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        <fairValLevel>2</fairValLevel>
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        <name>French Republic</name>
        <lei>969500KCGF3SUYJHPV70</lei>
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        <name>RALI Trust</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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        <identifiers>
          <isin value="GB00BYZW3J87"/>
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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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      <invstOrSec>
        <name>Dutch Property Finance BV</name>
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          <isin value="XS2491644295"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Long Beach Mortgage Loan Trust</name>
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          <isin value="US54251TAC36"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Invesco Euro CLO V DAC</name>
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          <isin value="XS3036677501"/>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
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        <title>3 Month SONIA</title>
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          <isin value="GB00J14RQY19"/>
          <other otherDesc="Future Ticker" value="SFIZ5 Comdty"/>
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        <balance>10.00000000</balance>
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        <assetCat>DIR</assetCat>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>ICE Clear Europe</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                  <ticker value="SFIZ5 Comdty"/>
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      <invstOrSec>
        <name>Realkredit Danmark A/S</name>
        <lei>549300NLOMBOWE943Y30</lei>
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        <identifiers>
          <isin value="DK0004612454"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DSLA Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <balance>36846.08000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <name>Nordea Kredit Realkreditaktieselskab</name>
        <lei>52990080NNXXLC14OC65</lei>
        <title>Nordea Kredit Realkreditaktieselskab</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0002059906"/>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Bonds</title>
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          <isin value="US912810TP30"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
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        <balance>94010.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>86069.65000000</valUSD>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Bonds</title>
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          <isin value="GB00BFX0ZL78"/>
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      <invstOrSec>
        <name>Realkredit Danmark A/S</name>
        <lei>549300NLOMBOWE943Y30</lei>
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        <identifiers>
          <isin value="DK0004619467"/>
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        <currencyConditional curCd="DKK" exchangeRt="6.89965000"/>
        <valUSD>0.23000000</valUSD>
        <pctVal>0.000000217791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</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="884490"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-8.57000000</valUSD>
        <pctVal>-0.00000811510</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>JP Morgan Chase Bank</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
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            <amtCurSold>13000.00000000</amtCurSold>
            <curSold>GBP</curSold>
            <amtCurPur>16784.18000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-04-02</settlementDt>
            <unrealizedAppr>-8.57000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>912810RR1</cusip>
        <identifiers>
          <isin value="US912810RR14"/>
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        <balance>1680000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1768639.74000000</valUSD>
        <pctVal>1.674761317889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <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 Bonds</title>
        <cusip>912810FH6</cusip>
        <identifiers>
          <isin value="US912810FH69"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1061230.63000000</valUSD>
        <pctVal>1.004901093358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>N/A</name>
        <lei>N/A</lei>
        <title>Long Gilt</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00MDWGKH25"/>
          <other otherDesc="Future Ticker" value="G M5 Comdty"/>
        </identifiers>
        <balance>27.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
        <valUSD>-31446.02000000</valUSD>
        <pctVal>-0.02977688259</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Clear Europe</counterpartyName>
              <counterpartyLei>5R6J7JCQRIPQR1EEP713</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United Kingdom of Great Britain and Northern Ireland</issuerName>
                <issueTitle>Long Gilt</issueTitle>
                <identifiers>
                  <ticker value="G M5 Comdty"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-06-26</expDate>
            <notionalAmt>2475630.00000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>-31446.02000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIT Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>CIT Mortgage Loan Trust, Series 2007-1, Class 1M1</title>
        <cusip>12559QAF9</cusip>
        <identifiers>
          <isin value="US12559QAF90"/>
        </identifiers>
        <balance>151818.20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>150717.85000000</valUSD>
        <pctVal>0.142717829633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.68459160</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>French Republic</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0010447367"/>
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        <balance>144172.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>161284.51000000</valUSD>
        <pctVal>0.152723617147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.80000000</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>French Republic</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013519253"/>
        </identifiers>
        <balance>1319703.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>1430722.87000000</valUSD>
        <pctVal>1.354780889010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-01</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>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F040644</cusip>
        <identifiers>
          <isin value="US01F0406441"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>931015.60000000</valUSD>
        <pctVal>0.881597805346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>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"/>
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        <balance>92182.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>61383.70000000</valUSD>
