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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>GENTHERM INC</name>
        <lei>HKM6YX1U5JS60TCUB219</lei>
        <title>GENTHERM INC COM</title>
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          <ticker value="THRM"/>
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        <balance>13.00000000</balance>
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        <curCd>USD</curCd>
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        <pctVal>0.000091124819</pctVal>
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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>
        <title>CFD STANDARDAERO INC</title>
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        <curCd>USD</curCd>
        <valUSD>-75197.66000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                  <isin value="US85423L1035"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="STANDARDAERO INC" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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                  <ticker value="AVY"/>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="AVERY DENNISON CORP" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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      <invstOrSec>
        <name>DUKE ENERGY CORP</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
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          <ticker value="DUK"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>BLUE BIRD CORP</name>
        <lei>5493004ZXJUUWQ65ER59</lei>
        <title>BLUE BIRD CORP COM</title>
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        <identifiers>
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        <balance>1962.00000000</balance>
        <units>NS</units>
        <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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          <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>ROPER TECHNOLOGIES INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <lei>549300JF6LPRTRJ0FH50</lei>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
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        <derivativeInfo>
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      <invstOrSec>
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        <derivativeInfo>
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        <derivativeInfo>
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      <invstOrSec>
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        <derivativeInfo>
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        <derivativeInfo>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <fairValLevel>2</fairValLevel>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="POOL CORP" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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              <rtResetTenors>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <fairValLevel>1</fairValLevel>
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        <securityLending>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DEERE &amp; COMPANY</name>
        <lei>PWFTNG3EI0Y73OXWDH08</lei>
        <title>DEERE &amp; COMPANY COM</title>
        <cusip>244199105</cusip>
        <identifiers>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>110373.42000000</valUSD>
        <pctVal>0.022681726401</pctVal>
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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>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CFD SFL CORP LTD</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-10529.72000000</valUSD>
        <pctVal>-0.00216385637</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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                <issueTitle>SFL CORP LTD SHS</issueTitle>
                <identifiers>
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                  <isin value="BMG7738W1064"/>
                  <ticker value="SFL"/>
                  <other otherDesc="SEDOL" value="BJXT857"/>
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            <swapFlag>Y</swapFlag>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <curCd>USD</curCd>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIRST SOLAR INC</name>
        <lei>549300NPYMLM4NHTOF27</lei>
        <title>FIRST SOLAR INC COM</title>
        <cusip>336433107</cusip>
        <identifiers>
          <isin value="US3364331070"/>
          <ticker value="FSLR"/>
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        <balance>1304.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>307691.84000000</valUSD>
        <pctVal>0.063230641316</pctVal>
        <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>AMERICAN WATER WORKS COMPANY INC</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>AMERICAN WATER WORKS COMPANY INC COM</title>
        <cusip>030420103</cusip>
        <identifiers>
          <isin value="US0304201033"/>
          <ticker value="AWK"/>
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        <balance>44.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5789.52000000</valUSD>
        <pctVal>0.001189745761</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>CFD KB HOME</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWG48666K109"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-24449.42000000</valUSD>
        <pctVal>-0.00502435328</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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                <issueTitle>KB HOME COM</issueTitle>
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                  <isin value="US48666K1097"/>
                  <ticker value="KBH"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="KB HOME" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
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            <terminationDt>2030-07-31</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <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>
        <title>CFD EQT CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWG26884L109"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-184255.42000000</valUSD>
        <pctVal>-0.03786446976</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ROLLINS INC</name>
        <lei>549300F2A0BXT4SGWD84</lei>
        <title>ROLLINS INC COM</title>
        <cusip>775711104</cusip>
        <identifiers>
          <isin value="US7757111049"/>
          <ticker value="ROL"/>
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        <balance>9236.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>385510.64000000</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>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CFD CHEVRON CORP</title>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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                  <isin value="US1667641005"/>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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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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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      <invstOrSec>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
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      <invstOrSec>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <derivativeInfo>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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              <rtResetTenors>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <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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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
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      <invstOrSec>
        <name>ANI PHARMACEUTICALS INC</name>
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        <curCd>USD</curCd>
        <valUSD>68293.50000000</valUSD>
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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>
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          <other otherDesc="INTERNAL" value="SWG892356106"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>155408.12000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                  <isin value="US8923561067"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <lei>CE5OG6JPOZMDSA0LAQ19</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <issuerCat>CORP</issuerCat>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CFD LA-Z-BOY INC</title>
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        <pctVal>0.002803468634</pctVal>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="LA-Z-BOY INC" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CFD SNAP-ON INC</title>
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        <identifiers>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                  <isin value="US8330341012"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SNAP-ON INC" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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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>CFD FORTUNE BRANDS INNOVATIONS INC</title>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMAZON.COM INC</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <fairValLevel>2</fairValLevel>
