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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.76000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SPAIN I/L BOND</name>
        <lei>9598007A56S18711AH60</lei>
        <title>Spain Government Inflation Linked Bond</title>
        <cusip>000000000</cusip>
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          <isin value="ES0000012M69"/>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-11-30</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2021-B24 Mortgage Trust</title>
        <cusip>08163CBE8</cusip>
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          <isin value="US08163CBE84"/>
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        <balance>2497701.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100058.92000000</valUSD>
        <pctVal>0.063160048747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.25000000</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>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="SM11746"/>
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        <descOthUnits>Notional Amount</descOthUnits>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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            <descRefInstrmnt>
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                <issuerName>N/A</issuerName>
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            <swapFlag>Y</swapFlag>
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      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25ICKBBZ86X"/>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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            <amtCurSold>778095.31000000</amtCurSold>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation-Indexed Notes</title>
        <cusip>91282CJY8</cusip>
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          <isin value="US91282CJY84"/>
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        <balance>9021268.96000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9063272.89000000</valUSD>
        <pctVal>5.720996764181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</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>Morgan Stanley Capital Services LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
        <title>PURCHASED USD / SOLD GBP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25ICKBBZ86V"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74348665"/>
        <valUSD>-59.14000000</valUSD>
        <pctVal>-0.00003733085</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Morgan Stanley Capital Services LLC</counterpartyName>
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            <amtCurSold>40063.74000000</amtCurSold>
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            <amtCurPur>53827.15000000</amtCurPur>
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            <settlementDt>2025-10-17</settlementDt>
            <unrealizedAppr>-59.14000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Eurex Deutschland</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>EURO-BTP FUTURE DEC25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01SQG76X6"/>
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        <balance>10.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85175200"/>
        <valUSD>9602.91000000</valUSD>
        <pctVal>0.006061631124</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Eurex Deutschland</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Euro-BTP Italian Bond Futures</indexName>
                <indexIdentifier>IKZ5 Comdty</indexIdentifier>
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            <expDate>2025-12-08</expDate>
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            <curCd>EUR</curCd>
            <unrealizedAppr>9602.91000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities LLC</name>
        <lei>N/A</lei>
        <title>BBCMS Trust 2021-C10</title>
        <cusip>05551VBK8</cusip>
        <identifiers>
          <isin value="US05551VBK89"/>
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        <balance>1917126.56000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97348.81000000</valUSD>
        <pctVal>0.061449349894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.33000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac REMICS</title>
        <cusip>3137HFDN2</cusip>
        <identifiers>
          <isin value="US3137HFDN20"/>
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        <balance>429696.30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>431444.22000000</valUSD>
        <pctVal>0.272339916992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.66000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>PURCHASED USD / SOLD EUR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25ISKBB56NS"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85097353"/>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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            <amtCurSold>94433.26000000</amtCurSold>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>PURCHASED NZD / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25HLKBCP131"/>
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              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
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            <amtCurSold>888732.84000000</amtCurSold>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>PURCHASED GBP / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25GPKBB1418"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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            <amtCurSold>2378464.56000000</amtCurSold>
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      <invstOrSec>
        <name>FRANCE (GOVT OF)</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic Government Bond OAT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0011982776"/>
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        <balance>630140.00000000</balance>
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        <valUSD>734186.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.70000000</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>
      <invstOrSec>
        <name>AmeriCredit Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>AmeriCredit Automobile Receivables Trust 2024-1</title>
        <cusip>023947AC8</cusip>
        <identifiers>
          <isin value="US023947AC87"/>
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        <balance>101716.47000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101749.25000000</valUSD>
        <pctVal>0.064227033332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.99000000</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>Merrill Lynch International</name>
        <lei>GGDZP1UYGU9STUHRDP48</lei>
        <title>PURCHASED USD / SOLD EUR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25IHKBB58K9"/>
