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        <name>French Republic</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>China Tower Corp. Ltd.</name>
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      <invstOrSec>
        <name>NVIDIA Corp.</name>
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        <title>NVIDIA Corp.</title>
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        <name>Telenor ASA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PG&amp;E Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Amazon.com, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Advantest Corp.</name>
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        <name>Aker BP ASA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Atlas Copco AB</name>
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        <name>Yen</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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        <name>Japan</name>
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        <title>Japan Government Bond</title>
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        <name>ING Groep NV</name>
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        <name>KLA Corp.</name>
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        <invCountry>US</invCountry>
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        <name>Mid-America Apartment Communities, Inc.</name>
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        <name>LG Uplus Corp.</name>
        <lei>N/A</lei>
        <title>LG Uplus Corp.</title>
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        <name>N/A</name>
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        <title>MSCI EAFE Index</title>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPI 200 Index</title>
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          <other otherDesc="Inhouse Asset ID" value="1619737"/>
          <other otherDesc="Future Ticker" value="XPU6 Index"/>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>FTSE Taiwan Index Equity Index</title>
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          <isin value="SGXDB2228300"/>
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          <other otherDesc="Future Ticker" value="TWTN6 Index"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="1547162"/>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Canadian Derivatives Clearing</counterpartyName>
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      <invstOrSec>
        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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          <isin value="GB00BSQNRD01"/>
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      <invstOrSec>
        <name>CCO Holdings LLC / CCO Holdings Capital Corp.</name>
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        <name>Nitto Denko Corp.</name>
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        <name>Commonwealth of Australia</name>
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        <name>Vodafone Group plc</name>
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      <invstOrSec>
        <name>Dropbox, Inc.</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Saputo, Inc.</name>
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        <title>Saputo, Inc.</title>
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        <invCountry>CA</invCountry>
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        <name>Rupiah</name>
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        <title>Rupiah</title>
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        <name>Kroger Co. (The)</name>
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        <name>N/A</name>
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        <name>Allstate Corp. (The)</name>
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        <name>Edison International</name>
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        <title>Edison International</title>
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        <name>Kunlun Energy Co. Ltd.</name>
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        <name>MGIC Investment Corp.</name>
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        <title>MGIC Investment Corp.</title>
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        <name>Johnson &amp; Johnson</name>
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        <name>Tokyo Gas Co. Ltd.</name>
        <lei>353800678EIJLOQSWZ83</lei>
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        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
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      <invstOrSec>
        <name>Mastercard, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>French Republic</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rexel SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Republic of Finland</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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          <isin value="FR0000131104"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Republic of Germany</name>
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          <isin value="DE000BU2D004"/>
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        <name>Swiss Franc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <invCountry>IE</invCountry>
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      <invstOrSec>
        <name>Kia Corp.</name>
        <lei>988400V8MJK9N7OI5X76</lei>
        <title>Kia Corp.</title>
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        <invCountry>KR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Gilt</title>
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        <invCountry>GB</invCountry>
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        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
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        <invCountry>DE</invCountry>
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        <name>Tesla, Inc.</name>
        <lei>54930043XZGB27CTOV49</lei>
        <title>Tesla, Inc.</title>
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        <name>Deutsche Post AG</name>
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        <name>N/A</name>
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        <name>United States of America</name>
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        <name>Amvest RCF Custodian BV</name>
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        <title>Amvest RCF Custodian BV</title>
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        <name>Ipsen SA</name>
        <lei>549300M6SGDPB4Z94P11</lei>
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        <invCountry>FR</invCountry>
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        <name>Kingdom of Spain</name>
        <lei>9598007A56S18711AH60</lei>
        <title>Spain Bonos Y Obligaciones del Estado</title>
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        <issuerCat>NUSS</issuerCat>
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      <invstOrSec>
        <name>Nucor Corp.</name>
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      <invstOrSec>
        <name>Arista Networks, Inc.</name>
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        <name>Dai Nippon Printing Co. Ltd.</name>
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        <name>Franklin Systematic Style Premia ETF</name>
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        <name>United Parcel Service, Inc.</name>
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        <name>Thales SA</name>
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        <name>UBS Group AG</name>
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        <name>FNMA</name>
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        <name>Sovereign in right of New Zealand</name>
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        <name>Federal Republic of Germany</name>
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      <invstOrSec>
        <name>Schindler Holding AG</name>