        <pctVal>0.058125487053</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>4.63458960</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>Realkredit Danmark A/S</name>
        <lei>549300NLOMBOWE943Y30</lei>
        <title>Realkredit Danmark A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0004616281"/>
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        <balance>27044.78000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DKK" exchangeRt="6.89965000"/>
        <valUSD>3018.33000000</valUSD>
        <pctVal>0.002858118708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
        <cusip>91282CEJ6</cusip>
        <identifiers>
          <isin value="US91282CEJ62"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>331118.56000000</valUSD>
        <pctVal>0.313542969425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CSMC Trust</name>
        <lei>N/A</lei>
        <title>CSMC Trust, Series 2007-4R, Class 1A1</title>
        <cusip>12639QAA4</cusip>
        <identifiers>
          <isin value="US12639QAA40"/>
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        <balance>2633.30930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2368.43000000</valUSD>
        <pctVal>0.002242715041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-26</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.18579280</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>
      <invstOrSec>
        <name>Buoni Poliennali del Tesoro</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Buoni Poliennali del Tesoro</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005482994"/>
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        <balance>702126.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>670660.95000000</valUSD>
        <pctVal>0.635062636599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CWABS Asset-Backed Certificates Trust</name>
        <lei>N/A</lei>
        <title>CWABS Asset-Backed Certificates Trust, Series 2007-1, Class 1A</title>
        <cusip>23245CAA8</cusip>
        <identifiers>
          <isin value="US23245CAA80"/>
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        <balance>56511.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51499.85000000</valUSD>
        <pctVal>0.048766266360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.57458840</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>CSMC Trust</name>
        <lei>N/A</lei>
        <title>CSMC Trust, Series 2015-3R, Class 5A2</title>
        <cusip>12649WAW1</cusip>
        <identifiers>
          <isin value="US12649WAW10"/>
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        <balance>22384.98000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22084.71000000</valUSD>
        <pctVal>0.020912465771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.58458920</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 Bonds</title>
        <cusip>912810QP6</cusip>
        <identifiers>
          <isin value="US912810QP66"/>
        </identifiers>
        <balance>810000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1181045.79000000</valUSD>
        <pctVal>1.118356530736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Alternative Loan Trust</name>
        <lei>N/A</lei>
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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>FNMA</name>
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        <name>Nykredit Realkredit A/S</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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        <name>French Republic</name>
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        <name>French Republic</name>
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        <name>Kingdom of Sweden</name>
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        <name>Lehman Mortgage Trust</name>
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          <isin value="US52520MEK53"/>
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      <invstOrSec>
        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>N/A</name>
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              <counterpartyName>Barclays Bank</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="874116"/>
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              <counterpartyName>Deutsche Bank</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>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-26</maturityDt>
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      <invstOrSec>
        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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          <other otherDesc="Inhouse Asset ID" value="884585"/>
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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>
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      <invstOrSec>
        <name>Credit-Based Asset Servicing &amp; Securitization LLC</name>
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        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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        <name>Option One Mortgage Loan Trust</name>
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        <name>FHLB</name>
        <lei>2549001DPIFGXC1TOL40</lei>
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        <name>Kingdom of Spain</name>
        <lei>9598007A56S18711AH60</lei>
        <title>Kingdom of Spain</title>
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        <name>JP Morgan Chase Commercial Mortgage Securities Trust</name>
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        <name>United States of America</name>
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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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      <invstOrSec>
        <name>Japan Government Bond</name>
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          <isin value="JP1120231J51"/>
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        <name>N/A</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>N/A</name>
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        <lei>ECTRVYYCEF89VWYS6K36</lei>
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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>Federal Republic of Germany</name>
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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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        <name>FNMA</name>
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        <lei>ECTRVYYCEF89VWYS6K36</lei>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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        <name>Nykredit Realkredit A/S</name>
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          <other otherDesc="Inhouse Sedol" value="TYM5COM"/>
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          <isin value="GB00BPSNBG80"/>
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        <name>Jyske Realkredit A/S</name>
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        <name>Harbour NO 2 plc</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>Canada Government Bond</name>
