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      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <name>BUONI POLIENNALI DEL TES</name>
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        <name>Brown Brothers Harriman &amp; Co.</name>
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        <name>BNP Paribas</name>
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        <name>Citibank, National Association</name>
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        <name>BNP Paribas</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 States Treasury</name>
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        <name>BNP Paribas</name>
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        <name>HSBC Bank USA, National Association</name>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC Bank USA, National Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="21IQKBB4PGV"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BNP Paribas</counterpartyName>
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            <amtCurSold>285978.72000000</amtCurSold>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp</name>
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      <invstOrSec>
        <name>UNITED KINGDOM I/L GILT</name>
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        <title>United Kingdom Inflation-Linked Gilt</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BUONI POLIENNALI DEL TES</name>
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      <invstOrSec>
        <name>Merrill Lynch International</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
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        <name>UNITED KINGDOM I/L GILT</name>
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        <title>United Kingdom Inflation-Linked Gilt</title>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities LLC</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>SWEDEN I/L BOND</name>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <title>Wells Fargo Commercial Mortgage Trust 2021-C60</title>
        <cusip>95003DBP2</cusip>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED USD / SOLD AUD</title>
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        <name>UNITED KINGDOM I/L GILT</name>
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        <name>Brown Brothers Harriman &amp; Co.</name>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
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      <invstOrSec>
        <name>Deutsche Bank Aktiengesellschaft</name>
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      <invstOrSec>
        <name>Deutsche Bank Aktiengesellschaft</name>
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        <name>HYUNDAI CAPITAL AMERICA</name>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
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        <name>University of California</name>
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        <name>Brown Brothers Harriman &amp; Co.</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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      <invstOrSec>
        <name>Deutsche Bank Aktiengesellschaft</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <name>HOWARD UNIVERSITY</name>
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        <title>Howard University</title>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Inflation Indexed Bonds</title>
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        <name>State Street Bank and Trust Company</name>
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      <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>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>SWEDEN I/L BOND</name>
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        <title>Sweden Inflation Linked Bond</title>
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          <isin value="SE0007045745"/>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
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        <debtSec>
          <maturityDt>2054-02-15</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>The Bancorp Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Bancorp Commercial Mortgage 2019-CRE6 Trust</title>
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          <isin value="US05973BAA52"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>ASX Clear (Futures)</name>
        <lei>549300ZD7BBOVZFVHK49</lei>
        <title>AUST 10Y BOND FUT DEC21</title>
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          <other otherDesc="Bloomberg Identifier" value="BBG011F83MJ0"/>
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      <invstOrSec>
        <name>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>PURCHASED JPY / SOLD USD</title>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED USD / SOLD EUR</title>
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      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>PURCHASED USD / SOLD NOK</title>
        <cusip>000000000</cusip>
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      <invstOrSec>
        <name>Merrill Lynch International</name>
        <lei>GGDZP1UYGU9STUHRDP48</lei>
        <title>PURCHASED USD / SOLD JPY</title>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
        <title>PURCHASED GBP / SOLD USD</title>
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      <invstOrSec>
        <name>Symphony CLO Ltd</name>
        <lei>549300X84MR2MGY6OR68</lei>
        <title>Symphony CLO XVII Ltd</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Port Authority of New York &amp; New Jersey</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANK 2021-BN35</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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        <name>BENCHMARK Mortgage Trust</name>
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      <invstOrSec>
        <name>HSBC Bank USA, National Association</name>
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        <name>BUONI POLIENNALI DEL TES</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
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        <name>JPMorgan Chase Bank, National Association</name>
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        <name>United States Treasury</name>
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        <name>Goldman Sachs International</name>
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        <name>United States Treasury</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>HSBC Bank USA, National Association</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BENCHMARK Mortgage Trust</name>
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        <name>United States Treasury</name>
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          <isin value="US912828Z377"/>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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        <name>UNITED KINGDOM I/L GILT</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase Bank, National Association</name>
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        <name>UNITED KINGDOM I/L GILT</name>
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        <title>United Kingdom Inflation-Linked Gilt</title>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Inflation Indexed Bonds</title>
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        <name>Barclays Bank PLC</name>
