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        <name>Compass Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>XAI Madison Equity Premium Income Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Blackrock Multi-Sector Income Tr</name>
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        <title>Blackrock Multi-Sector Income Tr COM</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>NICOLET BANKSHARES INC</name>
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        <name>BLACKROCK MUNIYIELD PA QUALITY FD</name>
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        <name>iShares Trust</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>European Equity Fd</name>
        <lei>5493008XBHSH29XH9329</lei>
        <title>European Equity Fd COM</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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                <issuerName>International Paper Co.</issuerName>
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        <name>THE LONDON METAL EXCHANGE</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>iShares Trust</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
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        <title>Long(FBTP) Term Euro</title>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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            <descRefInstrmnt>
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                <issuerName>BUONI POLIENNALI DEL TES</issuerName>
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            <unrealizedAppr>2147.90000000</unrealizedAppr>
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      <invstOrSec>
        <name>Bancroft Fund Ltd</name>
        <lei>5493000X4Y1FB4G26P45</lei>
        <title>Bancroft Fund Ltd</title>
        <cusip>059695106</cusip>
        <identifiers>
          <isin value="US0596951063"/>
          <ticker value="BCV"/>
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        <balance>583.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12557.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NICOLET BANKSHARES INC</name>
        <lei>N/A</lei>
        <title>Nicolet Bankshares Inc. COM</title>
        <cusip>65406E102</cusip>
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          <isin value="US65406E1029"/>
          <ticker value="NIC"/>
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        <balance>465.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>69108.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Alliancebernstein Global High Income Fund Inc.</name>
        <lei>AE2ZT9UGMEIJ7T4R5734</lei>
        <title>Alliancebernstein Global High Income Fund Inc. COM</title>
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        <balance>85.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hancock John Premuim Dividend Fund</name>
        <lei>549300HU07GPOB5DR949</lei>
        <title>Hancock John Premuim Dividend Fund COM SH BEN INT</title>
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        <identifiers>
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          <ticker value="PDT"/>
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        <balance>74.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>969.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <curCd>USD</curCd>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kennedy-Wilson Holdings Inc</name>
        <lei>549300MOI1T78144X610</lei>
        <title>Kennedy-Wilson Holdings Inc COM</title>
        <cusip>489398107</cusip>
        <identifiers>
          <isin value="US4893981070"/>
          <ticker value="KW"/>
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        <balance>5307.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57421.74000000</valUSD>
        <pctVal>0.595386163322</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>INTERNATIONAL MONEY EXPRESS INC</name>
        <lei>N/A</lei>
        <title>International Money Express Inc. COM</title>
        <cusip>46005L101</cusip>
        <identifiers>
          <isin value="US46005L1017"/>
          <ticker value="IMXI"/>
        </identifiers>
        <balance>8147.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>128722.60000000</valUSD>
        <pctVal>1.334680121969</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>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS REDWOOD TRUST INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504753"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2736.53000000</valUSD>
        <pctVal>0.028374133168</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Redwood Trust Inc</issuerName>
                <issueTitle>Redwood Trust Inc COM</issueTitle>
                <identifiers>
                  <cusip value="758075402"/>
                  <isin value="US7580754023"/>
                  <ticker value="RWT"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
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            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
            <terminationDt>2028-08-31</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-35168.26000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2736.53000000</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. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS INCYTE CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504345"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6561.41000000</valUSD>
        <pctVal>0.068032991091</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>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Incyte Corporation.</issuerName>
                <issueTitle>Incyte Corporation. COM</issueTitle>
                <identifiers>
                  <cusip value="45337C102"/>
                  <isin value="US45337C1027"/>
                  <ticker value="INCY"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-24446.02000000">
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                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            </floatingPmntDesc>
            <terminationDt>2028-08-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>24446.02000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>6561.41000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barings Global Short Duration High Yield Fund</name>
        <lei>549300WWIZCL845OP089</lei>
        <title>Barings Global Short Duration High Yield Fund COM</title>
        <cusip>06760L100</cusip>
        <identifiers>
          <isin value="US06760L1008"/>
          <ticker value="BGH"/>
        </identifiers>
        <balance>70.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>956.20000000</valUSD>
        <pctVal>0.009914507107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Skyworks Solutions, Inc.</name>
        <lei>549300WZ3ORQ2BVKBD96</lei>
        <title>Skyworks Solutions, Inc. COM</title>
        <cusip>83088M102</cusip>
        <identifiers>
          <isin value="US83088M1027"/>
          <ticker value="SWKS"/>
        </identifiers>
        <balance>-368.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-19706.40000000</valUSD>
        <pctVal>-0.20432884633</pctVal>
        <payoffProfile>Short</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>INVESCO EXCHANGE-TRADED FUND TRUST II</name>
        <lei>O540V2L4S174Y60FMD36</lei>
        <title>Invesco Exchange Traded Fund Trust II SR LN ETF</title>
        <cusip>46138G508</cusip>
        <identifiers>
          <isin value="US46138G5080"/>
          <ticker value="BKLN"/>
        </identifiers>
        <balance>-283.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-5776.03000000</valUSD>
        <pctVal>-0.05988965748</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS LINDSAY CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504107"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>807.93000000</valUSD>
        <pctVal>0.008377146755</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>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Lindsay Corp</issuerName>
                <issueTitle>Lindsay Corp COM</issueTitle>
                <identifiers>
                  <cusip value="535555106"/>
                  <isin value="US5355551061"/>
                  <ticker value="LNN"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-23862.62000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2028-08-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>23862.62000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>807.93000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EATON VANCE MUNICIPAL INCOME TRUST</name>
        <lei>549300DINBO2K1M6KL63</lei>
        <title>Eaton Vance Floating Rate Income Trust COM</title>
        <cusip>278279104</cusip>
        <identifiers>
          <isin value="US2782791048"/>
          <ticker value="EFT"/>
        </identifiers>
        <balance>81.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>869.13000000</valUSD>
        <pctVal>0.009011708390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Midstream Partners LP</name>
        <lei>N/A</lei>
        <title>Western Midstream Partners LP COM UNIT LP INT</title>
        <cusip>958669103</cusip>
        <identifiers>
          <isin value="US9586691035"/>
          <ticker value="WES"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41.17000000</valUSD>
        <pctVal>0.000426877491</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>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS RITCHIE BROS AUCTIONEERS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504447"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1747.65000000</valUSD>
        <pctVal>0.018120778442</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>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RB Global Inc</issuerName>
                <issueTitle>RB Global Inc COM</issueTitle>
                <identifiers>
                  <cusip value="74935Q107"/>
                  <isin value="CA74935Q1072"/>
                  <ticker value="RBA"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="-0.30000000" pmntAmt="32768.66000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
            <terminationDt>2028-08-31</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>1747.65000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BioCryst Pharmaceuticals Inc.</name>
        <lei>549300Z0INP1Z5NP6J59</lei>
        <title>BioCryst Pharmaceuticals Inc. COM</title>
        <cusip>09058V103</cusip>
        <identifiers>
          <isin value="US09058V1035"/>
          <ticker value="BCRX"/>
        </identifiers>
        <balance>-2093.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-19925.36000000</valUSD>
        <pctVal>-0.20659916685</pctVal>
        <payoffProfile>Short</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>Gabelli Healthcare &amp; WellnessRx Trust</name>
        <lei>549300XULWZNLHFTG832</lei>
        <title>Gabelli Healthcare &amp; WellnessRx Trust</title>
        <cusip>36246K103</cusip>
        <identifiers>
          <isin value="US36246K1034"/>
          <ticker value="GRX"/>
        </identifiers>
        <balance>89.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>805.45000000</valUSD>
        <pctVal>0.008351432493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS TEJON RANCH CO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504426"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4701.95000000</valUSD>
        <pctVal>-0.04875289342</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Tejon Ranch Co</issuerName>
                <issueTitle>Tejon Ranch Co COM</issueTitle>
                <identifiers>
                  <cusip value="879080109"/>
                  <isin value="US8790801091"/>
                  <ticker value="TRC"/>
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            <swapFlag>Y</swapFlag>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>-27481.22000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-4701.95000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mission Produce Inc</name>
        <lei>54930016JOKVFT59L825</lei>
        <title>Mission Produce Inc COM</title>
        <cusip>60510V108</cusip>
        <identifiers>
          <isin value="US60510V1089"/>
          <ticker value="AVO"/>
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        <balance>-688.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-9466.88000000</valUSD>
        <pctVal>-0.09815880469</pctVal>
        <payoffProfile>Short</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>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
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        <invCountry>US</invCountry>
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        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <curCd>USD</curCd>
        <valUSD>2947.50000000</valUSD>
        <pctVal>0.030561608136</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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                  <isin value="US6067102003"/>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>USD</curCd>
            <unrealizedAppr>2947.50000000</unrealizedAppr>