        <lei>5299007DRLI319H7Q933</lei>
        <title>Schindler Holding AG</title>
        <cusip>N/A</cusip>
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          <isin value="CH0024638196"/>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vipshop Holdings Ltd.</name>
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        <title>Vipshop Holdings Ltd.</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Newmont Corp.</name>
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          <isin value="US6516391066"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tokyo Electron Ltd.</name>
        <lei>549300H5LSF8DP3RIJ34</lei>
        <title>Tokyo Electron Ltd.</title>
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          <isin value="JP3571400005"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cerdia Finanz GmbH</name>
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          <isin value="US15679GAC69"/>
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        <curCd>USD</curCd>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-03</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Parex Resources, Inc.</name>
        <lei>9845003714042A5C8873</lei>
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          <isin value="CA69946Q1046"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>VeriSign, Inc.</name>
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          <isin value="US92343E1029"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>China Hongqiao Group Ltd.</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Telefonaktiebolaget LM Ericsson</name>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Hitachi Ltd.</name>
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        <title>Hitachi Ltd.</title>
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        <name>WW Grainger, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
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        <invCountry>BR</invCountry>
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        <name>Travelers Cos., Inc. (The)</name>
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        <name>Enel SpA</name>
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        <invCountry>IT</invCountry>
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      <invstOrSec>
        <name>Adobe, Inc.</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
        <title>Adobe, Inc.</title>
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        <name>Jane Street Group / JSG Finance, Inc.</name>
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        <name>Altria Group, Inc.</name>
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        <title>Altria Group, Inc.</title>
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        <name>N/A</name>
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        <curCd>N/A</curCd>
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        <name>Canada</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
        <title>Canada Government Bond</title>
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        <invCountry>CA</invCountry>
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        <name>Danish Krone</name>
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        <invCountry>DK</invCountry>
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        <name>JBS NV / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. Holdings</name>
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      <invstOrSec>
        <name>Ralph Lauren Corp.</name>
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      <invstOrSec>
        <name>Universal Health Services, Inc.</name>
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        <name>Knorr-Bremse AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kanzhun Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Sherwin-Williams Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Citigroup, Inc.</name>
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        <name>Airbnb, Inc.</name>
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        <name>United States of America</name>
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        <name>Japan</name>
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        <name>Glencore Funding LLC</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Tencent Holdings Ltd.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <other otherDesc="Inhouse Asset ID" value="318608"/>
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        <balance>78400.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Hoya Corp.</name>
        <lei>353800X4VR3BHEUCJB42</lei>
        <title>Hoya Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3837800006"/>
          <other otherDesc="Inhouse Asset ID" value="190606"/>
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        <balance>49680.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fox Corp.</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp., Class B</title>
        <cusip>35137L204</cusip>
        <identifiers>
          <isin value="US35137L2043"/>
          <other otherDesc="Inhouse Asset ID" value="971130"/>
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        <balance>151201.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7082254.84000000</valUSD>
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        <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>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135F101</cusip>
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          <isin value="US11135F1012"/>
          <other otherDesc="Inhouse Asset ID" value="868236"/>
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        <balance>40676.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15365359.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canadian Dollar</name>
        <lei>N/A</lei>
        <title>Canadian Dollar</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="CAD"/>
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        <balance>-0.12000000</balance>
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        <descOthUnits>Currencies</descOthUnits>
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        <pctVal>-0.00000000271</pctVal>
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        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ABB Ltd.</name>
        <lei>5493000LKVGOO9PELI61</lei>
        <title>ABB Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0012221716"/>
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        <balance>110149.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0010274414"/>
          <other otherDesc="Inhouse Asset ID" value="205762"/>
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        <balance>41806.00000000</balance>
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        <currencyConditional curCd="DKK" exchangeRt="6.54165000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc., Class A</title>
        <cusip>30303M102</cusip>
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          <isin value="US30303M1027"/>
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        <balance>62281.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PFC5</cusip>
        <identifiers>
          <isin value="US46647PFC59"/>
          <other otherDesc="Inhouse Asset ID" value="1498174"/>
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        <balance>6482000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6583198.73000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.57600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kingdom of Belgium</name>
        <lei>549300SZ25JZFHRHWD76</lei>
        <title>Belgium Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0000354630"/>
          <other otherDesc="Inhouse Asset ID" value="1388869"/>
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        <balance>4833114.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-22</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Grifols SA</name>
        <lei>959800HSSNXWRKBK4N60</lei>
        <title>Grifols SA</title>
        <cusip>39843UAA0</cusip>
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          <isin value="US39843UAA07"/>
