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            <otherPmntDesc fixedOrFloating="Other">equity-performance leg</otherPmntDesc>
            <terminationDt>2027-03-31</terminationDt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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                    <othIndNotAmt>155399.00000000</othIndNotAmt>
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                    <othIndValue>2005851.87000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>MATSUKIYOCOCOKARA + CO</othIndName>
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                      <isin value="JP3869010003"/>
                    </identifiers>
                    <othIndNotAmt>-9900.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-146531.14000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>CAPITALAND ASCENDAS REIT</othIndName>
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                      <isin value="SG1M77906915"/>
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                    <othIndNotAmt>-522500.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-990580.03000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>BANK OF IRELAND GROUP PLC</othIndName>
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                      <isin value="IE00BD1RP616"/>
                    </identifiers>
                    <othIndNotAmt>6757.00000000</othIndNotAmt>
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                    <othIndValue>67138.78000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>WORLEY LTD</othIndName>
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                      <isin value="AU000000WOR2"/>
                    </identifiers>
                    <othIndNotAmt>50286.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>446822.55000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>MEG ENERGY CORP</othIndName>
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                      <isin value="CA5527041084"/>
                    </identifiers>
                    <othIndNotAmt>5214.00000000</othIndNotAmt>
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                  <component>
                    <othIndName>SEGA SAMMY HOLDINGS INC</othIndName>
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                      <isin value="JP3419050004"/>
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                    <othIndNotAmt>15800.00000000</othIndNotAmt>
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                    <othIndValue>305808.68000000</othIndValue>
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                  <component>
                    <othIndName>GENMAB A/S</othIndName>
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                  <component>
                    <othIndName>CAR GROUP LTD</othIndName>
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                      <isin value="AU000000CAR3"/>
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                    <othIndValue>-60030.82000000</othIndValue>
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                  <component>
                    <othIndName>SUMITOMO CORP</othIndName>
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                      <isin value="JP3404600003"/>
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                    <othIndValue>340379.71000000</othIndValue>
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                  <component>
                    <othIndName>TOYO TIRE CORP</othIndName>
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                      <isin value="JP3610600003"/>
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                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>DMG MORI CO LTD</othIndName>
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                      <isin value="JP3924800000"/>
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                  <component>
                    <othIndName>HISCOX LTD</othIndName>
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                      <isin value="BMG4593F1389"/>
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                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>OBAYASHI CORP</othIndName>
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                      <isin value="JP3190000004"/>
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                    <othIndCurCd>USD</othIndCurCd>
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                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>J FRONT RETAILING CO LTD</othIndName>
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                      <isin value="JP3386380004"/>
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                    <othIndCurCd>USD</othIndCurCd>
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                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>REA GROUP LTD</othIndName>
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                      <isin value="AU000000REA9"/>
                    </identifiers>
                    <othIndNotAmt>22536.00000000</othIndNotAmt>
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                    <othIndIssCurCd>USD</othIndIssCurCd>
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                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
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            <otherPmntDesc fixedOrFloating="Other">Multi - See Part E</otherPmntDesc>
            <terminationDt>2023-11-16</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>6987574.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-2364966.45000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
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        <cusip>000000000</cusip>
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        </identifiers>
        <balance>1291887.66000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="GBP" exchangeRt="0.80651700"/>
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        <pctVal>-0.00004363032</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. INTERNATIONAL</counterpartyName>
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            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>FTSE 100 Dividend Index Future</indexName>
                <indexIdentifier>UKDZ5 Index</indexIdentifier>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Fixed payment equal to the notional value in field C.11.f.iv.1</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">equity-performance leg</otherPmntDesc>
            <terminationDt>2025-12-18</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>GBP</rcptCurCd>
            <notionalAmt>1291887.66000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>-1522.17000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC Bank PLC</name>
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        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="24LHKBCBR8Q"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="154.33363871"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC Bank PLC</counterpartyName>
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            <amtCurSold>10116941285.00000000</amtCurSold>
            <curSold>JPY</curSold>
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            <curPur>USD</curPur>
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            <unrealizedAppr>1542551.47000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC BANK PLC</name>
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        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BYDDF49S8"/>
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        <balance>1777375.20000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
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        <pctVal>0.001921635144</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>HSBC BANK PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Euronext Amsterdam Index Futures</indexName>
                <indexIdentifier>EOG5 Index</indexIdentifier>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Fixed payment equal to the notional value in field C.11.f.iv.1</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">equity-performance leg</otherPmntDesc>
            <terminationDt>2025-02-21</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>EUR</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>EUR</rcptCurCd>
            <notionalAmt>1777375.20000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>67041.79000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