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      <invstOrSec>
        <name>Eaton Vance Tax-Advantaged Divid Income Fd</name>
        <lei>549300KZTQOOF16ML741</lei>
        <title>Eaton Vance Tax-Advantaged Divid Income Fd COM</title>
        <cusip>27828G107</cusip>
        <identifiers>
          <isin value="US27828G1076"/>
          <ticker value="EVT"/>
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        <balance>34.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>834.70000000</valUSD>
        <pctVal>0.008654715627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Guggenheim Strategy Funds Trust</name>
        <lei>5493007THUTJ3GMETL84</lei>
        <title>Guggenheim Strategy Fund III</title>
        <cusip>40168Q304</cusip>
        <identifiers>
          <isin value="US40168Q3048"/>
          <ticker value="GFSCX"/>
        </identifiers>
        <balance>25899.12300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>643334.22000000</valUSD>
        <pctVal>6.670510036441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>American Woodmark Corporation</name>
        <lei>5299007PFSDWMA74RB56</lei>
        <title>American Woodmark Corporation COM</title>
        <cusip>030506109</cusip>
        <identifiers>
          <isin value="US0305061097"/>
          <ticker value="AMWD"/>
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        <balance>1324.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52734.92000000</valUSD>
        <pctVal>0.546790147632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS CINTAS CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504086"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2586.74000000</valUSD>
        <pctVal>0.026821012461</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CINTAS CORP</issuerName>
                <issueTitle>Cintas Corporation COM</issueTitle>
                <identifiers>
                  <cusip value="172908105"/>
                  <isin value="US1729081059"/>
                  <ticker value="CTAS"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="26697.94000000">
              <rtResetTenors>
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            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
            <terminationDt>2028-08-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-26697.94000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2586.74000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS CONSOLIDATED EDISON INC</title>
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        <identifiers>
          <other otherDesc="INTERNAL" value="7504411"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2506.69000000</valUSD>
        <pctVal>0.025991001696</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-20509.60000000">
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                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <balance>1.00000000</balance>
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        <valUSD>534.21000000</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS ZOOM VIDEO COMMUNICATIONS</title>
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        <identifiers>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-30854.03000000">
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      <invstOrSec>
        <name>Liberty All Star</name>
        <lei>549300DLV755RNHI1N92</lei>
        <title>Liberty All Star SH BEN INT</title>
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          <isin value="US5301581048"/>
          <ticker value="USA"/>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS PEDIATRIX MEDICAL GROUP INC</title>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <title>Eaton Vance Municipal Bond Fund COM</title>
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      <invstOrSec>
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      <invstOrSec>
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            <rcptCurCd>USD</rcptCurCd>
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      <invstOrSec>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-16093.31000000">
              <rtResetTenors>
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            <rcptCurCd>USD</rcptCurCd>
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      <invstOrSec>
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      <invstOrSec>
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        <name>Western Asset Investment Grade Opportunity Trust Inc.</name>
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      <invstOrSec>
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      </invstOrSec>
      <invstOrSec>
        <name>Tri-Continental Corp</name>
        <lei>6QVMFZKY1QSOOIHD7Y77</lei>
        <title>Tri-Continental Corp COM</title>
        <cusip>895436103</cusip>
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          <ticker value="TY"/>
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        <valUSD>12667.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Warner Bros. Discovery Inc.</name>
        <lei>5493006ZCRFWKF6B1K26</lei>
        <title>Warner Bros. Discovery Inc. COM SER A</title>
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          <ticker value="WBD"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12768.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME PRI ALUM FUTR APR26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LAJ26"/>
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        <balance>-4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-37203.19000000</valUSD>
        <pctVal>-0.38574701075</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>THE LONDON METAL EXCHANGE</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
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                <issuerName>LME PRIMARY ALUMINUM</issuerName>
                <issueTitle>LME PRIMARY ALUMINUM</issueTitle>
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                  <cusip value="000000000"/>
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            <unrealizedAppr>-37203.19000000</unrealizedAppr>
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      <invstOrSec>
        <name>General American Investors Company, Inc.</name>
        <lei>254900MHIF9G7IS1T951</lei>
        <title>General American Investors Company, Inc. COM</title>
        <cusip>368802104</cusip>
        <identifiers>
          <isin value="US3688021043"/>
          <ticker value="GAM"/>
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        <balance>215.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12571.05000000</valUSD>
        <pctVal>0.130344869877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Electronic Arts Inc.</name>
        <lei>549300O7A67PUEYKDL45</lei>
        <title>Electronic Arts Inc. COM</title>
        <cusip>285512109</cusip>
        <identifiers>
          <isin value="US2855121099"/>
          <ticker value="EA"/>
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        <balance>580.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>118244.60000000</valUSD>
        <pctVal>1.226037363681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS INSPERITY INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7662944"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-5739.79000000</valUSD>
        <pctVal>-0.05951389746</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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                <issuerName>Insperity Inc</issuerName>
                <issueTitle>Insperity Inc COM</issueTitle>
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                  <isin value="US45778Q1076"/>
                  <ticker value="NSP"/>
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            <terminationDt>2028-08-31</terminationDt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>USD</curCd>
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        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS TORO CO/THE</title>
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        <identifiers>
          <other otherDesc="INTERNAL" value="7662938"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-707.17000000</valUSD>
        <pctVal>-0.00733240116</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <otherRefInst>
                <issuerName>The Toro Company</issuerName>
                <issueTitle>The Toro Company COM</issueTitle>
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                  <isin value="US8910921084"/>
                  <ticker value="TTC"/>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-9779.05000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-607.43000000</valUSD>
        <pctVal>-0.00629823159</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issueTitle>PTC Therapeutics, Inc. COM</issueTitle>
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                  <isin value="US69366J2006"/>
                  <ticker value="PTCT"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-14547.67000000">
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>14547.67000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-607.43000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BlackRock Health Sciences Term Trust</name>
        <lei>549300FGMK4EGHSK8N86</lei>
        <title>BlackRock Health Sciences Term Trust COM SHS</title>
        <cusip>09260E105</cusip>
        <identifiers>
          <isin value="US09260E1055"/>
          <ticker value="BMEZ"/>
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        <balance>884.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12694.24000000</valUSD>
        <pctVal>0.131622184383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS PAYPAL HOLDINGS INC</title>
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        <identifiers>
          <other otherDesc="INTERNAL" value="7598531"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>892.81000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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                <issuerName>Paypal Holdings Inc.</issuerName>
                <issueTitle>Paypal Holdings Inc. COM</issueTitle>
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                  <isin value="US70450Y1038"/>
                  <ticker value="PYPL"/>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-7686.95000000">
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS IRON MOUNTAIN INC</title>
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        <derivativeInfo>
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      <invstOrSec>
        <name>PIMCO MUNICIPAL INCOME FUND II</name>
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        <title>PIMCO MUNICIPAL INCOME FUND II COM</title>
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          <ticker value="PML"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
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        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-25826.95000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-2899.71000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>iShares Trust TIPS BD ETF</title>
        <cusip>464287176</cusip>
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          <isin value="US4642871762"/>
          <ticker value="TIP"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-11367.08000000</valUSD>
        <pctVal>-0.11786132132</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SELECT MEDICAL HOLDINGS CORP</name>
        <lei>N/A</lei>
        <title>Select Medical Holdings Corporation COM</title>
        <cusip>81619Q105</cusip>
        <identifiers>
          <isin value="US81619Q1058"/>
          <ticker value="SEM"/>
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        <balance>4208.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>68548.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS ADOBE INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7663411"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-828.23000000</valUSD>
        <pctVal>-0.00858763043</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
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                <issuerName>Adobe Inc</issuerName>
                <issueTitle>Adobe Inc COM</issueTitle>
                <identifiers>
                  <cusip value="00724F101"/>
                  <isin value="US00724F1012"/>
                  <ticker value="ADBE"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-6884.37000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-828.23000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Australian Dollar Futures, Jun-2026,ETH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="6AM6"/>
          <other otherDesc="FIGI" value="BBG011BQCFV5"/>
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        <balance>3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3669.48000000</valUSD>
        <pctVal>-0.03804756906</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CHICAGO MERCANTILE EXCHANGE INC.</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>AUSTRALIAN DOLLAR</issuerName>
