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        <isRestrictedSec>N</isRestrictedSec>

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            <expDate>2025-03-21</expDate>
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      <invstOrSec>
        <name>Recruit Holdings Co Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UBS Securities LLC</name>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>UBS Securities LLC</counterpartyName>
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            <amtCurSold>-2248096.00000000</amtCurSold>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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          <ticker value="ESH5"/>
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        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>CHICAGO MERCANTILE EXCHANGE INC.</counterpartyName>
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                <issuerName>STANDARD &amp; POOR'S FINANCIAL SERVICES LLC</issuerName>
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            <expDate>2025-03-21</expDate>
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      </invstOrSec>
      <invstOrSec>
        <name>TSMC</name>
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          <isin value="TW0002330008"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL PLC</name>
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        <title>TRS CFD EQUITY BASKET</title>
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          <other otherDesc="INTERNAL" value="GEARUS-MSC"/>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. INTERNATIONAL PLC</counterpartyName>
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                <narrativeDesc>Custom Equity Basket</narrativeDesc>
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                    <othIndName>CIE DE SAINT-GOBAIN SA</othIndName>
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                    <othIndName>J M SMUCKER CO/THE</othIndName>
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                      <cusip value="832696405"/>
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      <invstOrSec>
        <name>UBS Securities LLC</name>
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        <name>Intesa Sanpaolo SpA</name>
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        <name>THE ROYAL BANK OF SCOTLAND INTERNATIONAL LIMITED</name>
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        <name>BNP PARIBAS SECURITIES CORP.</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian National Railway Co</name>
        <lei>3SU7BEP7TH9YEQOZCS77</lei>
        <title>Canadian National Railway Co</title>
        <cusip>136375102</cusip>
        <identifiers>
          <isin value="CA1363751027"/>
          <ticker value="CNR"/>
          <other otherDesc="SEDOL" value="2180632"/>
        </identifiers>
        <balance>2649.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43745000"/>
        <valUSD>269000.33000000</valUSD>
        <pctVal>2.627147318689</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>Lennar Corp</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp</title>
        <cusip>526057104</cusip>
        <identifiers>
          <isin value="US5260571048"/>
          <ticker value="LEN"/>
        </identifiers>
        <balance>913.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>124505.81000000</valUSD>
        <pctVal>1.215965441019</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>GOLDMAN SACHS BANK USA</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>TRS CFD EQUITY BASKET</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="GEARUS-GSC"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>30664.91000000</valUSD>
        <pctVal>0.299483781615</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS BANK USA</counterpartyName>
              <counterpartyLei>KD3XUN7C6T14HNAYLU02</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Custom Equity Basket</indexName>
                <indexIdentifier>BRSG01E_INDEX</indexIdentifier>
                <narrativeDesc>Custom Equity Basket</narrativeDesc>
                <components>
                  <component>
                    <othIndName>TELUS INTERNATIONAL CDA INC</othIndName>
                    <identifiers>
                      <cusip value="87975H100"/>
                    </identifiers>
                    <othIndNotAmt>-8630.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-33920.83000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NETFLIX INC</othIndName>
                    <identifiers>
                      <cusip value="64110L106"/>
                    </identifiers>
                    <othIndNotAmt>-236.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-210351.52000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>COGNIZANT TECHNOLOGY SOLUTIONS CORP</othIndName>
                    <identifiers>
                      <cusip value="192446102"/>
                    </identifiers>
                    <othIndNotAmt>-384.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-29529.60000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>EVOLUTION AB</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>-281.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-21669.56000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>BASIC-FIT NV</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>-803.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-18745.74000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>DENTSU GROUP INC</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>-3500.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-84107.21000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>DAIMLER TRUCK HOLDING AG</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>-2308.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-88401.24000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>TOTALENERGIES SE</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>-1472.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-82012.30000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ROKU INC</othIndName>
                    <identifiers>
                      <cusip value="77543R102"/>
                    </identifiers>
                    <othIndNotAmt>-507.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-37690.38000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ROGERS COMMUNICATIONS INC</othIndName>
                    <identifiers>
                      <cusip value="775109200"/>
                    </identifiers>
                    <othIndNotAmt>-1983.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-60961.26000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>KEYENCE CORP</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>300.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>121941.50000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>BELL SYSTEM24 HOLDINGS INC</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>-4800.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-39099.33000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>RELX PLC</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>4643.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>210369.62000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>LULULEMON ATHLETICA INC</othIndName>
                    <identifiers>
                      <cusip value="550021109"/>
                    </identifiers>
                    <othIndNotAmt>-64.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-24474.24000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>SILICON LABORATORIES INC</othIndName>
                    <identifiers>
                      <cusip value="826919102"/>
                    </identifiers>
                    <othIndNotAmt>-409.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-50805.98000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>UNITED PARKS &amp; RESORTS INC</othIndName>
                    <identifiers>
                      <cusip value="81282V100"/>
                    </identifiers>
                    <othIndNotAmt>-3261.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-183235.59000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>CENTRAL JAPAN RAILWAY CO</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>-1200.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-22518.68000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>TELEFONICA SA</othIndName>
                    <identifiers>
                      <cusip value="879382109"/>
                    </identifiers>
                    <othIndNotAmt>-35531.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-144997.76000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>STANDARD CHARTERED PLC</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>18505.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>227818.86000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>SEVEN BANK LTD</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>-15800.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-31288.37000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>PENSKE AUTOMOTIVE GROUP INC</othIndName>
                    <identifiers>
                      <cusip value="70959W103"/>
                    </identifiers>
                    <othIndNotAmt>-831.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-126677.64000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ROYAL BANK OF CANADA</othIndName>
                    <identifiers>
                      <cusip value="780087102"/>
                    </identifiers>
                    <othIndNotAmt>-610.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-73550.52000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>BCE INC</othIndName>
                    <identifiers>
                      <cusip value="05534B760"/>
                    </identifiers>
                    <othIndNotAmt>-2234.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-51783.98000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>INFOSYS LTD</othIndName>
                    <identifiers>
                      <cusip value="456788108"/>
                    </identifiers>
                    <othIndNotAmt>-2530.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-55457.60000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>SIEMENS AG</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>-166.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-32369.13000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>CHARTER COMMUNICATIONS INC</othIndName>
                    <identifiers>
                      <cusip value="16119P108"/>
                    </identifiers>
                    <othIndNotAmt>-87.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-29820.99000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>META PLATFORMS INC</othIndName>
                    <identifiers>
                      <cusip value="30303M102"/>
                    </identifiers>
                    <othIndNotAmt>224.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>131154.24000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NISSAN MOTOR CO LTD</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>-7400.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-22443.01000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Default Event</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">CFD EQUITY BASKET</otherPmntDesc>
            <terminationDt>2025-02-28</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-902979.45000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>30664.91000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teck Resources Ltd</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
        <title>Teck Resources Ltd</title>
        <cusip>878742204</cusip>
        <identifiers>
          <isin value="CA8787422044"/>
          <ticker value="TECK/B"/>
          <other otherDesc="SEDOL" value="2879327"/>
        </identifiers>
        <balance>3118.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43745000"/>
        <valUSD>126416.25000000</valUSD>
        <pctVal>1.234623437920</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>Boston Scientific Corp</name>
        <lei>Y6ZDD9FP4P8JSSJMW954</lei>
        <title>Boston Scientific Corp</title>
        <cusip>101137107</cusip>
        <identifiers>
          <isin value="US1011371077"/>
          <ticker value="BSX"/>
        </identifiers>
        <balance>1706.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>152379.92000000</valUSD>
        <pctVal>1.488193335116</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>Cadence Design Systems Inc</name>
        <lei>GCT7RXJOGLXPV0NXZY22</lei>
        <title>Cadence Design Systems Inc</title>
        <cusip>127387108</cusip>
        <identifiers>
          <isin value="US1273871087"/>
          <ticker value="CDNS"/>
        </identifiers>
        <balance>686.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>206115.56000000</valUSD>
        <pctVal>2.012993592960</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>Novo Nordisk A/S</name>
        <lei>549300DAQ1CVT6CXN342</lei>
        <title>Novo Nordisk A/S</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DK0062498333"/>
          <ticker value="NOVOB"/>
          <other otherDesc="SEDOL" value="BP6KMJ1"/>
        </identifiers>
        <balance>2538.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="7.19920000"/>
        <valUSD>218983.28000000</valUSD>
        <pctVal>2.138664056247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>