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                  <ticker value="YOU"/>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="CLEAR SECURE INC" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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      <invstOrSec>
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        <identifiers>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>1</fairValLevel>
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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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        <derivativeInfo>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
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        <curCd>USD</curCd>
        <valUSD>60782.60000000</valUSD>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <pctVal>-0.09998274836</pctVal>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                  <isin value="US81663L2007"/>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="GENEDX HOLDINGS CORP" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
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      </invstOrSec>
      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <identifiers>
          <other otherDesc="INTERNAL" value="SWG668771108"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>158728.74000000</valUSD>
        <pctVal>0.032618739663</pctVal>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                <identifiers>
                  <cusip value="668771108"/>
                  <isin value="US6687711084"/>
                  <ticker value="GEN"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="NORTONLIFELOCK INC" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
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        </derivativeInfo>
        <securityLending>
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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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        <valUSD>1245.83000000</valUSD>
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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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                <issueTitle>BULLISH ORD SHS</issueTitle>
                <identifiers>
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                  <isin value="KYG169101204"/>
                  <ticker value="BLSH"/>
                  <other otherDesc="SEDOL" value="BV6KVT6"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="BULLISH" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
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        <identifiers>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <identifiers>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="BAXTER INTERNATIONAL INC" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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      <invstOrSec>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <lei>529900EPQGESIRCPY551</lei>
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        <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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        <fairValLevel>2</fairValLevel>
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                  <isin value="US25862V1052"/>
                  <ticker value="DV"/>
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        <name>SSR MINING INC</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR MINING INC COM</title>
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        <curCd>USD</curCd>
        <valUSD>535906.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUPERNUS PHARMACEUTICALS INC</name>
        <lei>549300GRM36VBKISYJ58</lei>
        <title>SUPERNUS PHARMACEUTICALS INC COM</title>
        <cusip>868459108</cusip>
        <identifiers>
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          <ticker value="SUPN"/>
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        <balance>3339.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>155296.89000000</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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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>25087.64000000</valUSD>
        <pctVal>0.005155507426</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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                  <isin value="US1468691027"/>
                  <ticker value="CVNA"/>
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            <swapFlag>Y</swapFlag>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <curCd>USD</curCd>
        <valUSD>-813.95000000</valUSD>
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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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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="WESTROCK COFFEE CO" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <name>CNX RESOURCES CORP</name>
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          <ticker value="NSSC"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>T. ROWE PRICE GROUP INC</name>
        <lei>549300SIV6FPS9Y7IH33</lei>
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          <ticker value="TROW"/>
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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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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-79555.61000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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                  <isin value="US0462241011"/>
                  <ticker value="ASTE"/>
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            <swapFlag>Y</swapFlag>
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        <name>NORTHROP GRUMMAN CORP</name>
        <lei>RIMU48P07456QXSO0R61</lei>
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          <ticker value="NOC"/>
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        <balance>364.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>185388.84000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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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>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
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            <swapFlag>Y</swapFlag>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <lei>8MCWUBXQ0WE04KMXBX50</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>ARCHER DANIELS MIDLAND COMPANY</name>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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        <identifiers>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>YUM! BRANDS INC</name>
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        <title>YUM! BRANDS INC COM</title>
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        <identifiers>
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          <ticker value="YUM"/>
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        <units>NS</units>
        <curCd>USD</curCd>
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        <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>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CFD INSMED 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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        <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="US4576693075"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="INSMED INC" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
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            <curCd>USD</curCd>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
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        <identifiers>
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        <derivativeInfo>
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            <descRefInstrmnt>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="RAMBUS INC" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
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      <invstOrSec>
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        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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        <name>SKYWORKS SOLUTIONS INC</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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                  <isin value="US78454L1008"/>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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        <lei>549300J7WUY317SW6O61</lei>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <title>ARROW ELECTRONICS INC COM</title>
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        <balance>440.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>93900.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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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>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <derivativeInfo>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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                  <ticker value="HPE"/>
