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        <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>LKQ Corporation</name>
        <lei>DS830JTTZQN6GK0I2E41</lei>
        <title>LKQ Corp. </title>
        <cusip>501889208</cusip>
        <identifiers>
          <isin value="US5018892084"/>
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        <balance>76742.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3484854.22000000</valUSD>
        <pctVal>2.929817339135</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>Bloom Energy Corporation</name>
        <lei>549300XB5J9BFW5JXV97</lei>
        <title>Bloom Energy Corp. </title>
        <cusip>093712107</cusip>
        <identifiers>
          <isin value="US0937121079"/>
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        <balance>-45224.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1092159.60000000</valUSD>
        <pctVal>-0.91821004012</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Humana Inc.</name>
        <lei>529900YLDW34GJAO4J06</lei>
        <title>Humana, Inc. </title>
        <cusip>444859102</cusip>
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          <isin value="US4448591028"/>
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        <balance>2750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1196717.50000000</valUSD>
        <pctVal>1.006114878902</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>Envista Holdings Corporation</name>
        <lei>549300BX623VURJZ5269</lei>
        <title>Envista Holdings Corp. </title>
        <cusip>29415F104</cusip>
        <identifiers>
          <isin value="US29415F1049"/>
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        <balance>100506.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4895647.26000000</valUSD>
        <pctVal>4.115911691893</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>Morgan Stanley Custom Swap Index (MSCMS512)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SMSCMS512"/>
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        <balance>-10165.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6220.99000000</valUSD>
        <pctVal>0.005230165515</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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              <indexBasketInfo>
                <indexName>Custom Equity Basket</indexName>
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                <narrativeDesc>Morgan Stanley Custom Equity Basket</narrativeDesc>
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            <swapFlag>Y</swapFlag>
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            <otherPmntDesc fixedOrFloating="Other">Underlying Return</otherPmntDesc>
            <terminationDt>2022-07-28</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>-1023025.94000000</notionalAmt>
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            <unrealizedAppr>6220.99000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Desktop Metal Inc</name>
        <lei>254900C3ZY0EFO5PGJ27</lei>
        <title>Desktop Metal, Inc. </title>
        <cusip>25058X105</cusip>
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          <isin value="US25058X1054"/>
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        <balance>-201426.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-954759.24000000</valUSD>
        <pctVal>-0.80269359906</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>
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      <invstOrSec>
        <name>Skyline Champion Corporation</name>
        <lei>N/A</lei>
        <title>Skyline Champion Corp. </title>
        <cusip>830830105</cusip>
        <identifiers>
          <isin value="US8308301055"/>
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        <balance>46341.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2543194.08000000</valUSD>
        <pctVal>2.138136530822</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>American International Group, Inc. - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SW0268747"/>
          <other otherDesc="Internal" value="SW0268747"/>
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        <balance>48761.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>414383.07000000</valUSD>
        <pctVal>0.348383785055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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              <otherRefInst>
                <issuerName>American International Group, Inc.</issuerName>
                <issueTitle>American International Group, Inc. - TRS</issueTitle>
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                  <cusip value="026874784"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="0.65000000" pmntAmt="-2645532.59420000">
              <rtResetTenors>
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            <terminationDt>2023-03-21</terminationDt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>2645532.59000000</notionalAmt>
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            <unrealizedAppr>414383.07000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Blackstone Inc</name>
        <lei>5299004LW4QWGZUB8Y96</lei>
        <title>Blackstone Group LP/The </title>
        <cusip>09260D107</cusip>
        <identifiers>
          <isin value="US09260D1072"/>
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        <balance>-8345.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1059314.30000000</valUSD>
        <pctVal>-0.89059605016</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>
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      </invstOrSec>
      <invstOrSec>
        <name>The Kroger Co.</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
        <title>Kroger Co./The </title>
        <cusip>501044101</cusip>
        <identifiers>
          <isin value="US5010441013"/>
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        <balance>-35474.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-2035143.38000000</valUSD>
        <pctVal>-1.71100367072</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>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>Morgan Stanley Custom Swap Index (MSCMS509)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SMSCMS509"/>
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        <balance>-10260.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>639.16000000</valUSD>
        <pctVal>0.000537360225</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
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              <indexBasketInfo>
                <indexName>Custom Equity Basket</indexName>
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            <swapFlag>Y</swapFlag>