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        <balance>1.00000000</balance>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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        <name>Barclays Bank PLC</name>
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        <name>JAPAN GOVT CPI LINKED</name>
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        <name>UNITED KINGDOM I/L GILT</name>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>Enterprise Fleet Financing LLC</name>
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        <name>Santander Drive Auto Receivables Trust</name>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <name>Merrill Lynch International</name>
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        <name>Chicago Board of Trade</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>UNITED KINGDOM I/L GILT</name>
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        <name>BUONI POLIENNALI DEL TES</name>
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        <title>Italy Buoni Poliennali Del Tesoro</title>
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        <name>Merrill Lynch International</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eurex Deutschland</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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      <invstOrSec>
        <name>Citibank NA</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW ZEALAND GVT ILB</name>
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        <title>New Zealand Government Inflation Linked Bond</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS AG</name>
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        <name>The Montreal Exchange / Bourse De Montreal</name>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>LAD Auto Receivables Trust</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>CANADIAN GOVERNMENT RRB</name>
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        <title>Canadian Government Real Return Bond</title>
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        <name>UNITED KINGDOM I/L GILT</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Inflation-Linked Gilt</title>
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        <identifiers>
          <isin value="GB00B7RN0G65"/>
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        <balance>501001.41000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137HAAL0</cusip>
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        <balance>3200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67322.56000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>PURCHASED CAD / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25GGKBCGVRW"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>UNITED KINGDOM I/L GILT</name>
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      <invstOrSec>
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        <name>Barclays Bank PLC</name>
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        <name>United States Treasury</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <name>Bridgecrest Lending Auto Securitization Trust</name>
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        <name>Eurex Deutschland</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <name>Bank</name>
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        <name>SWEDEN I/L BOND</name>
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        <name>Shackleton CLO LTD</name>
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        <name>HSBC Bank USA NA</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>Barclays Bank PLC</name>
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        <cusip>000000000</cusip>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Barclays Bank PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>PURCHASED USD / SOLD AUD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25ICKBBZ86L"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Barclays Bank PLC</counterpartyName>
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      <invstOrSec>
        <name>Republic of South Africa</name>
        <lei>378900AAFB4F17004C49</lei>
        <title>Republic of South Africa Government Bond</title>
        <cusip>000000000</cusip>
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          <isin value="ZAG000125972"/>
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        <balance>13000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ASX Clear (Futures)</name>
        <lei>549300ZD7BBOVZFVHK49</lei>
        <title>AUST 10Y BOND FUT DEC25</title>
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          <other otherDesc="Bloomberg Identifier" value="BBG01VKR2782"/>
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        <currencyConditional curCd="AUD" exchangeRt="1.51125900"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>ASX Clear (Futures)</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>SFE 10 Year Australian Bond Futures</indexName>
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            <expDate>2025-12-15</expDate>
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            <curCd>AUD</curCd>
            <unrealizedAppr>-4534.58000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2021-BNK35</title>
        <cusip>06540CBL0</cusip>
        <identifiers>
          <isin value="US06540CBL00"/>
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        <balance>1281668.42000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>54426.18000000</valUSD>
        <pctVal>0.034355359641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-06-15</maturityDt>
          <couponKind>Variable</couponKind>
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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>
      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>PURCHASED GBP / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25HAKBB05F5"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74348665"/>
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        <assetCat>DFE</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC Bank USA NA</name>
        <lei>1IE8VN30JCEQV1H4R804</lei>
        <title>PURCHASED USD / SOLD GBP</title>
        <cusip>000000000</cusip>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BM11591   IRS USD R V 12MUSCPI SM11591_FLO CCPINFLATIONZERO / Short: BM11591   IRS USD P F  2.63650 SM11591_FIX CCPINFLATIONZERO</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US ULTRA BOND CBT DEC25</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Bloomberg Identifier" value="BBG01SWCT637"/>
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        <balance>-6.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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            <payOffProf>Short</payOffProf>
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                <indexName>CBOT Ultra Long-Term U.S. Treasury Bond Futures</indexName>
