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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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          <isin value="GB00BGDYHF49"/>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Sedol" value="USH0COS"/>
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        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>CME Clearing House</counterpartyName>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912810FR42"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Mountain View CLO X Ltd.</name>
        <lei>549300RHYK4B5L898W39</lei>
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        <cusip>62432CAQ4</cusip>
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          <isin value="US62432CAQ42"/>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Prime Money Market Fund, IM Shares</name>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
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          <isin value="US912828X398"/>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
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        <identifiers>
          <isin value="GB00BZ13DV40"/>
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        <balance>190234.80000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75494490"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Long Gilt</title>
        <cusip>N/A</cusip>
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          <isin value="GB00H7MXJN56"/>
          <other otherDesc="Future Ticker" value="G H0 Comdty"/>
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        <issuerConditional desc="Future" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Bonds</title>
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      <invstOrSec>
        <name>Long Beach Mortgage Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US54251TAC36"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Crown Point CLO 5 Ltd.</name>
        <lei>N/A</lei>
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        <cusip>22845LAA4</cusip>
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          <isin value="US22845LAA44"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.94212900</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
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        <title>U.S. Treasury Inflation Linked Bonds</title>
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          <isin value="US912810PV44"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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          <annualizedRt>1.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>United Mexican States</name>
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          <isin value="MX0SGO000023"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-22</maturityDt>
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        <name>United States of America</name>
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          <isin value="US912810FS25"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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          <isin value="GB00B0CNHZ09"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CWABS Asset-Backed Certificates Trust</name>
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        <cusip>126697AA9</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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        <balance>1035756.60000000</balance>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-22</maturityDt>
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          <annualizedRt>0.12500000</annualizedRt>
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        <name>Jyske Realkredit A/S</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Future Ticker" value="IKH0 Comdty"/>
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        <units>NC</units>
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        <name>United States of America</name>
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        <name>Kingdom of Spain</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>United States of America</name>
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          <isin value="US912828XL95"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Zealand Government Inflation Linked Bond</name>
        <lei>549300237GPHG2AI7C34</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Canada</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Japan</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="318367"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Deutsche Bank</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="322973"/>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Credit Suisse International</counterpartyName>
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      <invstOrSec>
        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BP9DLZ64"/>
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        <balance>342754.90000000</balance>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-03-22</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="321370"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Bank of America</counterpartyName>
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      <invstOrSec>
        <name>RAAC Trust</name>
        <lei>N/A</lei>
        <title>RAAC Trust, Series 2007-SP3, Class A1</title>
        <cusip>74978FAA7</cusip>
        <identifiers>
          <isin value="US74978FAA75"/>
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        <balance>22503.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22308.04000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.99200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Republic of Italy</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Republic of Italy</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0004243512"/>
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        <balance>730825.75000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89150397"/>
        <valUSD>911195.89000000</valUSD>
        <pctVal>0.855348359275</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Mortgage Loan Trust, Series 2007-AR4, Class 1A1A</title>
        <cusip>17311WAA5</cusip>
        <identifiers>
          <isin value="US17311WAA53"/>
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        <balance>110352.93000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108639.54000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.53993100</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Republic of Peru</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PEP01000C5E9"/>
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        <balance>600000.00000000</balance>
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        <currencyConditional curCd="PEN" exchangeRt="3.31300000"/>
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        <pctVal>0.191957305416</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.15000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Ultra Note</title>