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            <otherPmntDesc fixedOrFloating="Other">Underlying Return</otherPmntDesc>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>-1029207.59000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>639.16000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>Morgan Stanley Custom Swap Index (MSCMS513)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SMSCMS513"/>
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        <balance>-10215.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>19997.07000000</valUSD>
        <pctVal>0.016812112851</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
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            <swapFlag>Y</swapFlag>
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            <otherPmntDesc fixedOrFloating="Other">Underlying Return</otherPmntDesc>
            <terminationDt>2022-07-28</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <unrealizedAppr>19997.07000000</unrealizedAppr>
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      <invstOrSec>
        <name>Pearson PLC</name>
        <lei>2138004JBXWWJKIURC57</lei>
        <title>PEARSON PLC </title>
        <cusip>G69651100</cusip>
        <identifiers>
          <isin value="GB0006776081"/>
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        <balance>-59618.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76126000"/>
        <valUSD>-584539.20000000</valUSD>
        <pctVal>-0.49143894563</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Strategic Education Inc</name>
        <lei>0PYXF82EO1UCNGL5I740</lei>
        <title>Strategic Education, Inc. </title>
        <cusip>86272C103</cusip>
        <identifiers>
          <isin value="US86272C1036"/>
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        <balance>-27052.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1795711.76000000</valUSD>
        <pctVal>-1.50970660991</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>
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      <invstOrSec>
        <name>Lordstown Motors Corp</name>
        <lei>N/A</lei>
        <title>Lordstown Motors Corp. </title>
        <cusip>54405Q100</cusip>
        <identifiers>
          <isin value="US54405Q1004"/>
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        <balance>-154286.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-526115.26000000</valUSD>
        <pctVal>-0.44232025612</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oscar Health Inc</name>
        <lei>N/A</lei>
        <title>Oscar Health Inc. </title>
        <cusip>687793109</cusip>
        <identifiers>
          <isin value="US6877931096"/>
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        <balance>-94381.00000000</balance>
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        <valUSD>-940978.57000000</valUSD>
        <pctVal>-0.79110779277</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>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>Morgan Stanley Custom Swap Index (MSCMS502)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SMSCMS502"/>
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        <balance>-9635.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-56902.10000000</valUSD>
        <pctVal>-0.04783923478</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
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            </floatingRecDesc>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <unrealizedAppr>-56902.10000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SMSCMS507"/>
        </identifiers>
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        <curCd>USD</curCd>
        <valUSD>-5600.50000000</valUSD>
        <pctVal>-0.00470850169</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Custom Equity Basket</indexName>
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                <narrativeDesc>Morgan Stanley Custom Equity Basket</narrativeDesc>
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            <terminationDt>2022-07-28</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
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            <unrealizedAppr>-5600.50000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Madden(Steven)Ltd.</name>
        <lei>549300Z9GZ7GYJWSGF43</lei>
        <title>Steven Madden Ltd. </title>
        <cusip>556269108</cusip>
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          <isin value="US5562691080"/>
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        <balance>79896.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3087181.44000000</valUSD>
        <pctVal>2.595482376295</pctVal>
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        <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>Capital One Financial Corporation</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp. </title>
        <cusip>14040H105</cusip>
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          <isin value="US14040H1059"/>
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        <balance>-9101.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1194870.29000000</valUSD>
        <pctVal>-1.00456187623</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>Perdoceo Education Corp.</name>
        <lei>529900X5PCA184O9LY90</lei>
        <title>Perdoceo Education Corp. </title>
        <cusip>71363P106</cusip>
        <identifiers>
          <isin value="US71363P1066"/>
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        <balance>-143172.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1643614.56000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Plug Power Inc</name>
        <lei>549300JPDKRSJ8JSM954</lei>
        <title>Plug Power, Inc. </title>
        <cusip>72919P202</cusip>
        <identifiers>
          <isin value="US72919P2020"/>
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        <balance>-25285.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-723403.85000000</valUSD>
        <pctVal>-0.60818645748</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Avantor Inc</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>Avantor, Inc. </title>
        <cusip>05352A100</cusip>
        <identifiers>
          <isin value="US05352A1007"/>
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        <balance>75970.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2569305.40000000</valUSD>
        <pctVal>2.160089069796</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>State Street Corporation</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp. </title>
        <cusip>857477103</cusip>
        <identifiers>
          <isin value="US8574771031"/>