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        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BYDDJ7916"/>
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        <balance>8664435.48000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
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        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>HSBC BANK PLC</counterpartyName>
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                <indexName>Eurex Swiss Market New Index Futures</indexName>
                <indexIdentifier>SMH5 Index</indexIdentifier>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Fixed payment equal to the notional value in field C.11.f.iv.1</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">equity-performance leg</otherPmntDesc>
            <terminationDt>2025-03-21</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>CHF</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>CHF</rcptCurCd>
            <notionalAmt>8664435.48200000</notionalAmt>
            <curCd>CHF</curCd>
            <unrealizedAppr>568217.97000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. International PLC</name>
        <lei>4PQUHN3JPFGFNF3BB653</lei>
        <title>PURCHASED EUR / SOLD CHF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="24LMKBB9HC8"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>14024.41000000</valUSD>
        <pctVal>0.000401985077</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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            <amtCurSold>850000.00000000</amtCurSold>
            <curSold>CHF</curSold>
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            <curPur>EUR</curPur>
            <settlementDt>2025-03-19</settlementDt>
            <unrealizedAppr>14024.41000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Procter &amp; Gamble Co/The</name>
        <lei>2572IBTT8CCZW6AU4141</lei>
        <title>Procter &amp; Gamble Co/The</title>
        <cusip>742718109</cusip>
        <identifiers>
          <isin value="US7427181091"/>
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        <balance>74000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12283260.00000000</valUSD>
        <pctVal>0.352078071131</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>HSBC Bank PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>PURCHASED USD / SOLD CAD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="24LGKBB1GBW"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.45064325"/>
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        <pctVal>0.000534851822</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC Bank PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
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            <amtCurSold>1032000.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>730068.39000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-03-19</settlementDt>
            <unrealizedAppr>18659.85000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AliphCom, Series 8</name>
        <lei>N/A</lei>
        <title>AliphCom, Series 8</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRSVL2574"/>
        </identifiers>
        <balance>823530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8.24000000</valUSD>
        <pctVal>0.000000236185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BNP PARIBAS SA</name>
        <lei>QHSFEYI7HUOXXZ413E03</lei>
        <title>TRSWAP: MNDZ5 FUTURE 31-MAR-2026</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRYVZ7P20"/>
        </identifiers>
        <balance>406870000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="JPY" exchangeRt="155.09500000"/>
        <valUSD>329088.62000000</valUSD>
        <pctVal>0.009432747215</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BNP PARIBAS SA</counterpartyName>
              <counterpartyLei>QHSFEYI7HUOXXZ413E03</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>SGX Nikkei Dividend Index Futures</indexName>
                <indexIdentifier>MNDZ5 Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Fixed payment equal to the notional value in field C.11.f.iv.1</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">equity-performance leg</otherPmntDesc>
            <terminationDt>2026-03-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>JPY</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>JPY</rcptCurCd>
            <notionalAmt>406870000.00000000</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>329088.62000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CAZ4</cusip>
        <identifiers>
          <isin value="US91282CAZ41"/>
        </identifiers>
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        <units>PA</units>
        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC BANK PLC</name>
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        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BYDDF49D1"/>
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        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
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        <payoffProfile>N/A</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>HSBC BANK PLC</counterpartyName>
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              <indexBasketInfo>
                <indexName>Euronext Amsterdam Index Futures</indexName>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Fixed payment equal to the notional value in field C.11.f.iv.1</otherRecDesc>
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            <curCd>EUR</curCd>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC Bank PLC</name>
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          <other otherDesc="Trade Identifier" value="24LHKBB8BF7"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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              <counterpartyName>HSBC Bank PLC</counterpartyName>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <units>PA</units>
        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
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        <identifiers>
          <other otherDesc="Trade Identifier" value="24LRKBB1M46"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.45064325"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>UBS AG</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
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            <amtCurSold>661000.00000000</amtCurSold>
            <curSold>CAD</curSold>
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            <curPur>USD</curPur>
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        <securityLending>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>PURCHASED USD / SOLD EUR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="24LUKBB851C"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.96199811"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>HSBC Bank PLC</counterpartyName>
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            <curPur>USD</curPur>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
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          <other otherDesc="BlackRock Identifier" value="BYD1WWWC2"/>
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        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
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        <derivativeInfo>
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      <invstOrSec>
        <name>United States Treasury</name>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>UBS AG</name>
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        <assetCat>DFE</assetCat>
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      <invstOrSec>
        <name>Illumio Inc.</name>
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        <title>Illumio Inc.</title>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HSBC BANK PLC</name>
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        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BYDDF49X7"/>
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        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="CHF" exchangeRt="0.91075000"/>
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        <isRestrictedSec>N</isRestrictedSec>

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                <indexName>Eurex Swiss Market New Index Futures</indexName>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC Bank PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>PURCHASED USD / SOLD EUR</title>
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          <other otherDesc="Trade Identifier" value="24LRKBB1MZ9"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>HSBC Bank PLC</counterpartyName>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