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          <other otherDesc="Inhouse Sedol" value="UXYH0CO"/>
          <other otherDesc="Future Ticker" value="UXYH0 Comdty"/>
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        <balance>16.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-7108.27000000</valUSD>
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        <assetCat>DIR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CME Clearing House</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>United States of America</issuerName>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
        <cusip>9128286N5</cusip>
        <identifiers>
          <isin value="US9128286N55"/>
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        <balance>280000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Alternative Loan Trust</name>
        <lei>N/A</lei>
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        <cusip>12667GUG6</cusip>
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          <isin value="US12667GUG62"/>
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        <curCd>USD</curCd>
        <valUSD>62015.54000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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          <maturityDt>2035-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Bonds</title>
        <cusip>912810RR1</cusip>
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          <isin value="US912810RR14"/>
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        <balance>1520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1819427.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Argentine Republic</name>
        <lei>549300KPBYGYF7HCHO27</lei>
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        <cusip>N/A</cusip>
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          <isin value="ARARGE5207W0"/>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Alternative Loan Trust Resecuritization</name>
        <lei>N/A</lei>
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        <cusip>021482AA2</cusip>
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          <isin value="US021482AA27"/>
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        <balance>73648.10140000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Jyske Realkredit A/S</name>
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        <cusip>N/A</cusip>
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        <currencyConditional curCd="DKK" exchangeRt="6.66185000"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>N/A</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
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          <isin value="GB0008983024"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-17</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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        <name>N/A</name>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="321827"/>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Republic of Italy</name>
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          <isin value="IT0005004426"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-09-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B128DH60"/>
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        <currencyConditional curCd="GBP" exchangeRt="0.75494490"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>STWD Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US78485WAA71"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Sedol" value="WNH0COS"/>
          <other otherDesc="Future Ticker" value="WNH0 Comdty"/>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DIR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Securitized Asset-Backed Receivables LLC Trust</name>
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        <name>Kingdom of Sweden</name>
        <lei>ERE94C0BSULG2RM19605</lei>
        <title>Kingdom of Sweden</title>
        <cusip>N/A</cusip>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
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        <name>New Residential Mortgage Loan Trust</name>
        <lei>549300U48YU2VDL8N523</lei>
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        <cusip>64830KAA5</cusip>
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        <curCd>USD</curCd>
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          <maturityDt>2058-05-25</maturityDt>
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        <name>French Republic</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>France Government Bond OAT</title>
        <cusip>N/A</cusip>
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          <isin value="FR0010447367"/>
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        <balance>600920.00000000</balance>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>1571586.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75494490"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LoanCore Issuer Ltd.</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>99999.86000000</valUSD>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kingdom of Sweden</name>
        <lei>ERE94C0BSULG2RM19605</lei>
        <title>Kingdom of Sweden</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0004211084"/>
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        <balance>700000.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.36635000"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="323211"/>
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        <name>CSMC Trust</name>
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          <isin value="US12596YAC49"/>
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        <name>N/A</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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          <maturityDt>2021-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Nordea Kredit Realkreditaktieselskab</name>
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        <name>TICP CLO III-2 Ltd.</name>
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          <isin value="US87249FAC86"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CSMC Trust</name>
        <lei>N/A</lei>
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        <cusip>12639QAA4</cusip>
        <identifiers>
          <isin value="US12639QAA40"/>
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        <balance>6856.11000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-26</maturityDt>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
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        <identifiers>
          <isin value="GB00B4PTCY75"/>
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        <balance>97286.92000000</balance>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="318125"/>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="314606"/>
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        <name>Lehman Mortgage Trust</name>
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          <isin value="US52520MEK53"/>
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        <name>Canada</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