                <issueTitle>AUSTRALIAN DOLLAR</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
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            </descRefInstrmnt>
            <expDate>2026-06-15</expDate>
            <notionalAmt>210429.48000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3669.48000000</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. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS DOW INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7540430"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-11452.49000000</valUSD>
        <pctVal>-0.11874690808</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Dow Inc</issuerName>
                <issueTitle>Dow Inc COM</issueTitle>
                <identifiers>
                  <cusip value="260557103"/>
                  <isin value="US2605571031"/>
                  <ticker value="DOW"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
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            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
            <terminationDt>2028-08-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-24733.62000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-11452.49000000</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. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS VIATRIS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7663705"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1483.62000000</valUSD>
        <pctVal>-0.01538314268</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>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Viatris Inc</issuerName>
                <issueTitle>Viatris Inc COM</issueTitle>
                <identifiers>
                  <cusip value="92556V106"/>
                  <isin value="US92556V1061"/>
                  <ticker value="VTRS"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-18139.04000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            </floatingPmntDesc>
            <terminationDt>2028-08-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>18139.04000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1483.62000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>Soybean Futures, Nov-2026,ETH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="ZSX6"/>
          <other otherDesc="FIGI" value="BBG01BFTQ0Q7"/>
        </identifiers>
        <balance>3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6120.82000000</valUSD>
        <pctVal>0.063464665755</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SOYBEAN</issuerName>
                <issueTitle>SOYBEAN</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="SOYBEAN1"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-11-13</expDate>
            <notionalAmt>167504.19000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>6120.82000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eaton Vance T/M Gl</name>
        <lei>549300YMO6N2TLCMXO54</lei>
        <title>Eaton Vance T/M Gl COM</title>
        <cusip>27829C105</cusip>
        <identifiers>
          <isin value="US27829C1053"/>
          <ticker value="ETW"/>
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        <balance>1101.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9666.78000000</valUSD>
        <pctVal>0.100231498660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS LUXFER HOLDINGS PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504735"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2268.49000000</valUSD>
        <pctVal>-0.02352118827</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                <issuerName>Luxfer Holdings PLC</issuerName>
                <issueTitle>Luxfer Holdings PLC SHS</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="GB00BNK03D49"/>
                  <ticker value="LXFR"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-17211.78000000">
              <rtResetTenors>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nuveen NASDAQ 100 Dynamic Overwrite Fund</name>
        <lei>549300UZIEJJJ5RD3T06</lei>
        <title>Nuveen NASDAQ 100 Dynamic Overwrite Fund COM SHS</title>
        <cusip>670699107</cusip>
        <identifiers>
          <isin value="US6706991071"/>
          <ticker value="QQQX"/>
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        <balance>68.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1813.56000000</valUSD>
        <pctVal>0.018804176438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS ARCH CAPITAL GROUP LTD</title>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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                  <isin value="BMG0450A1053"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-30671.29000000">
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS EXPONENT INC</title>
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        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                <issueTitle>Exponent Inc COM</issueTitle>
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                  <isin value="US30214U1025"/>
                  <ticker value="EXPO"/>
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            <swapFlag>Y</swapFlag>
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            <terminationDt>2028-08-31</terminationDt>
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      <invstOrSec>
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        <name>Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund</name>
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      <invstOrSec>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>Cohen &amp; Steers Infrastructure Fund Inc.</name>
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          <ticker value="UTF"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>Renaissancere Holdings Ltd.</issuerName>
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                  <isin value="BMG7496G1033"/>
                  <ticker value="RNR"/>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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          <other otherDesc="INTERNAL" value="7504501"/>
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        <balance>1.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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                  <cusip value="58844R108"/>
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                  <ticker value="MBIN"/>
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      <invstOrSec>
        <name>Eaton Vance Senior Floating Rate Trust</name>
        <lei>VJXUJZ1EC079NQ236240</lei>
        <title>Eaton Vance Senior Floating Rate Trust COM</title>
        <cusip>27828Q105</cusip>
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          <isin value="US27828Q1058"/>
          <ticker value="EFR"/>
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        <balance>175.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1844.50000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>John Hancock Diversified Income Fund</name>
        <lei>TXPTLN9B34V0S0MTR071</lei>
        <title>John Hancock Diversified Income Fund COM</title>
        <cusip>47804L102</cusip>
        <identifiers>
          <isin value="US47804L1026"/>
          <ticker value="HEQ"/>
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        <balance>1156.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12554.16000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-423.99000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Western Asset Premier Bond Fund</name>
        <lei>5493007UP8PFRNTX0546</lei>
        <title>Western Asset Premier Bond Fund</title>
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          <isin value="US9576641057"/>
          <ticker value="WEA"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Eaton Vance Senior Income Trust</name>
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        <name>Eaton Vance T/M Bu</name>
        <lei>549300K03NZO4ZHC3H11</lei>
        <title>Eaton Vance T/M Bu COM</title>
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          <ticker value="ETV"/>
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        <curCd>USD</curCd>
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        <name>Diamond Hill Investment Group Inc.</name>
        <lei>549300AQ6779A0B7VZ57</lei>
        <title>Diamond Hill Investment Group Inc. COM NEW</title>
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          <ticker value="DHIL"/>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Arcellx Inc</name>
        <lei>N/A</lei>
        <title>Arcellx Inc COMMON STOCK</title>
        <cusip>03940C100</cusip>
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          <ticker value="ACLX"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <name>abrdn Life Sciences Investors</name>
        <lei>5493007BYZPSOVVS0M04</lei>
        <title>abrdn Life Sciences Investors SH BEN INT</title>
        <cusip>87911K100</cusip>
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          <ticker value="HQL"/>
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        <balance>53.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <fairValLevel>2</fairValLevel>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>USD</curCd>
            <unrealizedAppr>-3471.97000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                <issueTitle>Seneca Foods CL A</issueTitle>
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                  <isin value="US8170705011"/>
                  <ticker value="SENEA"/>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-12879.41000000">
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                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>USD</curCd>
            <unrealizedAppr>1135.73000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-703.23000000</valUSD>
        <pctVal>-0.00729154866</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>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SIGNET JEWELERS LTD</issuerName>
                <issueTitle>Signet Jewelers Limited SHS</issueTitle>
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                  <cusip value="000000000"/>
                  <isin value="BMG812761002"/>
                  <ticker value="SIG"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-9210.40000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            </floatingPmntDesc>
            <terminationDt>2028-09-05</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>9210.40000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-703.23000000</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. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS CAPITAL ONE FINANCIAL CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-5091.82000000</valUSD>
        <pctVal>-0.05279532062</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>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>Capital One Financial Corp. COM</issueTitle>
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                  <cusip value="14040H105"/>
                  <isin value="US14040H1059"/>
                  <ticker value="COF"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-29690.53000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-5091.82000000</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. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="11533.46000000">
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            <rcptCurCd>USD</rcptCurCd>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
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        <balance>-1.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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        <derivativeInfo>
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                <issuerName>LEAD</issuerName>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <name>Blackrock Enhanced Global Dividend Trust</name>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Qorvo Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TXNM Energy Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>THE LONDON METAL EXCHANGE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SEMrush Holdings Inc.</name>
        <lei>254900WQEX0OLGK16D27</lei>
        <title>SEMrush Holdings Inc. CL A COM</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ICE FUTURES EUROPE</name>
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        <name>Royce Micro-Cap Trust, Inc.</name>
        <lei>254900D3WFIV4SD8EF19</lei>
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        <name>BLACKROCK VA MUN BD TR</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Nuveen Global High Income Fund</name>
        <lei>549300I4IAH7O6ZZEH53</lei>
        <title>Nuveen Global High Income Fund SHS</title>
        <cusip>67075G103</cusip>
        <identifiers>
          <isin value="US67075G1031"/>
          <ticker value="JGH"/>
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        <balance>148.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1808.56000000</valUSD>