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      <invstOrSec>
        <name>UNITED KINGDOM I/L GILT</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Inflation-Linked Gilt</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BNNGP551"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>PURCHASED USD / SOLD JPY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25GIKBBZ7SB"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="147.65134615"/>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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            <amtCurSold>141877597.00000000</amtCurSold>
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        <securityLending>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>PURCHASED AUD / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25GKKBCJNBJ"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <amtCurSold>958420.15000000</amtCurSold>
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            <amtCurPur>1472630.90000000</amtCurPur>
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            <settlementDt>2025-10-17</settlementDt>
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        <securityLending>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED SGD / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="SGD" exchangeRt="1.28838524"/>
        <valUSD>-1282.26000000</valUSD>
        <pctVal>-0.00080939914</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS AG</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137FUZZ0</cusip>
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        <curCd>USD</curCd>
        <valUSD>84300.83000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
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        <title>PURCHASED USD / SOLD GBP</title>
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          <other otherDesc="Trade Identifier" value="25IOKBB80HR"/>
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        <assetCat>DFE</assetCat>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137FYUL8</cusip>
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          <isin value="US3137FYUL87"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.61000000</annualizedRt>
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        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US08163GAZ37"/>
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        <curCd>USD</curCd>
        <valUSD>195549.97000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25GGKBCCV8Q"/>
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        <assetCat>DFE</assetCat>
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        <securityLending>
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      <invstOrSec>
        <name>UNITED KINGDOM I/L GILT</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Inflation-Linked Gilt</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BD9MZZ71"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation-Indexed Notes</title>
        <cusip>912828V49</cusip>
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          <isin value="US912828V491"/>
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        <curCd>USD</curCd>
        <valUSD>683349.47000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Merrill Lynch International</name>
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        <title>PURCHASED USD / SOLD CAD</title>
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          <other otherDesc="Trade Identifier" value="25IDKBB5C25"/>
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        <assetCat>DFE</assetCat>
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      <invstOrSec>
        <name>UNITED KINGDOM I/L GILT</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Inflation-Linked Gilt</title>
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          <isin value="GB00BM8Z2W66"/>
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        <invCountry>GB</invCountry>
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        <name>FRANCE (GOVT OF)</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic Government Bond OAT</title>
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          <isin value="FR0014008181"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation-Indexed Bonds</title>
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          <isin value="US912810QV35"/>
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        <issuerCat>UST</issuerCat>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137HHJ44</cusip>
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          <isin value="US3137HHJ441"/>
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      <invstOrSec>
        <name>UBS AG</name>
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          <other otherDesc="Trade Identifier" value="25HLKBCK8GL"/>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137H2NA8</cusip>
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      <invstOrSec>
        <name>UNITED KINGDOM I/L GILT</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Inflation-Linked Gilt</title>
        <cusip>000000000</cusip>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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      </invstOrSec>
      <invstOrSec>
        <name>Merrill Lynch International</name>
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        <cusip>000000000</cusip>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Merrill Lynch International</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>BUONI POLIENNALI DEL TES</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Italy Buoni Poliennali Del Tesoro</title>
        <cusip>000000000</cusip>
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          <isin value="IT0005138828"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FRANCE (GOVT OF)</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic Government Bond OAT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR001400JI88"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.60000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNITED KINGDOM I/L GILT</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Inflation-Linked Gilt</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYMWG366"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.13000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SPAIN I/L BOND</name>
        <lei>9598007A56S18711AH60</lei>
        <title>Spain Government Inflation Linked Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ES0000012C12"/>
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        <balance>1871453.54000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85175200"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-30</maturityDt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137F9YZ8</cusip>
        <identifiers>
          <isin value="US3137F9YZ86"/>
