729720.750000000000</notionalAmt>
            <curCd>CHF</curCd>
            <unrealizedAppr>-1125.320000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US 2YR NOTE (CBT) Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TUM6"/>
        </identifiers>
        <balance>-24.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>29271.310000000000</valUSD>
        <pctVal>0.1528814105</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>U.S. Treasury 2 Year Notes</issuerName>
                <issueTitle>U.S. Treasury 2 Year Notes</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="USER DEFINED" value="TU_Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-30</expDate>
            <notionalAmt>-5007958.795000000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>29271.310000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US LONG BOND(CBT) Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USM6"/>
        </identifiers>
        <balance>-6.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>16851.660000000000</valUSD>
        <pctVal>0.0880146994</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>U.S. Treasury Long Bonds</issuerName>
                <issueTitle>U.S. Treasury Long Bonds</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="USER DEFINED" value="US_Comdty"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>-700101.660000000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>16851.660000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US ULTRA BOND CBT Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WNM6"/>
        </identifiers>
        <balance>-3.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>10769.340000000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>U.S. Treasury Ultra Bonds</issuerName>
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                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="USER DEFINED" value="WN_Comdty"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>-360456.840000000000</notionalAmt>
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            <unrealizedAppr>10769.340000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NEW ZEAL 3MO BILL Dec26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ZBZ6"/>
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        <balance>61.000000000000</balance>
        <units>NC</units>
        <currencyConditional curCd="NZD" exchangeRt="1.753000000000"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ASX Trade24</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>3 Month New Zealand Treasury Bill</issuerName>
                <issueTitle>3 Month New Zealand Treasury Bill</issueTitle>
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                  <cusip value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-12-16</expDate>
            <notionalAmt>60518860.790000000000</notionalAmt>
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            <unrealizedAppr>-6634.720000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Tidal Trust II</ncom:nameOfApplicant>
      <ncom:signature>/s/ Peter Chappy</ncom:signature>
      <ncom:signerName>Peter Chappy</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