        <pctVal>0.018752333167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Western Asset Diversified Income Fund</name>
        <lei>549300M67UHXW4GHZ644</lei>
        <title>Western Asset Diversified Income Fund</title>
        <cusip>95790K109</cusip>
        <identifiers>
          <isin value="US95790K1097"/>
          <ticker value="WDI"/>
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        <balance>73.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>981.12000000</valUSD>
        <pctVal>0.010172893969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>iShares Trust</name>
        <lei>549300M7WVLJWAVPDO86</lei>
        <title>iShares Core High Dividend ETF</title>
        <cusip>46429B663</cusip>
        <identifiers>
          <isin value="US46429B6636"/>
          <ticker value="HDV"/>
        </identifiers>
        <balance>-13.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1764.36000000</valUSD>
        <pctVal>-0.01829403865</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS FIRST FOUNDATION INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504765"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2059.05000000</valUSD>
        <pctVal>-0.02134957734</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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              <otherRefInst>
                <issuerName>First Foundation Inc.</issuerName>
                <issueTitle>First Foundation Inc. COM</issueTitle>
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                  <isin value="US32026V1044"/>
                  <ticker value="FFWM"/>
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            <swapFlag>Y</swapFlag>
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            <terminationDt>2028-08-31</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>-19971.87000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-2059.05000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PIMCO NEW YORK MUNICIPAL INCOME FUND II</name>
        <lei>VSODSLIYXJ7C18SCFD63</lei>
        <title>PIMCO NEW YORK MUNICIPAL INCOME FUND II COM</title>
        <cusip>72200Y102</cusip>
        <identifiers>
          <isin value="US72200Y1029"/>
          <ticker value="PNI"/>
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        <balance>1991.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13638.35000000</valUSD>
        <pctVal>0.141411334462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS ONEMAIN HOLDINGS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7503941"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1476.21000000</valUSD>
        <pctVal>-0.01530631095</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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              <otherRefInst>
                <issuerName>OneMain Holdings Inc.</issuerName>
                <issueTitle>OneMain Holdings Inc. COM</issueTitle>
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                  <cusip value="68268W103"/>
                  <isin value="US68268W1036"/>
                  <ticker value="OMF"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-23573.83000000">
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>23573.83000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1476.21000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Air Lease Corporation</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corporation CL A</title>
        <cusip>00912X302</cusip>
        <identifiers>
          <isin value="US00912X3026"/>
          <ticker value="AL"/>
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        <balance>1772.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>115073.68000000</valUSD>
        <pctVal>1.193159190832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Duff &amp; Phelps Utility &amp; Infrastructure Fund Inc.</name>
        <lei>549300SY2NYDO23RIE89</lei>
        <title>Duff &amp; Phelps Utility &amp; Infrastructure Fund Inc.</title>
        <cusip>26433C105</cusip>
        <identifiers>
          <isin value="US26433C1053"/>
          <ticker value="DPG"/>
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        <balance>901.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13010.44000000</valUSD>
        <pctVal>0.134900752828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS SPRINKLR INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7662962"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>54.93000000</valUSD>
        <pctVal>0.000569550173</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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              <otherRefInst>
                <issuerName>Sprinklr Inc</issuerName>
                <issueTitle>Sprinklr Inc CL A</issueTitle>
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                  <cusip value="85208T107"/>
                  <isin value="US85208T1079"/>
                  <ticker value="CXM"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-10222.10000000">
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            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>54.93000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VanEck ETF Trust</name>
        <lei>549300ZLFKNTXC51ZN76</lei>
        <title>VanEck ETF Trust VANECK GOLD MINERS ETF</title>
        <cusip>92189F106</cusip>
        <identifiers>
          <isin value="US92189F1066"/>
          <ticker value="GDX"/>
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        <balance>-11.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1009.47000000</valUSD>
        <pctVal>-0.01046684531</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS SIGA TECHNOLOGIES INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504705"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4687.34000000</valUSD>
        <pctVal>-0.04860140739</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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                <issuerName>SIGA TECHNOLOGIES INC</issuerName>
                <issueTitle>SIGA Technologies Inc. COM</issueTitle>
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                  <isin value="US8269171067"/>
                  <ticker value="SIGA"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-18757.01000000">
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            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-4687.34000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME LEAD FUTURE APR26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LLJ6"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1595.31000000</valUSD>
        <pctVal>-0.01654121766</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>THE LONDON METAL EXCHANGE</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LEAD</issuerName>
                <issueTitle>LEAD</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="LEAD1"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS MAPLEBEAR INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7663390"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>139.29000000</valUSD>
        <pctVal>0.001444249837</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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                <issueTitle>Maplebear Inc. COM</issueTitle>
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                  <isin value="US5653941030"/>
                  <ticker value="CART"/>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MFS INVT GRADE MUN TR</name>
        <lei>TQV30XJRB3S7V50XRW52</lei>
        <title>MFS INVT GRADE MUN TR SH BEN INT</title>
        <cusip>59318B108</cusip>
        <identifiers>
          <isin value="US59318B1089"/>
          <ticker value="CXH"/>
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        <balance>108.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>862.92000000</valUSD>
        <pctVal>0.008947319047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>2-Year T-Note Futures, Jun-2026,ETH</title>
        <cusip>000000000</cusip>
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          <other otherDesc="FIGI" value="BBG01XK4Y0H9"/>
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        <curCd>USD</curCd>
        <valUSD>-1300.94000000</valUSD>
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      <invstOrSec>
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      <invstOrSec>
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        <curCd>USD</curCd>
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                  <isin value="US3746891072"/>
                  <ticker value="ROCK"/>
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      <invstOrSec>
        <name>Gabelli Global Small &amp; Mid Cap Value Trust</name>
        <lei>54930027RS7HE8UD3187</lei>
        <title>Gabelli Global Small &amp; Mid Cap Value Trust</title>
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          <isin value="US36249W1045"/>
          <ticker value="GGZ"/>
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        <balance>242.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3634.84000000</valUSD>
        <pctVal>0.037688398886</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>iShares Trust RUS 1000 VAL ETF</title>
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        <identifiers>
          <isin value="US4642875987"/>
          <ticker value="IWD"/>
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        <balance>-137.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-29272.79000000</valUSD>
        <pctVal>-0.30351943580</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS NATIONAL FUEL GAS CO</title>
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        <identifiers>
          <other otherDesc="INTERNAL" value="7504116"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>11333.23000000</valUSD>
        <pctVal>0.117510342385</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                <issueTitle>National Fuel Gas Company COM</issueTitle>
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                  <cusip value="636180101"/>
                  <isin value="US6361801011"/>
                  <ticker value="NFG"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-22389.20000000">
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Proassurance Corp</name>
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        <valUSD>144735.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS FRESHPET INC</title>
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        <units>NC</units>
        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Neuberger Energy Infrastructure and Income Fund Inc.</name>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <name>Black Hills Corporation</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>Black Hills Corporation COM</title>
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          <ticker value="BKH"/>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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                <issueTitle>The Allstate Corporation COM</issueTitle>
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                  <isin value="US0200021014"/>
                  <ticker value="ALL"/>
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        <name>Voya Emerging Markets High Dividend Equity Fund</name>
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          <ticker value="IHD"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Union Pacific Corporation</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corporation COM</title>
        <cusip>907818108</cusip>
        <identifiers>
          <isin value="US9078181081"/>
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        <curCd>USD</curCd>
        <valUSD>-95107.04000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5683.62000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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                <issueTitle>Allison Transmission Holdings Inc COM</issueTitle>
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                  <isin value="US01973R1014"/>
                  <ticker value="ALSN"/>
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            <swapFlag>Y</swapFlag>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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        <securityLending>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <name>Guggenheim Strategy Funds Trust</name>
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        <title>Guggenheim Strategy Fund II</title>
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      <invstOrSec>
        <name>RiverNorth Flexible Municipal Income Fund Inc</name>
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        <title>RiverNorth Flexible Municipal Income Fund Inc COM</title>
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          <isin value="US76883H1041"/>
          <ticker value="RFM"/>
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        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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            <curCd>USD</curCd>