        <title>Canada Government Real Return Bond</title>
        <cusip>135087B94</cusip>
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          <isin value="CA135087B949"/>
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        <balance>443150.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
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        <identifiers>
          <isin value="GB00BD9MZZ71"/>
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        <balance>858650.10000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>0.12500000</annualizedRt>
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        <name>Argentine Republic</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Republic of Argentina</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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        <name>JMP Credit Advisors CLO IIIR Ltd.</name>
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        <name>United States of America</name>
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        <name>N/A</name>
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        <name>Home Equity Mortgage Loan Asset-Backed Trust</name>
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        <name>N/A</name>
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        <name>Jyske Realkredit A/S</name>
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        <name>Republic of Italy</name>
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        <name>N/A</name>
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      </invstOrSec>
      <invstOrSec>
        <name>French Republic</name>
        <lei>969500KCGF3SUYJHPV70</lei>
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        <cusip>N/A</cusip>
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          <isin value="FR0011347046"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-07-25</maturityDt>
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          <annualizedRt>0.10000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CHL Mortgage Pass-Through Trust</name>
        <lei>N/A</lei>
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          <isin value="US170255AA19"/>
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        <balance>75040.51000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62111.79000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-25</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Countrywide Asset-Backed Certificates</name>
        <lei>N/A</lei>
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          <isin value="US12669LAA89"/>
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        <balance>24498.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20579.75000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-25</maturityDt>
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          <annualizedRt>1.99199900</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Washington Mutual Mortgage Pass-Through Certificates WMALT Trust</name>
        <lei>N/A</lei>
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        <cusip>93934NAQ8</cusip>
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          <isin value="US93934NAQ88"/>
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        <balance>36162.41000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32482.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kingdom of Spain</name>
        <lei>9598007A56S18711AH60</lei>
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        <cusip>N/A</cusip>
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          <isin value="ES0000012E51"/>
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        <balance>700000.00000000</balance>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Euro-Bund</title>
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          <other otherDesc="Inhouse Asset ID" value="RXH07200P"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Eurex Clearing</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Federal Republic of Germany</issuerName>
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      <invstOrSec>
        <name>Canada</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
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          <isin value="CA135087XQ21"/>
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        <balance>663115.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
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          <isin value="US912828Q608"/>
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        <balance>10099000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Venture XII CLO Ltd.</name>
        <lei>549300C7PSULF5Z6ZE61</lei>
        <title>Venture XII CLO Ltd., Series 2012-12A, Class ARR</title>
        <cusip>92329JAY5</cusip>
        <identifiers>
          <isin value="US92329JAY55"/>
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        <balance>194275.93000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>194162.86000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.71374800</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="304611"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-62389.13000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Argentine Republic</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Republic of Argentina</title>
        <cusip>N/A</cusip>
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          <isin value="ARARGE3203R1"/>
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        <balance>250000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>52.56354100</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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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 Inflation Linked Notes</title>
        <cusip>912828QV5</cusip>
        <identifiers>
          <isin value="US912828QV50"/>
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        <balance>372000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>429453.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-15</maturityDt>
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          <annualizedRt>0.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Argentine Republic</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentina Treasury Bills</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ARARGE520858"/>
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        <balance>220000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="ARS" exchangeRt="59.87180000"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2020-02-26</maturityDt>
          <couponKind>None</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="320681"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      <invstOrSec>
        <name>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>Brazil Letras do Tesouro Nacional</title>
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          <isin value="BRSTNCLTN7F8"/>