          <other otherDesc="Inhouse Asset ID" value="1167872"/>
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        <balance>1862000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Canada</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
        <title>Canada Government Bond</title>
        <cusip>135087P32</cusip>
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          <isin value="CA135087P329"/>
          <other otherDesc="Inhouse Asset ID" value="1234191"/>
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        <balance>33988000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.41825000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PFP6</cusip>
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          <isin value="US46647PFP62"/>
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        <balance>8005000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Loblaw Cos. Ltd.</name>
        <lei>5493008LN3O1DIDTSH67</lei>
        <title>Loblaw Cos. Ltd.</title>
        <cusip>539481101</cusip>
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          <isin value="CA5394811015"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASML Holding NV</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML Holding NV</title>
        <cusip>N/A</cusip>
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          <isin value="NL0010273215"/>
          <other otherDesc="Inhouse Asset ID" value="63128"/>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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      <invstOrSec>
        <name>Sage Group plc (The)</name>
        <lei>2138005RN5XYLTF8G138</lei>
        <title>Sage Group plc (The)</title>
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          <isin value="GB00B8C3BL03"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Leonardo SpA</name>
        <lei>529900X4EEX1U9LN3U39</lei>
        <title>Leonardo SpA</title>
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          <isin value="IT0003856405"/>
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        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kingdom of the Netherlands</name>
        <lei>254900G14ALGVKORFN62</lei>
        <title>Netherlands Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0015001RG8"/>
          <other otherDesc="Inhouse Asset ID" value="1389054"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Commonwealth of Australia</name>
        <lei>213800J6B7JSBDETCB42</lei>
        <title>Australia Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000381832"/>
          <other otherDesc="Inhouse Asset ID" value="1491106"/>
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        <balance>10940000.00000000</balance>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-21</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>NetEase, Inc.</name>
        <lei>5299004AF4DSJDB0PA32</lei>
        <title>NetEase, Inc.</title>
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          <isin value="KYG6427A1022"/>
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        <balance>369092.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.84285000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BHP Group Ltd.</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810UK24"/>
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        <curCd>USD</curCd>
        <valUSD>4996602.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MediaTek, Inc.</name>
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          <isin value="TW0002454006"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Public Service Enterprise Group, Inc.</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>Public Service Enterprise Group, Inc.</title>
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          <isin value="US7445731067"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PICC Property &amp; Casualty Co. Ltd.</name>
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          <isin value="CNE100000593"/>
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        <balance>4455492.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Netflix, Inc.</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>Netflix, Inc.</title>
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          <isin value="US64110L1061"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810ST6</cusip>
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          <isin value="US912810ST60"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-15</maturityDt>
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      <invstOrSec>
        <name>Dexcom, Inc.</name>
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        <title>Dexcom, Inc.</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Wells Fargo &amp; Co.</name>
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        <title>Wells Fargo &amp; Co.</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>New Taiwan Dollar</name>
        <lei>N/A</lei>
        <title>New Taiwan Dollar</title>
        <cusip>N/A</cusip>
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        <balance>0.27000000</balance>
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        <assetCat>STIV</assetCat>
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        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Japan</name>
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        <title>Japan Government Bond</title>
        <cusip>N/A</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>New Israeli Sheqel</name>
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        <title>New Israeli Sheqel</title>
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        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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        <title>Mitsubishi UFJ Financial Group, Inc.</title>
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          <isin value="JP3902900004"/>
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        <invCountry>JP</invCountry>
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        <name>Wartsila OYJ Abp</name>
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        <title>Wartsila OYJ Abp</title>
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        <invCountry>FI</invCountry>
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        <name>Ashtead Capital, Inc.</name>
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        <title>Ashtead Capital, Inc.</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31418FE37</cusip>
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          <isin value="US31418FE370"/>
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        <curCd>USD</curCd>
        <valUSD>10793576.15000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>JBS NV</name>
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        <name>OAK-Eagle Acquireco, Inc.</name>
        <lei>6488ICS9P20290MA1H31</lei>
        <title>OAK-Eagle Acquireco, Inc.</title>
        <cusip>67124CAB9</cusip>
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        <invCountry>US</invCountry>
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          <annualizedRt>8.75000000</annualizedRt>
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        <name>Stockland</name>
        <lei>N/A</lei>
        <title>Stockland</title>
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          <isin value="AU000000SGP0"/>
          <other otherDesc="Inhouse Asset ID" value="205019"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CMS7</cusip>
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        <name>AIB Group plc</name>
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        <name>RHP Hotel Properties LP / RHP Finance Corp.</name>
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        <name>Roche Holding AG</name>
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        <name>Micron Technology, Inc.</name>
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        <name>CTP NV</name>
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        <name>Jardine Matheson Holdings Ltd.</name>
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        <name>Caterpillar, Inc.</name>