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      <invstOrSec>
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        <derivativeInfo>
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            <descRefInstrmnt>
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                  <isin value="US50212V1008"/>
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            <swapFlag>Y</swapFlag>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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            <descRefInstrmnt>
              <otherRefInst>
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                  <isin value="US19459J1043"/>
                  <ticker value="COLL"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-14676.58000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <terminationDt>2028-08-31</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>USD</curCd>
            <unrealizedAppr>-2479.35000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
          <other otherDesc="INTERNAL" value="7504510"/>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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            <descRefInstrmnt>
              <otherRefInst>
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                <identifiers>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="-0.30000000" pmntAmt="17521.61000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-17521.61000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3963.16000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Invesco Bond Fund</name>
        <lei>MN4XNOJY2YRWNLRTWX16</lei>
        <title>Invesco Bond Fund COM</title>
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        <identifiers>
          <isin value="US46132L1070"/>
          <ticker value="VBF"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <identifiers>
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        <assetCat>DE</assetCat>
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        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
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            <descRefInstrmnt>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Morgan Stanley Eme</name>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Chart Industries Inc</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Franklin Limited Duration Income Trust</name>
        <lei>P58SM14RY02PYB0IA680</lei>
        <title>Franklin Limited Duration Income Trust COM</title>
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          <ticker value="FTF"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>845.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEW Germany Fund</name>
        <lei>549300TPS2RTTJ8O3C08</lei>
        <title>NEW Germany Fund COM</title>
        <cusip>644465106</cusip>
        <identifiers>
          <isin value="US6444651060"/>
          <ticker value="GF"/>
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        <balance>674.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6888.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS INGLES MARKETS INC</title>
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        <curCd>USD</curCd>
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                <issuerName>Ingles Markets, Incorporated</issuerName>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-14516.71000000">
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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      <invstOrSec>
        <name>Sealed Air Corp.</name>
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        <valUSD>101718.95000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cantaloupe Inc.</name>
        <lei>529900O54DBQQVWO9Q85</lei>
        <title>Cantaloupe Inc. COM</title>
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          <ticker value="CTLP"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <pctVal>0.041066713785</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <descRefInstrmnt>
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                <issueTitle>ManpowerGroup Inc. COM</issueTitle>
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                  <isin value="US56418H1005"/>
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            <swapFlag>Y</swapFlag>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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        <securityLending>
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      <invstOrSec>
        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
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        <pctVal>0.010384310827</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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            <counterparties>
              <counterpartyName>EUREX CLEARING AKTIENGESELLSCHAFT</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>DEUTSCHE BORSE AKTIENGESELLSCHAFT</issuerName>
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                  <ticker value="SX5E"/>
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            <curCd>USD</curCd>
            <unrealizedAppr>1001.51000000</unrealizedAppr>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
          <other otherDesc="INTERNAL" value="7504351"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-670.73000000</valUSD>
        <pctVal>-0.00695456740</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>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Aptiv PLC</issuerName>
                <issueTitle>Aptiv PLC</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="JE00BTDN8H13"/>
                  <ticker value="APTV"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-18188.35000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <terminationDt>2028-09-05</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>18188.35000000</notionalAmt>
            <curCd>USD</curCd>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS MILLROSE PROPERTIES INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7540294"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>944.77000000</valUSD>
        <pctVal>0.009795993390</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>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MILLROSE PROPERTIES INC</issuerName>
                <issueTitle>Millrose Properties Inc. COM CL A</issueTitle>
                <identifiers>
                  <cusip value="601137102"/>
                  <isin value="US6011371027"/>
                  <ticker value="MRP"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="-0.30000000" pmntAmt="22858.85000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
            <terminationDt>2028-08-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-22858.85000000</notionalAmt>
            <curCd>USD</curCd>
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        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS BEACON FINANCIAL CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>241.49000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>Beacon Financial Corp. COM</issueTitle>
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                  <cusip value="084680107"/>
                  <isin value="US0846801076"/>
                  <ticker value="BBT"/>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="24629.79000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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                  <isin value="US29357K1034"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
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        <name>abrdn Healthcare Investors</name>
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        <name>MFS Government Markets Income Trust</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
        <name>Rayonier Inc</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
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        <name>Western Asset High Income Opportunity Fund Inc.</name>
        <lei>549300S7N70O2ERKYG47</lei>
        <title>Western Asset High Income Opportunity Fund Inc.</title>
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        <curCd>USD</curCd>
        <valUSD>942.15000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Blackrock Res &amp; Commdities Strgy Tr</name>
        <lei>8DZAUY8151XS5PISSX42</lei>
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          <ticker value="BCX"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <title>Credit Suisse High Yield Credit Fund SH BEN INT</title>
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        <name>Kkr Income Opportunities Fd</name>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cohen &amp; Steers Real Estate Opportunities and Income Fund</name>
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        <title>Cohen &amp; Steers Real Estate Opportunities and Income Fund COMMON SHARES OF BENEFICIAL INTEREST</title>
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          <isin value="US19249Q1031"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BLACKROCK MUNIYIELD QUALITY FD III INC</name>
        <lei>UB5J2GS6Q51M6A2L8886</lei>
        <title>BLACKROCK MUNIYIELD QUALITY FD III INC COM</title>
        <cusip>09254E103</cusip>
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          <isin value="US09254E1038"/>
          <ticker value="MYI"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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                  <ticker value="TRV"/>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>OneStream Inc</name>
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        <name>Mexico Fund Inc</name>
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      <invstOrSec>
        <name>Udemy Inc.</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>Nuveen Real Estate Income Fund, Inc.</name>
        <lei>LXJVVL0330BRT3R7PH61</lei>
        <title>Nuveen Real Estate Income Fund, Inc. COM</title>
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        <name>Thornburg Income Builder Opportunities Trust</name>
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        <name>Nuveen Core Equity</name>
        <lei>RXOICX8BWX0J6XOHJ530</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CBOE FUTURES EXCHANGE, LLC</name>
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        <curCd>USD</curCd>
        <valUSD>3231.17000000</valUSD>
        <pctVal>0.033502884262</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CBOE FUTURES EXCHANGE, LLC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>THE CBOE VOLATILITY INDEX</issuerName>
                <issueTitle>THE CBOE VOLATILITY INDEX</issueTitle>
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                  <ticker value="VIX"/>
                  <other otherDesc="INTERNAL" value="VIX_INDEX_US"/>
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            </descRefInstrmnt>
            <expDate>2026-04-15</expDate>
            <notionalAmt>-28281.16000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3231.17000000</unrealizedAppr>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mexico Equity&amp;Inc</name>
        <lei>549300Q0OD8MQEFTBY23</lei>
        <title>Mexico Equity&amp;Inc COM</title>
        <cusip>592834105</cusip>
        <identifiers>
          <isin value="US5928341057"/>
          <ticker value="MXE"/>
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        <balance>409.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5276.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>Cotton No. 2 Futures - NYCC, Dec26</title>
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        <identifiers>
          <ticker value="CT FMZ0026!"/>
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        <balance>8.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6750.63000000</valUSD>
        <pctVal>0.069994947831</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>ICE FUTURES U.S., INC.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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                <issueTitle>COTTON NO.2</issueTitle>
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            <unrealizedAppr>6750.63000000</unrealizedAppr>
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      <invstOrSec>
        <name>Neuberger Real Estate Securities Income Fund Inc.</name>
        <lei>549300WU72ZN21PNWQ56</lei>
        <title>Neuberger Real Estate Securities Income Fund Inc. COM</title>
        <cusip>64190A103</cusip>
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          <isin value="US64190A1034"/>
          <ticker value="NRO"/>
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        <balance>287.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>815.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Norfolk Southern Corporation</name>
        <lei>54930036C8MWP850MI84</lei>
        <title>Norfolk Southern Corporation COM</title>
        <cusip>655844108</cusip>
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          <isin value="US6558441084"/>