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        <name>JPMorgan Chase Bank, National Association</name>
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        <name>United States Treasury</name>
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        <name>HOWARD UNIVERSITY</name>
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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>
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        <debtSec>
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          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>
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          <isin value="GB0031790826"/>
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        <balance>1398200.46000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>PURCHASED USD / SOLD JPY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="21HEKBB0XZM"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29220000"/>
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        <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>Goldman Sachs International</counterpartyName>
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            <amtCurSold>143925000.00000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHLAND I/L BOND</name>
        <lei>529900AQBND3S6YJLY83</lei>
        <title>Deutsche Bundesrepublik Inflation Linked Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0001030559"/>
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        <balance>7294860.12000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86329700"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures Europe - Financial Products Division</name>
        <lei>N/A</lei>
        <title>LONG GILT FUTURE  DEC21</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Bloomberg Identifier" value="BBG00ZVCCT22"/>
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        <balance>-28.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>ICE Futures Europe - Financial Products Division</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Long Gilt Future</indexName>
                <indexIdentifier>G Z1 Comdty</indexIdentifier>
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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 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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        <balance>1709408.00000000</balance>
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        <assetCat>DBT</assetCat>
        <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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          <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>Morgan Stanley Capital Services LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
        <title>PURCHASED GBP / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="21ILKBCC5JG"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74216807"/>
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        <payoffProfile>N/A</payoffProfile>
        <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>Morgan Stanley Capital Services LLC</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank Aktiengesellschaft</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>PURCHASED USD / SOLD AUD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="21GLKBB1BD5"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.38320478"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Deutsche Bank Aktiengesellschaft</counterpartyName>
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            <amtCurSold>1751000.00000000</amtCurSold>
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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>
        <identifiers>
          <isin value="GB00BYMWG366"/>
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        <balance>953981.35000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
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        <pctVal>0.903216471560</pctVal>
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        <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>
          <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>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>5251650.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86329700"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-30</maturityDt>
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          <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>Deutsche Bank Aktiengesellschaft</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>PURCHASED EUR / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="21GPKBB5PSS"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.86323440"/>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Deutsche Bank Aktiengesellschaft</counterpartyName>
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            <amtCurSold>1372845.56000000</amtCurSold>
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            <settlementDt>2021-10-08</settlementDt>
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        <securityLending>
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      <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>824758200.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>7568404.24000000</valUSD>
        <pctVal>3.048622451064</pctVal>
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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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Inflation Indexed Bonds</title>
        <cusip>912828WU0</cusip>
        <identifiers>
          <isin value="US912828WU04"/>
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        <balance>7912579.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8447296.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>PURCHASED USD / SOLD AUD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="21GLKBCDMMK"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Merrill Lynch International</name>
        <lei>GGDZP1UYGU9STUHRDP48</lei>
        <title>PURCHASED GBP / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="21GIKBBQC4B"/>
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        <balance>1.00000000</balance>
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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="GB00B0CNHZ09"/>
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        <balance>753418.26000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-22</maturityDt>
          <couponKind>Fixed</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>
        <name>UNITED KINGDOM I/L GILT</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Inflation-Linked Gilt</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Deutsche Bank Aktiengesellschaft</name>
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      <invstOrSec>
        <name>UBS AG</name>
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      <invstOrSec>
        <name>Barclays Bank PLC</name>
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        <name>MFS Institutional Money Market Portfolio</name>
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        <title>MFS Institutional Money Market Portfolio</title>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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      <invstOrSec>
        <name>Merrill Lynch International</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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        <title>United Kingdom Inflation-Linked Gilt</title>