      <explntrNote note="GEARUS-MSC (Morgan Stanley &amp; Co. International PLC): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 15-40 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest: EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), USD - 1D Overnight Fed Funds Effective Rate (FEDL01)." noteItem="C.11.f.i.1"/>

      <explntrNote note="GEARUS-GSC (Goldman Sachs Bank USA): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 0-128 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest: CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), USD - 1D Overnight Fed Funds Effective Rate (FEDL01)." noteItem="C.11.f.i.1"/>

      <explntrNote note="GEARUS-CTC (Citibank NA): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 0-73 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest: CHF - Swiss Average Rate O/N (SSARON), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), USD - 1D Overnight Bank Funding Rate (OBFR01)." noteItem="C.11.f.i.1"/>

      <explntrNote note="IBORs are undergoing a change as regulators and industry groups have recommended that firms consider adoption of alternative, overnight risk-free rates (RFRs). Floating rate swap terms reflected as Libors may be using the RFR to calculate the actual rate." noteItem="C.11.f.i.2"/>

      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="GEARUS-HSC (HSBC Bank plc): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 15-375 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest: AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), JPY - 1D Overnight Tokyo Average Rate (TONA), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), SEK - TN Stockholm Interbank Offer Rate (STIBOR), USD - 1D Overnight Bank Funding Rate (OBFR01)." noteItem="C.11.f.i.1"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-02-25</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Funds</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