          <ticker value="NSC"/>
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        <balance>392.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>112504.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS LEAR CORP</title>
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        <invCountry>US</invCountry>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS TEXTRON INC</title>
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        <name>BlackRock Technology &amp; Private Equity Term Trust</name>
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            <writtenOrPur>Purchased</writtenOrPur>
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        <name>TCW Strategic Income Fund Inc.</name>
        <lei>54930062BZFVP7F6WJ47</lei>
        <title>TCW Strategic Income Fund Inc. COM</title>
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        <name>BLACKROCK MUNIYIELD QUALITY FD INC</name>
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        <title>BLACKROCK MUNIYIELD QUALITY FD INC COM</title>
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        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
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        <valUSD>-46706.00000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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                <issueTitle>Innoviva Inc COM</issueTitle>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="7503956"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6494.22000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issuerName>Bandwidth Inc</issuerName>
                <issueTitle>Bandwidth Inc COM CL A</issueTitle>
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                  <isin value="US05988J1034"/>
                  <ticker value="BAND"/>
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            <swapFlag>Y</swapFlag>
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            <unrealizedAppr>6494.22000000</unrealizedAppr>
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      <invstOrSec>
        <name>Neuberger Next Generation Connectivity Fund Inc.</name>
        <lei>549300GRTFKXVB9LQE61</lei>
        <title>Neuberger Next Generation Connectivity Fund Inc. COMMON STOCK</title>
        <cusip>64133Q108</cusip>
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          <isin value="US64133Q1085"/>
          <ticker value="NBXG"/>
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        <balance>985.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12676.95000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nuveen Real Asset Income &amp; Growth Fund</name>
        <lei>RQLXTE3CBG56EZF1BQ60</lei>
        <title>Nuveen Real Asset Income &amp; Growth Fund COM</title>
        <cusip>67074Y105</cusip>
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          <isin value="US67074Y1055"/>
          <ticker value="JRI"/>
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        <balance>146.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1795.80000000</valUSD>
        <pctVal>0.018620029140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS CANNAE HOLDINGS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504795"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>11644.89000000</valUSD>
        <pctVal>0.120741837140</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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              <otherRefInst>
                <issuerName>Cannae Holdings Inc.</issuerName>
                <issueTitle>Cannae Holdings Inc. COM</issueTitle>
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                  <cusip value="13765N107"/>
                  <isin value="US13765N1072"/>
                  <ticker value="CNNE"/>
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            <swapFlag>Y</swapFlag>
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            <notionalAmt>-22385.97000000</notionalAmt>
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            <unrealizedAppr>11644.89000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BlackRock Science and Technology Term Trust</name>
        <lei>549300NQ3IL1NKVC9M67</lei>
        <title>BlackRock Science and Technology Term Trust SHS BEN INT</title>
        <cusip>09260K101</cusip>
        <identifiers>
          <isin value="US09260K1016"/>
          <ticker value="BSTZ"/>
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        <balance>428.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9480.20000000</valUSD>
        <pctVal>0.098296915167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS GENTHERM INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7598502"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1905.83000000</valUSD>
        <pctVal>-0.01976089215</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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                <issuerName>Gentherm Inc</issuerName>
                <issueTitle>Gentherm Inc COM</issueTitle>
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                  <isin value="US37253A1034"/>
                  <ticker value="THRM"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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        <name>Virtus Convertible &amp; Income Fund</name>
        <lei>549300WT3ICVH2Z06O49</lei>
        <title>Virtus Convertible &amp; Income Fund COM NEW</title>
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          <ticker value="NCV"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>NEW YORK MERCANTILE EXCHANGE, INC.</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>Henry Hub Natural Gas Futures, Jun-2026,ETH</title>
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        <assetCat>DCO</assetCat>
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        <name>CBOE FUTURES EXCHANGE, LLC</name>
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        <name>LMP Capital &amp; Income Fund Inc.</name>
        <lei>549300YJH1GYGXCCQ467</lei>
        <title>LMP Capital &amp; Income Fund Inc.</title>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS LIFESTYLE PROPERTIES INC</title>
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      <invstOrSec>
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      <invstOrSec>
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                  <isin value="US9103401082"/>
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            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <curCd>USD</curCd>
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        <pctVal>-0.05768071940</pctVal>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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                  <isin value="US0113111076"/>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-35339.00000000">
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            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
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      <invstOrSec>
        <name>MFS Multimkt In Tr</name>
        <lei>WJEDYZGROW7MJ1187O21</lei>
        <title>MFS Multimkt In Tr SH BEN INT</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-8934.42000000">
              <rtResetTenors>
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            <curCd>USD</curCd>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SRH Total Return Fund Inc</name>
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        <title>SRH Total Return Fund Inc COM</title>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Rayonier Inc</name>
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        <name>Nuveen Multi Asset Income Fund</name>
        <lei>549300VLJPKC3DNIJ668</lei>
        <title>Nuveen Multi Asset Income Fund COM</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>ICE FUTURES EUROPE</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Royce Small Cap Trust Inc</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>Sprott Focus Trust Inc</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>Allspring Income Opportunities Fund</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS FORD MOTOR CO</title>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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        <name>Nuveen Floating Rate Income Fund</name>
        <lei>HJXCPP3KYE3BVU373P27</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>ICE FUTURES U.S., INC.</name>
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        <title>Coffee C Futures - NYCC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <identifiers>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                  <ticker value="AGCO"/>
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            </descRefInstrmnt>
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      <invstOrSec>
        <name>Great Lakes Dredge &amp; Dock Corporation</name>
        <lei>549300H65E3MZ1CX0P05</lei>
        <title>Great Lakes Dredge &amp; Dock Corporation COM</title>
        <cusip>390607109</cusip>
        <identifiers>
          <isin value="US3906071093"/>
          <ticker value="GLDD"/>
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        <balance>2589.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44013.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Taxable Municipal Bond Trust</name>
        <lei>SNYX4R2CEK5Q5D25DZ39</lei>
        <title>BlackRock Taxable Municipal Bond Trust SHS</title>
        <cusip>09248X100</cusip>
        <identifiers>
          <isin value="US09248X1000"/>
          <ticker value="BBN"/>
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        <curCd>USD</curCd>
        <valUSD>857.01000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Live Cattle Futures, Jun-2026,ETH</title>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>Voya Asia Pacific High Dividend Equity Income Fund</name>
        <lei>549300GNK7F1VWTNPE94</lei>
        <title>VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND</title>
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          <ticker value="IAE"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>803.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
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        <assetCat>DE</assetCat>
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        <fairValLevel>2</fairValLevel>
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                <issueTitle>NETSCOUT Systems Inc. COM</issueTitle>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <name>iShares Trust</name>
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        <title>iShares Trust IBOXX HI YD ETF</title>
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        <name>Royce Global Trust Inc</name>
        <lei>254900MA25TE88EMIP63</lei>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Nuveen Core Plus Impact Fund</name>
        <lei>549300N1H1AJ1P7VEI64</lei>
        <title>Nuveen Core Plus Impact Fund COM BEN INT</title>
        <cusip>67080D103</cusip>
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          <ticker value="NPCT"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1834.20000000</valUSD>
        <pctVal>0.019018185460</pctVal>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                  <isin value="CA11276H1064"/>
                  <ticker value="BIPC"/>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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                <issueTitle>MDU Resources Group, Inc. COM</issueTitle>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <valUSD>-1217.60000000</valUSD>
        <pctVal>-0.01262487330</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                <issuerName>Enviri Corp.</issuerName>
                <issueTitle>Enviri Corp. COM</issueTitle>
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                  <cusip value="415864107"/>
                  <isin value="US4158641070"/>
                  <ticker value="NVRI"/>
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            <swapFlag>Y</swapFlag>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <unrealizedAppr>-1217.60000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>iShares Trust MSCI AC ASIA ETF</title>
        <cusip>464288182</cusip>
        <identifiers>
          <isin value="US4642881829"/>
          <ticker value="AAXJ"/>
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        <balance>-24.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-2310.96000000</valUSD>
        <pctVal>-0.02396154501</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MasterBrand Inc</name>
        <lei>549300E0Y4BR5Z9RDZ64</lei>
        <title>MasterBrand Inc COMMON STOCK</title>
        <cusip>57638P104</cusip>
        <identifiers>
          <isin value="US57638P1049"/>
          <ticker value="MBC"/>
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        <balance>-6819.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-56665.89000000</valUSD>
        <pctVal>-0.58754901607</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State Street Spdr S&amp;p 500 Etf Trust</name>