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        <name>HOWARD UNIVERSITY</name>
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        <name>State Street Bank and Trust Company</name>
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        <name>BNP Paribas</name>
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        <name>Madison Park Funding Ltd</name>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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      </invstOrSec>
      <invstOrSec>
        <name>AUSTRALIAN GOVERNMENT</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Central Texas Turnpike System</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Merrill Lynch International</name>
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      <invstOrSec>
        <name>HSBC Bank USA, National Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Bank Aktiengesellschaft</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
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      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
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        <name>Morgan Stanley Capital I Trust</name>
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      <invstOrSec>
        <name>HSBC Bank USA, National Association</name>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
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        <name>Deutsche Bank Aktiengesellschaft</name>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>HSBC Bank USA, National Association</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
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        <name>TOLEDO HOSPITAL/THE</name>
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        <name>Citibank, National Association</name>
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        <name>Eurex Deutschland</name>
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        <name>Merrill Lynch International</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="21GUKBCJ12Z"/>
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        <balance>1.00000000</balance>
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        <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>998725.00000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse International</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
        <title>PURCHASED EUR / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="21IEKBB4F9F"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Credit Suisse International</counterpartyName>
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            <amtCurSold>1417981.15000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AUSTRALIAN GOVERNMENT</name>
        <lei>213800J6B7JSBDETCB42</lei>
        <title>Australia Government Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000XCLWP8"/>
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        <balance>813435.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38322200"/>
        <valUSD>686888.12000000</valUSD>
        <pctVal>0.276684817247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137F62R7</cusip>
        <identifiers>
          <isin value="US3137F62R74"/>
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        <balance>646322.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62229.95000000</valUSD>
        <pctVal>0.025066793036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.26000000</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>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED GBP / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="21HEKBB56WF"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74216807"/>
        <valUSD>-19937.46000000</valUSD>
        <pctVal>-0.00803099124</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Citibank, National Association</counterpartyName>
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            <amtCurSold>690406.01000000</amtCurSold>
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            <amtCurPur>497600.35000000</amtCurPur>
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            <settlementDt>2021-10-08</settlementDt>
            <unrealizedAppr>-19937.46000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank Aktiengesellschaft</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>PURCHASED NOK / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="21GTKBBX011"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="NOK" exchangeRt="8.74200000"/>
        <valUSD>938.37000000</valUSD>
        <pctVal>0.000377984018</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Deutsche Bank Aktiengesellschaft</counterpartyName>
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            <amtCurSold>1366597.66000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>11955000.00000000</amtCurPur>
            <curPur>NOK</curPur>
            <settlementDt>2021-10-08</settlementDt>
            <unrealizedAppr>938.37000000</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Inflation Indexed Bonds</title>
        <cusip>912828UH1</cusip>
        <identifiers>
          <isin value="US912828UH11"/>
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        <balance>3629829.06000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3752572.09000000</valUSD>
        <pctVal>1.511570360149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.13000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Inflation Indexed Bonds</title>
        <cusip>912810SG4</cusip>
        <identifiers>
          <isin value="US912810SG40"/>
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        <balance>683493.30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>915186.85000000</valUSD>
        <pctVal>0.368645633789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brown Brothers Harriman &amp; Co.</name>
        <lei>5493006KMX1VFTPYPW14</lei>
        <title>PURCHASED USD / SOLD NOK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="21IKKBB1KCR"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="NOK" exchangeRt="8.74200000"/>
        <valUSD>1898.34000000</valUSD>
        <pctVal>0.000764668714</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Brown Brothers Harriman &amp; Co.</counterpartyName>
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            <amtCurSold>1337000.00000000</amtCurSold>
            <curSold>NOK</curSold>
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            <settlementDt>2021-10-08</settlementDt>
            <unrealizedAppr>1898.34000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>CAN 10YR BOND FUT DEC21</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG00YMS2LY3"/>
        </identifiers>
        <balance>-54.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>140307.91000000</valUSD>
        <pctVal>0.056517309451</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>The Montreal Exchange / Bourse De Montreal</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Montreal Exchange 10 Year Canadian Bond Future</indexName>
                <indexIdentifier>CNZ1 Comdty</indexIdentifier>
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            <expDate>2021-12-20</expDate>
            <notionalAmt>-7907814.00000000</notionalAmt>
            <curCd>CAD</curCd>
            <unrealizedAppr>140307.91000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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="GB00B3MYD345"/>
        </identifiers>
