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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS AG</name>
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        <fairValLevel>1</fairValLevel>
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              <indexBasketInfo>
                <indexName>ICF 3 Month Euro Euribor Future</indexName>
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      <invstOrSec>
        <name>UBS AG</name>
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        <name>UBS AG</name>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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          <other otherDesc="Trade Identifier" value="22CTKBCCDJZ"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS AG</name>
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          <other otherDesc="Trade Identifier" value="22CQKBB79J7"/>
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        <invCountry>XX</invCountry>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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      <invstOrSec>
        <name>MITSUBISHI TST&amp;BNK C</name>
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      <invstOrSec>
        <name>UBS AG</name>
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      <invstOrSec>
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        <name>United States Treasury</name>
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        <name>MIZUHO BANK LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>South African Futures Exchange</name>
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      <invstOrSec>
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          <other otherDesc="Bloomberg Identifier" value="BBG014K2K411"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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          <other otherDesc="Bloomberg Identifier" value="BBG00MRS7WQ4"/>
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        <balance>629.00000000</balance>
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            <payOffProf>Long</payOffProf>
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                <indexName>CBOT Soybean Meal Future</indexName>
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      <invstOrSec>
        <name>UBS AG</name>
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          <other otherDesc="Trade Identifier" value="22CLKBCCH9Q"/>
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      <invstOrSec>
        <name>ROYAL BK OF CANADA</name>
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      <invstOrSec>
        <name>MIZUHO BANK LTD</name>
        <lei>N/A</lei>
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          <other otherDesc="CUSIP" value="60710RMP7"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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          <other otherDesc="Trade Identifier" value="22CGKBCCKPJ"/>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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          <other otherDesc="Trade Identifier" value="22CQKBB79J3"/>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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        <name>Skandinaviska Enskilda Banken AB/New York NY</name>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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      <invstOrSec>
        <name>Hong Kong Futures Exchange Ltd.</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS AG</name>
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        <name>Italian Derivatives Market</name>
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        <fairValLevel>2</fairValLevel>
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            <payOffProf>Short</payOffProf>
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      <invstOrSec>
        <name>UBS AG</name>
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        <name>CANADIAN IMPERIAL BK</name>
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        <name>UBS AG</name>
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        <name>New York Mercantile Exchange</name>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DNB NOR BK ASA</name>
        <lei>N/A</lei>
        <title>DNB NOR BK ASA</title>
        <cusip>23344NTY2</cusip>
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          <other otherDesc="CUSIP" value="23344NTY2"/>
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        <balance>36000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35998055.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.43000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>3 MONTH SOFR FUT SEP22</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG00KRX53T0"/>
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        <balance>-1293.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184947.49000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Three-Month SOFR Futures</indexName>
                <indexIdentifier>SFRU2 COMDTY</indexIdentifier>
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            <expDate>2022-12-20</expDate>
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            <unrealizedAppr>184947.49000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fixed Income Clearing Corp</name>
        <lei>549300H47WTHXPU08X20</lei>
        <title>FIXED INC CLEARING CORP.REPO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="85748R009"/>
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        <balance>73601501.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>73601501.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="Fixed Income Clearing Corp" isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>0.00000000</repurchaseRt>
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            <repurchaseCollateral>
              <principalAmt>76736300.00000000</principalAmt>
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              <collateralVal>75073726.42000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DNB NOR BK ASA</name>
        <lei>N/A</lei>
        <title>DNB NOR BK ASA</title>
        <cusip>23344NPY6</cusip>
        <identifiers>
          <other otherDesc="CUSIP" value="23344NPY6"/>
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        <balance>35000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34998980.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.13000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED USD / SOLD NOK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="22CFKBCDJPH"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="NOK" exchangeRt="8.80808571"/>
        <valUSD>-898067.12000000</valUSD>
        <pctVal>-0.04600980718</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>UBS AG</counterpartyName>
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            <amtCurSold>406000000.00000000</amtCurSold>
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            <settlementDt>2022-06-15</settlementDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures U.S., Inc.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>COTTON NO.2 FUTR JUL22</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG00PVW6N93"/>