        <lei>549300NZAMSJ8FXPQQ63</lei>
        <title>State Street Spdr S&amp;p 500 Etf Trust TR UNIT</title>
        <cusip>78462F103</cusip>
        <identifiers>
          <isin value="US78462F1030"/>
          <ticker value="SPY"/>
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        <balance>-98.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-63733.32000000</valUSD>
        <pctVal>-0.66082875354</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NYLI CBRE Global Infrastructure Megatrends Term Fund</name>
        <lei>549300TWA0SUTWA4FE65</lei>
        <title>NYLI CBRE Global Infrastructure Megatrends Term Fund COM</title>
        <cusip>56064Q107</cusip>
        <identifiers>
          <isin value="US56064Q1076"/>
          <ticker value="MEGI"/>
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        <balance>67.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>984.23000000</valUSD>
        <pctVal>0.010205140483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS JETBLUE AIRWAYS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504122"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2223.28000000</valUSD>
        <pctVal>0.023052421420</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <notClearedCentCparty isCleared="N">
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              <invstCat>UST</invstCat>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS ALKERMES PLC</title>
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      <invstOrSec>
        <name>Eaton Vance Enhanced Equity Income Fund II</name>
        <lei>549300N6ZBLPLGA31U67</lei>
        <title>Eaton Vance Enhanced Equity Income Fund II COM</title>
        <cusip>278277108</cusip>
        <identifiers>
          <isin value="US2782771081"/>
          <ticker value="EOS"/>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS BALCHEM CORP</title>
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        <identifiers>
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        <balance>1.00000000</balance>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issueTitle>Balchem Corp COM</issueTitle>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Western Asset Investment Grade Income Fund Inc.</name>
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        <title>Western Asset Investment Grade Income Fund Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Principal Real Estate Income Fd</name>
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        <title>Principal Real Estate Income Fd SHS BEN INT</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
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        <curCd>USD</curCd>
        <valUSD>-17482.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MONTREAL EXCHANGE INC.</name>
        <lei>549300DKBYNOI0B1NP44</lei>
        <title>Ten-Year Government of Canada Bond Futures</title>
        <cusip>000000000</cusip>
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          <ticker value="CGBM26"/>
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        <currencyConditional curCd="CAD" exchangeRt="1.39090000"/>
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        <pctVal>0.002811356888</pctVal>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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            <payOffProf>Long</payOffProf>
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      </invstOrSec>
      <invstOrSec>
        <name>Blackrock Credit Allocation Income Trust</name>
        <lei>WU48CSUCFTU86AQUYZ93</lei>
        <title>Blackrock Credit Allocation Income Trust COM</title>
        <cusip>092508100</cusip>
        <identifiers>
          <isin value="US0925081004"/>
          <ticker value="BTZ"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>838.30000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eaton Vance Risk Managed Diversified Equity Income Fund</name>
        <lei>549300Y73VZSKBZ38790</lei>
        <title>Eaton Vance Risk Managed Diversified Equity Income Fund COM</title>
        <cusip>27829G106</cusip>
        <identifiers>
          <isin value="US27829G1067"/>
          <ticker value="ETJ"/>
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        <balance>101.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>825.17000000</valUSD>
        <pctVal>0.008555902353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Swiss Franc Futures, Jun-2026,ETH</title>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <lei>549300Z3DNF4FJBJ4A87</lei>
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        <lei>5493000860OXIC4B5K91</lei>
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      <invstOrSec>
        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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                <issueTitle>Sl Green Realty Corp COM</issueTitle>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>USD</curCd>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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                <issueTitle>The Hartford Insurance Group Inc. COM</issueTitle>
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                  <ticker value="HIG"/>
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              <rtResetTenors>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>USD</curCd>
            <unrealizedAppr>1264.62000000</unrealizedAppr>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>496.61000000</valUSD>
        <pctVal>0.005149177342</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                <issuerName>Essent Group Ltd.</issuerName>
                <issueTitle>Essent Group Ltd. COM</issueTitle>
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                  <cusip value="000000000"/>
                  <isin value="BMG3198U1027"/>
                  <ticker value="ESNT"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-30131.86000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>496.61000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>-979.33000000</valUSD>
        <pctVal>-0.01015433407</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                  <isin value="US4791671088"/>
                  <ticker value="JOUT"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-11980.01000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-979.33000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
          <other otherDesc="INTERNAL" value="7504191"/>
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        <curCd>USD</curCd>
        <valUSD>3306.08000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                  <isin value="US78410G1040"/>
                  <ticker value="SBAC"/>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="28481.46000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <terminationDt>2028-08-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-28481.46000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3306.08000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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          <other otherDesc="FIGI" value="BBG01HD9YSC5"/>
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        <balance>-4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-9387.10000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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                <issueTitle>WHEAT</issueTitle>
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            <unrealizedAppr>-9387.10000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Allspring Utilities and High Income Fund</name>
        <lei>549300FUV7SPMTSLG229</lei>
        <title>Allspring Utilities and High Income Fund WF UTILITIES INC</title>
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          <isin value="US94987E1091"/>
          <ticker value="ERH"/>
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        <balance>144.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1742.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-35652.05000000">
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BrandywineGLOBAL-Global Income Opportunities Fund Inc</name>
        <lei>549300P4CDQCJBGI0833</lei>
        <title>BrandywineGLOBAL-Global Income Opportunities Fund Inc</title>
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          <ticker value="BWG"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>BLACKROCK INTERNATIONAL GROWTH AND INCOME TRUST</name>
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        <title>BlackRock Enhanced International Dividend Trust COM BENE INTER</title>
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          <ticker value="BGY"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Nuveen Credit Strategies Income Fund</name>
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        <title>Nuveen Credit Strategies Income Fund COM SHS</title>
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          <ticker value="JQC"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <invCountry>US</invCountry>
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        <name>iShares Trust</name>
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        <lei>SASSJTLSXHXELZG42340</lei>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Masimo Corporation</name>
        <lei>549300Q4A8JK0PIYCU29</lei>
        <title>Masimo Corporation COM</title>
        <cusip>574795100</cusip>
        <identifiers>
          <isin value="US5747951003"/>
          <ticker value="MASI"/>
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        <balance>166.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29526.42000000</valUSD>
        <pctVal>0.306149237561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>iShares Trust IBOXX INV CP ETF</title>
        <cusip>464287242</cusip>
        <identifiers>
          <isin value="US4642872422"/>
          <ticker value="LQD"/>
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        <balance>-35.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3814.65000000</valUSD>
        <pctVal>-0.03955278659</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS RUSH ENTERPRISES INC</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="7663442"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1160.51000000</valUSD>
        <pctVal>-0.01203292683</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Rush Enterprises Inc.</issuerName>
                <issueTitle>Rush Enterprises Inc. CL A</issueTitle>
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                  <cusip value="781846209"/>
                  <isin value="US7818462092"/>
                  <ticker value="RUSHA"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-13152.68000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>13152.68000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1160.51000000</unrealizedAppr>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS PFIZER INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504366"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1932.49000000</valUSD>
        <pctVal>0.020037320477</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Pfizer Inc.</issuerName>
                <issueTitle>Pfizer Inc. COM</issueTitle>
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                  <isin value="US7170811035"/>
                  <ticker value="PFE"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-33392.06000000">
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>33392.06000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1932.49000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Clough Global Equity Fund</name>
        <lei>549300SI1THLT6A9J147</lei>
        <title>Clough Global Equity Fund COM</title>
        <cusip>18914C100</cusip>
        <identifiers>
          <isin value="US18914C1009"/>
          <ticker value="GLQ"/>
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        <balance>1608.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12108.24000000</valUSD>
        <pctVal>0.125546153045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS CRA INTERNATIONAL INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7503938"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6434.69000000</valUSD>
        <pctVal>0.066719075236</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>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CRA INTERNATIONAL INC</issuerName>
                <issueTitle>CRA International Inc. COM</issueTitle>
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                  <cusip value="12618T105"/>
                  <isin value="US12618T1051"/>
                  <ticker value="CRAI"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="35074.16000000">
              <rtResetTenors>
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            </floatingRecDesc>
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            <terminationDt>2028-08-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-35074.16000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>6434.69000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CSG Systems International Inc.</name>