        <balance>1926772.60000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>4668392.67000000</valUSD>
        <pctVal>1.880471266178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.63000000</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>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>PURCHASED EUR / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="21GKKBB698Z"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86323440"/>
        <valUSD>-5469.90000000</valUSD>
        <pctVal>-0.00220332574</pctVal>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs International</counterpartyName>
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            <amtCurSold>259561.88000000</amtCurSold>
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            <amtCurPur>219340.94000000</amtCurPur>
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            <settlementDt>2021-10-08</settlementDt>
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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>
        <identifiers>
          <isin value="GB00B3Y1JG82"/>
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        <balance>2959525.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>5015183.62000000</valUSD>
        <pctVal>2.020161832706</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.13000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Education</name>
        <lei>54930099NR6T9V7LVB43</lei>
        <title>CHICAGO IL BRD OF EDU</title>
        <cusip>167505XE1</cusip>
        <identifiers>
          <isin value="US167505XE12"/>
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        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>738045.99000000</valUSD>
        <pctVal>0.297291675190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.14000000</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>CANADIAN GOVERNMENT RRB</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
        <title>Canadian Government Real Return Bond</title>
        <cusip>135087XQ2</cusip>
        <identifiers>
          <isin value="CA135087XQ21"/>
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        <balance>2553326.16000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>2939348.92000000</valUSD>
        <pctVal>1.183996629258</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
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        <title>Benchmark 2021-B29 Mortgage Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States 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>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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          <other otherDesc="Trade Identifier" value="21HGKBB2ZV5"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
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          <other otherDesc="Trade Identifier" value="21GIKBBQKJK"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Inflation Indexed Bonds</title>
        <cusip>912828ZZ6</cusip>
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          <isin value="US912828ZZ63"/>
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        <balance>1288395.90000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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      <invstOrSec>
        <name>MF1 Multifamily Housing Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>MF1 Multifamily Housing Mortgage Loan Trust</title>
        <cusip>55282XAE0</cusip>
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          <isin value="US55282XAE04"/>
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        <balance>940500.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Brown Brothers Harriman &amp; Co.</name>
        <lei>5493006KMX1VFTPYPW14</lei>
        <title>PURCHASED USD / SOLD GBP</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="21GKKBB3QLX"/>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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        <title>PURCHASED USD / SOLD CAD</title>
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      <invstOrSec>
        <name>Merrill Lynch International</name>
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      <invstOrSec>
        <name>Deutsche Bank Aktiengesellschaft</name>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2021-B27 Mortgage Trust</title>
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      <invstOrSec>
        <name>BUONI POLIENNALI DEL TES</name>
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        <title>Italy Buoni Poliennali Del Tesoro</title>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Inflation Indexed Bonds</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HOWARD UNIVERSITY</name>
        <lei>N/A</lei>
        <title>Howard University</title>
        <cusip>442851AF8</cusip>
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          <isin value="US442851AF80"/>
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        <balance>66000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67524.44000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.42000000</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>FRANCE (GOVT OF)</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic Government Bond OAT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0013209871"/>
        </identifiers>
        <balance>930816.40000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86329700"/>
        <valUSD>1450968.07000000</valUSD>
        <pctVal>0.584463209642</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>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>1132205.82000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>3848023.07000000</valUSD>
        <pctVal>1.550018887920</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>329325.93000000</valUSD>
        <pctVal>0.132655496730</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>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>PURCHASED USD / SOLD NZD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="21IOKBB4GH9"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="NZD" exchangeRt="1.44856827"/>
        <valUSD>22208.53000000</valUSD>
        <pctVal>0.008945799010</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>State Street Bank and Trust Company</counterpartyName>
              <counterpartyLei>571474TGEMMWANRLN572</counterpartyLei>
            </counterparties>
            <amtCurSold>1822000.00000000</amtCurSold>
            <curSold>NZD</curSold>
            <amtCurPur>1280002.19000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2021-10-08</settlementDt>
            <unrealizedAppr>22208.53000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>PURCHASED USD / SOLD CAD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="21ITKBB6N51"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26662000"/>
        <valUSD>-11334.59000000</valUSD>
        <pctVal>-0.00456567652</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, National Association</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>1700000.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>1330820.12000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2021-10-08</settlementDt>
            <unrealizedAppr>-11334.59000000</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>2021-10-26</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS VARIABLE INSURANCE TRUST III</ncom:nameOfApplicant>
      <ncom:signature>Kasey Phillips</ncom:signature>
      <ncom:signerName>Kasey Phillips</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