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        <curCd>USD</curCd>
        <valUSD>5775.68000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <cusip>000000000</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>JAPAN GOVT CPI LINKED</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japanese Government CPI Linked Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1120211G41"/>
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        <balance>432831400.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Alinea CLO LTD</name>
        <lei>N/A</lei>
        <title>Alinea CLO 2018-1 Ltd</title>
        <cusip>016269AE2</cusip>
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          <isin value="US016269AE22"/>
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        <balance>100286.70000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100312.17000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 5YR NOTE (CBT) DEC25</title>
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          <other otherDesc="Bloomberg Identifier" value="BBG01T2J7432"/>
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        <balance>40.00000000</balance>
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        <valUSD>-29108.55000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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            <payOffProf>Long</payOffProf>
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                <indexName>CBOT 5 Year U.S. Treasury Notes</indexName>
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        <name>UNITED KINGDOM I/L GILT</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Inflation-Linked Gilt</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B0CNHZ09"/>
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        <balance>779851.98000000</balance>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Merrill Lynch International</name>
        <lei>GGDZP1UYGU9STUHRDP48</lei>
        <title>PURCHASED USD / SOLD SGD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25GPKBB3TML"/>
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      <invstOrSec>
        <name>UNITED KINGDOM I/L GILT</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Inflation-Linked Gilt</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BDX8CX86"/>
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        <balance>1106190.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.13000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137H4BT6</cusip>
        <identifiers>
          <isin value="US3137H4BT66"/>
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        <balance>4635695.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>131078.91000000</valUSD>
        <pctVal>0.082740752602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>HSBC Bank USA NA</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>Barclays Bank PLC</name>
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        <name>JPMorgan Chase Bank NA</name>
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        <name>HSBC Bank USA NA</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <name>The Montreal Exchange / Bourse De Montreal</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITED KINGDOM I/L GILT</name>
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        <title>United Kingdom Inflation-Linked Gilt</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-11-22</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>AUSTRALIAN GOVERNMENT</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-21</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Barclays Bank PLC</name>
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          <other otherDesc="Trade Identifier" value="25GPKBB2C4R"/>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HSBC Bank USA NA</name>
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        <title>PURCHASED EUR / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25HAKBB07B1"/>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>HSBC Bank USA NA</counterpartyName>
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      <invstOrSec>
        <name>UNITED KINGDOM I/L GILT</name>
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        <title>United Kingdom Inflation-Linked Gilt</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B3Y1JG82"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>PURCHASED USD / SOLD GBP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25IAKBCRK08"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
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              <counterpartyName>JPMorgan Chase Bank NA</counterpartyName>
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      <invstOrSec>
        <name>UBS AG</name>
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        <title>PURCHASED GBP / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25HEKBB6SZ8"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74348665"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>UBS AG</counterpartyName>
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            <amtCurSold>740104.00000000</amtCurSold>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation-Indexed Notes</title>
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          <isin value="US91282CDX65"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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          <isin value="US3137HFP335"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Inflation-Indexed Bonds</title>
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          <isin value="US912810QF84"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>PURCHASED GBP / SOLD USD</title>
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          <other otherDesc="Trade Identifier" value="25GGKBCGVRT"/>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>PURCHASED DKK / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25GIKBCKM3K"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="DKK" exchangeRt="6.35132288"/>
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        <assetCat>DFE</assetCat>
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        <invCountry>DK</invCountry>
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              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
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            <amtCurSold>328497.26000000</amtCurSold>
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            <amtCurPur>2083888.06000000</amtCurPur>
            <curPur>DKK</curPur>
            <settlementDt>2025-10-17</settlementDt>
            <unrealizedAppr>-394.26000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137H5DT1</cusip>
        <identifiers>
          <isin value="US3137H5DT14"/>
        </identifiers>
        <balance>6916623.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>182497.86000000</valUSD>