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            <swapFlag>Y</swapFlag>
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        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>DIODES INC</name>
        <lei>549300XP2X1ARVH3BX23</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <lei>529900YGNQPOVAXQ7F29</lei>
        <title>MORNINGSTAR INC COM</title>
        <cusip>617700109</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <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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        <curCd>USD</curCd>
        <valUSD>156746.78000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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                  <isin value="US3004261034"/>
                  <ticker value="ECG"/>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>MYR GROUP INC</name>
        <lei>529900G1IMMZHOQ17I54</lei>
        <title>MYR GROUP INC COM</title>
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        <identifiers>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CFD FLUOR CORP</title>
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        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>SONOS INC</name>
        <lei>549300WEPU6075I77M08</lei>
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        <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>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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                  <ticker value="CNXC"/>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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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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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <lei>5493000BCJSMIDRNTI78</lei>
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        <curCd>USD</curCd>
        <valUSD>99870.75000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
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      <invstOrSec>
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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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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <curCd>USD</curCd>
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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>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ZOETIS INC</name>
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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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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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                  <ticker value="GHM"/>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="NVIDIA CORP" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CFD CONOCOPHILLIPS</title>
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        <identifiers>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-69901.46000000</valUSD>
        <pctVal>-0.01436474280</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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            <descRefInstrmnt>
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                  <isin value="US20825C1045"/>
                  <ticker value="COP"/>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="CONOCOPHILLIPS" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>-69901.46000000</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>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="HASBRO INC" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>USD</curCd>
            <unrealizedAppr>115673.49000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>CFD RHYTHM PHARMACEUTICALS INC</title>
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        <identifiers>
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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>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="RHYTHM PHARMACEUTICALS INC" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
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            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
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            <pmntCurCd>USD</pmntCurCd>
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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>
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        <derivativeInfo>
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      <invstOrSec>
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        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <derivativeInfo>
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      <invstOrSec>
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            <curCd>USD</curCd>
            <unrealizedAppr>26051.38000000</unrealizedAppr>
          </swapDeriv>
        </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>CFD SPDR S&amp;P 500 ETF TRUST</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWG78462F103"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>13246.07000000</valUSD>
        <pctVal>0.002722066015</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>SPDR S&amp;P 500 ETF TRUST</issuerName>
                <issueTitle>SPDR S&amp;P 500 ETF TRUST TR UNIT</issueTitle>
                <identifiers>
                  <cusip value="78462F103"/>
                  <isin value="US78462F1030"/>
                  <ticker value="SPY"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SPDR S&amp;P 500 ETF TRUST" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
            <terminationDt>2030-07-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>696863.10000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>13246.07000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INCYTE CORP</name>
        <lei>549300Z4WN6JVZ3T4680</lei>
        <title>INCYTE CORP COM</title>
        <cusip>45337C102</cusip>
        <identifiers>
          <isin value="US45337C1027"/>
          <ticker value="INCY"/>
        </identifiers>
        <balance>2065.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>234088.40000000</valUSD>
        <pctVal>0.048105142004</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>OLLIE'S BARGAIN OUTLET HOLDINGS INC</name>
        <lei>529900YO5DSQCPEFDZ05</lei>
        <title>OLLIE'S BARGAIN OUTLET HOLDINGS INC COM</title>
        <cusip>681116109</cusip>
        <identifiers>
          <isin value="US6811161099"/>
          <ticker value="OLLI"/>
        </identifiers>
        <balance>5490.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>422071.20000000</valUSD>
        <pctVal>0.086735587974</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>CFD ON SEMICONDUCTOR CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWG682189105"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>395972.68000000</valUSD>
        <pctVal>0.081372344812</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>ON SEMICONDUCTOR CORP</issuerName>
                <issueTitle>ON SEMICONDUCTOR CORP COM</issueTitle>
                <identifiers>
                  <cusip value="682189105"/>
                  <isin value="US6821891057"/>
                  <ticker value="ON"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ON SEMICONDUCTOR CORP" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Equity - Performance Leg</otherPmntDesc>
            <terminationDt>2030-07-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>866230.86000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>395972.68000000</unrealizedAppr>
          </swapDeriv>
        </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>CFD ROGERS CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="SWG775133101"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>76705.69000000</valUSD>
        <pctVal>0.015763011366</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>ROGERS CORP</issuerName>
                <issueTitle>ROGERS CORP COM</issueTitle>
                <identifiers>
                  <cusip value="775133101"/>
                  <isin value="US7751331015"/>
                  <ticker value="ROG"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Equity - Performance Leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ROGERS CORP" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2030-07-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>61646.16000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>76705.69000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The Fund maintains a basket of total return swaps and receives or pays the net total return on all positions within the basket and pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, accrued rebate and any dividends payable on the positions within the basket are payable at the earlier of maturity of the swaps or upon termination." noteItem="C.11.f.i.1"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-21</ncom:dateSigned>
      <ncom:nameOfApplicant>FundVantage Trust</ncom:nameOfApplicant>
      <ncom:signature>Christine S. Catanzaro</ncom:signature>
      <ncom:signerName>Christine S. Catanzaro</ncom:signerName>
      <ncom:title>Treasurer and Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