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        <balance>535000.00000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="321312"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Bank of America</counterpartyName>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>United States of America</name>
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        <name>Credit Suisse Mortgage Capital Certificates</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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        <name>New Zealand Government Inflation Linked Bond</name>
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        <name>United States of America</name>
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        <name>United States of America</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>United States of America</name>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Bancorp Commercial Mortgage Trust</name>
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        <name>Lehman XS Trust</name>
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        <name>Alternative Loan Trust</name>
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          <isin value="US02148FBX24"/>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Credit-Based Asset Servicing &amp; Securitization LLC</name>
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        <name>SpringCastle Funding Asset-Backed Notes</name>
        <lei>N/A</lei>
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        <name>GSR Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <cusip>362341FR5</cusip>
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        <balance>60341.83000000</balance>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>United States of America</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
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        <name>GSR Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.13248000</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>Securitized Asset-Backed Receivables LLC Trust</name>
        <lei>N/A</lei>
        <title>Securitized Asset-Backed Receivables LLC Trust, Series 2006-HE2, Class A2C</title>
        <cusip>81377AAD4</cusip>
        <identifiers>
          <isin value="US81377AAD46"/>
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        <balance>58138.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30676.66000000</valUSD>
        <pctVal>0.028796476242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.94199800</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>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Bonds</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BBJNQY21"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494490"/>
        <valUSD>36479.09000000</valUSD>
        <pctVal>0.034243273177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-07-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>Japan</name>
        <lei>N/A</lei>
        <title>Japanese Government CPI Linked Bonds</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP1120221H48"/>
        </identifiers>
        <balance>71515500.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>675137.85000000</valUSD>
        <pctVal>0.633758403236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10000000</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>N/A</name>
        <lei>N/A</lei>
        <title>Japan 10 Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="JBH0COS"/>
          <other otherDesc="Future Ticker" value="JBH0 Comdty"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>1154.65000000</valUSD>
        <pctVal>0.001083881077</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Japan Securities Clearing</counterpartyName>
              <counterpartyLei>549300JHM7D8P3TS4S86</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Japan</issuerName>
                <issueTitle>Japan 10 Year Bond</issueTitle>
                <identifiers>
                  <isin value="JP1103421G35"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-03-13</expDate>
            <notionalAmt>-152180000</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>1154.65</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Euro-Schatz</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000C3ZZTM9"/>
          <other otherDesc="Future Ticker" value="DUH0 Comdty"/>
        </identifiers>
        <balance>-164.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150397"/>
        <valUSD>22259.89000000</valUSD>
        <pctVal>0.020895573167</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Eurex Clearing</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Federal Republic of Germany</issuerName>
                <issueTitle>Euro-Schatz</issueTitle>
                <identifiers>
                  <isin value="DE0001135424"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-03-06</expDate>
            <notionalAmt>-18352420</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>22259.89</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Residential Asset Securitization Trust</name>
        <lei>N/A</lei>
        <title>Residential Asset Securitization Trust, Series 2006-A10, Class A5</title>
        <cusip>76113LAE7</cusip>
        <identifiers>
          <isin value="US76113LAE74"/>
        </identifiers>
        <balance>141943.90000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>94917.25000000</valUSD>
        <pctVal>0.089099736890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="321310"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>39271.41000000</valUSD>
        <pctVal>0.036864450859</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Goldman Sachs Bank</counterpartyName>
              <counterpartyLei>KD3XUN7C6T14HNAYLU02</counterpartyLei>
            </counterparties>
            <amtCurSold>528000.00000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>1867800000.00000000</amtCurPur>
            <curPur>COP</curPur>
            <settlementDt>2020-02-14</settlementDt>
            <unrealizedAppr>39271.41</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DSLA Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>DSLA Mortgage Loan Trust, Series 2005-AR6, Class 2A1A</title>
        <cusip>23332UFV1</cusip>
        <identifiers>
          <isin value="US23332UFV17"/>
        </identifiers>
        <balance>62083.38000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>60336.31000000</valUSD>
        <pctVal>0.056638275402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.05387900</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>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="321210"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>6876.71000000</valUSD>
        <pctVal>0.006455233918</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Barclays Bank</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
            </counterparties>
            <amtCurSold>518000.00000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>15677270.00000000</amtCurPur>
            <curPur>TWD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>6876.71</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Argentine Republic</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentina Treasury Bills</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ARARGE5208A4"/>