        <pctVal>0.115197862759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.60000000</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>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137HKSB1</cusip>
        <identifiers>
          <isin value="US3137HKSB12"/>
        </identifiers>
        <balance>742672.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16892.22000000</valUSD>
        <pctVal>0.010662851834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.73000000</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>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>PURCHASED AUD / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25IHKBB53VF"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.51092593"/>
        <valUSD>-5167.09000000</valUSD>
        <pctVal>-0.00326161481</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>JPMorgan Chase Bank NA</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>792003.60000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>1188851.69000000</amtCurPur>
            <curPur>AUD</curPur>
            <settlementDt>2025-10-17</settlementDt>
            <unrealizedAppr>-5167.09000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2021-B27 Mortgage Trust</title>
        <cusip>08163HAG3</cusip>
        <identifiers>
          <isin value="US08163HAG39"/>
        </identifiers>
        <balance>3190968.17000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>160384.44000000</valUSD>
        <pctVal>0.101239240327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.35000000</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>Eurex Deutschland</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>EURO-BUXL 30Y BND DEC25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01SQG7ZK6"/>
        </identifiers>
        <balance>-10.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85175200"/>
        <valUSD>-26182.15000000</valUSD>
        <pctVal>-0.01652692104</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Eurex Deutschland</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Eurex 30 Year Euro BUXL Futures</indexName>
                <indexIdentifier>UBZ5 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-12-08</expDate>
            <notionalAmt>-1122499.30000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-26182.15000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barclays Bank PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>PURCHASED USD / SOLD NZD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25GJKBBT3WV"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="NZD" exchangeRt="1.72391508"/>
        <valUSD>1696.83000000</valUSD>
        <pctVal>0.001071087570</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Barclays Bank PLC</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
            </counterparties>
            <amtCurSold>80390.17000000</amtCurSold>
            <curSold>NZD</curSold>
            <amtCurPur>48329.16000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-10-17</settlementDt>
            <unrealizedAppr>1696.83000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRANCE (GOVT OF)</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic Government Bond OAT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0013209871"/>
        </identifiers>
        <balance>499168.80000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85175200"/>
        <valUSD>387045.82000000</valUSD>
        <pctVal>0.244314378556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-25</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>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED EUR / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25IIKBB034G"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85097353"/>
        <valUSD>75.59000000</valUSD>
        <pctVal>0.000047714567</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <amtCurSold>633186.37000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>538889.17000000</amtCurPur>
            <curPur>EUR</curPur>
            <settlementDt>2025-10-17</settlementDt>
            <unrealizedAppr>75.59000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Babson CLO Ltd</name>
        <lei>549300V1VT2NXKFG0H98</lei>
        <title>Barings Clo Ltd 2021-III</title>
        <cusip>06762TAN1</cusip>
        <identifiers>
          <isin value="US06762TAN19"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300131.70000000</valUSD>
        <pctVal>0.189451703084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.96000000</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 I/L GILT</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Inflation-Linked Gilt</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B4PTCY75"/>
        </identifiers>
        <balance>1247039.32000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74355000"/>
        <valUSD>900206.25000000</valUSD>
        <pctVal>0.568235901737</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.38000000</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>CONSERVATION FUND</name>
        <lei>N/A</lei>
        <title>Conservation Fund A Nonprofit Corp/The</title>
        <cusip>20848FAA8</cusip>
        <identifiers>
          <isin value="US20848FAA84"/>
        </identifiers>
        <balance>312000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>294026.60000000</valUSD>
        <pctVal>0.185597989556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.47000000</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>HSBC Bank USA NA</name>
        <lei>1IE8VN30JCEQV1H4R804</lei>
        <title>PURCHASED EUR / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25GRKBB4HGG"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85097353"/>
        <valUSD>-3249.55000000</valUSD>
        <pctVal>-0.00205120879</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC Bank USA NA</counterpartyName>
              <counterpartyLei>1IE8VN30JCEQV1H4R804</counterpartyLei>
            </counterparties>
            <amtCurSold>977186.67000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>828794.71000000</amtCurPur>
            <curPur>EUR</curPur>
            <settlementDt>2025-10-17</settlementDt>
            <unrealizedAppr>-3249.55000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>PURCHASED USD / SOLD JPY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25GTKBBW4N0"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="147.65134615"/>
        <valUSD>1234.29000000</valUSD>
        <pctVal>0.000779119108</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>JPMorgan Chase Bank NA</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>117705403.00000000</amtCurSold>
            <curSold>JPY</curSold>
            <amtCurPur>798419.05000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-10-17</settlementDt>
            <unrealizedAppr>1234.29000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS VARIABLE INSURANCE TRUST III</ncom:nameOfApplicant>
      <ncom:signature>James Byrne</ncom:signature>
      <ncom:signerName>James Byrne</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