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        <title>TRSWAP: UKDZ6 FUTURE 17-DEC-2026</title>
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          <other otherDesc="BlackRock Identifier" value="BYD3QDTC1"/>
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        <balance>1015656.54000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
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        <pctVal>0.000697906408</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                    <othIndValue>-68528.48000000</othIndValue>
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                    <othIndName>DEXERIALS CORP</othIndName>
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                    <othIndNotAmt>-75900.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-989083.26000000</othIndValue>
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                    <othIndNotAmt>-6800.00000000</othIndNotAmt>
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                    <othIndValue>-150559.28000000</othIndValue>
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                      <isin value="FR0000121964"/>
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                    <othIndValue>-524659.73000000</othIndValue>
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                    <othIndValue>-1903160.67000000</othIndValue>
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                      <isin value="KYG960071028"/>
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                      <isin value="JP3137200006"/>
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                    <othIndName>SEMBCORP INDUSTRIES LTD</othIndName>
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                      <isin value="SG1R50925390"/>
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                    <othIndName>MATSUKIYOCOCOKARA + CO</othIndName>
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                    <othIndName>SWISS RE AG</othIndName>
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                      <isin value="CH0126881561"/>
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                  <component>
                    <othIndName>SANTOS LTD</othIndName>
                    <identifiers>
                      <isin value="AU000000STO6"/>
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                    <othIndNotAmt>125742.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>544457.18000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>MEBUKI FINANCIAL GROUP INC</othIndName>
                    <identifiers>
                      <isin value="JP3117700009"/>
                    </identifiers>
                    <othIndNotAmt>-1116900.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-4938389.72000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>SUMCO CORP</othIndName>
                    <identifiers>
                      <isin value="JP3322930003"/>
                    </identifiers>
                    <othIndNotAmt>-210900.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-1557076.70000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>YAMAHA CORP</othIndName>
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                      <isin value="JP3942600002"/>
                    </identifiers>
                    <othIndNotAmt>-99600.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-704404.32000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>SECOM CO LTD</othIndName>
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                      <isin value="JP3421800008"/>
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                    <othIndNotAmt>-112300.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-3779021.95000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>BAE SYSTEMS PLC</othIndName>
                    <identifiers>
                      <isin value="GB0002634946"/>
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                    <othIndNotAmt>570751.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>8627600.22000000</othIndValue>
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                  <component>
                    <othIndName>IG GROUP HOLDINGS PLC</othIndName>
                    <identifiers>
                      <isin value="GB00B06QFB75"/>
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                    <othIndNotAmt>86023.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>1086864.10000000</othIndValue>
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                  <component>
                    <othIndName>SANKYO CO LTD</othIndName>
                    <identifiers>
                      <isin value="JP3326410002"/>
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                    <othIndNotAmt>11700.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>156884.11000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>POSTE ITALIANE SPA</othIndName>
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                      <isin value="IT0003796171"/>
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                    <othIndNotAmt>122741.00000000</othIndNotAmt>
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                    <othIndValue>1862668.67000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>ALFA LAVAL AB</othIndName>
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                      <isin value="SE0000695876"/>
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                    <othIndNotAmt>139419.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
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                  <component>
                    <othIndName>INTERNATIONAL PAPER CO</othIndName>
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                      <isin value="US4601461035"/>
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                    <othIndCurCd>USD</othIndCurCd>
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                  <component>
                    <othIndName>INTESA SANPAOLO</othIndName>
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                      <isin value="IT0000072618"/>
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                    <othIndNotAmt>2303165.00000000</othIndNotAmt>
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                    <othIndValue>9968860.44000000</othIndValue>
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                  <component>
                    <othIndName>ARISTOCRAT LEISURE LTD</othIndName>
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                      <isin value="AU000000ALL7"/>
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                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>9318239.83000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>CHOCOLADEFABRIKEN LINDT PC</othIndName>
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                      <isin value="CH0010570767"/>
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                    <othIndNotAmt>23.00000000</othIndNotAmt>
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                    <othIndValue>264202.99000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>KURARAY CO LTD</othIndName>
                    <identifiers>
                      <isin value="JP3269600007"/>
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                    <othIndNotAmt>-198200.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-2901663.99000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>AP MOLLER MAERSK A/S B</othIndName>
                    <identifiers>
                      <isin value="DK0010244508"/>
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                    <othIndNotAmt>3148.00000000</othIndNotAmt>
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                    <othIndValue>4649211.21000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>SANDFIRE RESOURCES LTD</othIndName>
                    <identifiers>
                      <isin value="AU000000SFR8"/>
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                    <othIndNotAmt>132957.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>806352.38000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>VEOLIA ENVIRONNEMENT</othIndName>
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                      <isin value="FR0000124141"/>
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                    <othIndNotAmt>302668.00000000</othIndNotAmt>