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        <balance>29386.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2560108.32000000</valUSD>
        <pctVal>2.152356819678</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>Qualys Inc</name>
        <lei>549300EMBXYOW9W1XA17</lei>
        <title>Qualys, Inc. </title>
        <cusip>74758T303</cusip>
        <identifiers>
          <isin value="US74758T3032"/>
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        <balance>-24943.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3552132.63000000</valUSD>
        <pctVal>-2.98638023667</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Blackrock Liquidit</name>
        <lei>5493007YVNX55LTRQ706</lei>
        <title>Blackrock Liquidity Funds T-Fund Institutional Shares</title>
        <cusip>09248U718</cusip>
        <identifiers>
          <isin value="US09248U7182"/>
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        <balance>9761513.74000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9761513.74000000</valUSD>
        <pctVal>8.206785824075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>Lucid Group Inc</name>
        <lei>N/A</lei>
        <title>Lucid Group, Inc. </title>
        <cusip>549498103</cusip>
        <identifiers>
          <isin value="US5494981039"/>
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        <balance>25700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>652780.00000000</valUSD>
        <pctVal>0.548810952166</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>Janus International Group Inc</name>
        <lei>N/A</lei>
        <title>Janus International Group, Inc. </title>
        <cusip>47103N106</cusip>
        <identifiers>
          <isin value="US47103N1063"/>
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        <balance>150256.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1352304.00000000</valUSD>
        <pctVal>1.136920931798</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>Rocket Companies Inc</name>
        <lei>N/A</lei>
        <title>Rocket Cos, Inc. </title>
        <cusip>77311W101</cusip>
        <identifiers>
          <isin value="US77311W1018"/>
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        <balance>-56915.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-632894.80000000</valUSD>
        <pctVal>-0.53209289164</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Lululemon Athletica Inc.</name>
        <lei>549300D9GZ4BMLDW5T40</lei>
        <title>Lululemon Athletica, Inc. </title>
        <cusip>550021109</cusip>
        <identifiers>
          <isin value="US5500211090"/>
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        <balance>-3038.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1109568.74000000</valUSD>
        <pctVal>-0.93284640567</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Proto Labs Inc</name>
        <lei>529900QHG5MGWT2WQQ09</lei>
        <title>Proto Labs, Inc. </title>
        <cusip>743713109</cusip>
        <identifiers>
          <isin value="US7437131094"/>
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        <balance>-6754.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-357286.60000000</valUSD>
        <pctVal>-0.30038113781</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Sono Group N V</name>
        <lei>391200GTRCF4TK71DT34</lei>
        <title>Sono Group NV </title>
        <cusip>N81409109</cusip>
        <identifiers>
          <isin value="NL0015000N74"/>
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        <balance>-72900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-392202.00000000</valUSD>
        <pctVal>-0.32973552048</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Omnicom Group Inc</name>
        <lei>HKUPACFHSSASQK8HLS17</lei>
        <title>Omnicom Group, Inc. </title>
        <cusip>681919106</cusip>
        <identifiers>
          <isin value="US6819191064"/>
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        <balance>-15737.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1335756.56000000</valUSD>
        <pctVal>-1.12300902226</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>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>Morgan Stanley Custom Swap Index (MSCMS501)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SMSCMS501"/>
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        <balance>-9775.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-40183.73000000</valUSD>
        <pctVal>-0.03378361947</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Custom Equity Basket</indexName>
                <indexIdentifier>MSCMS501_INDEX</indexIdentifier>
                <narrativeDesc>Morgan Stanley Custom Equity Basket</narrativeDesc>
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            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.35000000" pmntAmt="984044.05160000">
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      <invstOrSec>
        <name>Beyond Meat Inc</name>
        <lei>549300XQ946NCE51DR09</lei>
        <title>Beyond Meat, Inc. </title>
        <cusip>08862E109</cusip>
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          <isin value="US08862E1091"/>
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        <balance>-12614.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-609382.34000000</valUSD>
        <pctVal>-0.51232528914</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>ChampionX Corp. - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SW15872M1"/>
          <other otherDesc="Internal" value="SW15872M1"/>
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        <balance>68539.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>75837.89999999</valUSD>
        <pctVal>0.063759107370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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              <otherRefInst>
                <issuerName>ChampionX Corp.</issuerName>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="0.65000000" pmntAmt="-1601516.34460000">
              <rtResetTenors>
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        <name>Cue Health Inc</name>
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        <name>Williams-Sonoma Incorporation</name>
        <lei>549300IARG6YWVTZ1I92</lei>
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        <name>Vontier Corporation</name>
        <lei>549300VVSQLG4P5K4639</lei>
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        <name>Discover Financial Services</name>
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        <name>Hayward Holdings Inc</name>
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        <name>Marathon Oil Corporation</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>BJS Restaurants In</name>