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        <balance>407.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-244350.00000000</valUSD>
        <pctVal>-0.01251854804</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures U.S., Inc.</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>NYBOT CTN Number 2 Cotton Future</indexName>
                <indexIdentifier>CTN2 COMDTY</indexIdentifier>
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            <expDate>2022-07-07</expDate>
            <notionalAmt>27120595.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-244350.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796P45</cusip>
        <identifiers>
          <isin value="US912796P450"/>
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        <balance>69500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69490317.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-05</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796Q44</cusip>
        <identifiers>
          <isin value="US912796Q441"/>
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        <balance>20000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19988753.80000000</valUSD>
        <pctVal>1.024064557987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796T90</cusip>
        <identifiers>
          <isin value="US912796T908"/>
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        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29997918.60000000</valUSD>
        <pctVal>1.536854451209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-19</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME COPPER FUTURE JUN22</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG002N8NPC8"/>
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        <balance>103.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1191545.00000000</valUSD>
        <pctVal>0.061045276556</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>London Metal Exchange</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <indexName>LME Copper Future</indexName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eurex Deutschland</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>DAX INDEX FUTURE JUN22</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG012MSC415"/>
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        <balance>-34.00000000</balance>
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        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>Eurex Deutschland</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <indexBasketInfo>
                <indexName>Eurex DAX Index Future</indexName>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796N47</cusip>
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          <isin value="US912796N471"/>
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        <balance>58000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57998598.14000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED NOK / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="22CSKBB8Q98"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="NOK" exchangeRt="8.80808571"/>
        <valUSD>-64763.71000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS AG</counterpartyName>
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            <amtCurSold>4378981.49000000</amtCurSold>
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        <securityLending>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>S+P/TSX 60 IX FUT JUN22</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG011J5DLW8"/>
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        <balance>320.00000000</balance>
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        <valUSD>1011587.41000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>The Montreal Exchange / Bourse De Montreal</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Montreal Exchange S&amp;P/TSX 60 Index Future</indexName>
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            <expDate>2022-06-16</expDate>
            <notionalAmt>83029764.00000000</notionalAmt>
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            <unrealizedAppr>1011587.41000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED NZD / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="22CQKBB79J5"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="NZD" exchangeRt="1.44464446"/>
        <valUSD>-66538.01000000</valUSD>
        <pctVal>-0.00340887773</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
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      </invstOrSec>
      <invstOrSec>
        <name>Commodities Exchange Center</name>
        <lei>N/A</lei>
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          <other otherDesc="Bloomberg Identifier" value="BBG00VM4FSS0"/>
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        <assetCat>DCO</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Commodities Exchange Center</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>COMEX Silver Future</indexName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="22CFKBCDJPN"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS AG</counterpartyName>
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            <amtCurSold>7754014.74000000</amtCurSold>
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      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth Bank of Australia/New York NY</name>
        <lei>MSFSBD3QN1GSN7Q6C537</lei>
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          <other otherDesc="CUSIP" value="20271EWR6"/>
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        <units>PA</units>
        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-04-22</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
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          <other otherDesc="Trade Identifier" value="22CGKBCCKPF"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS AG</counterpartyName>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
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          <other otherDesc="Bloomberg Identifier" value="BBG000YCZ159"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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                <indexName>NYMEX Henry Hub Natural Gas Futures</indexName>
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      <invstOrSec>
        <name>UBS AG</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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      <invstOrSec>
        <name>UBS AG</name>
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        <name>TORONTO DOMINION</name>
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        <title>TORONTO DOMINION</title>
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        <name>The Montreal Exchange / Bourse De Montreal</name>
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        <name>ASX Clear (Futures)</name>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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      <invstOrSec>