        <lei>549300D7FJZUOHHXUA81</lei>
        <title>CSG Systems International Inc. COM</title>
        <cusip>126349109</cusip>
        <identifiers>
          <isin value="US1263491094"/>
          <ticker value="CSGS"/>
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        <balance>1333.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>106560.02000000</valUSD>
        <pctVal>1.104883994657</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>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS MACERICH CO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504537"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-992.06000000</valUSD>
        <pctVal>-0.01028632704</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>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>The Macerich Company</issuerName>
                <issueTitle>The Macerich Company COM</issueTitle>
                <identifiers>
                  <cusip value="554382101"/>
                  <isin value="US5543821012"/>
                  <ticker value="MAC"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="-0.30000000" pmntAmt="27864.91000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
            <terminationDt>2028-08-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-27864.91000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-992.06000000</unrealizedAppr>
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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. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS LINCOLN NATIONAL CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7663393"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-426.49000000</valUSD>
        <pctVal>-0.00442212731</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <otherRefInst>
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                <issueTitle>Lincoln National Corp. COM</issueTitle>
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                  <isin value="US5341871094"/>
                  <ticker value="LNC"/>
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            <swapFlag>Y</swapFlag>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <unrealizedAppr>-426.49000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>abrdn Emerging Markets ex China Fund Inc.</name>
        <lei>549300MSYUW07RYUZD27</lei>
        <title>abrdn Emerging Markets ex China Fund Inc. COM</title>
        <cusip>00301W105</cusip>
        <identifiers>
          <isin value="US00301W1053"/>
          <ticker value="AEF"/>
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        <balance>474.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3455.46000000</valUSD>
        <pctVal>0.035828469703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS PROG HOLDINGS INC</title>
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        <identifiers>
          <other otherDesc="INTERNAL" value="7663384"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2977.83000000</valUSD>
        <pctVal>-0.03087608941</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                  <isin value="US74319R1014"/>
                  <ticker value="PRG"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS WELLTOWER INC</title>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>536.42000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issueTitle>Welltower Inc. COM</issueTitle>
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                  <isin value="US95040Q1040"/>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp COM</title>
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        <valUSD>78192.18000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2169.74000000</valUSD>
        <pctVal>0.022497283677</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issueTitle>Utah Medical Products Inc. COM</issueTitle>
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                  <isin value="US9174881089"/>
                  <ticker value="UTMD"/>
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            <swapFlag>Y</swapFlag>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>20750.38000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2169.74000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SANOFI SA - CVR</name>
        <lei>N/A</lei>
        <title>SANOFI SA - CVR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="2583491D"/>
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        <balance>1186.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.12000000</valUSD>
        <pctVal>0.000001244238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS RITHM PROPERTY TRUST INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7663381"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1029.07000000</valUSD>
        <pctVal>0.010670070936</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Rithm Property Trust Inc.</issuerName>
                <issueTitle>Rithm Property Trust Inc. COM NEW SHS</issueTitle>
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                  <cusip value="38983D854"/>
                  <isin value="US38983D8544"/>
                  <ticker value="RPT"/>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="9694.89000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
            <terminationDt>2028-08-31</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-9694.89000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1029.07000000</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. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS UNITI GROUP INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504732"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3646.87000000</valUSD>
        <pctVal>0.037813133796</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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              <otherRefInst>
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                <issueTitle>Uniti Group LLC COM SHS</issueTitle>
                <identifiers>
                  <cusip value="912932100"/>
                  <isin value="US9129321009"/>
                  <ticker value="UNIT"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-8917.14000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <terminationDt>2028-08-31</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>8917.14000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3646.87000000</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. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS GENTEX CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7503965"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-844.23000000</valUSD>
        <pctVal>-0.00875352890</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>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Gentex Corp</issuerName>
                <issueTitle>Gentex Corp COM</issueTitle>
                <identifiers>
                  <cusip value="371901109"/>
                  <isin value="US3719011096"/>
                  <ticker value="GNTX"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-15024.49000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>15024.49000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-844.23000000</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. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS BLUE BIRD CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504468"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2359.88000000</valUSD>
        <pctVal>0.024468779578</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
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                <issueTitle>Blue Bird Corp. COM</issueTitle>
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                  <isin value="US0953061068"/>
                  <ticker value="BLBD"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.40000000" pmntAmt="-23009.11000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
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            <terminationDt>2028-08-31</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>2359.88000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>Coffee C Futures - NYCC</title>
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        <identifiers>
          <ticker value="KC FMU0026!"/>
          <other otherDesc="FIGI" value="BBG01JLQF0W4"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-6982.84000000</valUSD>
        <pctVal>-0.07240265301</pctVal>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>ICE FUTURES U.S., INC.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
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            <descRefInstrmnt>
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                <issueTitle>COFFEE</issueTitle>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Western Asset Global High Income Fund Inc.</name>
        <lei>549300JWVV1XIQ66WD13</lei>
        <title>Western Asset Global High Income Fund Inc.</title>
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        <identifiers>
          <isin value="US95766B1098"/>
          <ticker value="EHI"/>
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        <balance>158.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>932.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS JEFFERIES FINANCIAL GROUP INC</title>
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        <identifiers>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <derivativeInfo>
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                <issueTitle>Jefferies Financial Group Inc COM</issueTitle>
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            <swapFlag>Y</swapFlag>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <title>Soybean Futures, May-2026,ETH</title>
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          <other otherDesc="FIGI" value="BBG01K2PX8F6"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-804.13000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SOYBEAN</issuerName>
                <issueTitle>SOYBEAN</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="SOYBEAN1"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-05-14</expDate>
            <notionalAmt>117904.13000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-804.13000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>TRS HAMILTON INSURANCE GROU</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="7504194"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>8452.77000000</valUSD>
        <pctVal>0.087643848823</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>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Hamilton Insurance Group Ltd.</issuerName>
                <issueTitle>Hamilton Insurance Group Ltd. CL B</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <isin value="BMG427061046"/>
                  <ticker value="HG"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 DAY OVERNIGHT FEDS FUNDS EFFECTIVE RATE" floatingRtSpread="0.00000000" pmntAmt="-29217.24000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2028-09-05</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>29217.24000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>8452.77000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Calavo Growers Inc</name>
        <lei>N/A</lei>
        <title>Calavo Growers Inc COM</title>
        <cusip>128246105</cusip>
        <identifiers>
          <isin value="US1282461052"/>
          <ticker value="CVGW"/>
        </identifiers>
        <balance>703.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18130.37000000</valUSD>
        <pctVal>0.187987536321</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>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</name>
        <lei>8NAV47T0Y26Q87Y0QP81</lei>
        <title>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED TRI PARTY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BGHASWLU4260331"/>
        </identifiers>
        <balance>520128.55000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>520128.55000000</valUSD>
        <pctVal>5.393033053666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="8NAV47T0Y26Q87Y0QP81" name="MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.65000000</repurchaseRt>
          <maturityDt>2026-04-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>978419.66000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>530531.23000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eaton Vance Tax Mn</name>
        <lei>549300PR0H5PW7NXEV58</lei>
        <title>Eaton Vance Tax Mn COM</title>
        <cusip>27828X100</cusip>
        <identifiers>
          <isin value="US27828X1000"/>
          <ticker value="ETB"/>
        </identifiers>
        <balance>57.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>821.94000000</valUSD>
        <pctVal>0.008522411600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <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"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Series Funds</ncom:nameOfApplicant>
      <ncom:signature>James Howley</ncom:signature>
      <ncom:signerName>James Howley</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