        </identifiers>
        <balance>860000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="ARS" exchangeRt="59.87180000"/>
        <valUSD>10968.26000000</valUSD>
        <pctVal>0.010296011316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>41.33268000</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>French Republic</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>France Government Bond OAT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0012558310"/>
        </identifiers>
        <balance>687182.10000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150397"/>
        <valUSD>821315.77000000</valUSD>
        <pctVal>0.770977024837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="324772"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-10190.58000000</valUSD>
        <pctVal>-0.00956599560</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Barclays Bank</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
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            <amtCurSold>167300000.00000000</amtCurSold>
            <curSold>JPY</curSold>
            <amtCurPur>1530184.65000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-01-10</settlementDt>
            <unrealizedAppr>-10190.58</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F032625</cusip>
        <identifiers>
          <isin value="US01F0326250"/>
        </identifiers>
        <balance>5100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5245828.38000000</valUSD>
        <pctVal>4.924309632118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Bonds</title>
        <cusip>912810RL4</cusip>
        <identifiers>
          <isin value="US912810RL44"/>
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        <balance>590000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>670096.07000000</valUSD>
        <pctVal>0.629025635784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</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>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
        <cusip>9128287D6</cusip>
        <identifiers>
          <isin value="US9128287D64"/>
        </identifiers>
        <balance>360000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>365509.34000000</valUSD>
        <pctVal>0.343107138322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</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>New Zealand</name>
        <lei>549300237GPHG2AI7C34</lei>
        <title>New Zealand Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NZGOVDT420C6"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NZD" exchangeRt="1.48544279"/>
        <valUSD>67673.94000000</valUSD>
        <pctVal>0.063526179364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RALI Trust</name>
        <lei>N/A</lei>
        <title>RALI Trust, Series 2007-QH8, Class A</title>
        <cusip>74924EAA5</cusip>
        <identifiers>
          <isin value="US74924EAA55"/>
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        <balance>49515.45470000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46360.68000000</valUSD>
        <pctVal>0.043519216897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.25514200</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>Argentine Republic</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentina Treasury Bills</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ARARGE520890"/>
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        <balance>380000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="ARS" exchangeRt="59.87180000"/>
        <valUSD>4950.58000000</valUSD>
        <pctVal>0.004647157133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>44.00000200</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>N/A</name>
        <lei>N/A</lei>
        <title>Australia 3 Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="YMH0COS"/>
          <other otherDesc="Future Ticker" value="YMH0 Comdty"/>
        </identifiers>
        <balance>-12.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42500897"/>
        <valUSD>6395.91000000</valUSD>
        <pctVal>0.006003902327</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ASX Clear (Futures)</counterpartyName>
              <counterpartyLei>549300ZD7BBOVZFVHK49</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Australia</issuerName>
                <issueTitle>Australia 3 Year Bond</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-03-16</expDate>
            <notionalAmt>-1380164.04</notionalAmt>
            <curCd>AUD</curCd>
            <unrealizedAppr>6395.91</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hawksmoor Mortgages</name>
        <lei>N/A</lei>
        <title>Hawksmoor Mortgages, Series 2019-1A, Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2033256145"/>
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        <balance>383335.40000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494490"/>
        <valUSD>508914.12000000</valUSD>
        <pctVal>0.477722586692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.76100100</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>Palmer Square Loan Funding Ltd.</name>
        <lei>N/A</lei>
        <title>Palmer Square Loan Funding Ltd., Series 2019-4A, Class A1</title>
        <cusip>69689HAA3</cusip>
        <identifiers>
          <isin value="US69689HAA32"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500137.00000000</valUSD>
        <pctVal>0.469483419600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.83600100</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>N/A</name>
        <lei>N/A</lei>
        <title>Euro-Bund</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="RXH05700P"/>
        </identifiers>
        <balance>23.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150397"/>
        <valUSD>257.99000000</valUSD>
        <pctVal>0.000242177698</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Eurex Clearing</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Federal Republic of Germany</issuerName>
                <issueTitle>Euro-Bund</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100000.00000000</shareNo>
            <exercisePrice>157</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2020-02-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-12.93</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B7RN0G65"/>
        </identifiers>
        <balance>479196.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494490"/>
        <valUSD>1021942.59000000</valUSD>
        <pctVal>0.959307353362</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</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>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
        <cusip>912828Y38</cusip>
        <identifiers>
          <isin value="US912828Y388"/>
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        <balance>3220000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3473524.55000000</valUSD>
        <pctVal>3.260630954717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</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>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
        <cusip>912828S50</cusip>