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        <name>Comcast Corp.</name>
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        <name>ENN Energy Holdings Ltd.</name>
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        <name>Glencore Funding LLC</name>
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        <name>Humana, Inc.</name>
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        <name>Western Union Co. (The)</name>
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        <name>People's Republic of China</name>
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        <name>Fisher &amp; Paykel Healthcare Corp. Ltd.</name>
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        <name>Amgen, Inc.</name>
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        <name>Microsoft Corp.</name>
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        <name>FHLMC Pool</name>
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        <name>United States of America</name>
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        <name>Alibaba Group Holding Ltd.</name>
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      <invstOrSec>
        <name>MidAmerican Energy Co.</name>
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      <invstOrSec>
        <name>General Electric Co.</name>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Aflac, Inc.</name>
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        <name>EURO</name>
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      <invstOrSec>
        <name>Korea Electric Power Corp.</name>
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        <name>Orange SA</name>
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        <name>People's Republic of China</name>
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        <name>Fortum OYJ</name>
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        <invCountry>FI</invCountry>
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        <name>N/A</name>
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        <name>Clarion Partners Real Estate Income Fund, Inc.</name>
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        <name>Kinross Gold Corp.</name>
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        <name>NRG Energy, Inc.</name>
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        <name>Centene Corp.</name>
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        <title>Centene Corp.</title>
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        <name>UniCredit SpA</name>
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        <invCountry>IT</invCountry>
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        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
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        <name>FHLMC Pool</name>
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        <title>FHLMC Pool, 30 Year</title>
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        <name>Portuguese Republic</name>
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        <title>Portugal Obrigacoes do Tesouro</title>
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        <name>Suncor Energy, Inc.</name>
        <lei>894500XO86FKXQGPYV71</lei>
        <title>Suncor Energy, Inc.</title>
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        <name>Swedish Krona</name>
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        <title>Swedish Krona</title>
        <cusip>N/A</cusip>
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        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="SEK" exchangeRt="9.69635000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENEL Finance International NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3008889092"/>
          <other otherDesc="Inhouse Asset ID" value="1560554"/>
        </identifiers>
        <balance>4204000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
        <valUSD>4753574.21000000</valUSD>
        <pctVal>0.161115153109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140XNVT8</cusip>
        <identifiers>
          <isin value="US3140XNVT84"/>
          <other otherDesc="Inhouse Asset ID" value="1334870"/>
        </identifiers>
        <balance>4237043.95500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3551713.28000000</valUSD>
        <pctVal>0.120379908596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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>Rolls-Royce Holdings plc</name>
        <lei>213800EC7997ZBLZJH69</lei>
        <title>Rolls-Royce Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B63H8491"/>
          <other otherDesc="Inhouse Asset ID" value="494810"/>
        </identifiers>
        <balance>571000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389197"/>
        <valUSD>10945865.55000000</valUSD>
        <pctVal>0.370993430646</pctVal>
        <payoffProfile>Long</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mitsubishi Electric Corp.</name>
        <lei>549300TRXM9Y6561AX39</lei>
        <title>Mitsubishi Electric Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3902400005"/>
          <other otherDesc="Inhouse Asset ID" value="31948"/>
        </identifiers>
        <balance>244170.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.59500000"/>
        <valUSD>8954814.76000000</valUSD>
        <pctVal>0.303509798602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Oriental Education &amp; Technology Group, Inc.</name>
        <lei>529900NHZVBZQZ8EKN29</lei>
        <title>New Oriental Education &amp; Technology Group, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG6470A1168"/>
          <other otherDesc="Inhouse Asset ID" value="1120889"/>
        </identifiers>
        <balance>306938.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285000"/>
        <valUSD>1409988.53000000</valUSD>
        <pctVal>0.047789412315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Singapore Exchange Ltd.</name>
        <lei>549300IQ650PPXM76X03</lei>
        <title>Singapore Exchange Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG1J26887955"/>
          <other otherDesc="Inhouse Asset ID" value="289100"/>
        </identifiers>
        <balance>380584.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.29375000"/>
        <valUSD>7100723.47000000</valUSD>
        <pctVal>0.240668200077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VanEck J.P. Morgan EM Local Currency Bond ETF</name>
        <lei>549300CNWPR88MZBEA63</lei>
        <title>VanEck J.P. Morgan EM Local Currency Bond ETF</title>
        <cusip>92189H300</cusip>
        <identifiers>
          <isin value="US92189H3003"/>
          <other otherDesc="Inhouse Asset ID" value="514161"/>
        </identifiers>
        <balance>773281.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19765062.36000000</valUSD>
        <pctVal>0.669906665523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Investment company"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co. Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <other otherDesc="Inhouse Asset ID" value="19148"/>
        </identifiers>
        <balance>172686.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.30000000"/>
        <valUSD>38318547.28000000</valUSD>
        <pctVal>1.298748760237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005140008"/>
          <other otherDesc="Inhouse Asset ID" value="63625"/>
        </identifiers>
        <balance>283459.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
        <valUSD>9599906.38000000</valUSD>
        <pctVal>0.325374195903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CLF6</cusip>
        <identifiers>
          <isin value="US91282CLF67"/>
          <other otherDesc="Inhouse Asset ID" value="1383667"/>
        </identifiers>
        <balance>13796500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13327634.50000000</valUSD>
        <pctVal>0.451719859244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.11.e.i"/>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.2.b"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Fund Allocator Series</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