        <name>UBS AG</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <title>United States Treasury Bill</title>
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        <name>ICE Futures U.S., Inc.</name>
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        <name>New York Mercantile Exchange</name>
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        <name>UBS AG</name>
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        <name>New York Mercantile Exchange</name>
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        <name>UBS AG</name>
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        <name>UBS AG</name>
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      <invstOrSec>
        <name>ICE Futures U.S., Inc.</name>
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              <counterpartyName>ICE Futures U.S., Inc.</counterpartyName>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BANK OF NOVA SCOTIA</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
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                <indexName>NYMEX Light Sweet Crude Oil Future</indexName>
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      <invstOrSec>
        <name>ICE Futures Europe</name>
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        <name>United States Treasury</name>
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        <name>UBS AG</name>
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        <name>UBS AG</name>
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        <name>United States Treasury</name>
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        <name>UBS AG</name>
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        <name>UBS AG</name>
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      <invstOrSec>
        <name>UBS AG</name>
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      <invstOrSec>
        <name>UBS AG</name>
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        <name>Singapore Exchange Derivatives Clearing Limited</name>
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      <invstOrSec>
        <name>UBS AG</name>
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        <name>London Metal Exchange</name>
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        <name>Eurex Deutschland</name>
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        <name>UBS AG</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Commodities Exchange Center</name>
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        <name>Chicago Board of Trade</name>
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        <name>ICE Futures U.S., Inc.</name>
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        <name>UBS AG</name>
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        <name>ICE Futures Europe - Financial Products Division</name>
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        <name>SVENSKA HANDLSBNKN A</name>
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        <name>Chicago Board of Trade</name>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME NICKEL FUTURE JUN22</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG00FZHV862"/>
        </identifiers>
        <balance>217.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>12430194.00000000</valUSD>
        <pctVal>0.636824148802</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>London Metal Exchange</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>LME Nickel Future</indexName>
                <indexIdentifier>LNM2 COMDTY</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-06-13</expDate>
            <notionalAmt>29364006.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>12430194.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED ZAR / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="22CRKBB80VR"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.74606896"/>
        <valUSD>49818.84000000</valUSD>
        <pctVal>0.002552320613</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
            </counterparties>
            <amtCurSold>4052969.51000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>60500000.00000000</amtCurPur>
            <curPur>ZAR</curPur>
            <settlementDt>2022-06-15</settlementDt>
            <unrealizedAppr>49818.84000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Cash Management Bill</title>
        <cusip>912796W39</cusip>
        <identifiers>
          <isin value="US912796W399"/>
        </identifiers>
        <balance>40000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39949351.20000000</valUSD>
        <pctVal>2.046686606271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures U.S., Inc.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>MSCI EAFE JUN22</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG00PH8VLR8"/>
        </identifiers>
        <balance>-340.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2069828.00000000</valUSD>
        <pctVal>-0.10604150299</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures U.S., Inc.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>ICE US mini MSCI EAFE Index Futures</indexName>
                <indexIdentifier>MFSM2 INDEX</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-06-17</expDate>
            <notionalAmt>-34384972.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-2069828.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COOPERATIEVE CENTRALE</name>
        <lei>N/A</lei>
        <title>COOPERATIEVE CENTRALE</title>
        <cusip>21684XVG8</cusip>
        <identifiers>
          <other otherDesc="CUSIP" value="21684XVG8"/>
        </identifiers>
        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50013217.50000000</valUSD>
        <pctVal>2.562278968720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED NZD / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="22CHKBCCSB4"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="NZD" exchangeRt="1.44464446"/>
        <valUSD>51372.05000000</valUSD>
        <pctVal>0.002631894724</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
            </counterparties>
            <amtCurSold>3617350.70000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>5300000.00000000</amtCurPur>
            <curPur>NZD</curPur>
            <settlementDt>2022-06-15</settlementDt>
            <unrealizedAppr>51372.05000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>

      <explntrNote note="Futures contracts value is represented by unrealized appreciation/depreciation." noteItem="C.2.c"/>
      <explntrNote note="If applicable, XX represents multinational securities and thus the country of investment is unknown." noteItem="C.5.a"/>
      <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>2022-04-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Natixis Funds Trust II</ncom:nameOfApplicant>
      <ncom:signature>John Sgroi</ncom:signature>
      <ncom:signerName>John Sgroi</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