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        <name>Kirby Corp</name>
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        <name>Wabtec Corp</name>
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        <name>Resideo Technologies Inc</name>
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        <name>Jamf Holding Corp</name>
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        <name>MasterCard Incorporated</name>
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        <name>Clarivate PLC</name>
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        <name>Danaher Corporation</name>
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        <name>Sunrun Incorporation</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Money Market Obligations Trust</name>
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        <name>Kellogg Company</name>
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        <name>Life Time Group Holdings Inc</name>
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        <name>Neogen Corp</name>
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        <name>Becle Sab De Cv</name>
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        <name>Hyliion Holdings Corp</name>
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        <name>Microsoft Corporation</name>
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        <name>RH</name>
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        <title>RH </title>
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        <name>Whirlpool Corporation</name>
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        <name>Frontdoor Inc</name>
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        <name>Blink Charging Co.</name>
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        <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>G-III Apparel Group Ltd.</name>
        <lei>529900O5KABM3R3SFM87</lei>
        <title>G-III Apparel Group Ltd. </title>
        <cusip>36237H101</cusip>
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          <isin value="US36237H1014"/>
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        <balance>138132.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3736470.60000000</valUSD>
        <pctVal>3.141358478706</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>Woodward Governor</name>
        <lei>YPYKXXTR8TFDH54ZMB45</lei>
        <title>Woodward, Inc. </title>
        <cusip>980745103</cusip>
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          <isin value="US9807451037"/>
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        <balance>23592.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2946876.72000000</valUSD>
        <pctVal>2.477524156104</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>Webster Financial Corp.</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp. </title>
        <cusip>947890109</cusip>
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          <isin value="US9478901096"/>
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        <balance>51356.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2882098.72000000</valUSD>
        <pctVal>2.423063425292</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>Canadian National Railway Co. - TRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SW1363751"/>
          <other otherDesc="Internal" value="SW1363751"/>
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        <balance>33978.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>494317.33000000</valUSD>
        <pctVal>0.415586820291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Canadian National Railway Co.</issuerName>
                <issueTitle>Canadian National Railway Co. - TRS</issueTitle>
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                  <cusip value="136375102"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Return</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="0.65000000" pmntAmt="-4062295.31840000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <unrealizedAppr>494317.33000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Guidewire Software Inc</name>
        <lei>549300WXSG0J8IXZCK32</lei>
        <title>Guidewire Software, Inc. </title>
        <cusip>40171V100</cusip>
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          <isin value="US40171V1008"/>
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        <balance>-14365.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1359216.30000000</valUSD>
        <pctVal>-1.14273230154</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>
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      <invstOrSec>
        <name>Realogy Holdings Corp.</name>
        <lei>5493004HBTOTE9DI9P12</lei>
        <title>Realogy Holdings Corp. </title>
        <cusip>75605Y106</cusip>
        <identifiers>
          <isin value="US75605Y1064"/>
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        <balance>-46044.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-721969.92000000</valUSD>
        <pctVal>-0.60698091122</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>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>Morgan Stanley Custom Swap Index (MSCMS511)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SMSCMS511"/>
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        <balance>-10150.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2750.79000000</valUSD>
        <pctVal>0.002312668401</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Custom Equity Basket</indexName>
                <indexIdentifier>MSCMS511_INDEX</indexIdentifier>
                <narrativeDesc>Morgan Stanley Custom Equity Basket</narrativeDesc>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.45000000" pmntAmt="1012171.66000000">
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            <otherPmntDesc fixedOrFloating="Other">Underlying Return</otherPmntDesc>
            <terminationDt>2022-07-28</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1012171.66000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2750.79000000</unrealizedAppr>
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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>Morgan Stanley Custom Swap Index (MSCMS497)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SMSCMS497"/>
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        <balance>-9700.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-53478.98000000</valUSD>
        <pctVal>-0.04496131918</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
              <indexBasketInfo>
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                <indexIdentifier>MSCMS497_INDEX</indexIdentifier>