        <identifiers>
          <isin value="US912828S505"/>
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        <balance>1530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1648167.48000000</valUSD>
        <pctVal>1.547150689879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</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>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="DF45A77"/>
          <other otherDesc="Option Ticker" value="TYG0C 129.50 Comdty"/>
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        <balance>-14.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1968.75000000</valUSD>
        <pctVal>-0.00184808458</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury 10 Year Note</issueTitle>
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                  <ticker value="TYH0 Comdty"/>
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            </descRefInstrmnt>
            <shareNo>100000.00000000</shareNo>
            <exercisePrice>129.5</exercisePrice>
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            <expDt>2020-01-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>10370.68</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sequoia Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Sequoia Mortgage Trust, Series 6, Class A</title>
        <cusip>81743XAA7</cusip>
        <identifiers>
          <isin value="US81743XAA72"/>
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        <balance>134451.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>132652.82000000</valUSD>
        <pctVal>0.124522479946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.40387800</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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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 Inflation Linked Bonds</title>
        <cusip>912810RF7</cusip>
        <identifiers>
          <isin value="US912810RF75"/>
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        <balance>1530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1995186.25000000</valUSD>
        <pctVal>1.872900552027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37500000</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>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust, Series 2019-SJ3, Class A1</title>
        <cusip>89178JAA5</cusip>
        <identifiers>
          <isin value="US89178JAA51"/>
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        <balance>488118.21000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>489717.87000000</valUSD>
        <pctVal>0.459702881904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.99999900</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>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
        <cusip>9128285W6</cusip>
        <identifiers>
          <isin value="US9128285W63"/>
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        <balance>1230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1331498.47000000</valUSD>
        <pctVal>1.249890439795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</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>Commonwealth of Australia</name>
        <lei>213800J6B7JSBDETCB42</lei>
        <title>Australia Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000XCLWAB3"/>
        </identifiers>
        <balance>1249020.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42500897"/>
        <valUSD>905231.32000000</valUSD>
        <pctVal>0.849749359961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</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>Canada</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
        <title>Canada Government Real Return Bond</title>
        <cusip>135087G99</cusip>
        <identifiers>
          <isin value="CA135087G997"/>
        </identifiers>
        <balance>262741.25000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>211502.61000000</valUSD>
        <pctVal>0.198539537361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</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>N/A</name>
        <lei>N/A</lei>
        <title>Euro-Bobl</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000C3ZZTL1"/>
          <other otherDesc="Future Ticker" value="OEH0 Comdty"/>
        </identifiers>
        <balance>-47.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150397"/>
        <valUSD>20264.79000000</valUSD>
        <pctVal>0.019022753578</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Eurex Clearing</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Federal Republic of Germany</issuerName>
                <issueTitle>Euro-Bobl</issueTitle>
                <identifiers>
                  <isin value="DE0001102333"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-03-06</expDate>
            <notionalAmt>-6280610</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>20264.79</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Option One Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Option One Mortgage Loan Trust, Series 2004-3, Class M2</title>
        <cusip>68389FFU3</cusip>
        <identifiers>
          <isin value="US68389FFU30"/>
        </identifiers>
        <balance>20125.74000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19781.38000000</valUSD>
        <pctVal>0.018568971955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.64700100</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>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="DF46679"/>
          <other otherDesc="Option Ticker" value="TYG0P 129.50 Comdty"/>
        </identifiers>
        <balance>-14.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-17062.50000000</valUSD>
        <pctVal>-0.01601673310</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury 10 Year Note</issueTitle>
                <identifiers>
                  <ticker value="TYH0 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100000.00000000</shareNo>
            <exercisePrice>129.5</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-4723.07</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evans Grove CLO Ltd.</name>
        <lei>549300O71GCRFBJILJ09</lei>
        <title>Evans Grove CLO Ltd., Series 2018-1A, Class A1</title>
        <cusip>29915RAA1</cusip>
        <identifiers>
          <isin value="US29915RAA14"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>298163.40000000</valUSD>
        <pctVal>0.279888855716</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.83375100</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>JP Morgan Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Alternative Loan Trust, Series 2006-A1, Class 1A1</title>
        <cusip>46627MCS4</cusip>
        <identifiers>
          <isin value="US46627MCS44"/>
        </identifiers>
        <balance>110563.42000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>108651.70000000</valUSD>
        <pctVal>0.101992397405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.25200200</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>Soundview Home Loan Trust</name>
        <lei>N/A</lei>
        <title>Soundview Home Loan Trust, Series 2007-OPT1, Class 1A1</title>