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        <name>Citigroup Mortgage Loan Trust, Inc.</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Federal Republic of Germany</name>
        <lei>529900AQBND3S6YJLY83</lei>
        <title>Federal Republic of Germany</title>
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          <isin value="DE0001030583"/>
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      <invstOrSec>
        <name>Soundview Home Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US83613DAD84"/>
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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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          <isin value="GB00B421JZ66"/>
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          <annualizedRt>0.50000000</annualizedRt>
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        <name>Nykredit Realkredit A/S</name>
        <lei>LIU16F6VZJSD6UKHD557</lei>
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        <currencyConditional curCd="DKK" exchangeRt="6.89965000"/>
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        <invCountry>DK</invCountry>
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        <name>Washington Mutual Mortgage Pass-Through Certificates WMALT Trust</name>
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        <name>Buoni Poliennali del Tesoro</name>
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        <invCountry>IT</invCountry>
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        <name>New Zealand Government Bond</name>
        <lei>549300237GPHG2AI7C34</lei>
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          <isin value="NZIIBDT005C5"/>
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        <name>Brants Bridge plc</name>
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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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        <name>Commonwealth of Australia</name>
        <lei>213800J6B7JSBDETCB42</lei>
        <title>Commonwealth of Australia</title>
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        <name>CWABS Asset-Backed Certificates Trust</name>
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        <cusip>12669LAA8</cusip>
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        <assetCat>ABS-O</assetCat>
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        <name>Alternative Loan Trust Resecuritization</name>
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        <name>United States of America</name>
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        <name>Buoni Poliennali del Tesoro</name>
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        <name>Federal Republic of Germany</name>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Lehman XS Trust</name>
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        <name>CWABS, Inc. Asset-backed Certificates</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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          <isin value="GB00BYVP4K94"/>
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        <name>FHLMC Pool</name>
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        <name>N/A</name>
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        <name>United States of America</name>
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        <name>Realkredit Danmark A/S</name>
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        <name>Nykredit Realkredit A/S</name>
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        <name>Mexican Udibonos</name>
        <lei>254900EGTWEU67VP6075</lei>
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        <name>Jyske Realkredit A/S</name>
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          <isin value="DK0009399784"/>
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        <currencyConditional curCd="DKK" exchangeRt="6.89965000"/>
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        <invCountry>DK</invCountry>
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          <maturityDt>2043-10-01</maturityDt>
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        <name>French Republic</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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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 Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
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        <name>N/A</name>
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        <title>Forward Foreign Currency Contract</title>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Deutsche Bank</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>French Republic</name>
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        <name>GSR Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 5 Year Note</title>
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          <other otherDesc="Future Ticker" value="FVM5 Comdty"/>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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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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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
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        <name>Nordea Kredit Realkreditaktieselskab</name>
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        <title>Nordea Kredit Realkreditaktieselskab</title>
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        <name>Nordea Kredit Realkreditaktieselskab</name>
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        <name>New Residential Mortgage Loan Trust</name>
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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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          <annualizedRt>0.12500000</annualizedRt>
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        <name>French Republic</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic</title>
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        <issuerCat>NUSS</issuerCat>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.55000000</annualizedRt>
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        <name>Nykredit Realkredit A/S</name>
        <lei>LIU16F6VZJSD6UKHD557</lei>
        <title>Nykredit Realkredit A/S, Series 01E</title>
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        <identifiers>
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        <balance>1.61000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
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          <isin value="US01F0426571"/>
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        <curCd>USD</curCd>
        <valUSD>2292937.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <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="0RZ5P9781"/>
          <other otherDesc="Option Ticker" value="0RZ5P Comdty"/>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>ICE Clear Europe</counterpartyName>
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            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>Securitized Asset-Backed Receivables LLC Trust</name>