                <narrativeDesc>Morgan Stanley Custom Equity Basket</narrativeDesc>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.45000000" pmntAmt="971232.26780000">
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            <otherPmntDesc fixedOrFloating="Other">Underlying Return</otherPmntDesc>
            <terminationDt>2022-07-28</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>-971232.26000000</notionalAmt>
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            <unrealizedAppr>-53478.98000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fulgent Genetics Inc</name>
        <lei>549300CL6P01M68QJ404</lei>
        <title>Fulgent Genetics Inc. </title>
        <cusip>359664109</cusip>
        <identifiers>
          <isin value="US3596641098"/>
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        <balance>-14130.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-881853.30000000</valUSD>
        <pctVal>-0.74139947492</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>
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      <invstOrSec>
        <name>Crocs Inc</name>
        <lei>549300B0J6YCXD63OG72</lei>
        <title>Crocs, Inc. </title>
        <cusip>227046109</cusip>
        <identifiers>
          <isin value="US2270461096"/>
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        <balance>-12255.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-936282.00000000</valUSD>
        <pctVal>-0.78715925107</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>
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      <invstOrSec>
        <name>Ashland Global Holdings Inc</name>
        <lei>529900E4L9R04SB8HB11</lei>
        <title>Ashland Global Holdings, Inc. </title>
        <cusip>044186104</cusip>
        <identifiers>
          <isin value="US0441861046"/>
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        <balance>14081.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1385711.21000000</valUSD>
        <pctVal>1.165007335685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Signify NV</name>
        <lei>549300072P3J1X8NZO35</lei>
        <title>Philips Lighting NV </title>
        <cusip>N8063K107</cusip>
        <identifiers>
          <isin value="NL0011821392"/>
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        <balance>-22378.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.90390000"/>
        <valUSD>-1041029.28000000</valUSD>
        <pctVal>-0.87522330707</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>QUALCOMM Incorporated</name>
        <lei>H1J8DDZKZP6H7RWC0H53</lei>
        <title>QUALCOMM, Inc. </title>
        <cusip>747525103</cusip>
        <identifiers>
          <isin value="US7475251036"/>
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        <balance>18253.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2789423.46000000</valUSD>
        <pctVal>2.345148664296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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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>Morgan Stanley Custom Swap Index (MSCMS510)</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="SMSCMS510"/>
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        <balance>-10460.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>20509.39000000</valUSD>
        <pctVal>0.017242835035</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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              <indexBasketInfo>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Materialise NV</name>
        <lei>5493004CXYDPCZ5RQK28</lei>
        <title>Materialise NV </title>
        <cusip>57667T100</cusip>
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          <isin value="US57667T1007"/>
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        <balance>-44748.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-865873.80000000</valUSD>
        <pctVal>-0.72796504892</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>BE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>Morgan Stanley Custom Swap Index (MSCMS496)</title>
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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>N/A</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Adtalem Global Education Inc</name>
        <lei>549300Z467EZLMODV621</lei>
        <title>Adtalem Global Education, Inc. </title>
        <cusip>00737L103</cusip>
        <identifiers>
          <isin value="US00737L1035"/>
        </identifiers>
        <balance>-44213.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1313568.23000000</valUSD>
        <pctVal>-1.10435465400</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>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>Morgan Stanley Custom Swap Index (MSCMS505)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SMSCMS505"/>
        </identifiers>
        <balance>-10185.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-424.32000000</valUSD>
        <pctVal>-0.00035673804</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Custom Equity Basket</indexName>
                <indexIdentifier>MSCMS505_INDEX</indexIdentifier>
                <narrativeDesc>Morgan Stanley Custom Equity Basket</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Fed Funds" floatingRtSpread="-0.45000000" pmntAmt="1016347.62990000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Underlying Return</otherPmntDesc>
            <terminationDt>2022-07-28</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-1016347.62000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-424.32000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc. </title>
        <cusip>00206R102</cusip>
        <identifiers>
          <isin value="US00206R1023"/>
        </identifiers>
        <balance>-62619.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1479686.97000000</valUSD>
        <pctVal>-1.24401546449</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>Hancock Whitney Corporation</name>
        <lei>549300GRNBWY8HIICT41</lei>
        <title>Hancock Whitney Corporation </title>
        <cusip>410120109</cusip>
        <identifiers>
          <isin value="US4101201097"/>
        </identifiers>
        <balance>47558.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2480149.70000000</valUSD>
        <pctVal>2.085133304288</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="&quot;Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees. &quot;" noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-05-01</ncom:dateSigned>
      <ncom:nameOfApplicant>CRM Mutual Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>Laura Szalyga</ncom:signature>
      <ncom:signerName>Laura Szalyga</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