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                    <othIndValue>8636292.22000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>TOHO CO LTD</othIndName>
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                      <isin value="JP3598600009"/>
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                    <othIndNotAmt>-93200.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-4200239.18000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>ACS ACTIVIDADES DE CONSTRUCCIO</othIndName>
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                      <isin value="ES06670509Q3"/>
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                    <othIndNotAmt>148292.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>73226.97000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>SUMITOMO METAL MINING CO LTD</othIndName>
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                      <isin value="JP3402600005"/>
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                    <othIndNotAmt>-43800.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-1000220.20000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>YAKULT HONSHA CO LTD</othIndName>
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                      <isin value="JP3931600005"/>
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                    <othIndNotAmt>-319400.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-5833419.47000000</othIndValue>
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                    <othIndValue>1136373.40000000</othIndValue>
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                    <othIndName>ZENSHO HOLDINGS CO LTD</othIndName>
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                    <othIndName>LINK REIT</othIndName>
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                    <othIndValue>5967923.09000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>AVOLTA AG</othIndName>
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                      <isin value="CH0023405456"/>
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                    <othIndNotAmt>-25777.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-1165136.48000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Multi - See Part E</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Multi - See Part E</otherPmntDesc>
            <terminationDt>2025-06-16</terminationDt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="RTGL-JMC (JPMorgan Chase Bank 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 of 58 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: USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLXUSUBC (UBS AG): 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 0-61 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), CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1M New Zealand Bank Bill Rate (BBR), SEK - TN Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA)" noteItem="C.11.f.i.1"/>

      <explntrNote note="RTGLUS-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 15-763 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Fed Funds Effective Rate (FEDL01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLCPMGSC (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 0-40 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: USD - 1D Overnight Fed Funds Effective Rate (FEDL01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLXUSMSC (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 20-138 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA)" noteItem="C.11.f.i.1"/>
      <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="RTGLUS-MLC (Merrill Lynch International): 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 0-824 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - 1W Copenhagen Interbank Swap Rate (CIBOR), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), 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="RTGL-SGC (SG AMERICAS SECURITIES, LLC): 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 0-130 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), DKK - Denmark Short-Term Rate, 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 Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGL-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 0-200 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), CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), CHF - Swiss Average Rate O/N (SSARON), DKK - Danish Tom/Next Reference Rate (DETNT/N), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Fed Funds Effective Rate (FEDL01)" noteItem="C.11.f.i.1"/>

      <explntrNote note="RTGLXUSSGC (SG AMERICAS SECURITIES, LLC): 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 0-125 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - 1D Overnight Hong Kong Interbank Offer rate (HIBOR), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - 1D Overnight Singapore Assoc of Banks Rate (SIBOR)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLXUSBPC (BNP Paribas): 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 0-140 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGL-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 15-75 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Fed Funds Effective Rate (FEDL01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGL-UBC (UBS AG): 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 0-224 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), CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1M New Zealand Bank Bill Rate (BBR), SEK - TN Stockholm Interbank Offer Rate (STIBOR), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLUS-JMC (JPMorgan Chase Bank 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 21-175 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), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGL-BCC (Barclays 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 0-200 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLUS-BPC (BNP Paribas): 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 15-815 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLXUSMLC (Merrill Lynch International): 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 0-111 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - 1W Copenhagen Interbank Swap Rate (CIBOR), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLUS-SGC (SG AMERICAS SECURITIES, LLC): 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 5-775 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), CHF - Swiss Average Rate O/N (SSARON), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>

      <explntrNote note="RTGLUS-BCC (Barclays 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 0-738 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1M New Zealand Bank Bill Rate (BBR), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>

      <explntrNote note="RTGL-MLC (Merrill Lynch International): 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 0-214 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - 1W Copenhagen Interbank Swap Rate (CIBOR), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLXUSBCC (Barclays 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 0-108 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NZD - 1M New Zealand Bank Bill Rate (BBR), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLUS-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 0-1414 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), CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), CHF - Swiss Average Rate O/N (SSARON), DKK - Danish Tom/Next Reference Rate (DETNT/N), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Fed Funds Effective Rate (FEDL01)" noteItem="C.11.f.i.1"/>

      <explntrNote note="RTGL-BPC (BNP Paribas): 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 0-182 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), JPY - 1D Overnight Tokyo Average Rate (TONA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLXUSGSC (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 0-200 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), CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), CHF - Swiss Average Rate O/N (SSARON), DKK - Danish Tom/Next Reference Rate (DETNT/N), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLUS-UBC (UBS AG): 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 12-727 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), CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), DKK - Denmark Short-Term Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1M New Zealand Bank Bill Rate (BBR), SEK - TN Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-03-04</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>