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        <cusip>81377AAD4</cusip>
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          <isin value="US81377AAD46"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <isin value="GB00J8WDXS35"/>
          <other otherDesc="Future Ticker" value="ERZ6 Comdty"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>ICE Clear Europe</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <ticker value="ERZ6 Comdty"/>
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            <expDate>2026-12-14</expDate>
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        <name>Realkredit Danmark A/S</name>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-01</maturityDt>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US38376RXT84"/>
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        <curCd>USD</curCd>
        <valUSD>84754.99000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>5.25309120</annualizedRt>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
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        <cusip>03464LAA4</cusip>
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          <isin value="US03464LAA44"/>
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        <balance>34652.72000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32828.84000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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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>
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        <identifiers>
          <isin value="GB00B3D4VD98"/>
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        <balance>324714.60000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>European Financial Stability Facility</name>
        <lei>222100OW6UHQXNHKN143</lei>
        <title>European Financial Stability Facility</title>
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        <invCountry>LU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</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="US9128282L36"/>
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        <issuerCat>UST</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
        <cusip>912828N71</cusip>
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          <isin value="US912828N712"/>
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        <balance>880000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1175418.70000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
        <cusip>912828ZZ6</cusip>
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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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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Long Bond</title>
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          <other otherDesc="Inhouse Sedol" value="USM5COM"/>
          <other otherDesc="Future Ticker" value="USM5 Comdty"/>
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        <balance>4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4433.58000000</valUSD>
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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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                  <ticker value="USM5 Comdty"/>
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      <invstOrSec>
        <name>Jyske Realkredit A/S</name>
        <lei>529900R9HQNZRT2OXB26</lei>
        <title>Jyske Realkredit A/S, Series CCE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0009403131"/>
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        <balance>1.56000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DKK" exchangeRt="6.89965000"/>
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        <pctVal>0.000000160976</pctVal>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Japan Government Bond</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Securitized Asset-Backed Receivables LLC Trust</name>
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        <name>Canada Government Bond</name>
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        <name>N/A</name>
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        <name>Jyske Realkredit A/S</name>
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        <name>N/A</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <curCd>USD</curCd>
        <valUSD>1225020.19000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New Century Home Equity Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US64352VJJ17"/>
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        <balance>42579.31000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.19959160</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <isin value="DE000F1B2NJ1"/>
          <other otherDesc="Future Ticker" value="DUM5 Comdty"/>
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        <pctVal>-0.00111269793</pctVal>
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        <assetCat>DIR</assetCat>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>Eurex Clearing</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>Federal Republic of Germany</issuerName>
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                  <ticker value="DUM5 Comdty"/>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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          <other otherDesc="Inhouse Asset ID" value="882404"/>
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        <units>NC</units>
        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Barclays Bank</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="875270"/>
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        <units>NC</units>
        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Deutsche Bank</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>State of North Rhine-Westphalia Germany</name>
        <lei>529900VWPV1LPOHGJ702</lei>
        <title>State of North Rhine-Westphalia Germany</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000NRW0NF8"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
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        <pctVal>0.290055930835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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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="885147"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-291.40000000</valUSD>
        <pctVal>-0.00027593264</pctVal>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Barclays Bank</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
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            <amtCurSold>117000.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>126220.70000000</amtCurPur>
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            <settlementDt>2025-04-02</settlementDt>
            <unrealizedAppr>-291.40000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Canada Government Bond</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
        <title>Canada Government Bond</title>
        <cusip>135087XQ2</cusip>
        <identifiers>
          <isin value="CA135087XQ21"/>