        <cusip>83612TAA0</cusip>
        <identifiers>
          <isin value="US83612TAA07"/>
        </identifiers>
        <balance>146044.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>113043.28000000</valUSD>
        <pctVal>0.106114815854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.99199900</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>Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Alternative Loan Trust, Series 2007-1T1, Class 1A1</title>
        <cusip>23246KAA9</cusip>
        <identifiers>
          <isin value="US23246KAA97"/>
        </identifiers>
        <balance>216686.20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>148682.90000000</valUSD>
        <pctVal>0.139570070456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust, Series 2005-A2, Class 5A2</title>
        <cusip>466247NV1</cusip>
        <identifiers>
          <isin value="US466247NV12"/>
        </identifiers>
        <balance>14665.28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15071.60000000</valUSD>
        <pctVal>0.014147856101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.30405900</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>Greystone Commercial Real Estate Notes Ltd.</name>
        <lei>N/A</lei>
        <title>Greystone Commercial Real Estate Notes Ltd., Series 2019-FL2, Class A</title>
        <cusip>39809LAA2</cusip>
        <identifiers>
          <isin value="US39809LAA26"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99937.74000000</valUSD>
        <pctVal>0.093812519214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.44200000</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 or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F030629</cusip>
        <identifiers>
          <isin value="US01F0306294"/>
        </identifiers>
        <balance>2900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2939875.00000000</valUSD>
        <pctVal>2.759688981614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-25</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>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYVP4K94"/>
        </identifiers>
        <balance>334402.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494490"/>
        <valUSD>864932.99000000</valUSD>
        <pctVal>0.811920929406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</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>Nykredit Realkredit A/S</name>
        <lei>LIU16F6VZJSD6UKHD557</lei>
        <title>Nykredit Realkredit A/S, Series CCE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0009522815"/>
        </identifiers>
        <balance>3984521.99000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DKK" exchangeRt="6.66185000"/>
        <valUSD>586983.55000000</valUSD>
        <pctVal>0.551007112657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</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>Shackleton CLO Ltd.</name>
        <lei>549300TCSL4JHWNE1X86</lei>
        <title>Shackleton CLO Ltd., Series 2016-9A, Class AR</title>
        <cusip>81882LAN6</cusip>
        <identifiers>
          <isin value="US81882LAN64"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>399995.20000000</valUSD>
        <pctVal>0.375479347298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.09588100</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B46CGH68"/>
        </identifiers>
        <balance>81287.05000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494490"/>
        <valUSD>160480.96000000</valUSD>
        <pctVal>0.150645023026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</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>N/A</name>
        <lei>N/A</lei>
        <title>Euro-Bund</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="RXH07200C"/>
        </identifiers>
        <balance>-12.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150397"/>
        <valUSD>-7537.82000000</valUSD>
        <pctVal>-0.00707582424</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Eurex Clearing</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Federal Republic of Germany</issuerName>
                <issueTitle>Euro-Bund</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100000.00000000</shareNo>
            <exercisePrice>172</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2020-02-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>9095.09</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Century Home Equity Loan Trust</name>
        <lei>N/A</lei>
        <title>New Century Home Equity Loan Trust, Series 2004-4, Class M1</title>
        <cusip>64352VJJ1</cusip>
        <identifiers>
          <isin value="US64352VJJ17"/>
        </identifiers>
        <balance>81800.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>80962.80000000</valUSD>
        <pctVal>0.076000560255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-25</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HM Treasury</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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          <isin value="GB0008932666"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="321376"/>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>Kingdom of Denmark</name>
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        <balance>3116398.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <units>NC</units>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Eurex Clearing</counterpartyName>
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      <invstOrSec>
        <name>Soundview Home Loan Trust</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Kingdom of Spain</name>
        <lei>9598007A56S18711AH60</lei>
        <title>Spain Government Inflation Linked Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0000012B70"/>
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        <balance>3916090.00000000</balance>
        <units>PA</units>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>HSI Asset Securitization Corp. Trust</name>
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          <isin value="US40431RAA32"/>
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        <balance>78531.28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76183.31000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="321824"/>
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        <curCd>N/A</curCd>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Bank of America</counterpartyName>
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            <amtCurSold>105000.00000000</amtCurSold>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Euro-OAT</title>
        <cusip>N/A</cusip>
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          <isin value="DE000C3ZZTQ0"/>
          <other otherDesc="Future Ticker" value="OATH0 Comdty"/>
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        <balance>-3.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89150397"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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            <expDate>2020-03-06</expDate>
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        <securityLending>