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        <balance>783075.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43905000"/>
        <valUSD>661868.56000000</valUSD>
        <pctVal>0.626736941812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Realkredit Danmark A/S</name>
        <lei>549300NLOMBOWE943Y30</lei>
        <title>Realkredit Danmark A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0004616018"/>
        </identifiers>
        <balance>1.88000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DKK" exchangeRt="6.89965000"/>
        <valUSD>0.20000000</valUSD>
        <pctVal>0.000000189384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="875212"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>620.56000000</valUSD>
        <pctVal>0.000587621017</pctVal>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Deutsche Bank</counterpartyName>
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            <amtCurSold>2161464.49000000</amtCurSold>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Bonds</title>
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          <isin value="US912810TE82"/>
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        <balance>100000.00000000</balance>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2052-02-15</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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        <curCd>N/A</curCd>
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        <name>Alternative Loan Trust</name>
        <lei>N/A</lei>
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          <isin value="US23246KAA97"/>
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        <balance>142879.55660000</balance>
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        <curCd>USD</curCd>
        <valUSD>50130.34000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>UMBS, 30 Year, Single Family</title>
        <cusip>01F050650</cusip>
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          <isin value="US01F0506505"/>
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        <balance>4800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4695749.76000000</valUSD>
        <pctVal>4.446501952137</pctVal>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation Linked Notes</title>
        <cusip>9128285W6</cusip>
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          <isin value="US9128285W63"/>
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        <balance>70000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>86652.48000000</valUSD>
        <pctVal>0.082053014144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New Zealand Government Bond</name>
        <lei>549300237GPHG2AI7C34</lei>
        <title>New Zealand Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NZIIBDT004C8"/>
        </identifiers>
        <balance>131782.60000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NZD" exchangeRt="1.76133861"/>
        <valUSD>72961.01000000</valUSD>
        <pctVal>0.069088279822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nordea Kredit Realkreditaktieselskab</name>
        <lei>52990080NNXXLC14OC65</lei>
        <title>Nordea Kredit Realkreditaktieselskab</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0002047141"/>
        </identifiers>
        <balance>1.84000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DKK" exchangeRt="6.89965000"/>
        <valUSD>0.22000000</valUSD>
        <pctVal>0.000000208322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-01</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>CWABS Asset-Backed Certificates Trust</name>
        <lei>N/A</lei>
        <title>CWABS Asset-Backed Certificates Trust, Series 2007-8, Class 1A1</title>
        <cusip>12669WAA4</cusip>
        <identifiers>
          <isin value="US12669WAA45"/>
        </identifiers>
        <balance>110923.95000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>102507.73000000</valUSD>
        <pctVal>0.097066676217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.62458880</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="882769"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>405.20000000</valUSD>
        <pctVal>0.000383692207</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>48786.66000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>1927170.64000000</amtCurPur>
            <curPur>TRY</curPur>
            <settlementDt>2025-04-25</settlementDt>
            <unrealizedAppr>405.20000000</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>3 Month Euro EURIBOR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00HBCK1X80"/>
          <other otherDesc="Future Ticker" value="ERZ5 Comdty"/>
        </identifiers>
        <balance>-40.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>-23087.60000000</valUSD>
        <pctVal>-0.02186212292</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Clear Europe</counterpartyName>
              <counterpartyLei>5R6J7JCQRIPQR1EEP713</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>3 Month Euro EURIBOR</issueTitle>
                <identifiers>
                  <ticker value="ERZ5 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-12-15</expDate>
            <notionalAmt>-9803500.00000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-23087.60000000</unrealizedAppr>
          </futrDeriv>
        </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="881358"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-339.86000000</valUSD>
        <pctVal>-0.00032182041</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>110138.61000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>85000.00000000</amtCurPur>
            <curPur>GBP</curPur>
            <settlementDt>2025-04-02</settlementDt>
            <unrealizedAppr>-339.86000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Buoni Poliennali del Tesoro</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Buoni Poliennali del Tesoro</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005588881"/>
        </identifiers>
        <balance>1833156.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>1935703.24000000</valUSD>
        <pctVal>1.832957179434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.80000000</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 01e</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0009541872"/>
        </identifiers>
        <balance>7150302.56000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DKK" exchangeRt="6.89965000"/>
        <valUSD>1023879.93000000</valUSD>
        <pctVal>0.969532947918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>Nykredit Realkredit A/S</name>
        <lei>LIU16F6VZJSD6UKHD557</lei>
        <title>Nykredit Realkredit A/S, Series 01EE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0009524431"/>
        </identifiers>
        <balance>48714.70000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DKK" exchangeRt="6.89965000"/>
        <valUSD>5383.35000000</valUSD>
        <pctVal>0.005097604750</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Confluence NXT system does not accept MXV as a valid Currency. Given the limitation, MXV has been converted to MXN for the applicable item." noteItem="B.3.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-04-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