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        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>N/A</name>
        <lei>N/A</lei>
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        <curCd>N/A</curCd>
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        <lei>N/A</lei>
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        <curCd>N/A</curCd>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <curCd>N/A</curCd>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Euro-Bobl</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="OEH03900C"/>
        </identifiers>
        <balance>39.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150397"/>
        <valUSD>218.73000000</valUSD>
        <pctVal>0.000205323957</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Eurex Clearing</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Federal Republic of Germany</issuerName>
                <issueTitle>Euro-Bobl</issueTitle>
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                  <cusip value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100000.00000000</shareNo>
            <exercisePrice>139</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2020-02-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-21.92</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="322972"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>37.32000000</valUSD>
        <pctVal>0.000035032643</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Credit Suisse International</counterpartyName>
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            <amtCurSold>3000.00000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>90720.00000000</amtCurPur>
            <curPur>TWD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>37.32</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>French Republic</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>France Government Bond OAT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013327491"/>
        </identifiers>
        <balance>1899156.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150397"/>
        <valUSD>2441986.33000000</valUSD>
        <pctVal>2.292316091042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10000000</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>N/A</name>
        <lei>N/A</lei>
        <title>Australia 10 Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="XMH0COS"/>
          <other otherDesc="Future Ticker" value="XMH0 Comdty"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42500897"/>
        <valUSD>1784.95000000</valUSD>
        <pctVal>0.001675549758</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ASX Clear (Futures)</counterpartyName>
              <counterpartyLei>549300ZD7BBOVZFVHK49</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Australia</issuerName>
                <issueTitle>Australia 10 Year Bond</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-03-16</expDate>
            <notionalAmt>-142958.14</notionalAmt>
            <curCd>AUD</curCd>
            <unrealizedAppr>1784.95</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Italy</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Republic of Italy</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0004545890"/>
        </identifiers>
        <balance>461762.78000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150397"/>
        <valUSD>662765.19000000</valUSD>
        <pctVal>0.622144068111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</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>Countrywide Asset-Backed Certificates</name>
        <lei>N/A</lei>
        <title>Countrywide Asset-Backed Certificates, Series 2004-ECC1, Class M2</title>
        <cusip>126673AG7</cusip>
        <identifiers>
          <isin value="US126673AG76"/>
        </identifiers>
        <balance>39877.20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39932.65000000</valUSD>
        <pctVal>0.037485163216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.84199800</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>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Republic of Peru</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PEP01000C5F6"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="PEN" exchangeRt="3.31300000"/>
        <valUSD>135622.82000000</valUSD>
        <pctVal>0.127310447556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.94000000</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>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
        <cusip>912828SA9</cusip>
        <identifiers>
          <isin value="US912828SA95"/>
        </identifiers>
        <balance>40000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45448.93000000</valUSD>
        <pctVal>0.042663348389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</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>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
        <cusip>9128283R9</cusip>
        <identifiers>
          <isin value="US9128283R96"/>
        </identifiers>
        <balance>2281000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2441794.98000000</valUSD>
        <pctVal>2.292136468954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</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>Figueroa CLO Ltd.</name>
        <lei>5493001NPRHSX8R16822</lei>
        <title>Figueroa CLO Ltd., Series 2013-2A, Class A1RR</title>
        <cusip>31683VAY6</cusip>
        <identifiers>
          <isin value="US31683VAY65"/>
        </identifiers>
        <balance>67454.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67470.28000000</valUSD>
        <pctVal>0.063335001761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.75800000</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>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="327887"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>1117.18000000</valUSD>
        <pctVal>0.001048707627</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Bank of America</counterpartyName>
              <counterpartyLei>B4TYDEB6GKMZO031MB27</counterpartyLei>
            </counterparties>
            <amtCurSold>561760.66000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>2264288.70000000</amtCurPur>
            <curPur>BRL</curPur>
            <settlementDt>2020-01-03</settlementDt>
            <unrealizedAppr>1117.18</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="327886"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-1117.18000000</valUSD>
        <pctVal>-0.00104870762</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Deutsche Bank</counterpartyName>
              <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
            </counterparties>
            <amtCurSold>2264288.70000000</amtCurSold>
            <curSold>BRL</curSold>
            <amtCurPur>561760.66000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-01-03</settlementDt>
            <unrealizedAppr>-1117.18</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>EQ Advisors Trust</ncom:nameOfApplicant>
      <ncom:signature>Brian Walsh</ncom:signature>
      <ncom:signerName>Brian Walsh</ncom:signerName>
      <ncom:title>Chief Financial Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
